Fiscal Year 2026
Filed Sep 17, 2026Upexi reported fiscal 2026 revenue of $24,998,028, led by $17,429,206 of digital asset revenue, while unrealized losses on digital assets drove a net loss of $(246,064,698).
Revenue and digital asset revenue increased from fiscal 2025, but the Company reported a substantially larger net loss driven primarily by unrealized losses on digital assets, alongside higher general and administrative expense, stock-based compensation and interest expense.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $7,568,822 | – | – |
| Digital asset revenueGAAP | $17,429,206 | – | – |
| Total revenueGAAP | $24,998,028 | – | – |
| Cost of revenueGAAP | $2,630,320 | – | – |
| Gross profitGAAP | $22,367,708 | – | – |
| Sales and marketing expenseGAAP | $2,898,473 | – | – |
| Distribution costsGAAP | $2,627,626 | – | – |
| General and administrative expensesGAAP | $26,398,877 | – | – |
| Unrealized loss (gain) on digital assetsGAAP | $195,059,336 | – | – |
| Realized loss on digital asset revenue conversion to USDGAAP | $4,931,791 | – | – |
| Realized loss on sale of digital assetsGAAP | $6,773,418 | – | – |
| Stock-based compensationGAAP | $21,895,814 | – | – |
| Amortization of acquired intangible assetsGAAP | $76,760 | – | – |
| Impairment on assets from manufacturing shut downGAAP | $1,422,289 | – | – |
| Impairment on acquired intangible assetsGAAP | $750,000 | – | – |
| DepreciationGAAP | $379,489 | – | – |
| Lease Impairment (gain on settlement), Delray Beach facilityGAAP | $- | – | – |
| Total operating expensesGAAP | $263,213,873 | – | – |
| Loss from operationsGAAP | $(240,846,165) | – | – |
| Interest expense, netGAAP | $(13,561,210) | – | – |
| Gain on extinguishment of debtGAAP | $10,288,342 | – | – |
| Other expense, netGAAP | $(1,945,665) | – | – |
| Other expense, netGAAP | $(5,218,533) | – | – |
| Loss on operations before income taxGAAP | $(246,064,698) | – | – |
| Income tax benefit (expense)GAAP | - | – | – |
| Net lossGAAP | $(246,064,698) | – | – |
| Basic and diluted loss per shareGAAP | $(3.87) | – | – |
| Basic and diluted weighted average shares outstandingGAAP | 63,539,613 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RevenueNo driver was provided. | $7,568,822 | – | – |
| Digital asset revenueDigital asset revenue primarily consists of staking income. | $17,429,206 | – | – |
current quarter outlook
- NoteThe Company expects staking revenue to exceed ongoing cash operating expenses beginning with the current quarter.
Capital returns
- 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, 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.
What drove it
- Digital asset revenue, which primarily consists of staking income, totaled $17.4 million.
- The net loss was primarily driven by $195.1 million of unrealized losses on digital assets.
- General and administrative expenses primarily reflected the build-out of the treasury strategy.
- Approximately 95% of SOL held was staked.
Concerns
- Unrealized loss on digital assets was $195,059,336.
- Realized loss on digital asset revenue conversion to USD was $4,931,791 and realized loss on sale of digital assets was $6,773,418.
- General and administrative expenses were $26,398,877 and stock-based compensation was $21,895,814.
- Interest expense, net was $(13,561,210).
- Total stockholders' equity was $(53,813,918) as of June 30, 2026.
- Short-term treasury debt was $57,295,723 and convertible notes payable were $162,442,056 as of June 30, 2026.
What to watch
- Whether staking revenue exceeds ongoing cash operating expenses beginning with the current quarter.
- Digital-asset valuation movements, following the $195,059,336 unrealized loss on digital assets in fiscal 2026.
- The impact of the amended BitGo Prime, LLC credit facility, including the interest-rate reduction from 11.5% to 7.5% per year.
- SOL holdings and staking participation, which were approximately 2.34 million SOL and approximately 95%, respectively, as of June 30, 2026.
- The effect of the approximately 2.5 million shares issued subsequent to fiscal year-end under the at-the-market program.
