Upexi Reports Fiscal First Quarter 2027 Financial Results

Current convertible notes payable totaled $146,976,334 at September 30, 2026, compared with none at June 30.

Rhea-AI Summary

Upexi (NASDAQ: UPXI) reported fiscal first-quarter 2027 diluted earnings of $0.68 per share, down from the prior-year quarter. For the quarter ended September 30, 2026, revenue fell to $3,484,120 from $9,239,745, while net income rose to $89,123,174 from $66,748,122. Prior-year diluted earnings were $0.76. Earnings largely reflected $101,999,183 in non-cash unrealized digital-asset gains.

Digital asset revenue declined to $3,052,839 from $6,083,617. Upexi attributed the decline primarily to lower SOL prices, with staking tokens earned approximately flat. Quarter-end holdings were approximately 2.35 million SOL, over 95% staked. Cash reached $6,428,420 and equity turned positive at $49,216,965. BitGo borrowing interest fell from 11.5% to 7.5%; Upexi expects approximately $2.3 million in annual savings. An at-the-market offering raised approximately $10.1 million gross through approximately 8.8 million new shares.

15 points · 2 major

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1 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointUnrealized digital-asset gains increased to $101,999,183 from $77,996,124; these were non-cash fair-value adjustments.
• Major pointAt-the-market financing raised approximately $10.1 million in gross proceeds during the quarter. 18% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Annual interest savings expected at approximately $2.3 million on $57.3 million outstanding at September 30, 2026.
• Moderate pointSOL treasury totaled approximately 2.35 million tokens at September 30, at approximately $154 average cost per SOL.
• Minor pointNet income rose to $89,123,174 from $66,748,122 in the prior-year quarter.

10 minor points

• Minor pointOperating income increased to $92,295,915 from $69,155,275 in the prior-year quarter.
• Minor pointCash increased to $6,428,420 at September 30, 2026, from $5,778,586 at June 30.
• Minor pointStockholders’ equity reached $49,216,965, versus a $53,813,918 deficit at June 30, 2026.
• Minor pointBitGo interest rate fell from 11.5% to 7.5%, with required collateral also reduced.
• Minor pointStaking covered over 95% of SOL holdings at September 30; quarterly digital asset revenue earned approximately 31,300 SOL.
• Minor pointGeneral and administrative expenses declined to $7,055,956 from $9,257,208 in the prior-year quarter.
• Minor pointSales and marketing expenses declined to $288,458 from $1,067,555 in the prior-year quarter.
• Minor pointDistribution costs declined to $147,342 from $887,596 in the prior-year quarter.
• Minor pointStock-based compensation declined to $3,890,744 from $5,756,398 in the prior-year quarter.
• Minor pointDepreciation declined to $14,724 from $135,902 in the prior-year quarter.

Negative

• Major pointApproximately 8.8 million new common shares issued through the at-the-market program diluted existing holders.
• Moderate pointTotal revenue fell to $3,484,120 from $9,239,745 in the prior-year quarter.
• Moderate pointGross profit declined to $3,395,291 from $8,283,000 in the prior-year quarter.
• Moderate pointDiluted earnings per share fell to $0.68 from $0.76; basic earnings fell to $0.97 from $1.21.
• Moderate pointCurrent liabilities totaled $212,576,645 against $201,179,768 in current assets at September 30, 2026.
• Moderate pointCurrent convertible notes payable reached $146,976,334 from zero at June 30; noncurrent notes fell to $16,419,340 from $162,442,056.
• Moderate pointLong-term contingent liabilities reached $5,035,574 at September 30, 2026, versus zero at June 30.
• Moderate pointRealized losses on digital-asset sales totaled $1,525,202, versus none in the prior-year quarter. 2.8% of market cap

5 minor points

• Minor pointProduct revenue fell to $431,281 from $3,156,128 as Upexi shifted away from legacy operations.
• Minor pointDigital asset revenue fell to $3,052,839 from $6,083,617; Upexi cited lower SOL prices.
• Minor pointNet interest expense rose to $3,349,109 from $2,699,383 in the prior-year quarter.
• Minor pointRealized losses converting digital asset revenue to USD totaled $156,943, versus none in the prior-year quarter.
• Minor pointOther income, net declined to $176,368 from $292,230 in the prior-year quarter.

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Market Reaction – UPXI

$0.61 – $0.67 Day Range

$56.96M Mkt Cap at Last Price

On Nov 10, the day this news came out, the latest delayed price for UPXI is 3.69% above the previous close. Our momentum scanner has recorded 18 alerts for this stock so far that day. The latest delayed price is $0.65.

