Expion360, Inc. (XPON) AI Stock Analysis

• Market Cap: $8.27M
• Dividend Yield: N/A
• Average Volume (3M): 2.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.25
• Revenue Growth: 109.37%
• EPS Growth: 99.34%
• Country: US
• Employees: 20
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.10
• Shares Outstanding: 9,656,739
• 10 Day Avg. Volume: 1,357,497
• 30 Day Avg. Volume: 2,452,371
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.27
• P/FCF Ratio: -0.16
• Enterprise Value/Market Cap: -0.05
• Enterprise Value/Revenue: -0.05
• Enterprise Value/Gross Profit: -0.21
• Enterprise Value/Ebitda: 0.22
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.80 ▼(-8.16% Downside)

The score is primarily held back by weak profitability and negative operating/free cash flows, despite revenue growth and a relatively stable balance sheet. Technically, the stock remains below key longer-term moving averages with negative MACD, limiting momentum. Corporate updates are constructive on demand and cost control, but reliance on equity financings introduces dilution risk and keeps the overall profile cautious.

Positive Factors

Revenue growth momentum

Sustained top-line growth and a sharp rebound in RV demand signal durable commercial traction. Doubling nine-month sales suggests expanding OEM/distribution relationships and recurring orders that can support scale, improved unit economics, and margin expansion over the next 2–6 months.

Management strengthening

Leadership upgrades and promotion to CFO bolster governance and financial discipline. Stronger management increases likelihood of executing commercialization, cost controls, and strategic partnerships, improving operational execution and investor confidence over a multi-quarter horizon.

Extended liquidity runway

Access to a $15M ATM and prior financings materially extends runway, reducing near-term solvency risk and enabling continued product development, customer onboarding, and working capital needs. This financial flexibility supports execution of strategic growth initiatives over coming quarters.

Negative Factors

Weak profitability

Persistent negative operating and net margins, coupled with modest gross margin, indicate structural profitability challenges. Without sustained margin improvement from pricing, mix, or cost reductions, the company may struggle to convert revenue growth into sustainable earnings and shareholder returns.

Negative operating cash flow

Ongoing negative operating and free cash flows create reliance on external capital for operations and capex. This constrains the firm's ability to self-fund growth, increases execution risk on product rollouts, and can limit investment in R&D and commercialization over the medium term.

Reliance on equity financings

Frequent equity raises and ATM availability mitigate short-term liquidity needs but signal dependence on dilution to fund operations. Continued reliance can erode existing shareholders' equity, pressure per-share metrics, and indicate limited internal cash generation without durable operational cash flow improvement.

Expion360, Inc. Business Overview & Revenue Model

Company Description

Expion360 Inc. designs, assembles, manufactures, and sells lithium iron phosphate batteries and supporting accessories under the VPR 4EVER name for recreational vehicles, marine, golf, industrial, residential, and off-the-grid applications. It also provides various models of industrial tiedowns; battery monitors; terminal blocks; and bus bars. The company also engages in the development of e360 Home Energy Storage systems. It serves dealers, wholesalers, and original equipment manufacturers in the United States and internationally. The company was formerly known as Yozamp Products Company, LLC and changed its name to Expion360 Inc. in November 2021. Expion360 Inc. was founded in 2016 and is headquartered in Redmond, Oregon.

How the Company Makes Money

Expion360 generates revenue through the sale of its energy storage products, including lithium-ion batteries and battery management systems, which are sold directly to consumers, businesses, and through distribution channels. Key revenue streams include direct sales from their e-commerce platform, partnerships with manufacturers, and collaborations with companies in the electric vehicle and renewable energy sectors. Additionally, the company may benefit from government incentives and subsidies aimed at promoting renewable energy solutions, enhancing its profitability. Significant partnerships with industry players further expand its market reach and contribute to its earnings.

Expion360, Inc. Financial Statement Overview

Summary

Revenue is growing (TTM +11.93%), and leverage appears manageable (debt-to-equity 0.43; equity ratio 84.31%). However, profitability is weak (negative net and EBIT margins; gross margin 20.58%), ROE is negative, and cash flow is a major concern with negative operating and free cash flows.

Income Statement

Expion360, Inc. shows a mixed performance in its income statement. The company has experienced revenue growth of 11.93% in the TTM period, indicating a positive trend. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is relatively low at 20.58%, suggesting challenges in cost management or pricing strategy.

