Upexi (UPXI)
Market Price (9/21/2026): $1.29 | Market Cap: $93.6 MilSector: Communication Services | Industry: Interactive Media & Services
Upexi (UPXI)
Market Price (9/21/2026): $1.29Market Cap: $93.6 MilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Nutritional Supplements, Show more. | Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -167% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -128% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 253% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.4%, Rev Chg QQuarterly Revenue Change % is -27% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 88% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -289% High stock price volatilityVol 12M is 124% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% Key risksUPXI key risks include [1] a treasury strategy heavily reliant on volatile Solana holdings, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Nutritional Supplements, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -167% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -128% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 253% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.4%, Rev Chg QQuarterly Revenue Change % is -27% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 88% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -289% |
| High stock price volatilityVol 12M is 124% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% |
| Key risksUPXI key risks include [1] a treasury strategy heavily reliant on volatile Solana holdings, Show more. |
Qualitative Assessment
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Upexi (UPXI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Offsetting Financial Results: Upexi's substantial net loss of $246.1 million for fiscal year 2026, which ended June 30, 2026, was largely attributed to $195.1 million in unrealized losses on its digital asset treasury, primarily Solana. This significant loss was balanced by the company's fiscal Q4 2026 earnings per share (EPS) of -$0.02, which surpassed analyst estimates of -$0.11.
2. Strategic Balance of Crypto Volatility and Strengthening Financial Position: The company's primary asset, approximately 2.34 million Solana (SOL) tokens, had an average cost basis of $154 per SOL but was valued at $73.52 per token as of June 30, 2026, leading to a substantial negative stockholders' equity of $53.8 million. This inherent volatility was mitigated by management's efforts to strengthen the balance sheet, including retiring approximately $20 million in debt in June 2026 and refinancing a credit facility to reduce the interest rate from 11.5% to 7.5%, projected to save over $2 million annually.
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Upexi (UPXI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Offsetting Financial Results: Upexi's substantial net loss of $246.1 million for fiscal year 2026, which ended June 30, 2026, was largely attributed to $195.1 million in unrealized losses on its digital asset treasury, primarily Solana. This significant loss was balanced by the company's fiscal Q4 2026 earnings per share (EPS) of -$0.02, which surpassed analyst estimates of -$0.11.
2. Strategic Balance of Crypto Volatility and Strengthening Financial Position: The company's primary asset, approximately 2.34 million Solana (SOL) tokens, had an average cost basis of $154 per SOL but was valued at $73.52 per token as of June 30, 2026, leading to a substantial negative stockholders' equity of $53.8 million. This inherent volatility was mitigated by management's efforts to strengthen the balance sheet, including retiring approximately $20 million in debt in June 2026 and refinancing a credit facility to reduce the interest rate from 11.5% to 7.5%, projected to save over $2 million annually.
3. Efficiency Initiatives and Analyst Reaffirmation Amidst Revenue Decline: Upexi implemented a significant efficiency initiative in fiscal Q4 2026, outsourcing manufacturing, warehousing, and logistics, and drastically reducing full-time employees from 59 to 10, with management expecting staking revenue to cover ongoing cash expenses starting in fiscal Q1 2027. This positive operational restructuring, alongside Cantor Fitzgerald reiterating an "Overweight" rating and raising its price target from $1.30 to $2.00 on September 10, 2026, helped offset the decline in consumer brands revenue, which fell 57% quarter-over-quarter to $0.5 million in fiscal Q4 2026, and the overall revenue miss of $3.15 million against estimated $5.80 million.