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Key Figures

Total revenue: Approximately $3.5 million Diluted EPS: $0.68 Net income: $89.1 million +5 more

Total revenue

Approximately $3.5 million

Quarter ended September 30, 2026; compared with $9.2 million in the year-ago quarter

Diluted EPS

$0.68

Quarter ended September 30, 2026; compared with $0.76 in the year-ago quarter

Net income

$89.1 million

Quarter ended September 30, 2026; largely driven by non-cash unrealized digital-asset gains

Unrealized digital-asset gains

$102.0 million

Non-cash quarter-end fair value adjustments

SOL treasury

Approximately 2.35 million SOL; average cost approximately $154 per SOL

As of September 30, 2026

Stockholders’ equity

$49.2 million

As of September 30, 2026; compared with negative $53.8 million as of June 30, 2026

BitGo borrowing rate

Reduced from 11.5% to 7.5%; expected annual interest expense reduction of approximately $2.3 million

Based on $57.3 million outstanding as of September 30, 2026

At-the-market share issuance

Approximately 8.8 million shares for approximately $10.1 million gross proceeds

During the quarter

Previous Earnings Reports

3 past events · Latest: Sep 17

Same Type 3 events

1. Sep 17

   Fiscal year results

   24h Move

   +12.8%

   Net loss widened despite higher annual revenue, largely reflecting unrealized digital-asset losses.

2. May 12

   Quarterly results

   24h Move

   +3.0%

   Quarterly net loss was driven largely by unrealized digital-asset losses.

3. Feb 10

   Quarterly results

   24h Move

   -16.3%

   Quarterly net loss reflected unrealized 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 income, unrealized gains, fair value adjustments, at-the-market program

4 terms

staking income technical

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

Staking income is the rewards earned by holding and actively supporting a digital currency network. Think of it like earning interest from a savings account, where your stored funds help keep the system secure and running smoothly. For investors, staking income provides a way to generate ongoing returns simply by keeping certain cryptocurrencies in their digital wallets.

unrealized gains financial

"Net income was largely driven by $102.0 million of unrealized gains on digital assets"

An unrealized gain is the increase in value of an asset you still own that hasn’t been sold, so the profit exists on paper but hasn’t been converted into cash. It matters to investors because it changes the apparent wealth of a portfolio and can influence decisions about selling, risk-taking and taxes—like a house that’s worth more now but won’t pay you until you sell it.

View in glossary

fair value adjustments financial

"reflecting non-cash quarter-end fair value adjustments"

Adjustments made in a company's financial records to update the reported value of assets or liabilities so they reflect current estimated worth instead of original purchase cost. They matter to investors because these bookkeeping updates can change reported profit, net worth and perceived risk—like re-tagging items in a store when market prices shift—so they affect valuation, comparisons between firms, and buy/sell decisions.

at-the-market program financial

"under the Company’s at-the-market program during the quarter"

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.

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

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Earnings per Diluted Share Totaled $0.68 for the Quarter

Digital Asset Revenue Totaled $3.1 Million

Solana Treasury Totaled Approximately 2.35 Million SOL as of September 30, 2026

TAMPA, Fla., Nov. 10, 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 first quarter ended September 30, 2026.

Allan Marshall, Chief Executive Officer of Upexi, stated, “During the first quarter of fiscal 2027, we strengthened our balance sheet by increasing our Solana treasury to approximately 2.35 million SOL, increasing our cash on hand to $6.4 million, and increasing our stockholders’ equity to $49.2 million. Additionally, in September we successfully reduced the interest rate on our BitGo borrowings from 11.5% to 7.5%, a reduction we expect to lower annual interest expense by approximately $2.3 million.”

Financial Highlights for the Quarter Ended September 30, 2026

• Total revenue for the quarter was approximately $3.5 million, compared to $9.2 million for the quarter ended September 30, 2025. Product revenue was $0.4 million, compared to $3.2 million, reflecting the Company’s shift away from legacy health, wellness and other consumer-product lines and the exit of certain manufacturing and distribution operations.
• Digital asset revenue, which primarily consists of staking income, totaled $3.1 million, compared to $6.1 million for the quarter ended September 30, 2025. The decline was primarily due to lower SOL token prices year over year, as the number of tokens earned as staking revenue was approximately flat compared to the year ago quarter.
• General and administrative expenses were $7.1 million, compared to $9.3 million for the quarter ended September 30, 2025, a decrease of approximately 24%.
• Net income totaled $89.1 million, or $0.97 per basic share and $0.68 per diluted share, compared to net income of $66.7 million, or $1.21 per basic share and $0.76 per diluted share, for the quarter ended September 30, 2025. Net income was largely driven by $102.0 million of unrealized gains on digital assets, reflecting non-cash quarter-end fair value adjustments.
• Cash totaled $6.4 million as of September 30, 2026, up approximately 11% from June 30, 2026.
• Total stockholders’ equity was $49.2 million as of September 30, 2026, compared to negative $53.8 million as of June 30, 2026.
• As of November 10, 2026, the Company had 88,855,392 shares of common stock outstanding.
  
  

Solana Treasury

• Total SOL held of approximately 2.35 million as of September 30, 2026, with an average cost of approximately $154 per SOL.
• Over 95% of SOL held was staked as of September 30, 2026.
• Earned approximately 31,300 SOL of digital asset revenue during the quarter.
• As of November 10, 2026, the Company held approximately 2,360,265 SOL.
  
