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Here are a few analogies to describe Upexi (UPXI):

• It's like a smaller Procter & Gamble that focuses on acquiring and growing a diverse portfolio of direct-to-consumer (DTC) e-commerce brands.
• Think of it as a diversified consumer brand owner, similar to VF Corp (owner of Vans, North Face, Timberland), but specializing in online-first products across various categories.

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• E-commerce Brand Management: Upexi acquires, integrates, and scales a portfolio of direct-to-consumer (DTC) brands across diverse consumer product categories.
• Third-Party Logistics (3PL) Services: The company provides comprehensive warehousing, fulfillment, and shipping solutions for its own brands and external e-commerce clients.
• Health & Wellness Products: Through its brand portfolio, Upexi offers various dietary supplements, beauty products, and other wellness-focused consumer goods.
• Pet Care Products: Upexi markets and sells a range of pet food, supplies, and accessories through its acquired e-commerce pet brands.
• Home Goods & Outdoor Products: The company provides consumer products for home, garden, and outdoor living through its diversified e-commerce brand holdings.

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Upexi (symbol: UPXI) primarily sells to individuals through its portfolio of e-commerce brands, rather than having major corporate customers. Based on its diverse brand portfolio, the company serves the following categories of customers:

• Health and Wellness Consumers: Individuals seeking health supplements, functional beverages (e.g., coffee with added benefits), and general wellness products. This category includes consumers focused on improving their diet, energy levels, immune system, or overall well-being.
• Hobbyists, Collectors, and Enthusiasts: Individuals interested in action figures, collectibles, comics, pop culture merchandise, and other related toys and entertainment products. This category targets consumers with specific interests in collecting and fandom.
• DIY Enthusiasts and Homeowners: Individuals engaged in home improvement projects, DIY tasks, or those seeking practical tools and consumer products for their households. This category includes people looking for innovative and safe solutions for their daily needs.

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• FedEx Corporation (FDX)
• United Parcel Service, Inc. (UPS)

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Allan Marshall, Chief Executive Officer

Mr. Marshall joined Upexi as CEO in May 2019. He is a serial entrepreneur with a focus on development-stage companies in hyper-growth industries, particularly technology and cannabis. Mr. Marshall founded Segmentz, Inc., which later became XPO Logistics. He is often the driving force behind an organization's initial growth and funding strategies.

Andrew J. Norstrud, Chief Financial Officer, Director

Mr. Norstrud joined Upexi in July 2019 as a consultant and became the Chief Financial Officer in April 2020. He has extensive experience with young, rapid-growth public companies. Prior to Upexi, Mr. Norstrud served as Chief Financial Officer for Gee Group Inc. from March 2013 until June 2018, and also as its CEO from March 2014 to April 2015. He was also the Chief Financial Officer for Jagged Peak from October 2005 to October 2011. Notably, Mr. Norstrud served as the Chief Financial Officer of Segmentz, Inc. (which became XPO Logistics) where he played an instrumental role in achieving strategic goals, building a financial team, completing and integrating strategic acquisitions, and implementing public company structure.

Brian Rudick, Chief Strategy Officer

Mr. Rudick joined Upexi in May 2025. He brings deep expertise in both traditional finance and cryptocurrency. Most recently, Mr. Rudick served as Head of Research for GSR, a significant digital asset market maker, where he led internal business initiatives, including GSR's lead investment into Upexi's $100 million private placement. Prior to GSR, he spent over a decade on Wall Street, managing a long-short portfolio of bank stocks as a key member of financials-focused teams at firms such as Citadel, Balyasny, and Millennium. He began his career at the Federal Reserve, conducting research as part of the monetary policy process.

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Here are the key risks to Upexi (symbol: UPXI):

1. Exposure to Cryptocurrency Volatility and Regulatory Risks: Upexi's financial performance and valuation are heavily reliant on its strategy of holding and staking Solana (SOL) tokens as a primary component of its cash management. The cryptocurrency market is characterized by extreme price volatility and evolving regulatory landscapes, which can significantly impact the value of Upexi's digital asset holdings and overall financial stability.
2. Dilution Risk from Share Offerings: The company has a history of engaging in private placement offerings and has a substantial number of registered shares. This creates a risk of dilution for existing shareholders, as future sales of common stock or other securities could lead to a decrease in the per-share value of their investment and depress the market price of the stock.
3. Ongoing Losses and Declining Legacy Business: Upexi has reported persistent operational losses and a significant decline in revenue, particularly after divesting its recommerce business to focus on digital assets and higher-margin consumer products. The continued struggles of its consumer products segment, alongside negative profitability and a lack of consistent earnings, raise concerns about the company's ability to achieve sustainable profitability and generate positive cash flow.

