Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>Expion360's shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting on September 27, 2024.</li><li>The company's Board of Directors decided to implement a 1:100 stock reverse stock split effective October 9, 2024.</li><li> The company also reported third quarter 2024 results which again fell short of our forecast.</li></ul>

Expion360's shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting on September 27, 2024.The company's Board of Directors decided to implement a 1:100 stock reverse stock split effective October 9, 2024. The company also reported third quarter 2024 results which again fell short of our forecast.

XPON: The RV market recovery remains elusive. Substantially adjusting our valuation target and estimates to reflect significant dilution and recent reverse stock split.

<ul><li>Expion360 released full results for the second quarter which had been prereleased in the registration statement related to the recent $10 million financing and were just slightly below our expectations.</li><li> The company provided no formal guidance for 2024 and 2025 but the new home energy storage business will have to be wildly successful to avoid further (potentially significant) dilution to existing shareholders.</li><li> As we have seen in the past Expion360's shares frequently trade independent of the fundamentals of the business.</li></ul>

Expion360 released full results for the second quarter which had been prereleased in the registration statement related to the recent $10 million financing and were just slightly below our expectations. The company provided no formal guidance for 2024 and 2025 but the new home energy storage business will have to be wildly successful to avoid further (potentially significant) dilution to existing shareholders. As we have seen in the past Expion360's shares frequently trade independent of the fundamentals of the business.

XPON: Updating our estimates to reflect the higher share count post-offering and second-quarter results. Adjusting target to 0.25/share to reflect lower energy storage market valuations.

<ul><li>Expion360 announced the pricing of a $10 million offering which was priced dramatically lower than our expectations resulting in a sharply higher share count.</li><li>The offering of 50 million units was priced at $0.20/unit consisting of 1 common share (or pre-funded warrant), two Series A warrants, and a Series B warrant.</li><li> In the company's preliminary registration statement related to the offering the company also disclosed preliminary Q2 results which were roughly in line with our expectations.</li></ul>

Expion360 announced the pricing of a $10 million offering which was priced dramatically lower than our expectations resulting in a sharply higher share count.The offering of 50 million units was priced at $0.20/unit consisting of 1 common share (or pre-funded warrant), two Series A warrants, and a Series B warrant. In the company's preliminary registration statement related to the offering the company also disclosed preliminary Q2 results which were roughly in line with our expectations.

XPON: Addresses immediate financing needs with a 10 million offering. Dilution substantially exceeds our expectations. Lowering target valuation to $0.35.

<ul><li>Expion360 continues to expand its product lineup beyond the core RV and marine battery markets as it has officially entered the home energy storage market and expanded its offerings for the small RV market.</li><li>New RV shipments have shown signs of life in the first quarter but we will have to the mix of RV shipments appears to have shifted to lower end towable units.</li><li> The company released first-quarter results which were roughly in line with our lowered expectations.</li></ul>

Expion360 continues to expand its product lineup beyond the core RV and marine battery markets as it has officially entered the home energy storage market and expanded its offerings for the small RV market.New RV shipments have shown signs of life in the first quarter but we will have to the mix of RV shipments appears to have shifted to lower end towable units. The company released first-quarter results which were roughly in line with our lowered expectations.

XPON: The core battery business still faces a difficult

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>This is our first report on Expion360 and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.</li><li>Expion360 is operating in one of the hottest domains i.e., lithium-ion battery manufacturing.</li><li>Such an exceptional growth in a domain like lithium-ion batteries should definitely command a higher valuation.</li></ul>

This is our first report on Expion360 and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.Expion360 is operating in one of the hottest domains i.e., lithium-ion battery manufacturing.Such an exceptional growth in a domain like lithium-ion batteries should definitely command a higher valuation.

United States

Expion360 Inc. design, assemble, manufacture, and distribute high-powered, lithium battery solutions. The Company offers batteries and supporting accessories for recreation vehicles, outdoor, marine, residential, and industrial applications. Expion360 serves customers in the United States.

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Expion360 (XPON US)

XPON: The RV market recovery remains elusive. Substantially adjusting our valuation target and estimates to reflect significant dilution and recent reverse stock split.

Expion360's shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting...

Zacks Small Cap Research

XPON: Addresses immediate financing needs with a 10 million offering. Dilution substantially exceeds our expectations. Lowering target valuation to $0.35.

Expion360 announced the pricing of a $10 million offering which was priced dramatically lower than our expectations resulting in a sharply higher...

Zacks Small Cap Research

XPON: The core battery business still faces a difficult

Expion360 continues to expand its product lineup beyond the core RV and marine battery markets as it has officially entered the home energy...

Zacks Small Cap Research

Expion360 Inc. - Investment Thesis

This is our first report on Expion360 and we look to provide a detailed account of the various drivers that will be responsible for the company’s...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

XPON: The RV market recovery remains elusive. Substantially adjusting our valuation target and estimates to reflect significant dilution and recent reverse stock split.

Expion360's shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting...

Zacks Small Cap Research

XPON: Updating our estimates to reflect the higher share count post-offering and second-quarter results. Adjusting target to 0.25/share to reflect lower energy storage market valuations.

Expion360 released full results for the second quarter which had been prereleased in the registration statement related to the recent $10 million...

Zacks Small Cap Research

XPON: Addresses immediate financing needs with a 10 million offering. Dilution substantially exceeds our expectations. Lowering target valuation to $0.35.

Expion360 announced the pricing of a $10 million offering which was priced dramatically lower than our expectations resulting in a sharply higher...

Zacks Small Cap Research

XPON: The core battery business still faces a difficult

Expion360 continues to expand its product lineup beyond the core RV and marine battery markets as it has officially entered the home energy...

Zacks Small Cap Research

Expion360 Inc. - Investment Thesis

This is our first report on Expion360 and we look to provide a detailed account of the various drivers that will be responsible for the company’s...

Baptista Research