olivLaw · US equity research
Upexi, Inc. UPXI
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Upexi, Inc. is a Nasdaq-listed company that since 2025 has pursued a Solana treasury strategy, holding SOL and earning yield through staking, while keeping a smaller consumer-brand business alongside it. In fiscal 2026 total revenue was about 25.0 million USD, while the net loss of 246.1 million USD, driven largely by unrealized losses on digital assets, shows how much the company depends on the SOL price.
At the close of 02 Nov 2026, Upexi, Inc. (UPXI) stock was 0.71 USD (−6.13% on the day), with market capitalisation 58.5 m USD, beta 1.02, 52-week range 0.57–3.84 USD. Latest reported quarter (Q4 2026): revenue of 3.1 m USD (−26.6% YoY), net income of -24.5 m USD, diluted EPS -0.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.65 – 1.21
- in the lower half of the band · %B 0.11 · band width 59.7%
- SMA 50 / 200
- 1.04 / 1.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.1% | −2.3% | −36.8 pp | — |
| 3 months | −10.9% | −0.8% | −10.2 pp | — |
| 6 months | −47.6% | +4.7% | −52.3 pp | — |
| Year to date | −57.6% | +10.2% | −67.8 pp | — |
| 1 year | −84.1% | +10.3% | −94.3 pp | −41.5% |
| 3 years | −96.8% | +73.0% | −169.9 pp | −44.3% |
| 5 years | −99.4% | +61.8% | −161.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 m | 4.0 m | 3.2 m | 4.3 m | 9.2 m | 8.1 m | 4.6 m | 3.1 m |
| Cost of revenue | 1.4 m | 1.0 m | 1.6 m | 884.1 k | 956.7 k | 1.3 m | 206.4 k | 126.3 k |
| Gross profit | 2.9 m | 3.0 m | 1.6 m | 3.4 m | 8.3 m | 6.7 m | 4.4 m | 3.0 m |
| Operating income | -1.3 m | -1.1 m | -3.6 m | -6.5 m | 69.2 m | -175.4 m | -106.8 m | -27.9 m |
| Depreciation & amortisation | 259.1 k | 239.8 k ≈ | 217.7 k ≈ | 41.2 k | 155.1 k | 153.6 k ≈ | 107.5 k ≈ | 40.1 k |
| Interest expense | 28.9 k | 55.8 k | 25.0 k | 23.0 k | 21.0 k | 17.8 k | 15.6 k | 8.4 k |
| Pre-tax income | -1.6 m | -1.3 m | -3.8 m | -6.9 m | 66.7 m | -178.9 m | -109.3 m | -24.5 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -1.6 m | -1.3 m | -3.8 m | -6.9 m | 66.7 m | -178.9 m | -109.3 m | -24.5 m |
| Diluted EPS | 1.55 | -1.24 | -2.87 | -0.24 ≈ | 0.76 | -2.94 | -1.67 | -0.34 ≈ |
| Operating cash flow | -2.0 m | -1.4 m ≈ | -778.7 k ≈ | -4.3 m | -9.8 m | -2.7 m ≈ | -4.8 m ≈ | -3.7 m |
| Capex | 167.4 k | 0 ≈ | 30.6 k ≈ | 189.8 k | 14.8 k | 17.5 k ≈ | 11.7 k ≈ | 0 |
| Share repurchases | — | — | — | 0 | — | — | — | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | 7.4 m | 24.1 m | 23.1 m | 36.4 m | 26.0 m | 15.8 m | 25.0 m |
| Revenue YoY | unavailable | +225.0% | −4.3% | +58.0% | −28.7% | −39.2% | +58.1% |
| Net income | -5.4 m | 3.0 m | -2.0 m | -17.5 m | -23.7 m | -13.7 m | -246.1 m |
| Net income YoY | unavailable | unavailable | −168.7% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.53 | 0.21 | -0.43 | -18.94 | -23.03 | -1.73 | -3.87 |
| Diluted EPS YoY | unavailable | unavailable | −304.8% | unavailable | unavailable | unavailable | unavailable |
| net % | -72.6% | 12.4% | -8.9% | -48.0% | -91.0% | -86.5% | -984.3% |
| Free cash flow | -6.1 m | 1.5 m | -5.6 m | -734.9 k | -1.0 m | -8.8 m | -21.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 5.8 m USD
- Financial debt
- 57.3 m USD
- Net debt
- 51.5 m USD
- Equity
- -53.8 m USD
- Total assets
- 180.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.64x
- ROE
- unavailable
- ROA
