Upexi Reports Fiscal Third Quarter 2026 Financial Results
Rhea-AI Summary
Upexi (NASDAQ: UPXI) reported fiscal Q3 2026 revenue of approximately $4.6 million, up from $3.2 million a year earlier, with gross profit of $4.4 million, driven by its Solana-focused digital asset treasury.
Net loss was $109.3 million, largely from $92.3 million in non-cash unrealized digital asset losses. Digital asset revenue reached $3.5 million. Solana tokens held increased ~189,000 (9%), and Upexi repurchased about 2.9 million shares, cut short-term debt by $7.6 million, completed a $36 million convertible note for 265,500 locked Solana tokens, and a $7.4 million registered direct offering.
AI-generated analysis. Not financial advice.
Positive
- Quarterly revenue rose to approximately $4.6 million from $3.2 million year-over-year
- Gross profit reached $4.4 million, up 179% year-over-year
- Digital asset revenue totaled $3.5 million for the quarter
- Solana tokens held increased by ~189,000, or 9% during the quarter
- Repurchased and retired 2,894,287 UPXI shares over nine months
- Reduced short-term debt by approximately $7.6 million
- Completed $36 million private placement convertible note for 265,500 locked Solana tokens
- Completed $7.4 million registered direct offering
- Reduced ongoing operational costs and employee count to 10
- Management estimates staking revenue may cover cash expenses and interest by July 1, 2026
Negative
- Net loss widened to $109.3 million from $3.8 million year-over-year
- $92.3 million of net loss came from unrealized non-cash losses on digital assets
- Equity and convertible note financings ($7.4 million offering and $36 million note) may imply future dilution
News Market Reaction – UPXI
On the day this news was published, UPXI gained 2.96%, reflecting a moderate positive market reaction. Argus tracked a trough of -9.1% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $92.34M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
UPXI was up 6.52% while key peers were mixed: PERI -3.19%, ZH -1.53%, JFIN -2.2%, THRY +0.29%, ZIP +8.82%. Momentum scanner showed only GETY moving, down 1.54%, supporting a stock-specific move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 05 | Earnings call notice | Neutral | +1.4% | Announcement of timing and access details for Q3 2026 earnings call. |
| Feb 10 | Quarterly earnings results | Neutral | -16.3% | Reported Q2 2026 revenue growth with large unrealized Solana-related losses. |
| Jan 29 | Earnings call notice | Neutral | -6.6% | Set date and logistics for Q2 2026 financial results conference call. |
| Nov 06 | Earnings call notice | Neutral | -9.9% | Announced upcoming Q1 2026 results release and investor call details. |
| Jul 09 | Quarterly earnings results | Negative | +0.1% | Q3 2024 revenue declined and net loss widened amid restructuring actions. |
Earnings-related headlines have historically produced choppy reactions, with an average move of -6.27% and several past call announcements drawing negative next-day moves.
Recent Upexi earnings-related news has focused on its transition to a Solana-focused digital asset treasury model and sizable non-cash fair value swings. In Q2 2026, revenue reached $8.1M with $5.1M from digital assets, but net loss ballooned due to unrealized Solana marks, and shares fell 16.3%. Multiple earnings call announcements in late 2025 and early 2026 drew mostly negative or muted reactions. Earlier, in Q3 2024, revenue declined and losses widened amid restructuring efforts.
Historical Comparison
Over the past 5 earnings-related headlines, UPXI’s average move was -6.27%. This report continues the theme of strong Solana-driven revenue offset by large non-cash fair-value swings.
Earnings history shows a shift from legacy consumer-brand restructuring in 2024 toward a Solana-centric treasury model in 2025–2026, with results increasingly driven by digital asset revenue and unrealized valuation changes.
Market Pulse Summary
This announcement highlights Upexi’s fiscal Q3 2026 transition toward a Solana-centric treasury, with total revenue of $4.6M and digital asset revenue of $3.5M, but also a sizable net loss of $109.3M driven by $92.3M in unrealized losses. Compared with prior quarters, results remain heavily influenced by Solana fair-value marks and capital structure moves, including share repurchases and a $36M convertible note. Investors may watch future digital asset pricing, treasury strategy execution, and operating cost reductions.
Key Terms
digital asset treasury financial
staking financial
private placement convertible note financial
registered direct offering financial
AI-generated analysis. Not financial advice.
Solana Tokens Held Increased During the Quarter by ~189,000 or
Digital Asset Revenue Totaled $3.5 Million for the Quarter
Conference Call Scheduled for Today, May 12, 2026, at 5:30 p.m. Eastern Time
TAMPA, Fla., May 12, 2026 (GLOBE NEWSWIRE) -- Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced its financial results for the fiscal third quarter ended March 31, 2026.
