Upexi Reports Record Digital Asset Revenue for Fiscal First Quarter 2026

Rhea-AI Summary

Upexi (NASDAQ: UPXI) reported record digital asset revenue for the fiscal first quarter ended September 30, 2025. Total revenue was $9.2 million versus $4.4 million a year earlier, with Digital Asset Revenue $6.1 million and consumer brands revenue $3.2 million. Gross profit was $8.3 million, up 183% YoY. Net income was $66.7 million or $1.21 per share, compared to a net loss of $1.6 million a year ago, driven largely by an approximately $78.0 million unrealized gain on the Solana treasury. Cash and equivalents were $2.2 million. Subsequent actions included a $200 million private placement and a $500 million equity line. Conference call held November 11, 2025 at 5:30 p.m. ET.

Positive

• Total revenue rose to $9.2M from $4.4M
• Digital Asset Revenue of $6.1M drove growth
• Gross profit increased 183% year-over-year
• Closed $200M private placement concurrent financing
• $500M equity line agreement with A.G.P.

Negative

• Net income aided mainly by $78.0M unrealized gain
• Cash and cash equivalents were only $2.2M as of 9/30/25
• Equity line and private placement imply potential dilution

Insights

Corporate Finance Analyst

Quarter shows record revenue and a large non‑cash gain, but cash and liquidity require close monitoring.

Upexi reported Total revenue of $9.2 million and Digital Asset Revenue of $6.1 million, driving Gross profit to $8.3 million—an increase of 183% year‑over‑year. The headline Net income was $66.7 million or $1.21 per share, driven largely by an approximately $78.00 million unrealized gain on the Solana treasury.

The business mechanism is straightforward: revenue now combines consumer brands operations ($3.2 million) and staking/treasury yields ($6.1 million), while accounting treatment of the Solana holding created a large non‑cash uplift. This improved reported profitability but did not increase reported cash; Cash and Cash Equivalents were only $2.2 million at quarter end.

Key dependencies and risks include the valuation volatility of the Solana position and the difference between realized cash flows from staking versus unrealized mark‑to‑market gains. Watch the pace at which staking revenue converts to cash, any realized gains/losses on Solana holdings, and quarterly disclosures of realized vs. unrealized components over the next several quarters. The recent financing actions (a $200 million private placement and a $500 million equity line) materially affect liquidity and dilution capacity; monitor consummation and draw activity under those facilities in coming filings.

Treasury and Digital Asset Strategist

Treasury shift to holding Solana produced meaningful reported revenue and a large unrealized gain; operational cash remains limited.

The company converted its treasury into a yield source by holding Solana and generating staking income, which produced Digital Asset Revenue of $6.1 million this quarter. The unrealized valuation increase (~$78.00 million) created the large positive net income swing versus last year, while staking added recurring operational revenue.

Dependence on a single digital asset exposes reported results to valuation swings; staking income appears to be material but the press release provides no breakdown of realized yield versus paper gains. Important near‑term items to watch are any realized monetizations of Solana, changes in staking yield disclosures, and updates on the $200 million private placement and $500 million equity line activity; these items will clarify how much of the reported improvement is cash‑generating versus mark‑to‑market. Expect clarity within the next one to three quarters as the company reports realized results and utilization of financing lines.

Digital Asset Revenue was Approximately $6.1 Million for the Quarter

Gross Profit Totaled $8.3 Million, up 183% Year-Over-Year

Net Income Increased to $66.7 Million, Compared to a Net Loss of $1.6 Million, Year-over-Year

Conference Call Scheduled for today, November 11, 2025, at 5:30 p.m. Eastern Time

TAMPA, Fla., Nov. 11, 2025 (GLOBE NEWSWIRE) -- Upexi, Inc. (NASDAQ: UPXI) (“Upexi” or the “Company”), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced record digital asset revenue for the fiscal first quarter ended September 30, 2025.

Financial Highlights for the Quarter Ended September 30, 2025

• Total revenue for the quarter was $9.2 million, compared to $4.4 million for the quarter ended September 30, 2024.
  • Revenue from operations from the consumer brands business totaled $3.2 million.
  • Digital Asset Revenue, which primarily consists of staking income, totaled $6.1 million.
• Gross profit totaled $8.3 million, up 183% year-over-year due mainly to the addition of Digital Asset Revenue.
• Net Income totaled $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or ($1.55) per share, for the quarter ended September 30, 2024. This increase was largely the result of approximately $78.00 million in unrealized gain on our Solana treasury.
• Cash and Cash Equivalents were $2.2 million as of September 30, 2025.
• As of November 12, 2025 the Company had 59,918,609 shares of common stock outstanding.

“Early in 2025, we enhanced our cash management and treasury strategy to include holding the cryptocurrency Solana directly on our balance sheet. Today, substantially all our Solana is generating a meaningful yield, effectively turning our treasury into a productive, revenue-generating asset,” said Allan Marshall, Chief Executive Officer of Upexi. “We are pleased to report that this strategy delivered first quarter 2026 Digital Asset Revenue of $6.1 million and drove gross profit to $8.3 million, up 183% versus the year-ago quarter and a strong validation of our model. We are extremely proud of our progress as we continue to build the leading Solana treasury company, and we remain laser-focused on creating value for shareholders.”

