Upexi Reports Fiscal Second Quarter 2026 Financial Results
Rhea-AI Summary
Upexi (NASDAQ: UPXI) reported fiscal Q2 2026 results for the quarter ended December 31, 2025. Total revenue was approximately $8.1 million vs $4.0 million year‑ago; digital asset revenue was $5.1 million and gross profit rose 126% YoY to $6.7 million. Net loss was $178.9 million, driven by $164.5 million of unrealized digital asset fair‑value losses. Cash and cash equivalents were $1.6 million at quarter end; subsequent financing activity and offerings increased cash to about $9.7 million as of Feb 9, 2026. The company announced a $50 million share repurchase program and multiple financing transactions.
Positive
- Total revenue +102% YoY to $8.1 million
- Digital asset revenue of $5.1 million for the quarter
- Gross profit +126% YoY to $6.7 million
- Announced $50 million share repurchase program
- Subsequent liquidity raised to approximately $9.7 million as of Feb 9, 2026
Negative
- Net loss of $178.9 million for the quarter
- Unrealized digital asset fair‑value losses of $164.5 million
- Cash and cash equivalents only $1.6 million at quarter end
- Recorded $8.3 million of stock‑based compensation expense
Key Figures
Market Reality Check
Peers on Argus
UPXI showed notable weakness while key peers were mixed: PERI +1.73%, ZH +3.05%, ZIP -7.69%, JFIN -2.74%, THRY +4.83%. Momentum scanner only flagged ANGI at -16.81% without news, suggesting UPXI’s move was stock-specific rather than a broad Internet/FinServ trade.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Earnings call notice | Neutral | -6.6% | Announcement of date and access details for Q2 2026 earnings call. |
| Nov 06 | Earnings call notice | Neutral | -9.9% | Notice of Q1 2026 results timing and participation information. |
| Jul 09 | Quarterly results | Negative | +0.1% | Reported revenue decline, higher net loss and ongoing restructuring actions. |
| Feb 14 | Quarterly results | Negative | -29.7% | Fiscal Q2 2024 financial results that prompted a sharp share price drop. |
Earnings-related headlines have historically been followed by mostly negative moves, with an average move of -11.55% around earnings-tagged events.
Over the past two years, Upexi’s earnings-related news has often coincided with downside pressure. Call announcements on Jan 29, 2026 and Nov 06, 2025 saw shares decline -6.63% and -9.93%. Earlier, fiscal results in Jul 2024 and
Historical Comparison
In the past, Upexi’s earnings-related headlines (calls and results) have seen an average move of -11.55%, showing that investors have been highly sensitive to financial updates and outlook details.
Earnings-tagged events show a transition from legacy consumer-brand pressures and restructuring in 2024 toward the newer Solana-focused treasury model and its impact on recent results.
Market Pulse Summary
This announcement detailed a sharp shift in Upexi’s financial profile: total revenue rose to $8.1 million with $5.1 million from digital assets and gross profit up 126% to $6.7 million, but a large net loss of $178.9 million reflected $164.5 million in unrealized Solana-related losses and higher stock-based pay. Investors may focus on how the Solana-centric treasury, recent financings, and the $50 million repurchase program balance growth opportunities against risk and dilution.
Key Terms
private placement financial
convertible note financial
registered direct offering financial
AI-generated analysis. Not financial advice.
Digital Asset Revenue was $5.1 Million for the Quarter
Gross Profit Increased
Conference Call Scheduled for Today, February 10, 2026, at 5:30 p.m. Eastern Time
TAMPA, Fla., Feb. 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 second quarter ended December 31, 2025.
“Our conviction in the long-term opportunity for Solana and our strategy remains stronger than ever despite the challenging market environment over the last several months - dynamics which we view as cyclical, not structural,” said Allan Marshall, Chief Executive Officer of Upexi. “During the quarter, we continued to drive our business forward by delivering
Financial Highlights for the Quarter Ended December 31, 2025
- Total revenue for the quarter was approximately
$8.1 million , compared to$4.0 million for the same quarter ended December 31, 2024.- Revenue from operations from the consumer brands business totaled
$2.9 million . - Digital asset revenue, which primarily consists of staking income, totaled
$5.1 million .
