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what it is
Upexi sells pet, energy, mushroom, cannabis, and gummy products, then also runs a Solana treasury side bet.
how it gets paid
Fiscal Q1 2026 revenue was $9.2M; consumer brands contributed $3.2M and digital-asset (staking) revenue $6.1M (same release).
why growth slowed
Gross profit was $8.3M for the quarter; the release cites it up 183% vs. the year-ago quarter—always pair that with the footnoted non-cash digital-asset lines in the 10-Q.
what just happened
Diluted EPS was $0.76 for the quarter per the release tables; net income included large non-cash digital-asset fair-value movements—use the 10-Q, not headlines alone.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.73 fy2025 eps est
Latest print: $9.2M quarterly revenue (Q1 FY26)
Verify operating income vs. digital-asset marks in the 10-Q
0.9 beta
xvary composite: 32/100 — weak
What they do
Upexi sells pet, energy, mushroom, cannabis, and gummy products, then also runs a Solana treasury side bet.
Upexi sells through direct-to-consumer, wholesale, and third-party platforms while running a Solana treasury. The Nov 11, 2025 materials include condensed balance sheets showing material convertible notes and digital-asset balances—read those tables before trusting any single margin percentage.
How they make money
$9.2M
fiscal Q1 2026 quarter revenue · +109% vs. $4.4M in Q1 2025 (Nov 11, 2025 release)
Digital asset revenue (staking)
$6.1M
Q1 FY26
Consumer brands
$3.2M
Q1 FY26
The products that matter
digital asset acquisition and staking
Solana Treasury
$6.1M digital asset revenue (Q1 FY26)
The Nov 11, 2025 release highlights $6.1M of digital-asset revenue for the quarter. Reported net income is dominated by fair-value accounting on digital assets—open the 10-Q to see what is cash vs. mark-to-market.
crypto-linked
cannabinoid product sales
Moonwlkr
part of $3.2M consumer revenue
Consumer brands revenue was $3.2M in fiscal Q1 2026—real, but small relative to treasury balance-sheet risk.
legacy operating business
energy drink sales
PRAX
shares the same thin margin profile
Multiple consumer SKUs still compete for a small operating-profit pool; treasury volatility can swamp product results quarter to quarter.
crowded category
Key numbers
$1.89
share price
Market cap is a snapshot; balance-sheet debt and digital-asset swings matter more—see the condensed statements in the Nov 11, 2025 release.
$9.2M
Q1 FY26 revenue
Single-quarter revenue from the latest press release—annualize only if you understand seasonality and treasury timing.
~90%
gross margin (Q)
~$8.3M gross profit on $9.24M revenue in the quarter (~90%) per the release—operating income is distorted by digital-asset fair-value lines; use the 10-Q.
$144M
debt load
Debt is about 9x annual sales. That leaves little room if refinancing costs rise.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt ~$143M convertible notes (+ other liabilities)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for UPXI right now.
source: institutional data · return history unavailable
What just happened
Q1 FY 2026 · Nov 11, 2025
Revenue $9.2M · gross profit $8.3M · diluted EPS $0.76
Source: Upexi fiscal Q1 2026 release (GlobeNewswire/IR, Nov 11, 2025). Net income was $66.7M per the headline, driven by non-cash digital-asset fair-value items in the filed statements—do not treat as operating cash earnings without reconciling.
$9.2M
revenue
$0.76
diluted EPS
$6.1M
digital asset rev.
the number that mattered
Separating $6.1M staking-linked revenue from mark-to-market swings on the Solana treasury is the whole diligence job on this name.
source: Upexi Inc. Q1 FY 2026 release (Nov 11, 2025) · ir.upexi.com / linked Form 10-Q
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What could go wrong
the #1 risk is Solana price volatility inside the treasury strategy.
high
Solana treasury drawdown
the latest quarter already showed the shape of this risk: $5.1M in staking income alongside a $178.9M unrealized loss. when the asset mark is that much larger than the operating result, you are underwriting crypto volatility first.
this hits reported earnings, book value, and financing leverage at the same time.
high
dilutive financing
UPXI priced a $7.4M registered direct offering on feb 6, 2026. that means more shares while management is also talking about a $50M repurchase authorization.
if share count rises faster than treasury value per share, holders lose even when the headline strategy sounds bigger.
med
debt burden
~$143M of convertible notes (Sep 30, 2025 balance sheet) plus other liabilities vs. a ~$9M quarterly revenue base leaves little room if financing terms tighten.
financial flexibility stays thin, especially if crypto prices fall or the consumer segment slips again.
med
thin operating business
consumer brands generated $3.0M in the latest quarter, but the whole company runs at a 0.2% operating margin. if the treasury premium fades, there is not much operating strength underneath it.
investors are left with a weak underlying business and very little earnings cushion.
Thin consumer revenue plus a Solana-heavy balance sheet and convertible debt mean you are underwriting treasury and refinancing risk—not just SKU growth.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
adjusted SOL per share
management says this sits at $1.48, up 129% since the treasury strategy began. if that figure stalls while share count grows, the bull case loses its cleanest proof point.
calendar
next earnings report
estimated for may 14, 2026. analysts project eps of -$0.04, which means per-share progress matters more than management slogans.
risk
buyback versus dilution
the company authorized a $50M repurchase program while also raising $7.4M in dilutive capital. watch what gets executed, not what gets announced.
trend
consumer revenue durability
the non-crypto business contributed $3.0M in the latest quarter. if that stays thin, UPXI becomes even more of a pure crypto proxy than it already is.
Analyst rankings
coverage depth
thin
there is not enough broad analyst coverage here for a normal ranking table. in human-speak, the street is barely covering this name.
fy2025 eps view
-$1.73
analysts still expect losses. that means the operating business has not earned the market's trust yet.
next quarter eps
-$0.04
expectations are low. if you own this, the cleaner question is whether treasury value per share improves without another raise.
source: institutional data
Institutional activity
institutional ownership data for UPXI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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