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Stock Movement Drivers
Fundamental Drivers
The 0.0% change in UPXI stock from 5/31/2026 to 9/20/2026 was primarily driven by a 15.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.19 | 1.19 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -4.4% |
| P/S Multiple | 3.0 | 3.5 | 15.9% |
| Shares Outstanding (Mil) | 66 | 73 | -9.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| UPXI | 0.0% | |
| Market (SPY) | 0.9% | 41.3% |
| Sector (XLC) | -4.2% | 22.9% |
Fundamental Drivers
The 79.5% change in UPXI stock from 2/28/2026 to 9/20/2026 was primarily driven by a 112.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.66 | 1.19 | 79.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 25 | 1.0% |
| P/S Multiple | 1.6 | 3.5 | 112.0% |
| Shares Outstanding (Mil) | 61 | 73 | -16.2% |
| Cumulative Contribution | 79.5% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| UPXI | 79.5% | |
| Market (SPY) | 11.6% | 46.1% |
| Sector (XLC) | -5.8% | 27.4% |
Fundamental Drivers
The -83.5% change in UPXI stock from 8/31/2025 to 9/20/2026 was primarily driven by a -98.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.23 | 1.19 | -83.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 25 | 50.9% |
| P/S Multiple | 0.6 | 3.5 | 492.3% |
| Shares Outstanding (Mil) | 1 | 73 | -98.2% |
| Cumulative Contribution | -83.5% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| UPXI | -83.5% | |
| Market (SPY) | 19.4% | 42.1% |
| Sector (XLC) | 0.5% | 22.1% |
Fundamental Drivers
The -96.7% change in UPXI stock from 8/31/2023 to 9/20/2026 was primarily driven by a -98.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.20 | 1.19 | -96.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 70 | 25 | -64.1% |
| P/S Multiple | 0.5 | 3.5 | 637.9% |
| Shares Outstanding (Mil) | 1 | 73 | -98.8% |
| Cumulative Contribution | -96.7% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| UPXI | -96.7% | |
| Market (SPY) | 75.6% | 3.4% |
| Sector (XLC) | 68.8% | 1.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UPXI Return | -28% | -25% | -61% | -85% | -52% | -37% | -99% |
| Peers Return | 75% | -62% | 267% | 64% | -17% | -1% | 230% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| UPXI Win Rate | 29% | 50% | 25% | 33% | 33% | 44% | |
| Peers Win Rate | 47% | 25% | 53% | 47% | 47% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| UPXI Max Drawdown | - | -54% | -85% | -92% | -89% | -77% | |
| Peers Max Drawdown | -50% | -64% | -52% | -52% | -61% | -49% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, FTLF, SKIN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | UPXI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.2% | -18.8% |
| % Gain to Breakeven | 67.3% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -53.9% | -7.8% |
| % Gain to Breakeven | 116.9% | 8.5% |
| Time to Breakeven | 71 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.1% | -24.5% |
| % Gain to Breakeven | 19.2% | 32.4% |
| Time to Breakeven | 3 days | 427 days |
In The Past
Upexi's stock fell -40.2% during the 2025 US Tariff Shock. Such a loss loss requires a 67.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | UPXI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.2% | -18.8% |
| % Gain to Breakeven | 67.3% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -53.9% | -7.8% |
| % Gain to Breakeven | 116.9% | 8.5% |
| Time to Breakeven | 71 days | 18 days |
In The Past
Upexi's stock fell -40.2% during the 2025 US Tariff Shock. Such a loss loss requires a 67.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Upexi (UPXI)
Grove, Inc. (trading as UPXI) is a company focused on the cannabidiol (CBD) industry. It specializes in developing, producing, marketing, and selling a variety of products containing cannabidiol, an extract from the industrial hemp plant. Its product portfolio includes raw CBD materials for other manufacturers, white label CBD products that other brands can rebrand, and finished CBD products directly for end consumers.
The company primarily serves diverse consumer markets, including the botanical, beauty care, pet care, and functional food sectors, integrating CBD into products for these areas. In addition to its product-centric operations, Grove, Inc. also organizes and operates an annual tradeshow dedicated to the CBD industry within the United States, further solidifying its presence and engagement within the sector.
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Here are 1-3 brief analogies for Upexi:
- Procter & Gamble for CBD products.
- Johnson & Johnson for hemp-derived wellness.
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- CBD Raw Materials: Sourcing, developing, and selling industrial hemp plant extract, cannabidiol (CBD), as base ingredients.
- White Label CBD Products: Manufacturing and supplying CBD-infused products that other businesses can brand and sell as their own.