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Upexi (UPXI) Addressable Markets:

Upexi, Inc. operates in two main business segments: consumer products and digital asset treasury management. The addressable markets for their main products and services are as follows:

• Consumer Products:
  • Pet Care (LuckyTail brand): The global pet care market was valued at approximately USD 304.4 billion in 2023 and is projected to reach USD 650 billion by 2030. The U.S. pet care market alone is projected to reach USD 157 billion in 2025.
  • Nutraceuticals (VitaMedica, functional mushrooms under Cure Mushrooms, gummies under Gumi Labs):
    • Overall Nutraceuticals Market: The global nutraceuticals market was estimated at USD 451.8 billion in 2024 and is expected to grow to USD 480.4 billion in 2025. Other estimates place the global market at USD 591.1 billion in 2024, projected to reach USD 919.1 billion by 2030. The U.S. nutraceuticals market was valued at USD 138.92 billion in 2024 and is projected to reach USD 259.25 billion by 2033.
    • Functional Mushrooms: The global functional mushroom market was valued at approximately USD 16.90 billion in 2024 and is projected to reach USD 45.66 billion by 2034. North America held a significant share of 43.8% (USD 10.9 billion) of the global functional mushroom market in 2024.
    • Gummy Supplements (including functional gummies): The global gummy supplements market was valued at USD 10.45 billion in 2024 and is projected to grow to USD 11.75 billion in 2025, reaching USD 27.57 billion by 2032. The U.S. gummy market was estimated at USD 3.12 billion in 2023 and is expected to grow to USD 6.71 billion by 2030. The U.S. gummy supplements market is projected to reach an estimated value of USD 10.78 billion by 2032.
  • Educational Toys (Tytan Tiles brand): The global educational toys market was valued at USD 66.22 billion in 2024 and is projected to reach USD 71.32 billion in 2025, with an anticipated rise to USD 126.02 billion by 2032. The U.S. educational toy market is valued at USD 12 billion and was estimated at USD 12.19 billion in 2023, expected to reach USD 13.44 billion in 2024.
• Digital Asset Treasury Management: The global digital asset management market was valued at USD 7.73 billion in 2024 and is estimated to reach USD 31.99 billion by 2033. North America dominated this market, holding over 32.8% market share in 2024.

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The following are 3-5 expected drivers of future revenue growth for Upexi (UPXI) over the next 2-3 years:

1. Expansion and Yield Generation from Solana Treasury: Upexi is strategically increasing its holdings of Solana (SOL) cryptocurrency and is focused on maximizing the yield generated from its Solana treasury, primarily through staking activities. This pivot into digital assets has already contributed to significant digital asset revenue and is projected to be a primary driver of growth.
2. Strategic Capital Allocation for Digital Asset Growth: The company has engaged in substantial financial activities, including private placements and securing equity lines, to fund the acquisition of additional Solana and to further develop its digital asset portfolio. This enhanced capital capacity directly underpins the growth of its revenue-generating digital asset strategy.
3. Growth in High-Margin Consumer Brands and Subscription Revenue: Alongside its digital asset focus, Upexi continues to prioritize the development and expansion of its high-margin consumer brand products, particularly those offering subscription revenue models. Strategic investments and operational efficiencies within this segment are aimed at boosting profitability and cash flow.
4. Leveraging Increased Institutional Adoption and Favorable Regulatory Environment in Cryptocurrency: Upexi expects to benefit from the growing institutional adoption of cryptocurrencies and is preparing for potential positive regulatory shifts within the digital asset sector. This broader market trend has the potential to significantly enhance the value and yield derived from its Solana holdings.

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Share Issuance

• Upexi completed a $100 million private placement in April 2025, issuing 35,970,383 shares of common stock and 7,889,266 pre-funded warrants at $2.28 per share.
• In July 2025, the company closed a $50 million private placement equity offering by selling 12,457,186 shares of common stock at $4.00 per share (with management and board participation at $4.94 per share).
• Upexi entered into an equity line agreement with A.G.P./Alliance Global Partners in July 2025, allowing it to sell up to $500 million of its common stock at its discretion, with shareholder approval granted in August 2025.

Inbound Investments

• Upexi secured a $100 million private placement in April 2025, led by GSR and supported by crypto venture capital firms including Big Brain Holdings, Anagram, Delphi Ventures, and White Star Capital.
• In July 2025, the company obtained $200 million in financing, which included a $150 million in-kind convertible note led by Big Brain Holdings and a $50 million private equity placement.
• Upexi expanded its financing capacity with a $50 million credit facility from BitGo.

Outbound Investments

• Upexi announced a strategic shift in January 2025 to invest in digital currencies, making an initial investment in Bitcoin and aiming for a diversified portfolio with 50-70% in Bitcoin.
• The company's subsidiary, Quantum Hash, agreed to acquire a 2MW operating facility in March 2025, with plans to upgrade equipment and expand mining capacity to 10-20 MW by 2025, to boost its cryptocurrency portfolio.
• In July 2025, Upexi acquired 100,000 Solana (SOL) tokens for $17.7 million, followed by an additional 83,000 SOL for $16.7 million, bringing its total SOL holdings to 1.9 million tokens.

Capital Expenditures

• Upexi's subsidiary, Quantum Hash, acquired a 2MW operating facility in March 2025, intending to upgrade equipment and increase mining capacity to 10-20 MW by 2025. While specific separate capital expenditure dollar values are not readily available, the investing cash flow for the quarter ended September 30, 2025, was $(30,344,568), which included acquisitions of digital assets and other investments.