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Here are 1-3 brief analogies for Expion360 (XPON):

• Imagine Interstate Batteries, but focused on advanced lithium-ion power for RVs and boats.

• They are like the company bringing Tesla-level battery technology to RV and marine vehicles.

• Think of them as Garmin, but specializing in high-performance lithium batteries for the RV and marine markets.

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• Lithium Iron Phosphate (LiFePO4) Batteries: High-performance, long-lasting, and lightweight deep-cycle batteries primarily for RV, marine, industrial, and off-grid applications.
• Battery Management Systems (BMS): Integrated electronic systems that protect and optimize the performance and lifespan of their lithium batteries.
• Battery Accessories: A range of complementary products including monitors, chargers, and inverters designed to enhance the use and management of their battery systems.

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Expion360 (XPON) primarily sells its lithium iron phosphate batteries and accessories to other companies, including original equipment manufacturers (OEMs), wholesale distributors, and retail dealers. The company's SEC filings indicate a significant concentration of revenue from a few key business customers.

Its major customers identified in recent filings include:

• Dealer Resources Group: A major wholesale distributor primarily serving the RV aftermarket. (Private Company)
• Alliance RV: A manufacturer of recreational vehicles. (Private Company)

In addition to these specific major customers, Expion360 also sells to a broader base of other companies, categorized as:

• Original Equipment Manufacturers (OEMs) in the recreational vehicle (RV) and marine sectors.
• Other wholesale distributors.
• Retail dealers.

While Expion360 does sell directly to end-users through its e-commerce website, its revenue concentration indicates that its primary sales channel is business-to-business (B2B).

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Joseph Hammer, Chief Executive Officer and Chairman of the Board

Joseph Hammer was appointed Chief Executive Officer and Chairman of the Board of Directors of Expion360 effective October 16, 2025. He brings over 20 years of experience as a financial executive and board director. Most recently, he served as Chief Investing Officer at LHX Corp., a family office service company for a single family, since February 2025, and prior to that, as Chief Investing Officer of LH Financial since 2010. As CIO of LHX, Mr. Hammer sources potential investments for the family office across various asset classes, including public companies, private companies, and merger candidates. He has also served as Chairman of the Board for Nasdaq-listed Trailblazer Merger Corporation I since 2023 and as a board member of Gratitude Railroad LLC, an alternative investment platform, since 2016. Additionally, he founded The JDH Foundation, a 501(c)(3) charitable organization, in 2020.

Shawna Bowin, Chief Financial Officer

Shawna Bowin was appointed Chief Financial Officer of Expion360, replacing interim CFO Brian Schaffner. She joined Expion360 in 2022 as Senior Accountant and has served as Controller since February 2025. Ms. Bowin is an accounting professional with over 20 years of progressive experience in accounting, serving both public and private companies, overseeing all accounting operations, financial reporting, compliance, and internal controls. Prior to joining Expion360, she served as Accounting Manager at Hodge Western Corp. and held accounting-related roles with JTS Animal Bedding and American Licorice Company.

Carson Heagen, Chief Operating Officer

Carson Heagen serves as the Chief Operating Officer for Expion360. He has over 10 years of leadership experience in operations, finance, global supply chain management, and ERP systems. He temporarily held the COO role when Paul Shoun was on medical leave, returning to his position as Vice President of Operations afterward.

Brian Schaffner, Director (Former Chief Executive Officer)

Brian Schaffner served as the Chief Executive Officer of Expion360 and previously as interim Chief Financial Officer before stepping down from these roles effective October 16, 2025, and September 8, 2025, respectively. He now serves as a member of the company's Board of Directors. He has over 30 years of executive experience, including roles as CEO, CFO, CIO, and controller. His past experience includes serving as CEO of Capital Physical & Hand Therapy, a multi-site healthcare organization, and as operations controller for a senior care provider with $550 million in annual revenues and $2 billion in assets. He also held positions as VP of Finance for Monterey Bay Academy and Director of Finance at Family Help & Wellness.

Paul Shoun, Co-Founder and Director (Former President and Chairman)

Paul Shoun co-founded Expion360 on June 16, 2016. He previously served as President and Chairman of the Board but stepped down from these roles effective October 16, 2025, and now serves as a member of the Board of Directors. He has over 30 years of experience in project management, product development, engineering leadership, business accounting, ERP/CRM system management, and product marketing. Mr. Shoun founded and led Shounco Design Studios, an engineering consulting firm focused on scalability and manufacturability of products through automation and process improvement.

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Expion360 (XPON) faces several key business risks, with the most significant revolving around its financial viability and market exposure.

1. Financial Sustainability: Expion360 has a history of significant losses and negative free cash flow, leading to a substantial doubt about its ability to continue as a going concern. The company's operating margin is deeply negative, indicating it is consuming cash and lacks a clear path to profitability. This ongoing financial instability necessitates external funding, which raises the risk of further dilution for existing investors through additional equity or debt sales.
2. Cyclical End-Market Exposure: The company's revenue is heavily dependent on the demand within the RV and outdoor adventure markets. These sectors are highly sensitive to consumer discretionary spending and broader economic cycles. Downturns in these end markets can directly and significantly impact Expion360's sales and financial performance, as evidenced by vulnerabilities to pullbacks in discretionary spending.
3. Intense Competition: Expion360 operates in an extremely competitive industry, facing numerous larger battery and storage manufacturers with greater financial resources and market reach. This competitive pressure can lead to pricing pressures and challenges in maintaining or expanding market share, making it difficult for Expion360 to compete effectively.