  

Operational and Other Highlights During and Subsequent to the Quarter

• 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. Based on the $57.3 million outstanding as of September 30, 2026, the Company expects the reduction to lower annual interest expense by approximately $2.3 million.
• Issued approximately 8.8 million shares of common stock under the Company’s at-the-market program during the quarter for approximately $10.1 million of gross proceeds.
• Purchased approximately 30,100 SOL for approximately $3.5 million and sold approximately 53,000 SOL, including SOL received as staking revenue, for proceeds of approximately $4.6 million during the quarter.
  
  

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.

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 2.3 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. 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)
	September 30, 2026			June 30, 2026
ASSETS
Current assets
Cash	$  6,428,420			$  5,778,586
Accounts receivable, net		75,209			97,244
Inventory, net		272,105			265,961
Due from VitaMedica		43,586			10,766
Prepaid expenses and other assets		1,594,104			988,542
Current digital assets at fair value		192,766,344			109,625,166
Total current assets		201,179,768			116,766,265
Property and equipment, net		193,320			208,044
Intangible assets, net		67,163			86,353
Goodwill		673,854			673,854
Deferred tax asset		5,948,858			5,948,858
Digital assets at fair value, net of current portion		74,833,811			55,675,516
Other assets		107,597			163,223
Right-of-use asset, net		528,354			598,678
Total noncurrent assets		82,352,957			63,354,526
Total assets	$283,532,725			$180,120,791
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable	$  1,283,557			$  277,644
Accrued compensation		3,677,100			5,277,309
Deferred revenue		3,396			4,519
Accrued liabilities		1,945,708			1,675,521
Accrued interest		1,093,629			2,349,162
Acquisition payable		-			260,652
Short-term treasury debt		57,295,723			57,295,723
Current portion of Cygnet subsidiary notes payable		-			3,694,721
Current portion of convertible notes payable		146,976,334			-
Current portion of operating lease payable		301,198			295,167
Total current liabilities		212,576,645			71,130,418
Operating lease payable, net of current portion		284,201			362,235
Convertible notes payable, net of current portion		16,419,340			162,442,056
Long-term contingent liabilities		5,035,574			-
Total long-term liabilities		21,739,115			162,804,291
Stockholders' equity (deficit)
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, 88,428,457 and 78,702,358 shares outstanding, as of September 30, 2026 and June 30, 2026, respectively		884			787
Additional paid in capital		266,701,425			252,793,813
Accumulated deficit		(217,485,346	)		(306,608,520	)
Total stockholders' equity (deficit)		49,216,965			(53,813,918	)
Total liabilities and stockholders' equity (deficit)	$  283,532,725			$  180,120,791

UPEXI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended September 30,
		2026			2025
Revenue
Revenue	$  431,281			$  3,156,128
Digital asset revenue		3,052,839			6,083,617
Total revenue		3,484,120			9,239,745
Cost of revenue		88,829			956,745
Gross profit		3,395,291			8,283,000
Operating expenses
Sales and marketing		288,458			1,067,555
Distribution costs		147,342			887,596
General and administrative		7,055,956			9,257,208
Unrealized gain on digital assets		(101,999,183	)		(77,996,124	)
Realized loss on digital asset revenue conversion to USD		156,943			-
Realized loss on sale of digital assets		1,525,202			-
Stock-based compensation		3,890,744			5,756,398
Amortization of acquired intangible assets		19,190			19,190
Depreciation		14,724			135,902
Total operating expenses		(88,900,624	)		(60,872,275	)
Income from operations		92,295,915			69,155,275
Other expense, net
Interest expense, net		(3,349,109	)		(2,699,383	)
Other income, net		176,368			292,230
Other expense, net		(3,172,741	)		(2,407,153	)
Income before income tax		89,123,174			66,748,122
Income tax benefit (expense)		-			-
Net income	$89,123,174			$66,748,122
Basic income per share	$  0.97			$  1.21
Diluted income per share	$  0.68			$  0.76
Basic weighted average shares outstanding		91,509,448			55,340,634
Diluted weighted average shares outstanding		134,395,945			88,479,950

FAQ

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

What were Upexi’s fiscal first-quarter 2027 earnings and revenue?

Upexi reported $89,123,174 in net income, diluted earnings of $0.68 per share, and revenue of $3,484,120 for the quarter ended September 30, 2026. The prior-year quarter produced net income of $66,748,122, diluted earnings of $0.76 per share, and revenue of $9,239,745.

How much Solana did Upexi hold as of November 10, 2026?

Upexi held approximately 2,360,265 SOL as of November 10, 2026. Its September 30, 2026 treasury totaled approximately 2.35 million SOL, with an average cost of approximately $154 per SOL.

How much Solana did Upexi buy and sell during fiscal first-quarter 2027?

Upexi purchased approximately 30,100 SOL for approximately $3.5 million and sold approximately 53,000 SOL for approximately $4.6 million during the quarter. The sales included SOL received as staking revenue.