Expion360 Inc. (XPON) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 13, 2025

Risk Assessment Details

Potential Dilution: 33.02% of current shares
Recent Dilution: 1212.64% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
9.7M
Potential Supply
3.2M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

XPON currently has 9.66M outstanding shares. with moderate dilution risk from 3.19M authorized shares representing 33.0% potential dilution. The company has significantly diluted shareholders by 1212.64% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 13, 2025

10-Q filing | 9.7M shares outstanding

9.7M 3.2M
Oct 17, 2025

8-K filing: Expion360 Inc. completed a private placement on October 16, 2025, selling 613,077 shares of common stock at $1.65 per share and a pre-funded warrant to purchase up to 144,498 shares of common stock at $1.6499 per share, receiving net proceeds of approximately $1.1 million. ($1.25M proceeds)

3.3M 3.2M
Aug 13, 2025

10-Q filing | 3.3M shares outstanding

3.3M 3.2M
May 15, 2025

10-Q filing | 3.1M shares outstanding

3.1M 3.2M
Mar 31, 2025

10-K filing | 3.1M shares outstanding

3.1M 3.2M
Jan 03, 2025

8-K filing: Expion360 Inc. completed a registered direct offering on January 3, 2025, selling 474,193 shares of common stock at $2.48 per share and 574,193 pre-funded warrants at $2.479 per warrant, along with unregistered warrants to purchase up to 1,048,386 shares of common stock at an exercise price of $2.36 per share in a concurrent private placement.

2.1M 3.2M
Nov 14, 2024

10-Q filing | 2.1M shares outstanding

2.1M 3.2M
Oct 08, 2024
Stock Split

8-K filing: Stock split 1-for-100 | Outstanding: 55,576,947 → 555,769

560K 3.2M
Aug 14, 2024

10-Q filing | 55.6M shares outstanding

56M 320M
Aug 02, 2024

S-1/A filing: This S-1/A filing outlines an offering of units, each containing one share of common stock (or a pre-funded warrant), two Series A warrants, and one Series B warrant, with an underwriter option for additional shares and warrants.

7M 320M
Jul 25, 2024

S-1 filing: This S-1 filing is for an offering of units consisting of common stock (or pre-funded warrants), Series A warrants, and Series B warrants, underwritten by Aegis Capital Corp, with the net proceeds to be used to repay stockholder notes and the 3i Note and for working capital and general corporate purposes.

7M 1.8M
May 14, 2024

10-Q filing | 7.4M shares outstanding

7.4M 1.8M
May 07, 2024

8-K filing: Expion360 Inc. issued 100,000 shares of its common stock pursuant to a Settlement and Mutual Release Agreement in consideration of the amount payable under the terms of the agreement, with no cash proceeds received by the company.

7M 1.8M
Mar 28, 2024

10-K filing | 7.0M shares outstanding

7M 1.8M
Feb 07, 2024

S-1/A filing: This S-1/A filing relates to the resale of up to 1,781,978 shares of common stock by Tumim Stone Capital, LLC, which may be issued pursuant to a common stock purchase agreement.

7M 1.8M
Jan 31, 2024

S-1/A filing: This S-1/A filing relates to the resale of up to 1,781,978 shares of common stock by Tumim Stone Capital, LLC, which may be issued pursuant to a common stock purchase agreement.

7M 1.8M
Jan 23, 2024

S-1 filing: This S-1 filing relates to the resale of up to 1,781,978 shares of common stock by Tumim Stone Capital, LLC, which may be issued pursuant to a common stock purchase agreement.

7M 1.8M
Nov 09, 2023

10-Q filing | 6.9M shares outstanding

6.9M 0
Aug 10, 2023

10-Q filing | 6.9M shares outstanding

6.9M 0
Jun 27, 2023

S-3 filing: The filing is for a shelf registration on Form S-3, allowing the company to sell securities in one or more offerings for an aggregate amount of up to $50,000,000, subject to the Baby Shelf Limitation.

6.9M 0
May 11, 2023

10-Q filing | 6.9M shares outstanding

6.9M 0
Apr 21, 2023

POS AM filing: This prospectus relates to the offer for sale of up to an aggregate of 546,976 shares of common stock, par value $0.001 per share, of Expion360 Inc. by the selling stockholders upon exercise of warrants.

6.8M 0
Mar 30, 2023

10-K filing | 6.8M shares outstanding

6.8M 2.5M
Nov 10, 2022

10-Q filing | 6.8M shares outstanding

6.8M 2.5M
Aug 11, 2022

10-Q filing | 6.8M shares outstanding

6.8M 2.5M
May 12, 2022

10-Q filing | 6.8M shares outstanding

6.8M 2.5M
Apr 06, 2022

8-K filing: Expion260 Inc. consummated its IPO on April 5, 2022, selling 2,145,000 shares of common stock at $7.00 per share, generating gross proceeds of $15,015,000, and issued warrants to purchase 128,700 shares to Alexander Capital LP and Paulson Investment Company LLC. ($15.02M proceeds)

4.3M 2.5M
Mar 31, 2022

S-1/A filing: This S-1/A filing includes information about option shares for over-allotments and Representative's Warrants.

4.3M 2.5M
Mar 29, 2022

S-1/A filing: This is an S-1/A filing for common stock offerings, including an option for underwriters to purchase additional shares and warrants for the representative.

4.3M 2.5M
Mar 23, 2022

S-1/A filing: Expion360 Inc. is offering 2,145,000 shares of common stock in an equity line offering, with an additional over-allotment option of 321,750 shares.

4.3M 2.5M
Mar 09, 2022

S-1/A filing: Expion360 Inc. is offering 2,145,000 shares of common stock, and an over-allotment option of 321,750 shares. Proceeds will be used for sales and marketing expenses, research and development expenses, purchases of capital equipment, repayment of indebtedness, working capital and general corporate purposes.

4.3M 2.5M
Jan 21, 2022

S-1 filing: Expion360 is offering 2,145,000 shares of common stock and an over-allotment option of 321,750 shares of common stock to increase capitalization and financial flexibility, as well as visibility in the marketplace and create a public market for its securities.

4.3M 3.2M
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