Upexi Reports Financial Results for Fiscal Year Ended June 30, 2026

Upexi grew revenue on Solana staking income but recorded large unrealized digital asset losses and a sharply higher net loss for fiscal 2026.

Rhea-AI Summary

Upexi (UPXI) reported fiscal 2026 total revenue of approximately $25.0 million for the year ended June 30, 2026, up from $15.8 million in 2025, driven by $17.4 million of digital asset revenue primarily from Solana staking.

Net loss widened to $246.1 million, or $3.87 per share, compared with a $13.7 million loss, largely due to $195.1 million of unrealized losses on digital assets and additional realized losses from conversions and sales. General and administrative expenses more than doubled to $26.4 million, reflecting the build-out of the treasury strategy. As of June 30, 2026, Upexi held approximately 2.34 million SOL at an average purchase price of $154 per SOL, with about 95% staked, and cash of $5.8 million, up about 94% year over year. The company repurchased roughly 2.9 million shares, retired about $19.5 million of secured convertible notes, and later cut its BitGo Prime credit facility interest rate from 11.5% to 7.5%.

Positive

• Total revenue rose to $25.0 million from $15.8 million year over year
• Digital asset revenue increased to $17.4 million from $1.0 million
• Cash balance grew about 94% to $5.8 million at June 30, 2026
• Held approximately 2.34 million SOL, about 95% staked as of June 30, 2026
• Retired approximately $19.5 million of secured convertible note debt
• Amended BitGo Prime facility, cutting interest rate from 11.5% to 7.5% per year

Negative

• Net loss widened to $246.1 million from $13.7 million year over year
• Unrealized losses on digital assets totaled $195.1 million in fiscal 2026
• Realized losses on digital asset conversion and sales reached about $11.7 million
• General and administrative expenses rose to $26.4 million from $11.9 million
• Stock-based compensation expense increased to $21.9 million from $2.4 million
• Stockholders’ equity turned negative at $(53.8) million from $90.1 million

News Explained

The post-year-end ATM issuance raised $2.5 million gross but added approximately 2.5 million shares, reducing existing holders’ percentage ownership.

Upexi reported fiscal 2026 results and disclosed that, after year-end, it issued approximately 2.5 million new common shares under its ATM program for $2.5 million of gross proceeds; absent offsetting changes, that issuance reduces existing holders' percentage ownership.

An ATM program allows an issuer to sell new shares gradually into the open market at prevailing prices rather than through one single priced deal, so the release describes proceeds already raised rather than a single closing amount.

At June 30, 2026, the balance sheet reported cash of $5,778,586, short-term treasury debt of $57,295,723, convertible notes payable of $162,442,056, and negative stockholders' equity of $53,813,918.

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Following this news, UPXI has declined 0.45%, reflecting a mild negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $1.05.

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Market Context

The May 12, 2026 fiscal Q3 results were followed by a 2.96% 24-hour gain, a comparable earnings-mark...

Analysis

The May 12, 2026 fiscal Q3 results were followed by a 2.96% 24-hour gain, a comparable earnings-market observation for this Solana-treasury update; the current release combined higher revenue with a substantially larger net loss.

Key Figures

Total Revenue: $25.0 million Digital Asset Revenue: $17.4 million Net Loss: $246.1 million, or $3.87 per share +5 more

Total Revenue

$25.0 million

Fiscal year 2026, compared with $15.8 million in fiscal 2025

Digital Asset Revenue

$17.4 million

Fiscal year 2026

Net Loss

$246.1 million, or $3.87 per share

Fiscal year 2026

Unrealized Digital Asset Losses

$195.1 million

Primary stated driver of fiscal 2026 net loss

Cash

$5.8 million

As of June 30, 2026

Solana Treasury

Approximately 2.34 million SOL

As of June 30, 2026; approximately 95% was staked

Credit Facility Interest Rate

Reduced from 11.5% to 7.5% per year

Amendment subsequent to fiscal year-end

ATM Program Proceeds

Approximately $2.5 million of gross proceeds

Issued approximately 2.5 million shares subsequent to fiscal year-end

Previous Earnings Reports

2 past events · Latest: May 12

Same Type 2 events

1. May 12

   Q3 earnings results

   24h Move

   +3.0%

   Revenue and digital asset revenue rose despite a $109.3 million unrealized loss.

