Upexi posts $246M loss amid Solana pivot

Upexi grew digital asset revenue and Solana holdings but posted a $246 million loss and ended fiscal 2026 with negative equity and substantial debt.

Rhea-AI Filing Summary

UPEXI, INC. (UPXI) reported fiscal 2026 results highlighting a major pivot to its Solana-focused digital asset treasury strategy. Total revenue was about $25.0 million, up from $15.8 million in 2025, driven by $17.4 million of digital asset (mainly staking) revenue while traditional revenue declined.

The company recorded a large net loss of $246.1 million ($3.87 per share) versus a $13.7 million loss in 2025, primarily from $195.1 million of unrealized losses on digital assets plus higher general and administrative and stock-based compensation expenses. At June 30, 2026, Upexi held about 2.34 million SOL with an average purchase price of $154, roughly 95% of which was staked.

Cash increased to $5.8 million, but the balance sheet showed $57.3 million of short-term treasury debt and $162.4 million of convertible notes, resulting in negative stockholders’ equity of $53.8 million. Upexi repurchased about 2.9 million shares and retired roughly $19.5 million of a secured convertible note, and later issued about 2.5 million shares via its at-the-market program for approximately $2.5 million in gross proceeds.

Positive

• Total revenue rose to $25.0 million from $15.8 million in fiscal 2025, driven by expansion of digital asset revenue, which reached $17.4 million, reflecting meaningful scale in the company’s Solana-focused treasury strategy.
• Upexi held a substantial 2.34 million SOL as of June 30, 2026, with about 95% staked, supporting recurring staking income and aligning with its stated goal to build a large Solana treasury.
• The company retired approximately $19.5 million on its secured convertible note and later reduced the interest rate on its BitGo Prime credit facility from 11.5% to 7.5% per year, improving its debt profile and lowering interest costs.

Negative

• Upexi reported a net loss of $246.1 million in fiscal 2026 versus a $13.7 million loss in 2025, mainly due to $195.1 million of unrealized losses on digital assets plus additional realized losses tied to digital asset activities.
• General and administrative expenses more than doubled to $26.4 million from $11.9 million, and stock-based compensation climbed to $21.9 million from $2.4 million, significantly pressuring profitability.
• The balance sheet showed negative stockholders’ equity of $53.8 million at June 30, 2026, alongside $57.3 million of short-term treasury debt and $162.4 million of convertible notes, indicating a highly leveraged capital structure.
• Traditional (non-digital-asset) revenue fell to $7.6 million from $14.8 million, and the company recorded $4.9 million of realized loss on converting digital asset revenue to USD plus $6.8 million of realized loss on digital asset sales.

Filing Explained

The filing presents a mixed holder picture: more common shares outstanding alongside lower stated credit-facility interest and collateral requirements.

A Form 8-K reports specified material events within four business days; this filing reports Upexi's fiscal-year results and actions completed after year-end.

The company reports $82,102,474 shares of common stock outstanding as of September 15, 2026, versus $78,702,358 shares issued at June 30, 2026. Because the additional shares were issued under the program, total shares are higher and, absent offsetting changes, existing holders' percentage ownership is lower.

An at-the-market program allows gradual sales of new shares into the open market at prevailing prices rather than a single priced deal; the release says Upexi issued approximately $2.5 million of shares for approximately $2.5 million in gross proceeds.

The post-year-end BitGo facility amendment reduced the stated interest rate from 11.5% to 7.5% per year and lowered the required collateral.

At June 30, 2026, cash was $5,778,586; against the latest reported quarterly operating cash outflow of $3,717,677, that equals 141.4 days of the last reported operating cash use.

Sources and calculations

• Upexi Form 8-K and Exhibit 99.1 (2026-09-17)
• Form 8-K purpose (undated)
• At-the-market program (undated)
• Dilution (undated)
• Upexi fiscal 2026 fourth-quarter fundamentals (2026Q4)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $5,778,586 / ($3,717,677 / 91) = 141.4 days

Key Figures

Total revenue: $25.0 million Digital asset revenue: $17.4 million Net loss: $246.1 million +5 more

8 metrics

Total revenue $25.0 million Fiscal year ended June 30, 2026, versus $15.8 million in 2025

Digital asset revenue $17.4 million Fiscal year ended June 30, 2026; mainly staking income

Net loss $246.1 million Fiscal year ended June 30, 2026, versus $13.7 million in 2025