- Revenue from operations from the consumer brands business totaled
- Gross profit totaled
$6.7 million , up126% year-over-year, due mainly to the addition of the digital asset treasury business. - Net loss totaled
$178.9 million , or$2.94 per share, compared to a net loss of$1.3 million , or$(1.24) per share, for the quarter ended December 31, 2024. This net loss was largely driven by$164.5 million of unrealized losses on digital assets, reflecting non-cash quarter-end fair value adjustments, as well as$8.3 million of stock-based compensation expense. - Cash and cash equivalents were
$1.6 million as of December 31, 2025. - As of February 9, 2026, the Company had 69,760,581 shares of common stock outstanding.
Operational and Other Highlights Subsequent to the Quarter
- Announced forthcoming strategic shift to a high-return treasury strategy.
- Previously-filed shelf registration statement on Form S-3 went effective.
- Announced the pricing of a
$36 million private placement convertible note in exchange for locked Solana. - Announced the pricing of a
$7.4 million registered direct offering. - Current cash on hand stands at approximately
$9.7 million .
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 Second Quarter 2026 Earnings Call |
| Date: | Tuesday, February 10, 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 February 24, 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: 13758450.
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 Relations Contact
KCSA Strategic Communications
Valter Pinto or Jack Perkins
Upexi@KCSA.com
Media Relations Inquiries
Greg or Katie @STiR-communications.com
STiR-communications.com
| UPEXI, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| December 31, | June 30, | |||||||
| 2025 | 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 1,616,765 | $ | 2,975,150 | ||||
| Accounts receivable, net | 594,552 | 157,515 | ||||||
| Inventory, net | 728,273 | 1,152,870 | ||||||
| Due from VitaMedica transition | 304,880 | 228,017 | ||||||
| Prepaid expenses and other receivables | 1,302,064 | 350,836 | ||||||
| Current digital assets at fair value | 164,703,917 | 49,913,655 | ||||||
| Purchase price receivable - VitaMedica | 2,000,000 | 2,000,000 | ||||||
| Total current assets | 171,250,451 | 56,778,043 | ||||||
| Property and equipment, net | 543,246 | 2,052,573 | ||||||
| Intangible assets, net | 874,733 | 163,113 | ||||||
| Goodwill | 673,854 | 848,854 | ||||||
| Deferred tax asset | 5,948,858 | 5,948,858 | ||||||
| Digital assets at fair value, net of current | 90,998,464 | 56,083,525 | ||||||
| Other assets | 218,710 | 192,123 | ||||||
| Right-of-use asset, net | 636,449 | 1,739,755 | ||||||
| Total other assets | 99,894,314 | 67,028,801 | ||||||
| Total assets | $ | 271,144,765 | $ | 123,806,844 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 665,840 | $ | 1,039,370 | ||||
| Accrued compensation | 3,111,115 | 3,470,296 | ||||||
| Deferred revenue | 47,287 | 13,155 | ||||||
| Accrued liabilities | 1,964,281 | 356,064 | ||||||
| Accrued interest | 2,902,942 | 792,449 | ||||||
| Acquisition payable | 260,652 | 260,652 | ||||||
| Current portion of promissory notes | 560,000 | 560,000 | ||||||
| Short-term treasury debt | 62,695,723 | 20,000,000 | ||||||
| Current portion of Cygnet subsidiary notes payable | 5,380,910 | 5,380,910 | ||||||
| Current portion of operating lease payable | 263,672 | 691,010 | ||||||
| Total current liabilities | 77,852,422 | 32,563,906 | ||||||
| Operating lease payable, net of current portion | 460,134 | 1,145,440 | ||||||
