Here are the 10-K annual reports from Upexi, Inc. (UPXI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow UPXI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UPXI filings page.
Upexi, Inc. (UPXI) filed its annual report describing a major shift toward a digital asset treasury model centered on Solana (SOL) while continuing to own and sell consumer brands such as LuckyTail, PRAX, and Cure Mushrooms. Early in 2025 the company redirected excess cash from interest-bearing accounts into a Solana-focused treasury, with management allocating a significant portion of the balance sheet to SOL and staking approximately 95% of its SOL holdings to earn yield. Upexi relies on qualified custodians, primarily BitGo, to hold these assets, with $165.3 million of treasury value at BitGo as of June 30, 2026 based on a SOL price of $73.52 per token, and maintains more than 95% of its SOL treasury in cold storage. The report outlines extensive risk factors, including Solana price volatility, potential regulatory reclassification of SOL as a security, the possibility of being deemed an investment company, liquidity and custodian concentration risks, and the company’s disclosure that its consumer products business is not expected to generate sufficient operating cash flow to cover financial obligations over the next twelve months, increasing dependence on capital markets and Solana valuations.
Upexi, Inc. intends to build a treasury of Solana (SOL) tokens by issuing equity and convertible debt, staking the majority of treasury SOL to earn staking yield and purchasing "locked" Solana at a management-estimated 14% discount to month-end spot prices to capture upside as discounts move to par. The company discloses operational risks tied to the Solana network, including validator behavior, higher transaction fees, Maximal Extractable Value (MEV) practices and potential regulatory responses that could reduce SOL utility and share value. Financial highlights include a large increase in credit loss allowance to $636,600 and bad debt expense of $933,950 for the year ended June 30, 2025, inventory and reserve movements, impairments and asset disposals tied to prior acquisitions and facility moves, and use of a collateralized digital-asset credit facility that was $20.0M at June 30, 2025 and subsequently increased to $50.0M to fund Solana purchases. The company reports multiple legal proceedings and contingent liabilities and numerous debt issuances, conversions and warrant arrangements that have resulted in share issuances to satisfy obligations.