Expion360 Inc. appoints new COO as co-founder shifts roles

Expion360 Inc. (NASDAQ:XPON), a company specializing in miscellaneous electrical machinery, equipment, and supplies with a market capitalization of $2.77 million, announced significant changes to its executive team effective April 1, 2025. According to InvestingPro data, the company faces operational challenges with negative EBITDA of -$6.58 million in the last twelve months. Paul Shoun, Co-Founder, President, and Chairman of the Board, has stepped down from his role as Chief Operating Officer but will continue to serve as President and Chairman.

Following Shoun’s resignation, the Board has appointed Carson Heagen as the new Chief Operating Officer. Heagen, 34, has been with Expion360 since April 2021, starting as the Director of Finance before advancing to Vice President of Operations. The appointment comes at a crucial time, as InvestingPro analysis reveals the company’s return on assets stands at -128.3%, indicating significant operational efficiency challenges. His experience includes over a decade in business management and operations, with a focus on optimizing global supply chains and managing tech-focused company operations. He holds a double BBA from Boise State University.

The appointment comes with a new employment agreement for Heagen, under which he will earn a base salary of $180,000 and be eligible for annual bonuses based on performance objectives. Heagen will also participate in the company’s 2021 Incentive Award Plan and other benefit plans. The agreement includes a two-year non-competition and non-solicitation provision, a confidentiality provision, and indemnification from the company for claims related to his service as an officer.

There are no reported family relationships or other related-party transactions between Heagen and other directors or executive officers of the company. The full text of Heagen’s employment agreement will be included in Expion360’s forthcoming Quarterly Report on Form 10-Q for the quarter ending June 30, 2025.

This executive transition comes as Expion360 continues to navigate the electrical equipment industry, with Heagen’s appointment signaling a potential strategic shift in operations and leadership dynamics. With revenue of $5.62 million in the last twelve months and a current ratio of 1.34, the company maintains moderate liquidity despite operational challenges. For deeper insights into Expion360’s financial health and detailed analysis, investors can access comprehensive research reports available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence. The information in this article is based on a press release statement.

In other recent news, Expion360 Inc. reported a significant year-over-year revenue increase of 131% for the fourth quarter of 2024, reaching $2 million. Despite this quarterly growth, the company faced a 6% decline in full-year revenue, totaling $5.6 million. Notably, Expion360 managed to reduce its Q4 net loss by 88% compared to the previous year. The company attributes its Q4 success to new product offerings and strategic partnerships in the RV and home energy storage markets. Looking ahead, Expion360 anticipates generating an additional $5 million in revenue from new OEM partnerships in fiscal 2025. The company is also focusing on expanding its home energy storage solutions, which is expected to increase gross profit by $1.4 million. These developments come as Expion360 explores a potential collaboration with Neo Volta to establish a U.S.-based battery manufacturing facility.

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