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Expion360 (XPON) operates within the growing markets for lithium iron phosphate (LiFePO4) batteries across several key applications, including recreational vehicles (RVs), marine vessels, and home and off-grid energy storage solutions.

• The **global lithium iron phosphate battery market** was valued at approximately USD 14.9 billion in 2024 and is projected to reach USD 46.1 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 15.3% from 2025 to 2032. Another estimate places the market at USD 16.0 billion in 2024, expected to grow to USD 48.4 billion by 2033 with a CAGR of 12.44% between 2025 and 2033.
• The **global recreational vehicles (RVs) batteries market** was valued at USD 0.43 billion in 2020 and is projected to reach USD 0.69 billion by 2030, with a CAGR of 5.1% from 2021 to 2030. The leisure vehicle (RV) battery market globally is anticipated to reach approximately USD 373 million by 2025, with lithium RV batteries expected to show significant growth. North America holds the largest share in the RV battery market.
• The **global marine lithium-ion battery market** was estimated at USD 276 million in 2023 and is anticipated to grow to approximately USD 821 million by 2032, at a CAGR of roughly 16% between 2022 and 2030. Another report valued the global marine lithium-ion battery market at around USD 275 million in 2023, expecting it to reach about USD 1087 million by 2032 with a CAGR of roughly 16.5% from 2024 to 2032. The global marine lithium iron phosphate (LiFePO4) battery market is estimated to be around USD 1.5 billion in 2025, with a projected CAGR of 15% from 2025 to 2033. Europe has been a leading region in this market, while North America is expected to experience the fastest growth at a 10.0% CAGR.
• The **global residential energy storage market** was valued at USD 1.96 billion in 2024 and is expected to reach USD 5.60 billion by 2032, growing at a CAGR of 14.08% over the forecast period of 2025-2032. Specifically, the **U.S. residential energy storage market** is valued at USD 2.5 billion. The **U.S. residential lithium-ion battery energy storage system market** was valued at USD 1,520.00 million in 2024.
• The **global off-grid battery energy storage market** was valued at USD 15.24 billion in 2024 and is projected to grow to USD 72.56 billion by 2032, exhibiting a CAGR of 20.22% from 2025 to 2032. Another estimate placed the global off-grid energy storage market size at USD 14.50 billion in 2024, with a projection to exceed USD 77.76 billion by 2035, growing at a CAGR of 16.50% from 2024 to 2035. Asia Pacific holds the largest market share in off-grid battery energy storage.

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Expion360 (XPON) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions:

1. Expansion into Home Energy Storage Solutions (HESS) and New Verticals: Expion360 launched its Home Energy Storage Solutions (HESS) product line in early 2025, targeting residential and small business sectors. One of its two HESS models has already achieved UL9540 certification, which is crucial for tax credit eligibility in key markets like California. The company is also exploring opportunities to expand its HESS products into the AI data center storage and backup market, significantly broadening its total addressable market.
2. Continued Growth in RV and Marine Markets, Coupled with Expanded Distribution and New OEM Partnerships: The company has demonstrated robust sales growth, particularly in the recreational vehicle (RV) segment, and is actively expanding its distribution network through major partners such as Camping World and Meyer Distributing. Expion360 is also establishing new original equipment manufacturer (OEM) relationships with companies like Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, which are anticipated to generate incremental revenue by integrating Expion360's lithium-ion batteries into their products.
3. Launch and Development of Next-Generation Battery Products: Expion360's e360 product line continues to be a strong performer as a preferred conversion solution for lead-acid batteries. The company is also developing new battery products, including its next-generation GC2, Group 27, and Edge batteries, which are expected to contribute to future sales growth.
4. Strategic Diversification into Light Electric Vehicle (LEV) and Industrial Applications Markets: Beyond its core RV and marine sectors, Expion360 is strategically expanding its battery portfolio into the Light Electric Vehicle (LEV) market, such as golf carts transitioning to lithium batteries. Additionally, the company identifies industrial applications, driven by demand for electric forklifts and material handling, as a significant future growth vertical.
5. Supply Chain Diversification and Potential Onshoring of Manufacturing: To mitigate tariff impacts and reduce production costs, Expion360 is actively diversifying its supply chain and exploring onshoring manufacturing of key components. This strategy aims to improve gross margins and could open new market opportunities, such as in the government and defense sectors, by making products more competitive and compliant with specific sourcing requirements.

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Share Issuance

• Expion360 closed a registered direct offering and private placement on January 3, 2025, issuing common stock and pre-funded warrants to institutional investors, generating approximately $2.6 million in gross proceeds. These proceeds are intended for general corporate purposes, working capital, and to satisfy $500,000 of obligations to Series A warrant holders.
• On August 7, 2024, the company announced the pricing of a $10 million underwritten public offering, which included 50,000,000 Common Units or Pre-Funded Units, along with warrants. The net proceeds from this offering were earmarked for the repayment of approximately $3.4 million in outstanding debt and for working capital.
• Expion360 completed a private placement on October 16, 2025, selling 613,077 shares of common stock and a pre-funded warrant for up to 144,498 shares, resulting in approximately $1.1 million in net proceeds. The funds are designated for severance obligations, working capital, and general corporate needs.

Inbound Investments

• Expion360 secured approximately $2.6 million in gross proceeds from a registered direct offering and private placement with institutional investors, which closed on January 3, 2025.
• A private placement completed on October 16, 2025, brought in approximately $1.1 million in net proceeds, with Pioneer Capital Anstalt, advised by Joseph Hammer and LHX, serving as the lead investor.

Capital Expenditures

• Capital expenditures for Expion360 over the last 12 months were reported as -$8,653.