- End Consumer CBD Products: Developing, marketing, and selling finished CBD products directly to consumers across sectors such as botanical, beauty care, pet care, and functional food.
- CBD Industry Tradeshows: Organizing and operating annual trade shows focused on the cannabidiol industry in the United States.
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Upexi (UPXI), through its subsidiary Grove, Inc., sells both raw materials and white label products to other companies, and also directly markets end consumer products. Based on the description that the company "serves consumer markets, including the botanical, beauty care, pet care, and functional food sectors" with its end consumer products, the major categories of individual customers it serves include:
- Beauty and Personal Care Consumers: Individuals purchasing CBD-infused products for skincare, cosmetics, and other personal grooming needs.
- Pet Owners: Customers who acquire CBD products specifically designed for the health and wellness of their pets.
- Health and Wellness Consumers: Individuals seeking CBD-containing products in the botanical and functional food sectors, such as supplements, edibles, or other wellness-oriented items.
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Allan Marshall, Chief Executive Officer, Director
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, specifically technology and cannabis. Mr. Marshall founded Segmentz, Inc. in November 2000, where he served as Chief Executive Officer, successfully acquiring five distinct logistics companies and raising over $25,000,000 of capital, which helped create the infrastructure and business foundation that is now XPO Logistics, Inc. (NYSE: XPO). Before Segmentz, he founded U.S. Transportation Services, Inc. (UST) in 1995, a third-party logistics company, which was sold in January 2000.
Andrew J. Norstrud, Chief Financial Officer, Director
Mr. Norstrud joined Upexi in July 2019 as a consultant and was appointed Chief Financial Officer in April 2020, also becoming a Director in January 2020. Prior to Upexi, he worked as a consultant through his own firm. He served as Chief Financial Officer for Gee Group Inc. from March 2013 to June 2018, and also held the role of CEO from March 2014 to April 2015, and a director from March 2014 to August 2017. Mr. Norstrud was also the Chief Financial Officer of Jagged Peak from October 2005 to October 2011, and before that, he was CFO of Segmentz, Inc. (XPO Logistics), where he played an instrumental role in strategic goals, growth initiatives, building a financial team, and completing and integrating strategic acquisitions.
Brian Rudick, Chief Strategy Officer
Mr. Rudick was appointed Chief Strategy Officer of Upexi in May 2025. In this role, he oversees the company's cryptocurrency strategy, go-to-market, marketing, and investor relations. Most recently, he was the Head of Research for GSR, a digital asset market maker, where he led internal business initiatives, including GSR's lead investment into Upexi's private placement. Mr. Rudick spent over a decade on Wall Street, managing a long-short portfolio of bank stocks 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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Key Risks to Upexi (UPXI)
- Significant Financial Distress and Bankruptcy Risk: Upexi faces substantial financial challenges, characterized by weak profitability metrics, including negative EBIT, EBITDA, and profit margins. The company carries heavy debt levels, with a total debt to equity ratio of 4.27 and $144.6 million in long-term debt, which strains its capacity for expansion and liquidity. Furthermore, Upexi has reported significant net losses and struggles with operating cash flow, leading to estimations of bankruptcy odds ranging from 15% to 30%.
- Exposure to Cryptocurrency Market Volatility (Solana): A significant portion of Upexi's assets and financial performance is tied to its holdings in Solana tokens. The company has experienced considerable losses due to downturns in the price of Solana, with its success being heavily dependent on the performance of this underlying digital asset. Management has explicitly identified market-wide volatility and declining Solana prices as key risks impacting quarterly results and stock performance.
- Regulatory and Legal Challenges in the CBD Industry and Corporate Governance Issues: Operating in the cannabidiol (CBD) industry, Upexi is subject to complex and evolving regulatory landscapes at federal, state, and local levels, posing ongoing compliance challenges. The company also faces the risk of customer lawsuits related to product claims or safety, as well as scrutiny from regulatory bodies like the FDA regarding marketing and product ingredient claims. Additionally, Upexi has been under legal scrutiny concerning corporate governance, including allegations of director breaches, which could significantly affect its market position and strategic direction.