- -161.9%
- FCF margin
- -84.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 24.1 m | 23.1 m | 36.4 m | 26.0 m | 15.8 m | 25.0 m | SEC (XBRL)· 17 Sept 2026verified |
| Cost of revenue | 12.2 m | 8.2 m | 15.4 m | 13.2 m | 4.9 m | 2.6 m | SEC (XBRL)· 17 Sept 2026verified |
| Gross profit | 11.9 m | 14.9 m | 21.0 m | 12.8 m | 10.9 m | 22.4 m | SEC (XBRL)· 17 Sept 2026verified |
| Operating income | 1.4 m | -6.5 m | -12.3 m | -22.5 m | -12.5 m | -240.8 m | SEC (XBRL)· 17 Sept 2026verified |
| Depreciation & amortisation | 1.0 m | 2.7 m | 3.5 m | 3.7 m | 757.8 k | 456.2 k | SEC (XBRL)· 17 Sept 2026verified |
| EBITDA | 2.5 m ≈ | -3.8 m ≈ | -8.8 m ≈ | -18.8 m ≈ | -11.7 m ≈ | -240.4 m ≈ | SEC (XBRL)· 17 Sept 2026derived |
| Interest expense | 13.9 k | 38.3 k | — | 99.6 k | 103.8 k | 62.7 k | SEC (XBRL)· 17 Sept 2026verified |
| Pre-tax income | 1.7 m | -6.4 m | -17.0 m | -25.6 m | -13.7 m | -246.1 m | SEC (XBRL)· 17 Sept 2026verified |
| Income tax | 1.3 m | 518.4 k | 3.0 m | -332.1 k | 0 | 0 | SEC (XBRL)· 17 Sept 2026verified |
| Net income | 3.0 m | -2.0 m | -17.5 m | -23.7 m | -13.7 m | -246.1 m | SEC (XBRL)· 17 Sept 2026verified |
| Diluted EPS | 0.21 | -0.43 | -18.94 | -23.03 | -1.73 | -3.87 | SEC (XBRL)· 17 Sept 2026verified |
| Weighted average diluted shares | 14.3 m | 16.2 m | 893.9 k | 1.0 m | 7.9 m | 63.5 m | SEC (XBRL)· 17 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.5 m | 7.1 m | 4.5 m | 661.4 k | 3.0 m | 5.8 m | SEC (XBRL)· 17 Sept 2026verified |
| Receivables | 1.3 m | 939.9 k | 1.1 m | 606.9 k | 157.5 k | 97.2 k | SEC (XBRL)· 17 Sept 2026verified |
| Inventories | 2.1 m | 11.6 m | 4.8 m | 1.4 m | 1.2 m | 266.0 k | SEC (XBRL)· 17 Sept 2026verified |
| Current assets | 18.3 m | 17.1 m | 30.0 m | 11.4 m | 56.8 m | 116.8 m | SEC (XBRL)· 17 Sept 2026verified |
| Property, plant & equipment, net | 2.8 m | 7.3 m | 2.8 m | 2.4 m | 2.1 m | 208.0 k | SEC (XBRL)· 17 Sept 2026verified |
| Goodwill | 2.4 m | 4.6 m | 2.9 m | 848.9 k | 848.9 k | 673.9 k | SEC (XBRL)· 17 Sept 2026verified |
| Intangibles (excl. goodwill) | 1.8 m | 8.8 m | 6.9 m | 239.9 k | 163.1 k | 86.4 k | SEC (XBRL)· 17 Sept 2026verified |
| Total assets | 27.3 m | 48.5 m | 63.8 m | 23.5 m | 123.8 m | 180.1 m | SEC (XBRL)· 17 Sept 2026verified |
| Accounts payable | 1.6 m | 1.6 m | 1.0 m | 481.6 k | 1.0 m | 277.6 k | SEC (XBRL)· 17 Sept 2026verified |
| Short-term debt | — | — | — | 0 | 20.0 m | 57.3 m | SEC (XBRL)· 17 Sept 2026verified |
| Long-term debt | — | — | 27.7 m | — | — | — | SEC (XBRL)· 03 Oct 2023verified |
| Current liabilities | 5.8 m | 10.1 m | 22.4 m | 12.7 m | 32.6 m | 71.1 m | SEC (XBRL)· 17 Sept 2026verified |
| Equity | 21.2 m | 28.8 m | 27.8 m | 6.5 m | 90.1 m | -53.8 m † | SEC (XBRL)· 17 Sept 2026verified |
| Shares outstanding at year end | — | — | — | 20.9 m | — | — | SEC (XBRL)· 09 Jul 2024verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.9 m | -180.8 k | 202.7 k | -101.4 k | -8.4 m | -21.0 m | SEC (XBRL)· 17 Sept 2026verified |
| Capex | 1.4 m | 5.5 m | 937.6 k | 932.6 k | 387.8 k | 44.0 k | SEC (XBRL)· 17 Sept 2026verified |
| Free cash flow | 1.5 m ≈ | -5.6 m ≈ | -734.9 k ≈ | -1.0 m ≈ | -8.8 m ≈ | -21.0 m ≈ | SEC (XBRL)· 17 Sept 2026derived |
| Investing cash flow | -1.3 m | -10.9 m | -2.6 m | -3.4 m | -99.3 m | -30.6 m | SEC (XBRL)· 17 Sept 2026verified |
| Financing cash flow | 12.0 m | 3.7 m | -285.3 k | -353.8 k | 110.0 m | 54.4 m | SEC (XBRL)· 17 Sept 2026verified |