2. Feb 10

   Q2 earnings results

   24h Move

   -16.3%

   Revenue and gross profit increased, but a $178.9 million net loss included digital-asset fair-value losses.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

staking, secured convertible note, at-the-market program, unrealized losses

4 terms

staking technical

"Digital asset revenue, which primarily consists of staking income"

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

View in glossary

secured convertible note financial

"Retired approximately $19.5 million on the Company’s secured convertible note"

A secured convertible note is a loan to a company that is backed by specific assets (secured) and can be changed into company shares (convertible) instead of being paid back in cash. For investors this matters because it mixes lower risk—because collateral gives repayment priority if things go wrong—with potential upside through stock conversion, while also affecting future ownership and how much existing shareholders may be diluted.

at-the-market program financial

"issued approximately 2.5 million shares of common stock under the Company’s at-the-market program"

An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.

unrealized losses financial

"The net loss was primarily driven by $195.1 million of unrealized losses on digital assets"

Unrealized losses are the drop in value of an investment you still own — the “on-paper” loss you would have if you sold it right now. Think of it like a car that’s worth less than what you paid: the loss exists, but it only becomes real if you sell. Investors care because unrealized losses reduce net worth, can lead to margin calls or forced selling, and affect financial reporting without triggering taxes until a sale.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Digital Asset Revenue Totaled $17.4 Million for Fiscal Year 2026

Solana Treasury Totaled Approximately 2.34 Million SOL as of June 30, 2026

Conference Call Scheduled for Today, September 17, 2026, at 5:30 P.M. E.T.

TAMPA, Fla., Sept. 17, 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 year ended June 30, 2026.

“Fiscal 2026 marked the first full year of our Solana treasury strategy, and in a subdued market for digital assets we focused on what we could control,” said Allan Marshall, Chief Executive Officer of Upexi. “We fortified the balance sheet by retiring debt, increasing our cash position, and, subsequent to year-end, cutting the interest rate on our credit facility. We also completed our efficiency initiative, and expect staking revenue to exceed ongoing cash operating expenses beginning with the current quarter. The market will inevitably turn, and our improved balance sheet and expense base position us well.”

Financial Highlights for the Fiscal Year Ended June 30, 2026

• Total revenue for the fiscal year was approximately $25.0 million, compared to $15.8 million for the fiscal year ended June 30, 2025.
• Digital asset revenue, which primarily consists of staking income, totaled $17.4 million.
• General and administrative expenses were $26.4 million, compared to $11.9 million in the prior year, primarily reflecting the build-out of the treasury strategy.
• Net loss totaled $246.1 million, or $3.87 per share, compared to a net loss of $13.7 million, or $1.73 per share, for fiscal 2025. The net loss was primarily driven by $195.1 million of unrealized losses on digital assets.
• Cash totaled $5.8 million as of June 30, 2026, up approximately 94% from June 30, 2025.
• As of September 15, 2026, the Company had 82,102,474 shares of common stock outstanding.

Solana Treasury as of June 30, 2026

• Total SOL held of approximately 2.34 million, with an average purchase price of $154 per SOL.
• Approximately 95% of SOL held was staked.

Operational and Other Highlights During and Subsequent to the Fiscal Year

• Repurchased approximately 2.9 million shares of common stock.
• Retired approximately $19.5 million on the Company’s secured convertible note.
• Subsequent to fiscal year-end, amended the Company’s credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral.
• Subsequent to fiscal year-end, issued approximately 2.5 million shares of common stock under the Company’s at-the-market program for approximately $2.5 million of gross proceeds.

The Company’s Annual Report on Form 10-K for this period is available on the SEC’s website and on Upexi’s IR website.

Conference Call Information

Event: Upexi Fiscal Year 2026 Earnings Call
Date: Thursday, September 17, 2026
Time: 5:30 p.m. E.T.
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 October 1, 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: 13762518.

