Upexi Inc - UPXI STOCK NEWS

Upexi (NASDAQ:UPXI) has provided a shareholder update on its restructuring efforts to reduce debt and increase working capital. The company has eliminated $16.1 million in debt and accrued interest, added $7.4 million in cash to strengthen its balance sheet, and cut approximately $1.5 million in excess operational costs without affecting operations. Key transactions include:

1. Sale of E-core/Neti and Tytan Tiles, reducing debt by $12 million and increasing cash by $2 million.
2. Closure of two Las Vegas locations, reducing workforce by 30% and cutting annual costs by over $1.5 million.
3. Sale of Clearwater, Florida warehouse, eliminating $2.6 million in debt and adding $1.4 million in cash.
4. Sale of a wholly owned subsidiary for $4 million in cash, with potential for $2 million more in the next 15 months.

CEO Allan Marshall expressed confidence in the company's ability to focus on profitability and shareholder value moving forward.

Upexi (NASDAQ:UPXI) reported its financial results for the fiscal third quarter ending March 31, 2024. Revenues decreased by 34% to $14.4 million, primarily due to lower recommerce revenue and the discontinuation of electronic product sales on Amazon. Costs of revenue fell by 19% to $11.6 million, with gross profit decreasing by $1.7 million due to write-offs of obsolete inventory.

Sales and marketing expenses dropped by 32%, and general and administrative expenses decreased by 8%. Despite these reductions, the company reported a net loss of $4.1 million, up from $1.7 million the previous year, largely due to decreased sales and inventory write-offs. Subsequent to the quarter, Upexi continued restructuring, including a new lease agreement and the sale of a warehouse, aiming to ensure sufficient working capital for the next 12 months.

Upexi, a multi-faceted Amazon and Direct-to-Consumer brand owner and innovator in aggregation, announced that it plans to file its Form 10-Q for the period ended March 31, 2024, on July 8, 2024. The delay is due to the closure of the auditor's office during the first week of July.

On June 21, 2024, Upexi (NASDAQ:UPXI), a diversified Amazon and Direct-to-Consumer brand owner, updated shareholders on its delayed Form 10-Q filing for the period ending March 31, 2024. The company received a notice from Nasdaq on June 17, 2024, indicating a non-compliance with listing rules due to the missing report. Upexi has 60 days to submit a compliance plan, potentially extending up to December 11, 2024. However, Upexi aims to file the Form 10-Q by June 30, 2024, avoiding the need for a compliance plan. This notice does not affect the current listing or trading of Upexi's stock.

On June 20, 2024, Upexi (NASDAQ: UPXI) announced a restructuring plan to reduce debt and increase working capital by selling assets. The company sold its wholly-owned subsidiary, VitaMedica, on June 13, 2024, which will help eliminate some existing debt and provide necessary working capital. Additionally, Upexi plans to sell a warehouse in Clearwater, Florida, by mid-July to further reduce debt by $2.6 million and generate $1.4 million in cash. CEO Allan Marshall emphasized that market conditions have made it difficult to raise growth capital, making asset sales the only viable option for debt reduction and future growth. Upexi will continue to assess strategic alternatives, which may include selling other business units. The company also plans to file its quarterly financial statements for the nine months ending March 31, 2024, on June 24, 2024.

Upexi has completed its consolidation of operations, aiming to reduce annual operating expenses by $2-$3 million. This initiative is expected to have minimal impact on operations. The company is also exploring strategic alternatives to enhance shareholder value, including potential mergers, acquisitions, or asset sales. Upexi is engaging with an investment bank to assist in this process. Additionally, GBQ Partners has been appointed as the independent public accounting firm to audit the company's financial statements for fiscal years ending June 30, 2023, and 2024. There is no set timeline for the strategic review, and outcomes are not guaranteed.

Upexi, Inc. (NASDAQ:UPXI) announces the launch of its Tytan™ tile kit line in BJ's Wholesale Club stores, featuring two Disney character tile kits - Disney Frozen and Disney JR Mickey Mouse. This move marks the company's expansion into retail and partnership with Disney to offer educational toy products to children.

Upexi, Inc. (UPXI) announces the availability of its Disney Frozen Tile Kit line in TJ Maxx stores, following a successful launch on Amazon and Walmart.com. The CEO, Allan Marshall, highlights plans for new Disney product launches and expansion into big box retail locations in 2024.

Upexi, Inc. reported its fiscal second quarter 2024 financial results, showcasing a focus on optimizing operations, higher margin Brand Products, and positive Adjusted EBITDA. Despite a sequential revenue decrease, gross profit margins increased to 38%. The company invested in Brand Products, leading to a 16.7% revenue growth. Upexi aims to enhance margins further through operational consolidation. Financial highlights include $21.8 million in revenue, $7.7 million in Branded Product revenue, and a Gross Profit Margin of 38%. However, GAAP Net loss was $2.4 million, Adjusted EBITDA decreased, and the company ended with $1.8 million in cash.