| Share repurchases | — | — | — | — | 0 | 2.8 m | SEC (XBRL)· 17 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 58.5 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -984.3% | 20 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -11.8% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3,839.8x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.6x | 70 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -35.9% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 4.7% | 68 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partial68/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UPEXI, INC. (UPXI). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 25.0 m USD in 2026; YoY growth 58.1%; net margin -984.3%; ROE -1,356.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.6x
What contradicts it
- Net margin: -984.3%
- Revenue CAGR 3Y: -11.8%
- Interest coverage: -3,839.8x
- FCF yield: -35.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 219.9 bn | 18.4 | 35.9% | 27.9% | +6.4% | −10% / +92% |
| COINCoinbase Global, Inc. | 36.5 bn | — | -4.7% | -12.5% | +9.4% | −49% / +11% |
| SOFISoFi Technologies, Inc. | 21.4 bn | 34.7 | 7.1% | 104.3% | +23.1% | −44% / +128% |
| RIOTRiot Platforms, Inc. | 4.4 bn | — | -48.2% | -196.3% | +71.9% | −27% / −6% |
| CORZCore Scientific, Inc. | 4.0 bn | — | — | -324.9% | −37.5% | −26% / unavailable |
| CIFRCipher Digital Inc. | 3.1 bn | — | -156.8% | -742.3% | +48.0% | −66% / +148% |
| MARAMara Holdings, Inc. | 2.5 bn | — | -107.2% | -430.2% | +38.2% | −46% / −46% |
| UPSTUpstart Holdings, Inc. | 2.1 bn | 43.8 | 7.9% | 4.8% | +64.0% | −53% / −20% |
| SBETSharplink, Inc. | 1.4 bn | — | -183.6% | -3,406.3% | +666.1% | −39% / −61% |
| KEELKeel Infrastructure Corp. | 1.2 bn | — | -87.6% | -230.6% | +72.0% | −46% / +32% |
| RHLDResolute Holdings Management, Inc. | 930.1 m | 21.9 | — | 4.2% | +9.9% | −33% / unavailable |
| JFU9F Inc. | 555.2 m | 24.0 | 4.7% | 125.2% | +12.2% | −51% / −41% |
| ABTCAmerican Bitcoin Corp. | 509.2 m | — | -38.5% | -71.7% | +158.8% | −90% / −99% |
| HIVEHive Digital Technologies Ltd. | 469.0 m | — | -66.4% | -98.5% | +158.3% | −49% / −44% |
| SAIHSAIHEAT Limited | 364.1 m | — | -59.3% | -142.7% | −18.4% | +244% / +83% |
| CHADDefi Development Corp. | 309.7 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| BTBTBit Digital, Inc. | 265.4 m | — | -56.7% | -237.2% | +5.1% | −69% / −71% |
| DGXXDigi Power X Inc. | 215.5 m | — | -24.7% | -114.8% | −7.6% | −48% / +49% |
| ZSQRZ Squared Inc. | 195.6 m | — | -25.9% | -642.0% | unavailable | −80% / −84% |
| CNTNCanton Strategic Holdings, Inc. | 162.5 m | — | -43.1% | — | unavailable | −22% / −84% |
| TONXTon Strategy Company | 160.3 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| SLNHSoluna Holdings, Inc. | 142.7 m | — | -114.6% | -185.9% | −21.8% | −66% / −81% |
| NAKANakamoto Inc. | 99.1 m | — | -342.8% | -1,507.8% | −33.0% | −72% / unavailable |
| AGPUAxe Compute Inc | 88.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +27% / −84% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for UPXI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Upexi, Inc. is a Nasdaq-listed company that since 2025 has pursued a Solana treasury strategy, holding SOL and earning yield through staking, while keeping a smaller consumer-brand business alongside it. In fiscal 2026 total revenue was about 25.0 million USD, while the net loss of 246.1 million USD, driven largely by unrealized losses on digital assets, shows how much the company depends on the SOL price.
