UPXI earnings analysis
What we found in UPXI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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. Despite improvements in gross margins to 80.4%, the company reported a staggering net loss of $109.3 million, primarily attributed to unrealized losses on digital assets, amidst heightened operational challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue decreased by 66.8% year-over-year to $1,050,667.
- Digital Asset Revenue Surge
- Digital asset revenue rose to $3,506,432, reflecting a strategic focus shift.
- Improved Gross Margin
- Gross margin increased to 80.4%, up from 49.3% a year earlier.
- Rising General Expenses
- General and administrative expenses soared by 86.6% to $4,931,678.
- Substantial Net Loss
- Net loss reached $109,343,830, a dramatic increase from $3,831,660.
- Working Capital Increase
- Working capital rose to $50,980,738 from $24,214,137.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Unrealized Losses
- Unrealized losses on digital assets totaled $92,307,488, up from negligible losses last year.
- Dependence on Digital Assets
- The pivot to digital assets could pose risks if market conditions for cryptocurrencies worsen.
- Increasing Operational Costs
- General and administrative expenses surged by $14,152,738 or 254.6% year-over-year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.94
- Gross margin
- 80.4%
What they said about what is next.
Management has not provided explicit forward guidance but anticipates operational cash flow pressures to continue.
The filing reads worse than the one before it.
What came before.
- 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…
- 10-Q · July 9, 2024
- Upexi reported a weak quarter with revenue of $14,444,957 for the three months ended March 31, 2024, down from $21,883,445 a year earlier, and gross profit falling to $2,883,123 from $7,577,747. Operating loss widened…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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