“This quarter’s results reflect diligently executing against our digital asset treasury strategy of accumulating SOL on an accretive per-share basis and maintaining a flexible capital structure that positions us to pursue opportunities as they emerge,” said Allan Marshall, Chief Executive Officer of Upexi. “During the quarter, we grew the number of SOL held in our treasury by
Financial Highlights for the Quarter Ended March 31, 2026
- Total revenue for the quarter was approximately
$4.6 million , compared to$3.2 million for the same quarter ended March 31, 2025. - Gross profit totaled
$4.4 million , up179% year-over-year, due to the addition of the digital asset treasury business. - Net loss totaled
$109.3 million , or$1.67 per share, compared to a net loss of$3.8 million , or$2.87 per share, for the quarter ended March 31, 2025. This net loss was largely driven by$92.3 million of unrealized losses on digital assets, reflecting non-cash quarter-end fair value adjustments. - Cash and cash equivalents increased to
$3.5 million as of March 31, 2026. - Reduced short term debt by approximately
$7.6 million , including approximately$5.4 million in short term treasury debt.
Operational and Other Highlights During and Subsequent to the Quarter
- In the nine months ended March 31, 2026, the Company repurchased and retired 2,894,287 shares of Upexi common stock under the current repurchase program.
- Completed
$36 million private placement convertible note in exchange for 265,500 locked Solana tokens. - Completed
$7.4 million registered direct offering. - Reduced ongoing operational costs, including the reduction of the employee count to 10 employees, the elimination of a warehouse lease and the elimination of several other general and administrative costs.
- Management estimates that by July 1, 2026, the ongoing cash expenses for operations and interest will be less than the treasury’s staking revenue at the current price of Solana.
The Company’s Quarterly Report on Form 10-Q for this period is available on the SEC’s website and on Upexi’s IR website.
| Conference Call Information | |
| Event: | Fiscal Third Quarter 2026 Earnings Call |
| Date: | Tuesday, May 12, 2026 |
| Time: | 5:30 p.m. ET |
| Live Call: | 1-877-407-9716 (U.S. Toll-Free) or 1-201-493-6779 (International) |
| Webcast: | https://ir.upexi.com/news-events/ir-calendar |
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 26, 2026, and can be accessed by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) and entering replay pin number: 13760532.
About Upexi, Inc.
Upexi, Inc. (Nasdaq: UPXI) is a leading digital asset treasury company, where it aims to acquire and hold as much Solana (SOL) as possible in a disciplined and accretive fashion. In addition to benefiting from the potential price appreciation of Solana - the cryptocurrency of the leading high-performance blockchain - Upexi utilizes three key value accrual mechanisms in intelligent capital issuance, staking, and discounted locked token purchases. The Company operates in a risk-prudent fashion to position itself for any market environment and to appeal to investors of all kinds, and it currently holds over two million SOL. Upexi also continues to be a brand owner specializing in the development, manufacturing, and distribution of consumer products. Please see www.upexi.com for more information.
Follow Upexi on X - https://x.com/upexitreasury
Follow CEO, Allan Marshall, on X - https://x.com/upexiallan
Follow CSO, Brian Rudick, on X - https://x.com/thetinyant
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. For example, the Company is using forward looking statements when it discusses the anticipated use of proceeds. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Company Contact
Brian Rudick, Chief Strategy Officer
Email: brian.rudick@upexi.com
Phone: (203) 442-5391
Investor Contact
KCSA Strategic Communications
Valter Pinto or Jack Perkins
Upexi@KCSA.com
| UPEXI, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| March 31, | June 30, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 3,482,847 | $ | 2,975,150 | ||||
| Accounts receivable, net | 496,393 | 157,515 | ||||||
| Inventory, net | 215,237 | 1,152,870 | ||||||
| Due from VitaMedica transition | 336,239 | 228,017 | ||||||
| Prepaid expenses and other receivables | 990,957 | 350,836 | ||||||
| Current digital assets at fair value | 114,942,784 | 49,913,655 | ||||||
| Purchase price receivable - VitaMedica | 1,340,000 | 2,000,000 | ||||||
