Expion360 (XPON) Soars After Q3 2025 Earnings Beat: Revenue Up 72% as New CEO Takes the Helm

Expion360 (NASDAQ: XPON) stock jumped more than 28% after hours as the lithium-ion battery maker posted a surprise Q3 2025 profit, crushed earnings estimates, and highlighted its new leadership team

Quick Takeaways

Q3 2025 revenue jumped ~72% year over year to about $2.4 million, marking Expion360’s third consecutive strong quarter. ^[1]
The company delivered GAAP EPS of $0.10, beating expectations by $0.31 and flipping from a large loss to a quarterly profit. ^[2]
XPON stock spiked over 28% after hours on Thursday, trading as high as $1.63 following the earnings release. ^[3]
Expion360’s balance sheet improved sharply, with cash rising to $4.3 million and stockholders’ equity climbing to $9.0 million as of September 30, 2025. ^[4]
The company recently installed veteran financial executive Joseph Hammer as CEO and Chairman, and Shawna Bowin as CFO, signaling a leadership reset. ^[5]
Despite the strong quarter, XPON remains a high‑risk, micro‑cap stock with a distressed Altman Z‑Score and a deeply negative trailing net margin, according to GuruFocus. ^[6]

XPON Stock: Big After-Hours Pop, Still Deep in the Red Year-Over-Year

Expion360 Inc. (NASDAQ: XPON), a maker of premium lithium iron phosphate (LiFePO₄) batteries for RV, marine and home energy storage, saw its stock jump 28.35% in after-hours trading on November 14, climbing to $1.63 after closing Thursday’s regular session at $1.27. ^[7]

As of early afternoon trading on November 14, 2025, XPON is hovering around $1.27, giving the company a market cap in the low‑single‑digit millions of dollars. ^[8]

The rally comes after a surprise return to profitability and a clean earnings beat. But it’s also happening against a harsh backdrop:

The stock is down roughly 63% over the past 12 months, and about 31% over the last three months, despite some recovery in recent weeks. ^[9]
XPON’s 52‑week trading range runs from $0.60 to $5.50, underscoring just how volatile this micro‑cap remains. ^[10]

For traders and longer‑term speculators alike, today’s move is less about a sleepy battery company and more about a high‑beta turnaround story suddenly showing signs of life.

Q3 2025: Revenue Surges 72%, Company Swings to Profit

Expion360’s third‑quarter results, released on November 13, are the core driver behind today’s move. ^[11]

Headline numbers for Q3 2025 (quarter ended September 30): ^[12]

Net sales: ~$2.4 million, up about 72% from roughly $1.4 million in Q3 2024.
Gross profit: About $0.5 million, up more than 200% year over year, with gross margin improving to ~23% vs. roughly 12% a year earlier.
Net income: Approximately $0.7 million, versus a loss of $8.8 million in the same quarter last year — a swing of about $9.5 million.
Basic EPS:$0.12 (diluted $0.10), compared with a massive loss of roughly $24.55 per share in Q3 2024, reflecting both improved results and a much larger share count.

For the first nine months of 2025, Expion360 generated: ^[13]

Net sales of about $7.4 million, up 104% from the prior year period.
Gross profit of roughly $1.7 million, up 133%, with gross margin nudging up to around 22%.
A net loss of about $1.8 million, a dramatic improvement from a $13.2 million loss a year earlier — more than $11 million in progress.

Management credits the jump in revenue to a rebound in the RV market, stronger outreach to OEM partners, and the onboarding of new dealers and private‑label customers for its LiFePO₄ battery lines. ^[14]

Crushing Wall Street Expectations

The Q3 report didn’t just show growth — it comfortably beat analyst expectations.

According to Investing.com: ^[15]

Expion360 reported GAAP EPS of $0.10, compared with a consensus estimate of –$0.21, a $0.31 upside surprise.
Revenue came in at about $2.39 million, ahead of the $1.76 million expected by analysts.

For a micro‑cap that has spent years fighting heavy losses, a clean earnings beat combined with positive EPS is exactly the kind of catalyst that can spark the sort of sharp, low‑float move we saw in XPON after hours.

