The company's financial position appears increasingly fragile, with retained earnings eroding to -$42.6M by 2026Q1 and total assets declining by approximately 37% over the last ten quarters.
| Total Current Assets | 6.61M | 7.04M | 7.84M | 8.27M | 12.34M | 4.75M | 1.23M | 717.71K |
| Cash & Short-Term Investments | 3.06M | 2.97M | 547.57K | 3.93M | 7.2M | 773.24K | 290.68K | 139.51K |
| Cash Only | 3.06M | 2.97M | 547.57K | 3.93M | 7.2M | 773.24K | 290.68K | 139.51K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 616.45K | 718.96K | 613.02K | 154.94K | 298.04K | 775.16K | 208.72K | 32.13K |
| Days Sales Outstanding | 26.07 | 27.19 | 39.78 | 9.45 | 15.19 | 62.63 | 48.47 | 8.3 |
| Inventory | 2.43M | 2.86M | 4.83M | 3.99M | 4.53M | 2.05M | 368.28K | 362.79K |
| Days Inventory Outstanding | 161.21 | 125.5 | 394.54 | 330.51 | 339.22 | 260.79 | 105.95 | 144.38 |
| Other Current Assets | 500.71K | 498.08K | 236.46K | 25.47K | 171.79K | 71.7K | 4.15K | 3.75K |
| Total Non-Current Assets | 923K | 1.03M | 1.27M | 3.64M | 4.36M | 1.77M | 379.38K | 121.17K |
| Property, Plant & Equipment | 1.39M | 1.47M | 1.24M | 3.58M | 4.29M | 1.71M | 371.26K | 118.06K |
| Fixed Asset Turnover | 6.53x | 6.55x | 4.54x | 1.67x | 1.67x | 2.64x | 4.23x | 11.97x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -471.76K | -446.85K | 27.47K | 58.9K | 63.9K | 63.9K | 8.12K | 3.11K |
| Total Assets | 7.53M | 8.07M | 9.11M | 11.91M | 16.7M | 6.53M | 1.6M | 838.88K |
| Asset Turnover | 1.05x | 1.20x | 0.62x | 0.50x | 0.43x | 0.69x | 0.98x | 1.68x |
| Asset Growth % | -26.11% | -11.38% | -23.5% | -28.71% | 155.89% | 306.74% | 91.25% | - |
| Total Current Liabilities | 1.03M | 996.94K | 5.85M | 4.02M | 1.57M | 1.57M | 1.23M | 204.15K |
| Accounts Payable | 419.6K | 403.79K | 338.09K | 286.99K | 230.25K | 63.18K | 52K | 86.41K |
| Days Payables Outstanding | 23.17 | 17.73 | 27.61 | 23.78 | 17.24 | 8.03 | 14.96 | 34.39 |
| Short-Term Debt | 363.98K | 368.3K | 31.76K | 2.9M | 571.43K | 701.13K | 847.44K | 52.57K |
| Deferred Revenue (Current) | 59.23K | 2.98K | 4.55K | 4.45K | 58 | 461.84K | 120.84K | 0 |
| Other Current Liabilities | 241.45K | 221.86K | 5.04M | 67.2K | 100.47K | 26.75K | 59.83K | 21.4K |
| Current Ratio | 6.44x | 7.07x | 1.34x | 2.06x | 7.85x | 3.02x | 0.99x | 3.52x |
| Quick Ratio | 4.07x | 4.20x | 0.51x | 1.07x | 4.97x | 1.72x | 0.69x | 1.74x |
| Cash Conversion Cycle | 164.1 | 134.96 | 406.71 | 316.19 | 337.17 | 315.39 | 139.46 | 118.29 |
| Total Non-Current Liabilities | 454.61K | 538.66K | 741.18K | 2.54M | 3.52M | 2.7M | 1.75M | 1.14M |
| Long-Term Debt | 296.5K | 166.19K | 198.41K | 298.44K | 764.05K | 1.6M | 1.6M | 1.07M |
| Capital Lease Obligations | 545.53K | 372.48K | 542.76K | 2.24M | 2.75M | 1.09M | 153.15K | 62.91K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 158.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.48M | 1.54M | 6.59M | 6.56M | 5.09M | 4.27M | 2.98M | 1.34M |
| Total Debt | 660.49K | 906.97K | 1.03M | 5.96M | 4.56M | 3.62M | 2.67M | 1.22M |
| Net Debt | -2.4M | -2.06M | 481.52K | 2.03M | -2.65M | 2.84M | 2.37M | 1.08M |
| Debt / Equity | 0.11x | 0.14x | 0.41x | 1.11x | 0.39x | 1.60x | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.21x | - | - | - | - | - | - | - |
| Interest Coverage | -340.66x | -307.27x | -12.80x | -58.86x | -3.70x | -7.50x | -3.44x | -1.03x |
| Total Equity | 6.05M | 6.54M | 2.52M | 5.35M | 11.61M | 2.26M | -1.38M | -503.18K |
| Equity Growth % | 484.79% | 159.53% | -52.93% | -53.91% | 414.38% | 263.55% | -174.19% | - |
| Book Value per Share | 0.58 | 1.19 | 3.93 | 77.67 | 189.16 | 35.01 | -21.41 | -7.81 |
| Total Shareholders' Equity | 6.05M | 6.54M | 2.52M | 5.35M | 11.61M | 2.26M | -1.38M | -503.18K |
| Common Stock | 11.44K | 9.78K | 2.1K | 6.92K | 6.8K | 4.3K | 2.43K | 0 |