Balance Sheet

The balance sheet reflects a moderate financial position with a debt-to-equity ratio of 0.43, indicating manageable leverage. However, the return on equity is negative, highlighting inefficiencies in generating returns for shareholders. The equity ratio stands at 84.31%, which is a positive indicator of financial stability.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is also negative, indicating cash flow issues. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is slightly better than net income, but overall cash flow health is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.42M	5.62M	5.98M	7.16M	4.52M	1.57M
Gross Profit	2.05M	1.16M	1.58M	2.29M	1.65M	302.97K
EBITDA	-1.91M	-12.33M	-7.12M	-5.77M	-4.10M	-661.04K
Net Income	-2.05M	-13.48M	-7.46M	-7.54M	-4.72M	-876.48K
Balance Sheet
Total Assets	10.69M	9.11M	11.91M	16.70M	6.53M	1.60M
Cash, Cash Equivalents and Short-Term Investments	4.29M	547.57K	3.93M	7.20M	773.24K	290.68K
Total Debt	818.18K	1.03M	5.96M	4.56M	3.62M	2.67M
Total Liabilities	1.68M	6.59M	6.56M	5.09M	4.27M	2.98M
Stockholders Equity	9.01M	2.52M	5.35M	11.61M	2.26M	-1.38M
Cash Flow
Free Cash Flow	-6.65M	-9.58M	-5.55M	-6.04M	-4.01M	-1.16M
Operating Cash Flow	-6.64M	-9.56M	-5.53M	-5.47M	-3.90M	-1.12M
Investing Cash Flow	-4.40K	113.41K	16.58K	-515.69K	-113.69K	-36.75K
Financing Cash Flow	7.61M	6.06M	2.25M	12.41M	4.49M	1.31M

Expion360, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XPON, the sentiment is Positive. The current price of 0.87 is above the 20-day moving average (MA) of 0.87, below the 50-day MA of 0.97, and below the 200-day MA of 1.13, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.86 is Neutral, neither overbought nor oversold. The STOCH value of 42.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XPON.

Expion360, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
OESX	56 Neutral	$60.38M	-9.18	-45.94%	―	-12.77%	23.37%
SDST	48 Neutral	$43.20M	-1.17	―	―	―	61.78%
IPWR	45 Neutral	$38.12M	-3.69	-74.44%	―	-69.65%	11.41%
POLA	45 Neutral	$4.65M	-0.49	-119.92%	―	-44.32%	-49.47%
XPON	42 Neutral	$8.27M	-1.12	-35.47%	―	109.37%	99.34%

Expion360, Inc. Corporate Events

Expion360 outlines strategic growth plans in stockholder letter

On January 13, 2026, Expion360 issued a stockholder letter detailing a year of leadership transition and operational progress in 2025, highlighted by the October appointment of Joseph Hammer as CEO and chairman and the promotion of longtime controller Shawna Bowin to CFO to tighten governance and financial discipline. The company reported a sharp rebound in demand, particularly in the RV segment, with third-quarter 2025 net sales rising 72% to $2.4 million and gross margin nearly doubling, while net sales and gross profit for the nine months ended September 30, 2025 more than doubled year over year and cash used in operations fell significantly, underscoring improving market conditions and tighter cost control. Expion360 also moved aggressively to shore up its balance sheet through a series of equity financings, including a registered direct offering, warrant exercises, a private placement and the launch of an at-the-market program, moves that boosted liquidity and extended its cash runway for growth initiatives. Looking to 2026, management framed the year as a pivotal period focused on execution, margin expansion and innovation, as the company targets new industrial, construction, surveillance and potential defense-related opportunities with next-generation energy storage products, higher-energy-density chemistries and advanced battery-management systems in a bid to expand beyond its core RV and marine markets and strengthen its competitive positioning.

The most recent analyst rating on (XPON) stock is a Hold with a $0.85 price target. To see the full list of analyst forecasts on Expion360, Inc. stock, see the XPON Stock Forecast page.

Expion360 Enters $15M Sales Agreement with Aegis

On December 12, 2025, Expion360 Inc. entered into an At-The-Market Issuance Sales Agreement with Aegis Capital Corp. as the sales agent, allowing the company to offer and sell up to $15 million of its common stock. The proceeds from this offering are intended for working capital and general corporate purposes, with the sales agent receiving a 2% commission on sales. This agreement provides Expion360 with flexibility in raising capital, potentially impacting its financial operations and market presence.

The most recent analyst rating on (XPON) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Expion360, Inc. stock, see the XPON Stock Forecast page.