Revenue growth remains highly inconsistent, swinging from a 133.9% expansion in 2025Q2 to a 23.6% contraction by 2026Q1, while gross margins have fluctuated between a peak of 25.5% and a negative 14.8% in 2025Q4.
| Sales/Revenue | 9.17M | 9.65M | 5.62M | 5.98M | 7.16M | 4.52M | 1.57M | 1.41M |
| Revenue Growth % | 36.79% | 71.59% | -5.96% | -16.5% | 58.56% | 187.42% | 11.26% | - |
| Cost of Goods Sold | 7.96M | 8.31M | 4.47M | 4.41M | 4.87M | 2.87M | 1.27M | 917.16K |
| COGS % of Revenue | - | 86.14% | 79.46% | 73.66% | 68.05% | 63.57% | 80.72% | 64.92% |
| Gross Profit | 1.21M | 1.34M | 1.16M | 1.58M | 2.29M | 1.65M | 302.97K | 495.54K |
| Gross Margin % | 13.18% | 13.86% | 20.54% | 26.34% | 31.95% | 36.43% | 19.28% | 35.08% |
| Gross Profit Growth % | - | 15.77% | -26.68% | -31.15% | 39.05% | 443.2% | -38.86% | - |
| Operating Expenses | 12.54M | 12.04M | 7.91M | 8.75M | 8.24M | 2.91M | 1.06M | 597.6K |
| OpEx % of Revenue | - | 124.75% | 140.61% | 146.21% | 115.06% | 64.4% | 67.24% | 42.3% |
| Selling, General & Admin | 11.87M | 11.38M | 7.46M | 8.16M | 7.81M | 2.85M | 930.64K | 580.28K |
| SG&A % of Revenue | - | 117.87% | 132.6% | 136.51% | 109.06% | 63.11% | 59.21% | 41.08% |
| Research & Development | 558.48K | 558.88K | 295.29K | 397.66K | 278.38K | 58.04K | 126.22K | 17.32K |
| R&D % of Revenue | - | 5.79% | 5.25% | 6.65% | 3.89% | 1.28% | 8.03% | 1.23% |
| Other Operating Expenses | 105.42K | 105.62K | 155.31K | 182.82K | 151.35K | 0 | 0 | 0 |
| Operating Income | -11.33M | -10.7M | -6.75M | -7.17M | -5.95M | -1.26M | -753.89K | -102.06K |
| Operating Margin % | -123.54% | -110.9% | -120.07% | -119.87% | -83.12% | -27.97% | -47.97% | -7.22% |
| Operating Income Growth % | - | -58.48% | 5.8% | -20.43% | -371.24% | -67.58% | -638.65% | - |
| EBITDA | -11.22M | -10.59M | -6.58M | -6.96M | -5.79M | -1.2M | -737.32K | -88.28K |
| EBITDA Margin % | -122.37% | -109.69% | -116.98% | -116.43% | -80.81% | -26.61% | -46.91% | -6.25% |
| EBITDA Growth % | -94.22% | -60.89% | 5.51% | -20.3% | -381.48% | -63.06% | -735.22% | - |
| D&A (Non-Cash Add-back) | 107.53K | 116.64K | 173.97K | 205.72K | 164.77K | 61.08K | 16.57K | 13.79K |
| EBIT | -6.84M | -6.21M | -12.5M | -7.33M | -5.94M | -4.16M | -677.61K | -102.06K |
| Net Interest Income | 10.38K | -4.08K | -890.5K | 1.34K | -1.61M | -553.88K | -196.04K | -99.06K |
| Interest Income | 30.46K | 16.15K | 86.12K | 125.85K | 239 | 169 | 851 | 5 |
| Interest Expense | 20.08K | 20.23K | 976.62K | 124.51K | 1.61M | 554.04K | 196.89K | 99.06K |
| Other Income/Expense | 4.48M | 4.47M | -6.73M | -283.37K | -1.59M | -3.45M | -120.61K | -99.06K |
| Pretax Income | -6.85M | -6.24M | -13.48M | -7.45M | -7.55M | -4.71M | -874.5K | -201.12K |
| Pretax Margin % | -74.66% | -64.6% | -239.67% | -124.61% | -105.34% | -104.3% | -55.64% | -14.24% |
| Income Tax | 138 | 150 | -1.55K | 3.29K | -8.85K | 9.3K | 1.98K | 150 |
| Effective Tax Rate % | -0% | -0% | 0.01% | -0.04% | 0.12% | -0.2% | -0.23% | -0.07% |
| Net Income | -6.85M | -6.24M | -13.48M | -7.46M | -7.54M | -4.72M | -876.48K | -201.27K |
| Net Margin % | -74.66% | -64.6% | -239.64% | -124.66% | -105.22% | -104.5% | -55.77% | -14.25% |
| Net Income Growth % | 44.97% | 53.74% | -80.78% | 1.06% | -59.64% | -438.62% | -335.47% | - |
| Net Income (Continuing) | -6.85M | -6.24M | -13.48M | -7.46M | -7.54M | -4.72M | -876.48K | -201.27K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.65 | -1.13 | -21.03 | -108.25 | -122.83 | -73.25 | -0.14 | -0.03 |
| EPS Growth % | 98.32% | 94.63% | 80.57% | 11.87% | -67.69% | -52221.43% | -348.72% | - |
| EPS (Basic) | - | -1.13 | -21.03 | -108.25 | -122.83 | -73.25 | -0.14 | -0.03 |