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. CONSOLIDATED BALANCE SHEETS
	June 30, 2026		June 30, 2025
ASSETS
Current assets
Cash	$5,778,586		$2,975,150
Accounts receivable, net	97,244		157,515
Inventory, net	265,961		1,152,870
Due from VitaMedica transition	10,766		228,017
Prepaid expenses and other assets	988,542		350,836
Current digital assets at fair value	109,625,166		49,913,655
Purchase price receivable - VitaMedica	-		2,000,000
Total current assets	116,766,265		56,778,043
Property and equipment, net	208,044		2,052,573
Intangible assets, net	86,353		163,113
Goodwill	673,854		848,854
Deferred tax asset	5,948,858		5,948,858
Digital assets at fair value, net of current	55,675,516		56,083,525
Other assets	163,223		192,123
Right-of-use asset, net	598,678		1,739,755
Total noncurrent assets	63,354,526		67,028,801
Total assets	$180,120,791		$123,806,844
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$277,644		$1,039,370
Accrued compensation	5,277,309		3,470,296
Deferred revenue	4,519		13,155
Accrued liabilities	1,675,521		356,064
Accrued interest	2,349,162		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	295,167		691,010
Total current liabilities	71,130,418		32,563,906
Operating lease payable, net of current portion	362,235		1,145,440
Convertible notes payable	162,442,056		-
Total long-term liabilities	162,804,291		1,145,440
Stockholders' equity
Preferred stock, $0.00001 par value, 10,000,000 shares authorized, and 150,000 shares issued and outstanding	2		2
Common stock, $0.00001 par value, 1,000,000,000 shares authorized, 78,702,358 and 38,270,571 shares issued, as of June 30, 2026 and June 30, 2025, respectively	787		383
Additional paid in capital	252,793,813		150,640,935
Accumulated deficit	(306,608,520)		(60,543,822)
Total stockholders' equity	(53,813,918)		90,097,498
Total liabilities and stockholders' equity	$180,120,791		$123,806,844

UPEXI, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
	Year Ended June 30, 2026		Year Ended June 30, 2025
Revenue
Revenue	$7,568,822		$14,826,336
Digital asset revenue	17,429,206		985,009
Total revenue	24,998,028		15,811,345
Cost of revenue	2,630,320		4,943,305
Gross profit	22,367,708		10,868,040
Operating expenses
Sales and marketing	2,898,473		4,001,094
Distribution costs	2,627,626		4,691,964
General and administrative	26,398,877		11,935,582
Unrealized loss (gain) on digital assets	195,059,336		(105,474)
Realized loss on digital asset revenue conversion to USD	4,931,791		-
Realized loss on sale of digital assets	6,773,418		-
Stock-based compensation	21,895,814		2,356,862
Amortization of acquired intangible assets	76,760		76,758
Impairment on assets from manufacturing shut down	1,422,289		-
Impairment on acquired intangible assets	750,000		-
Depreciation	379,489		681,000
Lease Impairment (gain on settlement), Delray Beach facility	-		(269,994)
Total operating expenses	263,213,873		23,367,792
Loss from operations	(240,846,165)		(12,499,752)
Other expense, net
Interest expense, net	(13,561,210)		(1,173,714)
Gain on extinguishment of debt	10,288,342		-
Other expense, net	(1,945,665)		(10,743)
Other expense, net	(5,218,533)		(1,184,457)
Loss on operations before income tax	(246,064,698)		(13,684,209)
Income tax benefit (expense)	-		-
Net loss	$(246,064,698)		$(13,684,209)
Basic and diluted loss per share	$(3.87)		$(1.73)
Basic and diluted weighted average shares outstanding	63,539,613		7,914,268

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How large is Upexi’s Solana treasury and how is it deployed?

As of June 30, 2026, Upexi held total Solana (SOL) of approximately 2.34 million at an average purchase price of $154 per SOL, with about 95% of those holdings staked.

What changes did Upexi make to its debt and capital structure during and after fiscal 2026?

During the period, Upexi retired approximately $19.5 million of its secured convertible note and repurchased about 2.9 million shares of common stock. Subsequent to year-end, it issued approximately 2.5 million shares under its at-the-market program for roughly $2.5 million of gross proceeds.

What are the key details of Upexi’s amended credit facility with BitGo Prime?

Subsequent to fiscal year-end, Upexi amended its credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral, which the company said supports its treasury strategy.

When is Upexi’s fiscal 2026 earnings conference call and how can investors join?

The fiscal 2026 earnings call is scheduled for Thursday, September 17, 2026, at 5:30 p.m. E.T. Participants can dial 1-877-407-9716 (U.S. Toll-Free) or 1-201-493-6779 (International), or access the webcast via the company’s IR calendar at https://ir.upexi.com/news-events/ir-calendar.

Is a replay of the Upexi earnings call available and for how long?

A dial-in replay is available until October 1, 2026. It can be accessed by calling 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) and entering replay PIN 13762518.