SWOT
Strengths
- The company holds a established position in the Solana treasury, with a high share of SOL in staking and staking income already visible in the fiscal results.
- The balance sheet was strengthened by retiring convertible debt and reducing the cost of the credit facility, which could support financial stability.
- Diversifying yield sources, such as buying locked SOL at a discount, offers more ways to create value for shareholders.
Weaknesses
- Very large net losses, driven by unrealized losses on digital assets, show strong exposure to SOL price volatility.
- Revenue from the traditional brand business has fallen sharply, and management does not expect a quick recovery.
- Cash is low relative to debt and to the higher administrative costs, which leaves limited buffer.
Opportunities
- A recovery in the SOL price could restore treasury value and increase staking income.
- Buying locked SOL at a discount could generate gains as the discount converges toward spot during the unlock period.
- Share issuance through an at-the-market programme could fund additional SOL purchases on favourable terms.
Threats
- A continued fall in the SOL price could produce further unrealized losses and reduce the value of collateral under credit facilities.
- Dilution of shareholders through future share or convertible issuance could weigh on the share price.
- Technology and protocol risks on the Solana network, including consensus changes, could affect staking yield.
Risks
- Exposure to the SOL pricehigh
Most of the company's assets are held in SOL, and a fall in price produces significant accounting losses, as happened in fiscal 2026 12.
- Liquidity and staking waiting periodsmedium
Unstaking takes time and locked SOL has transfer restrictions. If urgent liquidity were needed, the company might not be able to meet current obligations on time 1.
- Debt and cost of financinghigh
Short-term and convertible debt is large, and collateral could be affected by lower asset prices, which might force adjustments to credit facilities 12.
- Nasdaq listing compliancemedium
The company does not currently meet the stockholders' equity standard, and continued listing relies on the market value of listed securities standard. A fall in value could lead to listing problems 1.
Investment thesis
What would need to be true (bull case)
- If the SOL market recovers, the treasury could regain value, and staking income, already significant, could grow further.
- A cleaner balance sheet, with less debt and lower interest costs, could give the company more flexibility in the period ahead.
- Combining staking, discounted locked-SOL purchases and equity issuance could accelerate long-term SOL accumulation.
What would break the thesis
- The company remains highly exposed to the volatility of a single asset, and accounting losses can be large even over short periods of price decline.
- Debt and collateral could become a problem if the SOL price keeps falling, and high administrative costs could absorb staking income.
- The brand business is in decline and management does not expect it to recover, leaving the company more dependent on a single market factor.
