10-Q · May 12, 2026
Upexi's Q3 results show a significant decline in revenue of 66.8% year-over-year, totaling approximately $1.05 million, while digital asset revenue surged to $3.5 million, marking a strategic pivot for the company.…
Earnings analysis · 10-K
UPXI earnings analysis
Filed September 17, 2026 · Our reading of the company's report
The latest report
Upexi has materially repositioned itself from consumer products toward a Solana treasury and staking strategy, producing $17.4 million of digital asset revenue and ending the year with $165.3 million of digital assets.…
Read full summary
Upexi has materially repositioned itself from consumer products toward a Solana treasury and staking strategy, producing $17.4 million of digital asset revenue and ending the year with $165.3 million of digital assets. However, the trajectory is highly volatile: the company reported a $246.1 million net loss, a $195.1 million unrealized SOL loss, negative $53.8 million of equity, and a 49.0% decline in legacy consumer-product revenue. Improved BitGo borrowing terms and higher working capital are positives, but leverage, SOL price exposure, restricted liquidity, and prospective dilution create a bearish overall risk profile.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.87
- Segment
- Single reportable segment: digital asset treasury activities and consumer products operations; total revenue was $24,998,028, comprising $17,429,206 of digital asset revenue and $7,568,822 of consumer-product revenue.
What stood out
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Solana Treasury Became the Core Strategy
The company shifted its strategy toward a Solana treasury and staking model. Digital asset revenue increased to $17.4 million from $1.0 million in fiscal 2025, while digital assets totaled $165.3 million at June 30, 2026.
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Digital Asset Revenue Drove Growth
Total revenue increased to $25.0 million from $15.8 million, driven by digital asset revenue. Approximately 95% of the Solana treasury was staked at June 30, 2026, supporting potential recurring staking revenue.
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Liquidity Improved Through Financing
Cash increased to $5.8 million from $3.0 million, and working capital increased to $45.6 million from $24.2 million. Financing provided $54.4 million of cash during fiscal 2026.
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Prior Control Weaknesses Remediated
Management reported that previously identified material weaknesses in internal control over financial reporting were remediated as of June 30, 2026, following expanded finance staffing and formal preparer-reviewer controls.
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BitGo Financing Terms Improved
The September 2026 BitGo amendment reduced the interest rate on approximately $57.3 million of outstanding borrowings from 11.50% to 7.50% per year, according to the subsequent-events disclosure.
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Capital Shifted Toward SOL Accumulation
Capital allocation emphasized the digital asset strategy: the company acquired $40.0 million of digital assets for cash and received $229.8 million of digital assets through treasury debt and convertible-note transactions. It also repurchased 2,894,287 shares for approximately $2.8 million.
What to watch
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Extreme SOL Price Volatility
SOL price exposure is substantial: the reported closing price declined from $154.74 at June 30, 2025 to $73.52 at June 30, 2026. The company recorded a $195.1 million unrealized loss on digital assets and a $246.1 million net loss.
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Leverage and Collateral Dependence
The balance sheet is highly leveraged and dependent on SOL collateral. Short-term treasury debt was $57.3 million, convertible notes were $162.4 million, and total stockholders’ equity was negative $53.8 million at June 30, 2026. The BitGo facility used SOL as collateral and had no remaining availability at year-end.
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Limited Liquidity of SOL Holdings
Liquidity may be constrained because the company held 849,124 SOL subject to lock-up restrictions, with 573,114 tokens scheduled to unlock by June 30, 2027 and 276,010 by June 30, 2028. In addition, approximately 95% of the treasury was staked and normally requires up to two days to unbond.
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SOL-Settlement Convertible Debt
Convertible notes with principal of $162.4 million are not repayable in cash under their stated terms; if not converted, the company must deliver specified SOL quantities, including 962,955 SOL under the July 2025 notes and 121,221 SOL under the January 2026 note.
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Consumer Products Revenue Decline
The legacy consumer-products business is contracting: consumer-product revenue fell 49.0% to $7.6 million from $14.8 million, and the company exited certain manufacturing and distribution operations, recording a $1.4 million shutdown-related disposal loss.
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Substantial Dilution Risk
Dilution remains material. Common shares outstanding increased to 78.7 million from 38.3 million, while potentially dilutive securities totaled 57.4 million shares, including 42.2 million shares related to convertible debt and 9.8 million warrants.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-K. Management stated that legacy consumer-product revenue is not expected to increase significantly in future quarters and that digital asset revenue is expected to increase as staked SOL holdings and the price of SOL increase.
Earlier filings 4
10-Q · November 12, 2025
Upexi reported total revenue of $9,239,745 for the three months ended September 30, 2025, up from $4,356,515 a year earlier, driven by $6,083,617 of digital asset revenue and a $77,996,124 unrealized gain on digital…
10-K · September 24, 2025
Upexi has materially shifted its treasury strategy in early 2025 to hold and stake Solana (SOL) on its balance sheet, currently reporting approximately $253,000,000 of SOL at BitGo based on a SOL price of $202.51 per…
10-K · December 16, 2024
Upexi positions itself as a vertically integrated consumer-products brand owner focused on direct-to-consumer channels (including Amazon) and in-house manufacturing and distribution. The company emphasizes supply-chain…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.