Unrealized loss on digital assets $195.1 million Fiscal year ended June 30, 2026

Solana (SOL) holdings 2,340,000 SOL Approximate SOL held as of June 30, 2026; about 95% staked

Cash balance $5.8 million Cash as of June 30, 2026, up about 94% from June 30, 2025

Convertible notes payable $162.4 million Convertible notes outstanding as of June 30, 2026

Stockholders’ equity -$53.8 million Total stockholders’ equity as of June 30, 2026

Key Terms

digital asset revenue, staking, Solana treasury, unrealized loss on digital assets, +1 more

5 terms

digital asset revenue financial

"Digital asset revenue, which primarily consists of staking income, totaled $17.4 million."

staking technical

"Digital asset revenue, which primarily consists of staking income, totaled $17.4 million."

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.

Solana treasury financial

"Solana Treasury as of June 30, 2026"

unrealized loss on digital assets financial

"Unrealized loss (gain) on digital assets | | | 195,059,336"

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.

Earnings Snapshot

Total revenue: $25.0 million

Fiscal year ended June 30, 2026

Total revenue $25.0 million Increased from $15.8 million in fiscal 2025.

Digital asset revenue $17.4 million Increased from $1.0 million in fiscal 2025.

Traditional revenue $7.6 million Decreased from $14.8 million in fiscal 2025.

Net loss $246.1 million Widened from a $13.7 million net loss in fiscal 2025.

Unrealized loss on digital assets $195.1 million Compared with a $0.1 million unrealized gain in fiscal 2025.

General and administrative expenses $26.4 million Increased from $11.9 million in fiscal 2025.

Stock-based compensation $21.9 million Increased from $2.4 million in fiscal 2025.

FAQ

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

How did UPEXI (UPXI) perform financially in fiscal year 2026?

Upexi reported total revenue of $25.0 million for fiscal 2026, up from $15.8 million in 2025, driven by $17.4 million of digital asset revenue. The company recorded a net loss of $246.1 million ($3.87 per share), compared with a $13.7 million loss in fiscal 2025.

What were UPEXI (UPXI)’s main drivers of the $246.1 million net loss in 2026?

The $246.1 million net loss was primarily driven by $195.1 million of unrealized losses on digital assets, plus $4.9 million realized loss on digital asset revenue conversions, $6.8 million realized loss on digital asset sales, and higher general and administrative and stock-based compensation expenses.

How much Solana (SOL) does UPEXI (UPXI) hold and how is it used?

As of June 30, 2026, Upexi held about 2.34 million SOL with an average purchase price of $154 per SOL, and approximately 95% of its SOL holdings were staked, generating digital asset revenue that totaled $17.4 million for the fiscal year.

What is UPEXI (UPXI)’s debt and equity position at June 30, 2026?

At June 30, 2026, Upexi reported $57.3 million of short-term treasury debt and $162.4 million of convertible notes payable. Stockholders’ equity was negative $53.8 million, compared with positive $90.1 million at June 30, 2025.

How did UPEXI (UPXI)’s digital asset revenue compare to traditional revenue in 2026?

In fiscal 2026, digital asset revenue was $17.4 million, up from $1.0 million in 2025, while traditional revenue was $7.6 million, down from $14.8 million. Overall revenue reached $25.0 million, illustrating a shift toward digital asset-driven income.

What capital markets and balance sheet actions did UPEXI (UPXI) take in 2026?

Upexi repurchased about 2.9 million shares, retired approximately $19.5 million on a secured convertible note, and after year-end issued about 2.5 million shares under its at-the-market program for roughly $2.5 million in gross proceeds. It also amended its BitGo Prime credit facility to lower the interest rate.

When is UPEXI (UPXI)’s fiscal 2026 earnings conference call?

The fiscal 2026 earnings conference call is scheduled for Thursday, September 17, 2026, at 5:30 p.m. E.T. Investors can join via the listed U.S. and international dial-in numbers or through the webcast on Upexi’s investor relations website.

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

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/17/2026 - 05:02 PM Accepted by SEC EDGAR 09/17/2026 - 05:01 PM Learn about SEC filing dates

EXHIBIT 99.1

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

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 -- 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.

1

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

2

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

3

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

4

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 PRESS RELEASE 102.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 14.3 KB
• EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE 898 B
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 9.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 2.0 KB