What to watch
- Staking revenue against ongoing cash operating expensesCurrent quarter, fiscal 2027
- Unlocking of locked SOL on the schedule running through January 20282027
- Effect of the lower credit facility rate on financing costsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Upexi operates in the cryptocurrency industry by managing cash assets through a crypto portfolio focused mainly on Solana tokens, generating yield from the treasury chiefly through staking. The company also remains a brand owner, selling products wholesale and direct to consumers, with distribution and fulfillment outsourced to a specialized third party 1. The strategy was adopted in 2025, when the company shifted from holding excess cash in interest-bearing bank accounts to holding digital assets directly on its balance sheet 1.
The company does not self-custody its assets and uses third-party qualified custodians, primarily BitGo Trust Company, Inc., and also maintains a relationship with Coinbase, Inc. 1. SOL is staked natively through Solana's in-protocol delegation, and the company uses several validators to reduce dependence on any single one 1. Reporting is organized as a single segment covering sales and distribution of branded products, after the sale of E-Core Technology Inc. and its subsidiaries 1.
Treasury management includes acquiring SOL over several days or weeks, allocating it to staking and validators, and selling SOL into the market if needed 1. The company has also described buying locked SOL at a discount to spot, with unlocking scheduled through January 2028 12.
Market context
Management described the digital asset market as subdued in fiscal 2026 and said it focused on what it could control 2. The company operates as a public-market treasury model on Solana, an alternative to a Bitcoin-based approach, applied to an asset considered earlier in its lifecycle in terms of development and institutional adoption 1. If the SOL price rose, the value of the treasury would follow, while a decline produces unrealized losses, as happened in fiscal 2026 12.
The market for branded consumer products is limited, and the company has said revenue from this area is not expected to grow significantly 1. In fiscal 2026 the company relied mainly on capital raised for its digital asset strategy rather than on operating sales 1.
Trends
- SOL price trajectorymixed
Most of the company's losses come from the difference between the SOL price and its acquisition cost, and treasury gains depend directly on that price. If the market recovers, the treasury value could return, while a prolonged low price could keep accounting losses going 12.
- Staking and Solana network yieldtailwind
Native staking on Solana generates rewards distributed each epoch of roughly two days, and revenue from this source could rise as more SOL is staked 1. Planned protocol changes, such as the Alpenglow upgrade expected in late 2026, could alter the consensus mechanism 1.
- Cost of financing and debtmixed
The treasury was financed largely through convertible notes and loans, and interest costs rose considerably. Cutting the credit facility rate from 11.5% to 7.5% a year after year-end could ease pressure on financing costs 2.
- Overhead of a company in transitionmixed
Administrative costs rose sharply in fiscal 2026 as the treasury strategy was built and public-company costs increased. Management announced an efficiency programme and expects staking revenue could exceed ongoing operating expenses starting with the current quarter 12.
Competitive position
Official sources do not provide a detailed list of direct competitors. The company describes itself as a leader among Solana-focused digital asset treasuries but offers no comparison with other entities in that category 2. In consumer products it competes with other brand owners, though the sources do not name them 1.
The main differentiator the company states is the combination of SOL accumulation, staking of over 95% of its SOL, and purchases of locked SOL at a discount 12. Competitive risk also depends on the company's ability to raise capital through share issuance or convertible instruments 1.
- Other Solana-focused digital asset treasuries
The sources do not name specific companies in this category, which could include other listed firms accumulating SOL for staking.
- Consumer product brand owners
Competition in the consumer products area is not detailed in the official sources reviewed.
- Digital asset custody providers
The company relies on third-party custodians to hold its SOL, making them part of the ecosystem rather than necessarily competitors.
- Solana validators
Validators are staking partners, but their performance directly affects the company's yield.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Upexi (UPXI) Q4 2026 Earnings Call TranscriptYahoo Finance — News · 18 Sept 2026 · EN
- Upexi, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 18 Sept 2026 · EN
- Upexi Q4 Earnings Call HighlightsYahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report13 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement13 Oct 2026
- Current report07 Oct 2026Other events · Financial statements and exhibits
- Current report17 Sept 2026Results of operations · Financial statements and exhibits
- Annual report17 Sept 2026
- Current report15 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Other events · Financial statements and exhibits
- Current report31 Jul 2026Delisting notice · Financial statements and exhibits
- Current report30 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Upexi, Inc. · 17 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Upexi, Inc. · 17 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.