Costs and Cash: Still Burning, But in Much Better Shape

The revenue surge and gross margin improvement are only part of the turnaround story. Expion360’s balance sheet and cash flows also show signs of repair.

From the company’s Q3 press release: ^[16]

Selling, general & administrative (SG&A) expenses in Q3 rose to about $3.5 million from $2.1 million a year earlier — a big increase in dollars — but as a percentage of sales actually ticked down slightly (from about 151% to 148%).
For the first nine months of 2025, SG&A increased 14% to $7.2 million, but dropped dramatically as a share of revenue — from 173% of sales in 2024 to 96% in 2025, as growth outpaced overhead.
Net cash used in operating activities for the first three quarters of 2025 improved to about $3.7 million, from $6.6 million in the prior-year period — a 44% reduction in operating cash burn.

On the liquidity front, the company looks meaningfully stronger than it did at the end of 2024: ^[17]

Cash & cash equivalents: ~$4.3 million vs. $0.5 million at December 31, 2024.
Working capital: ~$8.5 million vs. $2.0 million at the end of 2024.
Stockholders’ equity: ~$9.0 million vs. $2.5 million.

Some of this improvement reflects earlier capital raises and resolution of complex derivative and “suspended” liabilities noted in prior filings, but the net result is a more robust capital base backing the business. ^[18]

The company also regained compliance with Nasdaq’s minimum bid price requirement on September 17, 2025, removing an overhang that had threatened a potential delisting. ^[19]

Leadership Reset: New CEO and CFO Aim to Drive “Next Phase of Growth”

Q3 didn’t just bring better numbers — it also cemented a significant leadership transition at Expion360.

On October 16, 2025, the board appointed Joseph Hammer as Chief Executive Officer and Chairman of the Board, replacing former CEO Brian Schaffner and President/Chairman Paul Shoun, both of whom stepped down from their executive roles (Schaffner remains on the board). ^[20]
Hammer is described as a veteran financial executive and board member with over 20 years of experience, most recently serving in a senior investment role at LHX Corp. ^[21]
Earlier in the year, Expion360 named Shawna Bowin — previously the company’s Controller — as Chief Financial Officer. Bowin brings more than two decades of accounting experience and has held roles at Hodge Western Corp., JTS Animal Bedding and American Licorice Company. ^[22]

In the Q3 news release, Hammer framed the quarter as a pivotal moment, pointing to a recovering RV market, expanding OEM relationships and the company’s ambitions in home energy storage as drivers of a larger, long‑term growth plan. ^[23]

Interesting detail for investors: due to these management changes, Expion360 is not hosting its usual Q3 earnings call and instead directed investors to the upcoming Form 10‑Q and future updates. ^[24]

The Business Behind the Ticker: High-End LiFePO₄ Batteries

Expion360 positions itself as a premium LiFePO₄ battery specialist, focused on: ^[25]

Recreational vehicles (RVs)
Marine applications
Light EV and overland vehicles
Residential and small commercial energy storage (HESS – Home Energy Storage Solutions)

The company’s batteries are designed to:

Weigh roughly half as much as lead‑acid batteries
Deliver around three times the usable power
Offer up to ten times more charge cycles than typical lead‑acid units, according to company claims

Expion360 distributes its products through more than 300 dealers, distributors, OEMs and private‑label partners across the U.S., and has highlighted HESS and new OEM relationships as core growth pillars for 2025 and beyond. ^[26]

Earlier quarters in 2025 already showed that momentum:

Q1 2025 revenue: ~$2.0 million, up 111% year over year, marking the fifth consecutive quarter of growth. ^[27]
Q2 2025 revenue: ~$3.0 million, up 134% year over year and 46% sequentially, with the RV market recovering and OEM outreach intensifying. ^[28]

Q3’s performance, then, looks less like a one‑off spike and more like the next leg of an ongoing recovery trend — albeit from a very small base.

High Growth, High Risk: Financial Health Still Fragile

While today’s headlines are bullish, the risk profile remains elevated.