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1. **Increased Competition and Commoditization from Large Established Players:** As the CBD market matures and potentially faces clearer federal regulation, large consumer goods corporations, pharmaceutical companies, or even tobacco/alcohol giants with vast resources for research and development, marketing, and distribution may aggressively enter or expand their presence in the CBD space. This influx of well-capitalized, established brands could lead to intense price competition, market share erosion, and commoditization of CBD products, making it challenging for specialized companies like Upexi to compete effectively.
2. **Emergence of Alternative or Superior Cannabinoids/Botanical Extracts:** The rapid pace of innovation and scientific discovery within the cannabis and broader botanical extract industries poses a threat. New cannabinoids (such as CBG, CBN, or others) or entirely different botanical compounds might be discovered or developed that offer superior efficacy, novel benefits, or broader appeal to consumers in Upexi's target markets (botanical, beauty, pet, functional food). If such alternatives gain significant market traction, they could diminish the demand and relevance of CBD-focused products, thereby disrupting Upexi's core business model.
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Upexi (NASDAQ: UPXI) operates in several addressable markets related to its main product offerings, which include cannabidiol (CBD) products across botanical, beauty care, pet care, and functional food sectors.
Addressable Markets for Upexi's Main Products and Services:
-
Overall Cannabidiol (CBD) Products:
- The global cannabidiol market was estimated at USD 10.68 billion in 2025 and is projected to reach USD 30.96 billion by 2033, growing at a compound annual growth rate (CAGR) of 13.70% from 2026 to 2033.
- The global CBD consumer health market size was calculated at USD 20.88 billion in 2024 and is predicted to reach approximately USD 77.48 billion by 2034, expanding at a CAGR of 14.01% from 2025 to 2034. North America held over 61.14% of the revenue share in 2024.
- The U.S. CBD market was valued at USD 6.26 billion in 2024 and is projected to grow to USD 47.31 billion by 2032, at a CAGR of 37.72% during the forecast period of 2024 to 2032.
-
CBD Beauty Care / Skincare Products:
- The global CBD skin care market size was valued at USD 2.33 billion in 2024 and is expected to grow to USD 16.39 billion in 2033, exhibiting a CAGR of 24.2% during the forecast period (2025–2033). North America holds a dominant position, accounting for 41.2% of the total market share.
- Another estimate places the global CBD (Cannabidiol) infused cosmetics market size at USD 2.35 billion in 2025, expected to reach USD 14.03 billion by 2033, at a CAGR of 25.00%.
-
CBD Pet Care Products:
- The global CBD pet products market size is projected to increase by USD 1.02 billion at a CAGR of 21.2% between 2023 and 2028.
- The global CBD pet products market reached USD 512.5 million in 2022 and is expected to reach USD 2,958.3 million by 2030, growing at a CAGR of 24.5% during the forecast period 2024-2031. North America is the largest market for CBD pet products, holding approximately 70% of the global market share.
- The global CBD infused pet food market size was valued at USD 277.54 million in 2025 and is expected to reach USD 476.56 million by 2033, growing at a CAGR of 7.00%. North America dominated the CBD infused pet food market with a 42.1% revenue share in 2025.
-
CBD Functional Food Products:
- The global CBD food and beverage market size reached USD 8.8 billion in 2024 and is expected to reach USD 82.0 billion by 2033, exhibiting a growth rate (CAGR) of 25.01% during 2025-2033. North America accounted for the largest market share in 2024.
- Another report indicates the global CBD food and beverage market size was approximately USD 3.01 billion in 2024 and is predicted to grow to around USD 17.62 billion by 2035 with a CAGR of 17.43% from 2025 to 2035.
-
Tradeshows related to the CBD Industry:
- Null
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Here are 3-5 expected drivers of future revenue growth for Upexi (UPXI) over the next 2-3 years:
- Growth of its Solana (SOL) Digital Asset Treasury and Staking Income: Upexi is strategically focused on expanding its holdings of Solana (SOL) tokens and generating revenue through staking these digital assets. This approach has been a significant contributor to recent revenue growth, with the company reporting substantial digital asset revenue in fiscal Q1 and Q2 2026. Upexi aims to continuously increase the number of tokens in its treasury and subsequently the quarterly revenue derived from it. The company reported current staking rewards of approximately 155,000 SOL per year and anticipates a 6-8% yield from staking.