| Total current assets | 121,804,457 | 56,778,043 | ||||||
| Property and equipment, net | 241,215 | 2,052,573 | ||||||
| Intangible assets, net | 855,543 | 163,113 | ||||||
| Goodwill | 673,854 | 848,854 | ||||||
| Deferred tax asset | 5,948,858 | 5,948,858 | ||||||
| Digital assets at fair value, net of current | 69,960,104 | 56,083,525 | ||||||
| Other assets | 178,589 | 192,123 | ||||||
| Right-of-use asset, net | 711,063 | 1,739,755 | ||||||
| Total noncurrent assets | 78,569,226 | 67,028,801 | ||||||
| Total assets | $ | 200,373,683 | $ | 123,806,844 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 288,722 | $ | 1,039,370 | ||||
| Accrued compensation | 4,506,613 | 3,470,296 | ||||||
| Deferred revenue | 2,324 | 13,155 | ||||||
| Accrued liabilities | 2,166,822 | 356,064 | ||||||
| Accrued interest | 2,268,473 | 792,449 | ||||||
| Acquisition payable | 260,652 | 260,652 | ||||||
| Current portion of promissory notes | - | 560,000 | ||||||
| Short-term treasury debt | 57,295,723 | 20,000,000 | ||||||
| Current portion of Cygnet subsidiary notes payable | 3,694,721 | 5,380,910 | ||||||
| Current portion of operating lease payable | 339,669 | 691,010 | ||||||
| Total current liabilities | 70,823,719 | 32,563,906 | ||||||
| Operating lease payable, net of current portion | 437,077 | 1,145,440 | ||||||
| Convertible notes payable | 181,031,073 | - | ||||||
| Total long-term liabilities | 181,468,150 | 1,145,440 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, | 2 | 2 | ||||||
| Common stock, | 669 | 383 | ||||||
| Additional paid in capital | 230,145,603 | 150,640,935 | ||||||
| Accumulated deficit | (282,064,460 | ) | (60,543,822 | ) | ||||
| Total stockholders' equity | (51,918,186 | ) | 90,097,498 | |||||
| Total liabilities and stockholders' equity | $ | 200,373,683 | $ | 123,806,844 | ||||
| UPEXI, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| Revenue | $ | 1,050,667 | $ | 3,160,480 | $ | 7,115,322 | $ | 11,522,487 | ||||||||
| Digital asset revenue | 3,506,432 | - | 14,733,562 | - | ||||||||||||
| Total revenue | 4,557,099 | 3,160,480 | 21,848,884 | 11,522,487 | ||||||||||||
| Cost of revenue | 206,365 | 1,601,374 | 2,503,991 | 4,059,207 | ||||||||||||
| Gross profit | 4,350,734 | 1,559,106 | 19,344,893 | 7,463,280 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 553,300 | 1,039,299 | 2,536,696 | 3,030,687 | ||||||||||||
| Distribution costs | 588,652 | 990,049 | 2,400,449 | 3,722,196 | ||||||||||||
| General and administrative | 4,931,678 | 2,642,654 | 19,711,672 | 5,558,934 | ||||||||||||
| Unrealized loss on digital assets | 92,307,488 | 5,268 | 178,806,383 | 5,268 | ||||||||||||
| Realized loss on digital asset revenue conversion to USD | 1,887,472 | - | 2,229,071 | - | ||||||||||||
| Realized loss on sale of digital assets | 6,773,418 | - | 6,773,418 | - | ||||||||||||
| Stock-based compensation | 3,987,514 | 521,353 | 18,044,585 | 695,229 | ||||||||||||
| Amortization of acquired intangible assets | 19,190 | 19,191 | 57,570 | 57,571 | ||||||||||||
| Impairment on assets from manufacturing shut down | - | - | 1,422,289 | - | ||||||||||||
| Depreciation | 88,289 | 198,519 | 358,579 | 658,986 | ||||||||||||
| Lease Impairment (gain on settlement) | - | (269,994 | ) | - | (269,994 | ) | ||||||||||
| 111,137,001 | 5,146,339 | 232,340,712 | 13,458,877 | |||||||||||||
| Loss from operations | (106,786,267 | ) | (3,587,233 | ) | (212,995,819 | ) | (5,995,597 | ) | ||||||||
| Other expense, net | ||||||||||||||||
| Interest expense, net | (3,683,334 | ) | (245,103 | ) | (9,987,426 | ) | (763,626 | ) | ||||||||
| Other income, net | 1,125,771 | 676 | 1,462,607 | 676 | ||||||||||||
| Other expense, net | (2,557,563 | ) | (244,427 | ) | (8,524,819 | ) | (762,950 | ) | ||||||||
| Loss on operations before income tax | (109,343,830 | ) | (3,831,660 | ) | (221,520,638 | ) | (6,758,547 | ) | ||||||||
| Income tax benefit (expense) | - | - | - | - | ||||||||||||
| Net loss | $ | (109,343,830 | ) | $ | (3,831,660 | ) | $ | (221,520,638 | ) | $ | (6,758,547 | ) | ||||
| Basic loss per share: | ||||||||||||||||
| Loss per share | $ | (1.67 | ) | $ | (2.87 | ) | $ | (3.66 | ) | $ | (5.92 | ) | ||||
| Diluted loss per share: | ||||||||||||||||
| Loss per share | $ | (1.67 | ) | $ | (2.87 | ) | $ | (3.66 | ) | $ | (5.92 | ) | ||||
| Basic weighted average shares outstanding | 65,506,837 | 1,336,373 | 60,522,907 | 1,140,995 | ||||||||||||
| Fully diluted weighted average shares outstanding | 65,506,837 | 1,336,373 | 60,522,907 | 1,140,995 | ||||||||||||
