Expion360 Inc.

Second-quarter 2025 revenue was $3 million, up 134% from $1.3 million in the prior-year period and up 46% sequentially from Q1 2025. Gross profit was $0.6 million, or 21% of revenue, versus $0.3 million, or 25%, a year ago. SG&A was $2 million, flat year over year, while net loss improved to $1.4 million from $2.2 million. For the first half of 2025, net sales were $5 million, up 124% from $2.2 million, gross profit was $1.1 million at 22% margin, SG&A fell 14% to $3.6 million, and net loss narrowed to $2.5 million from $4.4 million. Cash and cash equivalents were $0.7 million at June 30, 2025, and operating cash used was $1.6 million for the first half, versus $3.4 million a year earlier. The company did not provide formal quarterly or full-year numerical guidance, but said it expects battery sales to support a strong margin in the third quarter and is working to replace inventory heading into 2026.

Brian Schaffner said the quarter featured two of the company’s strongest sales months ever and emphasized that the business is building momentum across RV, marine, LEV, and home energy storage. He highlighted more than 300 customers nationwide, ongoing relationships with Camping World, K-Z Recreational Vehicles, and Meyer Distributing, and progress with new OEM partners such as Scout Campers and Alaskan Campers. His tone was upbeat, with a focus on expanding distribution, protecting margins, and using HESS as a future growth platform.

As interim CFO, Schaffner tied the 21% gross margin to product mix, including lower-margin pass-through accessory sales and tariff uncertainty, while noting mitigation steps such as prebuilt inventory, cost reductions in the battery line, and supply diversification to free-trade countries like South Korea. He said SG&A was $2 million, flat year over year, and that the reduction in rent-related expenses helped keep costs under control; for the first half, SG&A fell 14% to $3.6 million. He also noted cash and cash equivalents of $0.7 million and operating cash use of $1.6 million in the first half, compared with $3.4 million last year.

Analysts asked about the tariff environment, lobbying in Washington, and whether the China tariff pause would help margins or force price changes. Management said the tariff ‘finish line’ keeps moving, but it feels confident in its D.C. lobbying efforts and believes an exclusion or exception case is in front of the right people. Schaffner also said the company still has a considerable amount of prebuilt inventory, with over $5 million on the books available for sale, and expects third-quarter margin strength to depend mainly on sales mix and battery sales.