- Strategic Acquisitions of Discounted Locked Solana: Upexi employs a strategy of purchasing discounted locked Solana tokens, which management believes effectively doubles the yield in yield-equivalent terms. This method is a key part of its value accrual mechanisms, contributing to the growth and profitability of its digital asset treasury.
- Expansion and Performance of its Consumer Brands Business: While significantly diversified into digital assets, Upexi continues to operate and seeks to expand its consumer brands business. This segment focuses on the development, manufacturing, and distribution of consumer products, generating diversified revenue streams alongside its digital asset operations. The company is committed to expanding its market share within this sector.
- Implementation of Low-Risk Yield Generation and Hedging Strategies: Upexi is actively exploring and implementing low-risk yield generation strategies and utilizing hedging opportunities in the maturing options market. This forward-looking approach is designed to optimize returns from its digital asset treasury while managing risk, contributing to future revenue growth.
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Share Repurchases
- Upexi's Board of Directors authorized a share repurchase program of up to $50 million of its outstanding common stock on November 13, 2025.
- Between November 13, 2025, and December 31, 2025, the company repurchased 416,226 shares for $0.81 million under this program.
Share Issuance
- On February 6, 2026, Upexi announced a registered direct offering of 6,337,000 shares of common stock and warrants, generating approximately $7.4 million in gross proceeds. The proceeds are designated for working capital, general corporate purposes, and the company's Solana (SOL) maximum return strategy.
- On July 11, 2025, Upexi completed a $50 million Equity Offering, issuing 12.45 million shares at $4.00 per share (with management participation at $4.94 per share). The proceeds were intended to fund existing business operations, provide working capital, cover general corporate purposes, and advance the Solana treasury strategy.
Inbound Investments
- On July 11, 2025, Upexi secured a $150 million private placement of convertible notes from institutional investors, including lead investor Big Brain Holdings, in exchange for locked and spot Solana. These notes carry a 2.0% interest rate, a fixed conversion price of $4.25 per share, and a 24-month maturity.
- On January 13, 2026, Upexi announced a $36 million private placement of a convertible note with Hivemind Capital Partners, also in exchange for locked Solana. This note has a 1.0% interest rate, a $2.39 per share conversion price, and a 24-month maturity.
Outbound Investments
- On August 28, 2025, Upexi made an initial strategic investment of $750,000 in Alpha Exchange, a cryptocurrency trading platform, receiving a 14.9% royalty interest on future gross revenue. The agreement allows for potential additional investments that could increase the royalty to 19.9% or convert to a 9.99% equity stake.
- In 2025, Upexi significantly expanded its capital allocation strategy to include digital assets, particularly the Solana blockchain ecosystem. A notable acquisition occurred on July 23, 2025, when the company acquired 83,000 SOL for approximately $16.7 million.
- As of early 2026, Upexi's Solana treasury strategy led to holdings of 2,174,583 SOL, valued at approximately $331 million as of January 5, 2026, and $202.8 million as of March 2026.
Capital Expenditures
- Upexi's capital expenditures for the last 12 months were approximately $252,628.
