Expion Energy, Inc.
XPON Industrials Electrical Equipment & Parts
Expion Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.7 million, up 71.6% from fiscal 2024. In the quarter to June 2026, revenue fell 32.1%, EPS grew 72.8%, free cash flow fell 270.3% and total debt fell 26.9%, each against the same quarter a year earlier.
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Expion Energy, Inc. (XPON) Altman Z-score
Expion Energy, Inc.'s Altman Z-score for fiscal 2025 is −7.90, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.90 | (1.16) |
| FY2024 | −6.74 | (6.58) |
| FY2023 | −0.16 | (0.70) |
| FY2022 | 0.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.75 | — | 0.90 | |
| Retained earnings / total assets | (5.06) | — | −7.08 | |
| EBIT / total assets | (1.33) | — | −4.38 | |
| Market value of equity / total liabilities | 2.43 | — | 1.46 | |
| Sales / total assets | 1.20 | — | 1.20 | |
| Altman Z-score | Distress zone | −7.90 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.01 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CCTG CCSC Technology International Holdings Limited compare | 1.0× |
| EPOW E-Power Inc. compare | −0.7× |
| DFLI Dragonfly Energy Holdings Corp. compare | −1.3× |
| ELPW Elong Power Holding Limited compare | −4.4× |
| POLA Polar Power, Inc. compare | −7.1× |
| XPON Expion Energy, Inc. | −7.9× |
| GWHT ESS Tech, Inc. compare | −26.4× |
| ADNH Advent Technologies Holdings, Inc. compare | −49.3× |
| NXUR Nxu, Inc. compare | −52.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets