Upexi Reports Fiscal Third Quarter 2026 Financial Results

Solana Tokens Held Increased During the Quarter by ~189,000 or 9% (35% Annualized)

Digital Asset Revenue Totaled $3.5 Million for the Quarter

Conference Call Scheduled for Today, May 12, 2026, at 5:30 p.m. Eastern Time

TAMPA, Fla., May 12, 2026 (GLOBE NEWSWIRE) -- 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 third quarter ended March 31, 2026.

“This quarter’s results reflect diligently executing against our digital asset treasury strategy of accumulating SOL on an accretive per-share basis and maintaining a flexible capital structure that positions us to pursue opportunities as they emerge,” said Allan Marshall, Chief Executive Officer of Upexi. “During the quarter, we grew the number of SOL held in our treasury by 9%, increased the number of tokens generated from staking, and repurchased approximately 2.5 million Upexi shares in the open market, all of which increased our Solana per share. Solana's best-in-class performance, costs, and institutional adoption gives us conviction that we are building long-term shareholder value around the network that we believe will revolutionize global finance.”

Financial Highlights for the Quarter Ended March 31, 2026

• Total revenue for the quarter was approximately $4.6 million, compared to $3.2 million for the same quarter ended March 31, 2025.
• Gross profit totaled $4.4 million, up 179% year-over-year, due to the addition of the digital asset treasury business.
• Net loss totaled $109.3 million, or $1.67 per share, compared to a net loss of $3.8 million, or $2.87 per share, for the quarter ended March 31, 2025. This net loss was largely driven by $92.3 million of unrealized losses on digital assets, reflecting non-cash quarter-end fair value adjustments.
• Cash and cash equivalents increased to $3.5 million as of March 31, 2026.
• Reduced short term debt by approximately $7.6 million, including approximately $5.4 million in short term treasury debt.
  
  

Operational and Other Highlights During and Subsequent to the Quarter

• In the nine months ended March 31, 2026, the Company repurchased and retired 2,894,287 shares of Upexi common stock under the current repurchase program.
• Completed $36 million private placement convertible note in exchange for 265,500 locked Solana tokens.
• Completed $7.4 million registered direct offering.
• Reduced ongoing operational costs, including the reduction of the employee count to 10 employees, the elimination of a warehouse lease and the elimination of several other general and administrative costs.
• Management estimates that by July 1, 2026, the ongoing cash expenses for operations and interest will be less than the treasury’s staking revenue at the current price of Solana.  
  
  

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:Fiscal Third Quarter 2026 Earnings CallDate:Tuesday, May 12, 2026Time:5:30 p.m. ETLive 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 May 26, 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: 13760532.

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: [email protected]
Phone: (203) 442-5391

Investor Contact
KCSA Strategic Communications
Valter Pinto or Jack Perkins
[email protected]

 UPEXI, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)   March 31,  June 30,   2026  2025        ASSETS      Current assets      Cash $3,482,847  $2,975,150 Accounts receivable, net  496,393   157,515 Inventory, net  215,237   1,152,870 Due from VitaMedica transition  336,239   228,017 Prepaid expenses and other receivables  990,957   350,836 Current digital assets at fair value  114,942,784   49,913,655 Purchase price receivable - VitaMedica  1,340,000   2,000,000 Total current assets  121,804,457   56,778,043          Property and equipment, net  241,215   2,052,573 Intangible assets, net  855,543   163,113 Goodwill  673,854   848,854 Deferred tax asset  5,948,858   5,948,858 Digital assets at fair value, net of current  69,960,104   56,083,525 Other assets  178,589   192,123 Right-of-use asset, net  711,063   1,739,755 Total noncurrent assets  78,569,226   67,028,801          Total assets $200,373,683  $123,806,844          LIABILITIES AND STOCKHOLDERS' EQUITY        Current liabilities        Accounts payable $288,722  $1,039,370 Accrued compensation  4,506,613   3,470,296 Deferred revenue  2,324   13,155 Accrued liabilities  2,166,822   356,064 Accrued interest  2,268,473   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  339,669   691,010 Total current liabilities  70,823,719   32,563,906          Operating lease payable, net of current portion  437,077   1,145,440 Convertible notes payable  181,031,073   -          Total long-term liabilities  181,468,150   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, 66,895,799 and 38,270,571 shares issued, as of March 31, 2026 and June 30, 2025, respectively  669   383 Additional paid in capital  230,145,603   150,640,935 Accumulated deficit  (282,064,460)  (60,543,822)Total stockholders' equity  (51,918,186)  90,097,498          Total liabilities and stockholders' equity $200,373,683  $123,806,844 

 UPEXI, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)   Three Months Ended
March 31,  Nine Months Ended
March 31,   2026  2025  2026  2025              Revenue            Revenue $1,050,667  $3,160,480  $7,115,322  $11,522,487 Digital asset revenue  3,506,432   -   14,733,562   - Total revenue  4,557,099   3,160,480   21,848,884   11,522,487                  Cost of revenue  206,365   1,601,374   2,503,991   4,059,207                  Gross profit  4,350,734   1,559,106   19,344,893   7,463,280                  Operating expenses                Sales and marketing  553,300   1,039,299   2,536,696   3,030,687 Distribution costs  588,652   990,049   2,400,449   3,722,196 General and administrative  4,931,678   2,642,654   19,711,672   5,558,934 Unrealized loss on digital assets  92,307,488   5,268   178,806,383   5,268 Realized loss on digital asset revenue conversion to USD  1,887,472   -   2,229,071   - Realized loss on sale of digital assets  6,773,418   -   6,773,418   - Stock-based compensation  3,987,514   521,353   18,044,585   695,229 Amortization of acquired intangible assets  19,190   19,191   57,570   57,571 Impairment on assets from manufacturing shut down  -   -   1,422,289   - Depreciation  88,289   198,519   358,579   658,986 Lease Impairment (gain on settlement)  -   (269,994)  -   (269,994)   111,137,001   5,146,339   232,340,712   13,458,877                  Loss from operations  (106,786,267)  (3,587,233)  (212,995,819)  (5,995,597)                 Other expense, net                Interest expense, net  (3,683,334)  (245,103)  (9,987,426)  (763,626)Other income, net  1,125,771   676   1,462,607   676 Other expense, net  (2,557,563)  (244,427)  (8,524,819)  (762,950)                 Loss on operations before income tax  (109,343,830)  (3,831,660)  (221,520,638)  (6,758,547)                 Income tax benefit (expense)  -   -   -   -                  Net loss $(109,343,830) $(3,831,660) $(221,520,638) $(6,758,547)                 Basic loss per share:                Loss per share $(1.67) $(2.87) $(3.66) $(5.92)                 Diluted loss per share:                Loss per share $(1.67) $(2.87) $(3.66) $(5.92)                 Basic weighted average shares outstanding  65,506,837   1,336,373   60,522,907   1,140,995 Fully diluted weighted average shares outstanding  65,506,837   1,336,373   60,522,907   1,140,995