A GuruFocus analysis published after the earnings release flags several red‑flag metrics: ^[29]

A 3‑year revenue decline of about 50%, despite the recent rebound.
A trailing net margin around –138%, reflecting cumulative losses even though Q3 itself was profitable.
A current ratio near 1.27 and debt‑to‑equity around 0.52, indicating moderate liquidity but reliance on debt financing.
An Altman Z‑Score of approximately –8.1, placing Expion360 firmly in the classic “distress zone” that signals elevated bankruptcy risk in many models.
A Piotroski F‑Score of 3, suggesting weak overall business quality on that particular framework.

Even the stock’s behaviour tells a cautionary story:

XPON remains down more than 60% over the past year, despite strong rallies around Q2 and now Q3 earnings. ^[30]
Trading volume and price swings have been highly volatile, with XPON previously surging over 200% around Q2 2025 results before giving back a large portion of those gains. ^[31]

For investors, this adds up to a classic “high‑beta turnaround” profile: the upside can be dramatic when good news hits, but the downside risk — including dilution, execution missteps and macro headwinds in the RV and consumer energy markets — is very real.

Important: Nothing in this article is investment advice. XPON is a thinly traded micro‑cap stock; anyone considering it should evaluate their own risk tolerance and, where appropriate, consult a qualified financial adviser.

Today’s Key XPON Headlines (November 14, 2025)

Major financial outlets are all framing the story in similar ways — strong quarter, leadership changes, high risk:

Benzinga: Highlights XPON’s 28%+ after‑hours jump, the swing to profitability, and balance‑sheet improvements, while noting the stock is still down heavily over the past year. ^[32]
Investing.com (global & German editions): Focuses on the EPS beat of $0.31 above consensus and revenue coming in ahead of expectations, but reminds readers that the stock’s overall performance and financial health remain weak. ^[33]
GuruFocus: Emphasizes a “revenue surge” and positive GAAP EPS, but balances that with a detailed walkthrough of Expion360’s distressed Altman Z‑Score and other weak financial health indicators. ^[34]
TipRanks: Describes Q3 as “improved sales amid ongoing challenges”, underlining both the growth and the lingering risks in the business model. ^[35]
MarketScreener/Reuters: Summarizes the headline numbers — 72% revenue growth, Q3 net income, and CEO appointment — and situates Expion360 within the broader small‑cap energy storage space. ^[36]

What to Watch Next

For readers tracking Expion360 after today’s spike, a few key catalysts and questions stand out:

Can the company sustain profitable growth?
Q3 delivered a profit largely thanks to improved gross margins and favourable “other income” items. Investors will want to see whether future quarters can stay in the black based on operations, not just accounting tailwinds. ^[37]
Execution on OEM and HESS strategy
Management has repeatedly flagged OEM penetration and home energy storage as central to the growth story. Watch for new OEM deals, product launches and certifications in these segments. ^[38]
Balance sheet, cash burn and capital needs
Even with improved cash, Expion360 is still burning money on a year‑to‑date basis. Future filings will be critical for understanding whether the company can self‑fund growth or needs additional equity or debt, which could dilute shareholders. ^[39]
Impact of the new leadership team
Joseph Hammer and Shawna Bowin now own the turnaround. Their capital allocation decisions, cost discipline and strategic focus will likely shape whether XPON becomes a sustainable growth story — or remains a trading vehicle around sporadic news events. ^[40]
Macro and sector backdrop
RV, marine and residential storage markets are cyclical and sensitive to interest rates, consumer confidence and energy pricing. Any slowdown in discretionary spending could hit demand for high‑end battery upgrades.

Bottom Line

On November 14, 2025, Expion360 is finally giving the market what it’s been waiting for: strong top‑line growth, a surprise profit, a clean earnings beat and a revamped leadership team. That combination has lit a fire under XPON stock, at least in the short term.

But beneath the headline numbers, the company still looks like a high‑risk turnaround with fragile financial health, a small market cap and significant execution risk. For now, Expion360 has bought itself something invaluable in small‑cap land: time and attention. What it does with both over the next few quarters will determine whether today’s move is the start of a durable recovery — or just another spike in a very volatile chart.