Peer Outperformance in Interactive Media & Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| UPXI | Upexi | -5.4% | -0.4x | -81.9% | -96.5% | -98.7% | — |
| CARG | CarGurus | -1.8% | 17.0x | -11.1% | 89.2% | 6.8% | +105pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -15.1% | 26.4% | 41.6% | ECHO 262% · TMUS 42% · SHEN -60% |
| Publishing | 5 | 21.6% | 20.2% | 18.4% | NYT 49% · NWSA 40% · SCHL 18% |
| Integrated Telecommunication Services | 21 | -16.1% | 3.2% | -25.7% | IQST 1481% · GSAT 229% · AD 154% |
| Movies & Entertainment | 24 | -1.1% | 72.3% | -34.3% | IMAX 221% · MSGS 128% · BATRA 116% |
| Alternative Carriers | 4 | 29.6% | 15.9% | -42.7% | IRDM 14% · UNIT -41% · LUMN -45% |
| Advertising | 19 | -18.5% | -10.1% | -61.8% | APP 316% · EVC 50% · OMC 29% |
| Broadcasting | 15 | -13.8% | -21.2% | -68.8% | FOXA 85% · NXST 26% · WBD 11% |
| Interactive Media & Services ← | 30 | -38.1% | -35.1% | -71.0% | GOOGL 154% · META 88% · EVER 13% |
| Interactive Home Entertainment | 8 | -51.8% | -55.1% | -87.6% | TTWO 41% · RBLX -39% · PINS -65% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Upexi Earnings Notes | 12/16/2025 | |
| Upexi Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.28 |
| Mkt Cap | 2.6 |
| Rev LTM | 394 |
| Op Inc LTM | -36 |
| FCF LTM | -559 |
| FCF 3Y Avg | -486 |
| CFO LTM | -21 |
| CFO 3Y Avg | -24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.2% |
| Rev Chg 3Y Avg | 19.9% |
| Rev Chg Q | -0.4% |
| QoQ Delta Rev Chg LTM | -0.2% |
| Op Inc Chg LTM | -9.6% |
| Op Inc Chg 3Y Avg | -51.9% |
| Op Mgn LTM | -35.8% |
| Op Mgn 3Y Avg | -46.4% |
| QoQ Delta Op Mgn LTM | -2.6% |
| CFO/Rev LTM | -38.5% |
| CFO/Rev 3Y Avg | -27.1% |
| FCF/Rev LTM | -119.0% |
| FCF/Rev 3Y Avg | -87.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Internally manufactured | 9 | 11 | |||
| Contract manufactured | 3 | 3 | |||
| Purchased as finished good | 3 | 12 | |||
| Digital asset revenue | 1 | 0 | |||
| Production, sales and distribution of branded products | 36 | ||||
| Product sales | 45 | 24 | |||
| Total | 16 | 26 | 36 | 45 | 24 |
| $ Mil | 2023 | 2021 | 2020 |
|---|---|---|---|
| Recommerce | -1 | ||
| Branded Products | -7 | ||
| Product sales | 1 | -5 | |
| Trade Show Segment | 0 | ||
| Total | -8 | 1 | -5 |
| $ Mil | 2023 | 2021 | 2020 |
|---|---|---|---|
| Recommerce | 35 | ||
| Branded Products | 29 | ||
| Product sales | 27 | 6 | |
| Total | 64 | 27 | 6 |
Price Behavior
| Market Price | $1.19 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 06/24/2021 | |
| Distance from 52W High | -84.5% | |
| 50 Days | 200 Days | |
| DMA Price | $0.92 | $1.28 |
| DMA Trend | down | up |
| Distance from DMA | 29.5% | -7.0% |
| 3M | 1YR | |
| Volatility | 97.9% | 124.0% |
| Downside Capture | 234.63 | 630.55 |
| Upside Capture | 357.42 | 332.57 |
| Correlation (SPY) | 31.0% | 43.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.34 | 3.54 | 3.16 | 3.86 | 4.16 | 0.54 |
| Up Beta | -0.34 | -1.06 | 2.24 | 2.07 | 3.08 | 1.31 |
| Down Beta | -11.37 | 4.23 | 2.77 | 3.25 | 3.50 | -1.22 |
| Up Capture | 839% | 724% | 430% | 1357% | 915% | 27% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 31 | 60 | 107 | 317 |
| Down Capture | 192% | 407% | 304% | 268% | 201% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 33 | 65 | 142 | 416 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UPXI | |
|---|---|---|---|---|
| UPXI | -80.6% | 124.1% | -0.76 | - |
| Sector ETF (XLC) | -5.8% | 15.4% | -0.59 | 22.7% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 43.5% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 24.2% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -6.5% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 13.7% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 67.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UPXI | |