| Diluted Shares Outstanding | 10.46M | 5.51M | 641.01K | 68.88K | 61.36K | 64.45K | 64.45K | 64.45K |
| Basic Shares Outstanding | 10.46M | 5.51M | 641.01K | 68.88K | 61.36K | 64.45K | 64.45K | 64.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Capital exhaustion and dilution
As reported in recent financial statements, XPON's revenue trajectory exhibits significant volatility, with quarterly growth rates swinging from a 133.9% expansion in 2025Q2 to a 23.6% contraction by 2026Q1, highlighting the company's sensitivity to seasonal RV market cycles and inconsistent OEM demand fulfillment.
The erratic revenue performance suggests that the company lacks a stable, recurring revenue base, leaving it highly exposed to the discretionary spending habits of the recreational vehicle aftermarket. Investors should monitor whether the recent contraction indicates a structural saturation in their core niche or merely a temporary lull in dealer inventory replenishment.
According to historical income statement data, XPON's gross margins have struggled to maintain consistency, peaking at 25.5% in 2024Q2 before dipping to a negative 14.8% in 2025Q4, which underscores the company's limited pricing power and vulnerability to fluctuations in raw lithium cell procurement costs.
The inability to sustain double-digit gross margins during periods of higher revenue suggests that the company acts primarily as a low-margin assembler rather than a value-added technology provider. This margin profile appears insufficient to cover the company's fixed operating expenses, necessitating a fundamental shift in product strategy or manufacturing efficiency to achieve long-term viability.
Based on reported figures, XPON's operating expenses consistently dwarf gross profit, with operating margins reaching as low as -138.7% in 2024Q3, indicating that the company has failed to achieve the necessary operating leverage to scale its business model profitably despite significant top-line growth efforts.
The persistent gap between revenue generation and operating costs suggests that SG&A and R&D investments are not currently yielding commensurate returns in operating income. This decoupling implies that the company's current cost structure is fundamentally misaligned with its revenue-generating capacity, warranting further investigation into management's expense discipline.
As evidenced by the income statement, the company's reliance on equity-based compensation and persistent net losses, including a $4.4M loss in 2025Q4, raises significant concerns regarding the long-term sustainability of its current operational trajectory and the potential for further shareholder dilution to fund ongoing cash burn.
Short-sellers would likely focus on the disconnect between the company's aggressive growth narrative and its inability to generate positive operating cash flow. The reliance on external financing to cover operational deficits suggests that the company may face a liquidity crunch if it cannot rapidly improve its unit economics or secure more favorable OEM contract terms.
Quick answers to the most common questions about buying XPON stock.
For fiscal year 2025, Expion360 Inc. (XPON) reported total revenue of $9.7M. This represents a 583.2% increase compared to $1.4M in 2019.
Expion360 Inc. (XPON) reported a net loss of $6.2M for the fiscal year ending 2025.
Expion360 Inc. (XPON) reported an operating income of $-10.7M, resulting in an operating profit margin of -110.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Expion360 Inc. (XPON) generated $1.3M in gross profit for the year, representing a gross profit margin of 13.9%. This demonstrates the company's core pricing power and production efficiency.