| Retained Earnings | -42.57M | -40.81M | -34.58M | -21.1M | -13.64M | -6.1M | -1.38M | -503.18K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity and dilution
As reported in recent financial filings, XPON's total assets have declined from $11.9M in 2023Q4 to $7.5M in 2026Q1, reflecting a shrinking balance sheet that underscores the company's ongoing struggle to maintain operational scale amidst persistent net losses and a lack of self-sustaining growth.
The consistent reduction in total assets suggests that the company is consuming its resource base to fund operations rather than reinvesting in productive capacity. This downward trajectory in asset value, coupled with the accumulation of a $42.6M deficit in retained earnings, indicates that the business model has yet to achieve a sustainable equilibrium.
Based on the latest quarterly data, XPON's cash position of $3.1M as of 2026Q1 provides a limited buffer against ongoing operating losses, especially when considering the historical volatility in working capital requirements and the company's inability to generate positive cash flow from its core assembly operations.
While the current ratio of 6.44 appears superficially high, it is heavily influenced by the composition of current assets which may not be readily convertible to cash in a distressed scenario. Investors should monitor the burn rate closely, as the company's reliance on external financing to maintain even this modest liquidity level remains a significant risk factor.
According to the balance sheet, equity has been significantly eroded by persistent losses, with retained earnings falling to -$42.6M by 2026Q1, a trend that highlights the substantial value destruction experienced by shareholders over the past ten quarters of operations.
The erosion of equity suggests that the company is effectively operating on the capital provided by previous equity raises rather than internally generated value. This reliance on external funding sources to offset negative retained earnings implies that further dilution may be necessary to sustain the company's current operational footprint.
As evidenced by the quarterly financial statements, XPON's debt-to-equity ratio has fluctuated wildly, peaking at 2.18 in 2024Q2 before settling at 0.11 in 2026Q1, which suggests that the company's capital structure is highly sensitive to periodic debt paydowns and equity-based financing activities.
The reduction in debt levels appears to be a strategic necessity to manage interest burdens, yet it does not necessarily signal improved financial health given the underlying operational losses. The shift away from debt financing may indicate limited access to credit markets, forcing the company to rely on more expensive or dilutive equity capital.
Based on the provided data, the absence of goodwill and the concentration of assets in PPE and cash suggest that XPON's balance sheet is not currently distorted by intangible write-downs, though the rapid depreciation of its asset base warrants further investigation into potential future impairment risks.
The lack of goodwill is a positive indicator of balance sheet transparency, but the shrinking PPE base may suggest that the company is failing to modernize its assembly capabilities. This lack of investment in physical infrastructure could hinder the company's ability to compete with larger, more vertically integrated peers in the long term.
Quick answers to the most common questions about buying XPON stock.
As of 2025, Expion360 Inc. (XPON) had total assets of $8.1M including $7.0M in current assets.
Expion360 Inc. (XPON) carries total debt of $0.9M, offset by $3.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Expion360 Inc. (XPON) has total shareholders' equity (book value) of $6.5M ($1.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Expion360 Inc. (XPON) reported a current ratio of 7.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.