| Convertible notes payable | 144,115,480 | - | ||||||
| Total long-term liabilities | 144,575,614 | 1,145,440 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, | 2 | 2 | ||||||
| Common stock, | 632 | 383 | ||||||
| Treasury stock, 416,226 and 0, as of December 31, 2025, and June 30, 2025, respectively | (799,277 | ) | - | |||||
| Additional paid in capital | 222,236,002 | 150,640,935 | ||||||
| Accumulated deficit | (172,720,630 | ) | (60,543,822 | ) | ||||
| Total stockholders' equity | 48,716,729 | 90,097,498 | ||||||
| Total liabilities and stockholders' equity | $ | 271,144,765 | $ | 123,806,844 | ||||
| UPEXI, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | ||||||||||||||||
| Revenue | $ | 2,908,527 | $ | 4,005,492 | $ | 6,064,655 | $ | 8,362,007 | ||||||||
| Digital asset revenue | 5,143,513 | - | 11,227,130 | - | ||||||||||||
| Total revenue | 8,052,040 | 4,005,492 | 17,291,785 | 8,362,007 | ||||||||||||
| Cost of revenue | 1,340,881 | 1,031,386 | 2,297,626 | 2,457,833 | ||||||||||||
| Gross profit | 6,711,159 | 2,974,106 | 14,994,159 | 5,904,174 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 915,841 | 949,963 | 1,983,396 | 1,991,388 | ||||||||||||
| Distribution costs | 924,201 | 1,276,422 | 1,811,797 | 2,732,147 | ||||||||||||
| General and administrative | 5,522,786 | 1,548,590 | 14,779,994 | 2,916,280 | ||||||||||||
| Unrealized loss on digital assets | 164,495,019 | - | 86,498,895 | - | ||||||||||||
| Realized loss on digital asset revenue conversion to USD | 341,599 | - | 341,599 | - | ||||||||||||
| Stock-based compensation | 8,300,673 | 32,578 | 14,057,071 | 173,876 | ||||||||||||
| Amortization of acquired intangible assets | 19,190 | 19,190 | 38,380 | 38,380 | ||||||||||||
| Impairment on assets from manufacturing shut down | 1,422,289 | - | 1,422,289 | - | ||||||||||||
| Depreciation | 134,388 | 220,562 | 270,290 | 460,467 | ||||||||||||
| 182,075,986 | 4,047,305 | 121,203,711 | 8,312,538 | |||||||||||||
| Loss from operations | (175,364,827 | ) | (1,073,199 | ) | (106,209,552 | ) | (2,408,364 | ) | ||||||||
| Other expense, net | ||||||||||||||||
| Interest expense, net | (3,604,709 | ) | (228,111 | ) | (6,304,092 | ) | (518,523 | ) | ||||||||
| Other income, net | 44,606 | - | 336,836 | - | ||||||||||||
| Other expense, net | (3,560,103 | ) | (228,111 | ) | (5,967,256 | ) | (518,523 | ) | ||||||||
| Loss on operations before income tax | (178,924,930 | ) | (1,301,310 | ) | (112,176,808 | ) | (2,926,887 | ) | ||||||||
| Income tax benefit (expense) | - | - | - | - | ||||||||||||
| Net loss | $ | (178,924,930 | ) | $ | (1,301,310 | ) | $ | (112,176,808 | ) | $ | (2,926,887 | ) | ||||
| Basic loss per share: | ||||||||||||||||
| Loss per share | $ | (2.94 | ) | $ | (1.24 | ) | $ | (1.93 | ) | $ | (2.80 | ) | ||||
| Diluted loss per share: | ||||||||||||||||
| Loss per share | $ | (2.94 | ) | $ | (1.24 | ) | $ | (1.93 | ) | $ | (2.80 | ) | ||||
| Basic weighted average shares outstanding | 60,829,603 | 1,045,429 | 58,085,114 | 1,045,429 | ||||||||||||
| Fully diluted weighted average shares outstanding | 60,829,603 | 1,045,429 | 58,085,114 | 1,045,429 | ||||||||||||
FAQ
What drove Upexi's (UPXI) large net loss in fiscal Q2 2026?
How much revenue did Upexi (UPXI) report for the quarter ended December 31, 2025?
What is the status of Upexi's (UPXI) cash and financing after Q2 2026?
What shareholder actions did Upexi (UPXI) announce on February 10, 2026?
How did Upexi's (UPXI) profitability metrics change year‑over‑year in Q2 2026?
