Expion360 released full results for the second quarter which had been prereleased in the registration statement related to the recent $10 million financing and were just slightly below our expectations. The company provided no formal guidance for 2024 and 2025 but the new home energy storage business will have to be wildly successful to avoid further (potentially significant) dilution to existing shareholders. As we have seen in the past Expion360's shares frequently trade independent of the fundamentals of the business. While the company's battery business rebounded in Q2 (up 31.5% sequentially) it's worth noting that Q2 sales were still lower than any quarter in 2022 and 3 of the 4 quarters in 2023. We are lowering our target valuation to $0.25/share reflecting lower valuations in the entire energy storage sector.
