Expion360 | 10-K: FY2025 Revenue: USD 9.652 M

Revenue: As of FY2025, the actual value is USD 9.652 M.

EPS: As of FY2025, the actual value is USD -1.13.

EBIT: As of FY2025, the actual value is USD -10.7 M.

Net Sales (Revenue)

Net sales for Expion360 Inc.’s Energy Storage (ES) segment increased by $4.0 million, or 71.6%, to $9.7 million for the year ended December 31, 2025, from $5.6 million for the year ended December 31, 2024, driven by an expanded customer base, increased sales to key customers, and broader adoption of LiFePO4 battery platforms .

Cost of Sales

Cost of sales for the ES segment increased by $3.8 million, or 86.0%, reaching $8.3 million for the year ended December 31, 2025, compared to $4.5 million for the year ended December 31, 2024 . As a percentage of sales, cost of sales increased by 6.7 percentage points to 86.1% in 2025 from 79.5% in 2024, including a one-time $0.9 million adjustment for obsolete inventory . Excluding this adjustment, cost of sales as a percentage of sales would have decreased by 2.7 percentage points to 76.8% in 2025 .

Gross Profit

Gross profit for the ES segment increased by $0.2 million, or 15.8%, to $1.3 million for the year ended December 31, 2025, from $1.2 million for the year ended December 31, 2024 . Gross profit as a percentage of sales decreased by 6.7% to 13.9% in 2025, down from 20.5% in 2024, primarily due to the one-time adjustment for obsolete inventory . Prior to this adjustment, gross profit for 2025 would have been $2.2 million, and as a percentage of sales, would have increased by 2.7 percentage points to 23.2% .

Selling, General, and Administrative (SG&A) Expenses

SG&A expenses increased by $4.1 million, or 52.2%, to $12.0 million for the year ended December 31, 2025, compared to $7.9 million for the year ended December 31, 2024, primarily due to higher salaries and benefits, increased stock-based compensation, and higher legal and professional fees . As a percentage of net sales, SG&A decreased to 124.8% in 2025 from 140.6% in 2024 .

Loss from Operations

Loss from operations for the ES segment was - $10.7 million for the year ended December 31, 2025, compared to - $6.8 million for the year ended December 31, 2024 .

Other (Income) / Expense - Net

Expion360 Inc. reported other income of $4.5 million for the year ended December 31, 2025, a significant change from an expense of - $6.7 million in 2024 . This income was mainly due to the reversal of a previously recognized - $4.5 million suspended liability expense associated with the Series A Warrants’ cash true-up provision .

Net Loss

Expion360 Inc. reported a net loss of - $6.2 million for the year ended December 31, 2025, a reduction from a net loss of - $13.5 million for the year ended December 31, 2024 .

Cash Flow from Operating Activities

Net cash used in operating activities decreased to - $6.1 million for the year ended December 31, 2025, from - $9.6 million in 2024, an improvement primarily due to lower net losses and favorable changes in working capital .

Cash Flow from Investing Activities

Net cash provided by investing activities was $4,250 for the year ended December 31, 2025, related to the sale of small vehicles, compared to $113,408 in 2024, primarily from the sale of property and equipment .

Cash Flow from Financing Activities

Net cash provided by financing activities was $8.6 million for the year ended December 31, 2025, driven by $5.7 million from warrant exercises and $2.9 million from common stock issuance . In 2024, financing activities provided $6.1 million .

Cash and Cash Equivalents

Cash and cash equivalents increased to $3.0 million as of December 31, 2025, from $0.5 million as of December 31, 2024 .

Customer Concentration

Sales to four customers accounted for approximately 60% of gross sales during 2025 and represented 69% of outstanding accounts receivable as of December 31, 2025 . In 2024, sales to one customer accounted for approximately 14% of gross sales, and four other customers held 60% of total accounts receivable .

Long-Term Debt and Operating Lease Liabilities

As of December 31, 2025, long-term debt totaled $197,000, and total operating lease liabilities were $710,000 .

Outlook / Guidance

Management anticipates potential additional tariffs on products sourced from Asian third-party manufacturers in 2026, which Expion360 Inc. aims to mitigate through various strategies . The company plans to release three new lithium-ion battery models in the second half of 2026 to increase capacity and meet UL 1973 safety standards . Additionally, Expion360 Inc. entered into a strategic partnership with Dealer Accessory Supply (DAS) in February 2026 to launch the DASGen Hybrid Energy Storage System, marking its entry into the industrial energy storage market .