The stock will trade on Solana price action and the company's ability to generate positive cash flow from staking. Watch for Q1 FY2027 cash flow disclosure to confirm management's claim that staking revenue exceeds cash operating expenses. The ATM issuance and debt restructuring improve liquidity but dilute existing holders.
Price Chart
Executive Summary
Upexi reported fiscal year 2026 revenue of $25.0M (+58% YoY), driven by $17.4M in digital asset staking income, but net loss widened to $246.1M ($3.87/share) from $13.7M ($1.73/share) due to $195.1M in unrealized digital asset losses. The company retired ~$19.5M in convertible debt, reduced its BitGo credit facility rate from 11.5% to 7.5%, and expects staking revenue to exceed cash operating expenses starting Q1 FY2027. However, the core consumer revenue segment declined 49% YoY to $7.6M, and the massive GAAP loss overshadows operational progress.
Key Financial Metrics
Key Facts
- Total revenue $25.0M vs $15.8M YoY (+58%), driven by $17.4M digital asset revenue (primarily staking)
- Core consumer revenue fell to $7.6M from $14.8M YoY (-49%)
- Net loss $246.1M ($3.87/share) vs $13.7M ($1.73/share) — driven by $195.1M unrealized digital asset losses
- EPS of -$3.87 vs consensus -$0.12 — a massive miss driven by non-cash mark-to-market on Solana holdings
- Cash $5.8M, up 94% YoY; retired ~$19.5M on secured convertible note
- Subsequent to year-end: amended BitGo credit facility, cutting rate from 11.5% to 7.5%; issued ~2.5M shares via ATM for ~$2.5M gross proceeds
- Repurchased ~2.9M shares during the fiscal year
- Solana treasury: ~2.34M SOL at avg cost $154/SOL; ~95% staked
Financial Impact
Net loss of $246.1M vs $13.7M prior year; core revenue halved; EPS -$3.87 vs -$0.12 consensus
Risk Factors
- Solana price decline would trigger further unrealized losses and pressure the balance sheet
- Core consumer business continues to shrink — down 49% YoY with no turnaround plan disclosed
- Massive share dilution: shares outstanding grew from 38.3M to 78.7M (issuance + conversions) over the fiscal year
- Stockholders' equity negative at -$53.8M, raising going-concern risk if Solana prices fall materially
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477932-26-005669 |
| Document: upxi_8k.htm | 0001477932-26-005669 |
| Document: 0001477932-26-005669-index-headers.html | 0001477932-26-005669 |
| Document: 0001477932-26-005669-index.html | 0001477932-26-005669 |
| Document: 0001477932-26-005669.txt | 0001477932-26-005669 |
| 8-K Data (Synthetic) | 0001477932-26-005669 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 8-K | $1.03 | awaiting T+20 | — | $0.8090 (−21.46%) |
Oct 13, 2026 14d ago | DEF 14A | $1.03 | awaiting T+20 | — | $0.8090 (+21.46%) |
Oct 7, 2026 20d ago | 8-K | $1.08 | awaiting T+20 | — | $0.8090 (−25.09%) |
Sep 17, 2026 5w ago | 8-K | $1.19 $0.9739 | ▲ +18.16% | ▲ +18.36% | $0.8090 (+32.02%) |
Sep 17, 2026 5w ago | Press Release | $1.19 $0.9740 | ▲ +18.15% | ▲ +18.36% | $0.8090 (+32.02%) |
Sep 14, 2026 6w ago | 8-K | $1.04 $1.08 | ▲ +4.35% | ▲ +1.37% | $0.8090 (−21.84%) |
Jul 17, 2026 14w ago | EFFECT | $0.8046 $0.7475 | ▼ −7.10% | ▼ −11.54% | $0.8090 (+0.55%) |
Jun 30, 2026 17w ago | 8-K | $0.8951 $0.7935 | ▼ −11.35% | ▼ −9.16% | $0.8090 (−9.62%) |
Jun 30, 2026 17w ago | Press Release | $0.7842 $0.8483 | ▲ +8.17% | ▲ +9.20% | $0.8090 (+3.16%) |
Jun 26, 2026 17w ago | 8-K | $0.8300 $0.8002 | ▲ +3.59% | ▲ +3.31% | $0.8090 (+2.53%) |
US Market Status
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