Balance sheet and cash flow
- Cash was $5,778,586 as of June 30, 2026, compared to $2,975,150 as of June 30, 2025.
- Cash totaled $5.8 million as of June 30, 2026, up approximately 94% from June 30, 2025.
- Current digital assets at fair value were $109,625,166, compared to $49,913,655.
- Digital assets at fair value, net of current were $55,675,516, compared to $56,083,525.
- Total assets were $180,120,791, compared to $123,806,844.
- Short-term treasury debt was $57,295,723, compared to $20,000,000.
- Convertible notes payable were $162,442,056, compared to $-.
- Total current liabilities were $71,130,418, compared to $32,563,906.
- Total long-term liabilities were $162,804,291, compared to $1,145,440.
- Total stockholders' equity was $(53,813,918), compared to $90,097,498.
- Subsequent to fiscal year-end, the Company amended its credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral.
- Operating cash flow was not reported.
- Free cash flow was not reported.
Analysis
Upexi reported total revenue of $24,998,028 for the fiscal year ended June 30, 2026, compared with $15,811,345 for the fiscal year ended June 30, 2025. The revenue mix changed materially toward digital assets: digital asset revenue was $17,429,206, compared with $985,009, while Revenue was $7,568,822, compared with $14,826,336. The Company stated that digital asset revenue primarily consists of staking income. Gross profit was $22,367,708, compared with $10,868,040, as cost of revenue was $2,630,320, compared with $4,943,305.
The improved gross-profit result did not translate into profitability. Total operating expenses rose to $263,213,873 from $23,367,792, producing loss from operations of $(240,846,165), compared with $(12,499,752). The principal reported item was an unrealized loss on digital assets of $195,059,336, versus an unrealized gain of $(105,474) in the prior year. General and administrative expenses were $26,398,877, stock-based compensation was $21,895,814, and the Company also recorded realized losses of $4,931,791 on digital asset revenue conversion to USD and $6,773,418 on sales of digital assets.
Net loss was $(246,064,698), or $(3.87) per basic and diluted share, compared with net loss of $(13,684,209), or $(1.73) per share. Interest expense, net was $(13,561,210), compared with $(1,173,714), partly offset by a $10,288,342 gain on extinguishment of debt. The fiscal-year loss and the digital-asset loss underscore that reported earnings were highly affected by digital-asset valuation changes as well as the costs associated with the treasury strategy.
At June 30, 2026, cash was $5,778,586, compared with $2,975,150, and the Company reported approximately 2.34 million SOL held at an average purchase price of $154 per SOL. Approximately 95% of SOL held was staked. Current digital assets at fair value were $109,625,166, while digital assets at fair value, net of current were $55,675,516. The balance sheet also reported short-term treasury debt of $57,295,723, convertible notes payable of $162,442,056, and total stockholders' equity of $(53,813,918).
Capital actions included repurchasing approximately 2.9 million common shares and retiring approximately $19.5 million on the secured convertible note. Subsequent to year-end, Upexi reduced the BitGo Prime, LLC credit-facility interest rate from 11.5% to 7.5% per year and issued approximately 2.5 million shares through its at-the-market program for approximately $2.5 million of gross proceeds. The only forward operating statement was management's expectation that staking revenue will exceed ongoing cash operating expenses beginning with the current quarter; the release did not provide quantitative revenue, margin, expense, or tax-rate guidance.
Management, verbatim
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.
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.
Allan Marshall, Chief Executive Officer of Upexi
We also completed our efficiency initiative, and expect staking revenue to exceed ongoing cash operating expenses beginning with the current quarter.
Allan Marshall, Chief Executive Officer of Upexi
Not in the filing
stated, not guessed- Quarterly financial results and prior-quarter comparisons
- Gross margin
- Non-GAAP revenue, earnings, earnings per share, or margin measures
- Operating cash flow
- Capital expenditures
- Free cash flow
- Formal quantitative revenue guidance
- Formal quantitative gross-margin guidance
- Formal quantitative operating-expense guidance
- Formal quantitative tax-rate guidance
- Previous-release outlook for comparison
- Quantified revenue growth rates for the reported revenue categories
- Segment operating income or loss
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.