Operational and Other Highlights During and Subsequent to the Quarter

• Closed a $200 million concurrent private placement of common stock and convertible notes.
• Announced a $500 million equity line agreement with A.G.P. to accelerate the growth of the Solana treasury strategy.
• Held a Special Meeting of Stockholders where stockholders approved increasing the number of shares the Company may issue, at its sole discretion, under its equity line.
• Established the Upexi Advisory Committee and added Arthur Hayes, S◎L Big Brain, and Jon Najarian as members.
• Attended investor conferences, including: Canaccord Genuity 45th Annual Growth Conference, 5th Annual Needham Virtual Crypto Conference, H.C. Wainwright 27th Annual Global Investment Conference, FT Partners FinTech Conference 2025, A.G.P.'s Digital Asset Treasury Showcase, Maxim Growth Summit, New Orleans Investment Conference, Uncorrelated Cayman 2025, and Cantor Crypto & AI/Energy Infrastructure Conference.

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:	First Quarter 2026 Earnings Call
Date:	Tuesday, November 11, 2025
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 November 25, 2025, 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: 13757131.

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)
	September 30,				June 30,
	2025				2025
	(Unaudited)
ASSETS
Current assets
Cash	$	2,237,223			$	2,975,150
Accounts receivable, net		284,261				157,515
Inventory, net		1,035,680				1,152,870
Due from VitaMedica transition		471,380				228,017
Prepaid expenses and other receivables		1,480,227				350,836
Current digital assets at fair value		212,832,396				49,913,655
Purchase price receivable - VitaMedica		2,000,000				2,000,000
Total current assets		220,341,167				56,778,043
Property and equipment, net		1,931,498				2,052,573
Intangible assets, net		143,923				163,113
Goodwill		848,854				848,854
Deferred tax asset		5,948,858				5,948,858
Investment in digital company		750,000				-
Digital assets at fair value, net of current		187,993,435				56,083,525
Other assets		200,690				192,123
Right-of-use asset, net		1,569,742				1,739,755
Total other assets		199,387,000				67,028,801
Total assets	$	419,728,167			$	123,806,844
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	2,184,897			$	1,039,370
Accrued compensation		3,176,969				3,470,296
Deferred revenue		51,347				13,155
Accrued liabilities		947,076				356,064
Accrued interest		1,545,481				792,449
Acquisition payable		260,652				260,652
Current portion of promissory notes		560,000				560,000
Short-term treasury debt		50,000,000				20,000,000
Current portion of Cygnet subsidiary notes payable		5,380,910				5,380,910
Current portion of operating lease payable		521,702				691,010
Total current liabilities		64,629,034				32,563,906
Operating lease payable, net of current portion		1,145,439				1,145,440
Convertible notes payable		143,161,862				-
Total long-term liabilities		144,307,301				1,145,440

Stockholders' equity
Preferred stock, $0.00001 par value, 10,000,000 shares authorized, and 150,000 and 150,000 shares issued and outstanding, respectively		2				2
Common stock, $0.00001 par value, 300,000,000 shares authorized, and 58,893,261 and 38,270,571 shares issued and outstanding, respectively		589				383
Additional paid in capital		204,586,941				150,640,935
Retain earnings (accumulated deficit)		6,204,300				(60,543,822	)
Total stockholders' equity		210,791,832				90,097,498
Total liabilities and stockholders' equity	$	419,728,167			$	123,806,844

  

UPEXI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended September 30,
	2025				2024
Revenue
Revenue	$	3,156,128			$	4,356,515
Digital asset revenue		6,083,617				-
Total revenue		9,239,745				4,356,515
Cost of revenue		956,745				1,426,447
Gross profit		8,283,000				2,930,068
Operating expenses
Sales and marketing		1,067,555				1,041,425
Distribution costs		887,596				1,455,725
General and administrative		9,257,208				1,367,690
Unrealized (gain) on digital assets		(77,996,124	)			-
Share-based compensation		5,756,398				141,298
Amortization of acquired intangible assets		19,190				19,190
Depreciation		135,902				239,905
		(60,872,275	)			4,265,233
Income (loss) from operations		69,155,275				(1,335,165	)
Other income (expense), net
Interest expense, net		(2,699,383	)			(290,412	)
Other income, net		292,230				-
Other expense, net		(2,407,153	)			(290,412	)
Income (loss) on operations before income tax		66,748,122				(1,625,577	)
Income tax benefit (expense)		-				-
Net income (loss) from continuing operations	$	66,748,122			$	(1,625,577	)
Basic income (loss) per share:
Income (loss) per share	$	1.21			$	(1.55	)
Diluted income (loss) per share:
Income (loss) per share	$	0.76			$	(1.55	)
Basic weighted average shares outstanding		55,340,634				1,045,429
Fully diluted weighted average shares outstanding		88,479,950				1,045,429

FAQ

What did Upexi (UPXI) report for total revenue in Q1 2026?

Upexi reported $9.2 million in total revenue for the quarter ended September 30, 2025.

How much digital asset revenue did UPXI generate in Q1 2026?

Digital Asset Revenue for the quarter totaled $6.1 million, primarily staking income.

Why did Upexi report a $66.7M net income in Q1 2026 for UPXI?

Net income of $66.7 million was driven largely by an approximately $78.0 million unrealized gain on the Solana treasury.

What cash position did Upexi (UPXI) report as of September 30, 2025?

Cash and cash equivalents were reported at $2.2 million as of September 30, 2025.

What financing actions did UPXI announce after Q1 2026?

Upexi closed a $200 million private placement and announced a $500 million equity line with A.G.P.

When was Upexi's Q1 2026 earnings call held and how to access it?

The earnings call was held on November 11, 2025 at 5:30 p.m. ET with a live webcast at the company's IR site and a replay available through November 25, 2025.