The massive EPS miss and negative equity position signal severe financial distress. Monitor the upcoming 10-Q for cash burn rate and any debt covenant triggers. The company's pivot to a Solana treasury strategy makes UPXI a high-beta proxy on SOL price — any SOL downturn could accelerate the equity erosion.
Price Chart
Executive Summary
Upexi reported fiscal Q3 2026 revenue of $4.6M, above the $3.2M prior-year quarter, but a net loss of $109.3M driven by $92.3M in unrealized digital asset losses. EPS of -$1.67 missed the consensus estimate of -$0.20 by a wide margin. The company continues to accumulate Solana tokens and reduce costs, but the massive non-cash losses and shareholder dilution remain key concerns.
Key Financial Metrics
Key Facts
- Total revenue $4.6M vs $3.2M YoY, driven by $3.5M digital asset revenue
- Net loss $109.3M vs $3.8M YoY, primarily from $92.3M unrealized digital asset losses
- GAAP EPS -$1.67 vs consensus -$0.20 (miss by 735%)
- Consumer brands revenue collapsed 67% YoY to $1.05M from $3.16M
- Solana tokens held increased 9% during the quarter; 2.89M shares repurchased YTD
- Convertible notes payable ballooned to $181M from $0 at June 30, 2025
- Stockholders' equity turned negative at -$51.9M vs +$90.1M at June 30, 2025
- Cash increased to $3.5M from $3.0M at June 30, 2025; short-term treasury debt reduced by $5.4M
Financial Impact
Net loss of $109.3M, EPS miss of $1.47 vs consensus; consumer brands revenue down 67% YoY
Risk Factors
- Negative stockholders' equity of -$51.9M raises going concern risk
- Convertible notes payable of $181M create massive dilution overhang
- Consumer brands revenue collapsing 67% YoY shows core business deterioration
- Unrealized digital asset losses ($92.3M) make earnings highly volatile and dependent on SOL price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477932-26-003058 |
| Document: upxi_8k.htm | 0001477932-26-003058 |
| Document: 0001477932-26-003058-index-headers.html | 0001477932-26-003058 |
| Document: 0001477932-26-003058-index.html | 0001477932-26-003058 |
| Document: 0001477932-26-003058.txt | 0001477932-26-003058 |
| 8-K Data (Synthetic) | 0001477932-26-003058 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $1.03 | awaiting T+20 | — | $0.7600 (−26.21%) |
Oct 13, 2026 13d ago | DEF 14A | $1.03 | awaiting T+20 | — | $0.7600 (+26.21%) |
Oct 7, 2026 19d ago | 8-K | $1.08 | awaiting T+20 | — | $0.7600 (−29.63%) |
Sep 17, 2026 5w ago | 8-K | $1.19 $0.9739 | ▲ +18.16% | ▲ +18.36% | $0.7600 (+36.13%) |
Sep 17, 2026 5w ago | Press Release | $1.19 $0.9740 | ▲ +18.15% | ▲ +18.36% | $0.7600 (+36.13%) |
Sep 14, 2026 6w ago | 8-K | $1.04 $1.08 | ▲ +4.35% | ▲ +1.37% | $0.7600 (−26.57%) |
Jul 17, 2026 14w ago | EFFECT | $0.8046 $0.7475 | ▼ −7.10% | ▼ −11.54% | $0.7600 (−5.54%) |
Jun 30, 2026 16w ago | 8-K | $0.8951 $0.7935 | ▼ −11.35% | ▼ −9.16% | $0.7600 (−15.09%) |
Jun 30, 2026 16w ago | Press Release | $0.7842 $0.8483 | ▲ +8.17% | ▲ +9.20% | $0.7600 (−3.09%) |
Jun 26, 2026 17w ago | 8-K | $0.8300 $0.8002 | ▲ +3.59% | ▲ +3.31% | $0.7600 (+8.43%) |
US Market Status
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