|---|---|---|---|---|
| UPXI | -61.7% | 202.0% | 0.09 | - |
| Sector ETF (XLC) | 6.7% | 21.0% | 0.23 | 3.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 5.3% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 11.5% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 1.5% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | -0.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UPXI | |
|---|---|---|---|---|
| UPXI | -37.9% | 200.0% | 0.11 | - |
| Sector ETF (XLC) | 9.1% | 22.1% | 0.46 | 3.9% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 5.3% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 11.3% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 1.9% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 0.1% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/17/2026 | 12.8% | ||
| 5/13/2026 | 9.4% | 0.7% | -34.5% |
| 2/10/2026 | -16.3% | -29.2% | -4.6% |
| 11/12/2025 | -4.7% | -20.4% | -39.6% |
| 9/26/2025 | 7.8% | 42.7% | -5.3% |
| 5/16/2025 | -5.4% | 4.8% | -5.9% |
| 12/23/2024 | -4.1% | -11.1% | 2.5% |
| 7/11/2024 | -1.8% | 2.4% | -49.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 6 |
| # Negative | 11 | 10 | 13 |
| Median Positive | 5.4% | 3.7% | 10.5% |
| Median Negative | -4.7% | -12.7% | -16.6% |
| Max Positive | 12.8% | 42.7% | 37.0% |
| Max Negative | -16.5% | -33.0% | -49.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/17/2026 | 12.8% | ||
| 5/13/2026 | 9.4% | 0.7% | -34.5% |
| 2/10/2026 | -16.3% | -29.2% | -4.6% |
| 11/12/2025 | -4.7% | -20.4% | -39.6% |
| 9/26/2025 | 7.8% | 42.7% | -5.3% |
| 5/16/2025 | -5.4% | 4.8% | -5.9% |
| 12/23/2024 | -4.1% | -11.1% | 2.5% |
| 7/11/2024 | -1.8% | 2.4% | -49.6% |
| 2/16/2024 | -16.5% | -33.0% | -43.8% |
| 11/24/2023 | -6.9% | -9.0% | 11.7% |
| 10/5/2023 | 1.8% | 3.7% | -36.7% |
| 5/18/2023 | -2.2% | -7.9% | -35.8% |
| 2/15/2023 | 11.4% | 14.7% | 13.4% |
| 12/15/2022 | 1.9% | -14.7% | -9.8% |
| 9/30/2022 | 5.4% | 3.4% | 37.0% |
| 5/17/2022 | 4.0% | 16.6% | -12.6% |
| 2/16/2022 | 2.1% | 1.4% | 9.3% |
| 11/16/2021 | -3.1% | -5.1% | -16.6% |
| 9/29/2021 | -3.1% | -6.9% | 8.4% |
| 7/28/2021 | -5.0% | -14.2% | -7.8% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 6 |
| # Negative | 11 | 10 | 13 |
| Median Positive | 5.4% | 3.7% | 10.5% |
| Median Negative | -4.7% | -12.7% | -16.6% |
| Max Positive | 12.8% | 42.7% | 37.0% |
| Max Negative | -16.5% | -33.0% | -49.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/17/2026 | 10-K |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/24/2025 | 10-K |
| 03/31/2025 | 05/16/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 12/19/2024 | 10-Q |
| 06/30/2024 | 12/16/2024 | 10-K |
| 03/31/2024 | 07/09/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/20/2023 | 10-Q |
| 06/30/2023 | 10/03/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/17/2026 | 10-K |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/24/2025 | 10-K |
| 03/31/2025 | 05/16/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 12/19/2024 | 10-Q |
| 06/30/2024 | 12/16/2024 | 10-K |
| 03/31/2024 | 07/09/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/20/2023 | 10-Q |
| 06/30/2023 | 10/03/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/28/2022 | 10-K |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 09/28/2021 | 10-K |
| 03/31/2021 | 06/24/2021 | 424B4 |
| 12/31/2020 | 05/03/2021 | S-1/A |
Recent Forward Guidance
Updated 9/18/2026Latest: Q4 2026 Earnings Reported 9/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Staking Revenue vs Cash Operating Expenses | Reported | |||||||
Prior: Q1 2026 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Equity Line Agreement | Reported | 500.00 Mil | ||||||
Upexi — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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