Earnings per Diluted Share Totaled $0.68 for the Quarter

Digital Asset Revenue Totaled $3.1 Million

Solana Treasury Totaled Approximately 2.35 Million SOL as of September 30, 2026

TAMPA, Fla., Nov. 10, 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 first quarter ended September 30, 2026.

Allan Marshall, Chief Executive Officer of Upexi, stated, “During the first quarter of fiscal 2027, we strengthened our balance sheet by increasing our Solana treasury to approximately 2.35 million SOL, increasing our cash on hand to $6.4 million, and increasing our stockholders’ equity to $49.2 million. Additionally, in September we successfully reduced the interest rate on our BitGo borrowings from 11.5% to 7.5%, a reduction we expect to lower annual interest expense by approximately $2.3 million.”

Financial Highlights for the Quarter Ended September 30, 2026

  • Total revenue for the quarter was approximately $3.5 million, compared to $9.2 million for the quarter ended September 30, 2025. Product revenue was $0.4 million, compared to $3.2 million, reflecting the Company’s shift away from legacy health, wellness and other consumer-product lines and the exit of certain manufacturing and distribution operations.
  • Digital asset revenue, which primarily consists of staking income, totaled $3.1 million, compared to $6.1 million for the quarter ended September 30, 2025. The decline was primarily due to lower SOL token prices year over year, as the number of tokens earned as staking revenue was approximately flat compared to the year ago quarter.
  • General and administrative expenses were $7.1 million, compared to $9.3 million for the quarter ended September 30, 2025, a decrease of approximately 24%.
  • Net income totaled $89.1 million, or $0.97 per basic share and $0.68 per diluted share, compared to net income of $66.7 million, or $1.21 per basic share and $0.76 per diluted share, for the quarter ended September 30, 2025. Net income was largely driven by $102.0 million of unrealized gains on digital assets, reflecting non-cash quarter-end fair value adjustments.
  • Cash totaled $6.4 million as of September 30, 2026, up approximately 11% from June 30, 2026.
  • Total stockholders’ equity was $49.2 million as of September 30, 2026, compared to negative $53.8 million as of June 30, 2026.
  • As of November 10, 2026, the Company had 88,855,392 shares of common stock outstanding.

Solana Treasury

  • Total SOL held of approximately 2.35 million as of September 30, 2026, with an average cost of approximately $154 per SOL.
  • Over 95% of SOL held was staked as of September 30, 2026.
  • Earned approximately 31,300 SOL of digital asset revenue during the quarter.
  • As of November 10, 2026, the Company held approximately 2,360,265 SOL.

Operational and Other Highlights During and Subsequent to the Quarter

  • Amended the Company’s credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral. Based on the $57.3 million outstanding as of September 30, 2026, the Company expects the reduction to lower annual interest expense by approximately $2.3 million.
  • Issued approximately 8.8 million shares of common stock under the Company’s at-the-market program during the quarter for approximately $10.1 million of gross proceeds.
  • Purchased approximately 30,100 SOL for approximately $3.5 million and sold approximately 53,000 SOL, including SOL received as staking revenue, for proceeds of approximately $4.6 million during the quarter.

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.

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 2.3 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. 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: brian.rudick@upexi.com 
Phone: (203) 442-5391

Investor Contact
KCSA Strategic Communications
Valter Pinto or Jack Perkins
Upexi@KCSA.com


UPEXI, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 September 30, 2026
June 30, 2026
ASSETS  
Current assets  
Cash$  6,428,420 $  5,778,586 
Accounts receivable, net 75,209  97,244 
Inventory, net 272,105  265,961 
Due from VitaMedica 43,586  10,766 
Prepaid expenses and other assets 1,594,104  988,542 
Current digital assets at fair value 192,766,344  109,625,166 
Total current assets 201,179,768  116,766,265 
Property and equipment, net 193,320  208,044 
Intangible assets, net 67,163  86,353 
Goodwill 673,854  673,854 
Deferred tax asset 5,948,858  5,948,858 
Digital assets at fair value, net of current portion 74,833,811  55,675,516 
Other assets 107,597  163,223 
Right-of-use asset, net 528,354  598,678 
Total noncurrent assets 82,352,957  63,354,526 
Total assets$283,532,725 $180,120,791 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)  
Current liabilities  
Accounts payable$  1,283,557 $  277,644 
Accrued compensation 3,677,100  5,277,309 
Deferred revenue 3,396  4,519 
Accrued liabilities 1,945,708  1,675,521 
Accrued interest 1,093,629  2,349,162 
Acquisition payable -  260,652 
Short-term treasury debt 57,295,723  57,295,723 
Current portion of Cygnet subsidiary notes payable -  3,694,721 
Current portion of convertible notes payable 146,976,334  - 
Current portion of operating lease payable 301,198  295,167 
Total current liabilities 212,576,645  71,130,418 
Operating lease payable, net of current portion 284,201  362,235 
Convertible notes payable, net of current portion 16,419,340  162,442,056 
Long-term contingent liabilities 5,035,574  - 
Total long-term liabilities 21,739,115  162,804,291 
Stockholders' equity (deficit)  
Preferred stock, $0.00001 par value, 10,000,000 shares authorized, and 150,000 shares issued and outstanding 2  2 
Common stock, $0.00001 par value, 1,000,000,000 shares authorized, 88,428,457 and 78,702,358 shares outstanding, as of September 30, 2026 and June 30, 2026, respectively 884  787 
Additional paid in capital 266,701,425  252,793,813 
Accumulated deficit (217,485,346) (306,608,520)
Total stockholders' equity (deficit) 49,216,965  (53,813,918)
Total liabilities and stockholders' equity (deficit)$  283,532,725 $  180,120,791 



UPEXI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 Three Months Ended September 30,
  2026  2025 
Revenue  
Revenue$  431,281 $  3,156,128 
Digital asset revenue 3,052,839  6,083,617 
Total revenue 3,484,120  9,239,745 
Cost of revenue 88,829  956,745 
Gross profit 3,395,291  8,283,000 
Operating expenses  
Sales and marketing 288,458  1,067,555 
Distribution costs 147,342  887,596 
General and administrative 7,055,956  9,257,208 
Unrealized gain on digital assets (101,999,183) (77,996,124)
Realized loss on digital asset revenue conversion to USD 156,943  - 
Realized loss on sale of digital assets 1,525,202  - 
Stock-based compensation 3,890,744  5,756,398 
Amortization of acquired intangible assets 19,190  19,190 
Depreciation 14,724  135,902 
Total operating expenses (88,900,624) (60,872,275)
Income from operations 92,295,915  69,155,275 
Other expense, net  
Interest expense, net (3,349,109) (2,699,383)
Other income, net 176,368  292,230 
Other expense, net (3,172,741) (2,407,153)
Income before income tax 89,123,174  66,748,122 
Income tax benefit (expense) -  - 
Net income$89,123,174 $66,748,122 
Basic income per share$  0.97 $  1.21 
Diluted income per share$  0.68 $  0.76 
Basic weighted average shares outstanding 91,509,448  55,340,634 
Diluted weighted average shares outstanding 134,395,945  88,479,950