UPEXI, INC. UPXI
We are in the cryptocurrency industry and the management of cash assets through a cryptocurrency portfolio, primarily focused in Solana tokens and staking of those tokens. We continue to be a brand owner specializing in the development, manufacturing, and distribution of consumer products.
Early in 2025, we updated and modified our cash management and treasury strategy to include holding digital currency assets directly on our balance sheet. This was a shift from before when we held excess cash primarily in FDIC-insured interest-bearing accounts. The change to adopt this strategy results from our intention to obtain the highest yield on excess cash. Under our new approach, our treasury policy focuses primarily on Solana ("SOL"). The approach involves applying a public-market treasury model to an asset that is considered earlier in its lifecycle than, with respect to both development and usage, as well as institutional adoption, Bitcoin. Management will focus its resources to this digital asset strategy and a significant portion of the balance sheet will be allocated to holding Solana in the Company's digital asset treasury. Currently our treasury is exclusively dedicated to the SOL digital asset and currently we do not intend to dedicate any of the treasury allocated capital to other digital assets. We will stake the vast majority of the Solana in our treasury to earn a staking yield and turn the treasury into a productive asset. Currently we are staking approximately 95% of our SOL treasury, and intend to maintain a similar or higher percentage going forward. We do not hedge our SOL and do not have plans to hedge our SOL in the future.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $15.8M | $26.0M | $36.4M | $23.1M | $24.1M | $7.4M | — |
| Cost of revenue | $4.9M | $13.2M | $15.4M | $8.2M | $12.2M | $4.8M | — |
| Gross profit | $10.9M | $12.8M | $21.0M | $14.9M | $11.9M | $2.6M | — |
| SG&A | $11.9M | $6.8M | $6.9M | $9.1M | $6.4M | $6.0M | — |
| Total operating expenses | $23.4M | $35.3M | $33.3M | $21.4M | $10.5M | $7.4M | — |
| Operating income | -$12.5M | -$22.5M | -$12.3M | -$6.5M | $1.4M | -$4.8M | — |
| Interest expense | $103.8K | $99.6K | $4.7M | $202.1K | $13.9K | $138.4K | — |
| Pre-tax income | -$13.7M | -$25.6M | -$17.0M | -$6.4M | $1.7M | -$5.4M | — |
| Income tax | $0 | $332.1K | $3.0M | $518.4K | $1.3M | $0 | — |
| Net income | -$13.7M | -$23.7M | -$17.5M | -$2.0M | $3.0M | -$5.4M | — |
| EPS, basic | -1.73 | -23.03 | -18.94 | -0.43 | 0.25 | -0.53 | — |
| EPS, diluted | -1.73 | -23.03 | -18.94 | -0.43 | 0.21 | -0.53 | — |
| Shares, diluted (wtd. avg.) | 7.9M | 1.0M | 893,943 | 16.2M | 14.3M | 10.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.0M | $661.4K | $4.5M | $7.1M | $14.5M | $887.5K | $3.7M |
| Short-term investments | — | $0 | $90.0K | — | — | — | — |
| Receivables | $157.5K | $606.9K | $1.1M | $939.9K | $1.3M | $165.1K | — |
| Inventory | $1.2M | $1.4M | $4.8M | $4.7M | $2.1M | $1.4M | — |
| Total current assets | $56.8M | $11.4M | $30.0M | $17.1M | $18.3M | $2.6M | — |
| Property, plant and equipment | $2.1M | $2.4M | $2.8M | $7.3M | $2.8M | $1.7M | — |
| Goodwill | $848.9K | $848.9K | $2.9M | $4.6M | $2.4M | $493.1K | — |
| Other intangibles | $163.1K | $239.9K | $6.9M | $8.8M | $1.8M | $1.2M | — |
| Total assets | $123.8M | $23.5M | $63.8M | $48.5M | $27.3M | $6.4M | — |
| Accounts payable | $1.0M | $481.6K | $1.0M | $1.6M | $1.6M | $484.3K | — |
| Short-term debt | $20.0M | $0 | — | — | — | — | — |
| Total current liabilities | $32.6M | $12.7M | $22.4M | $10.1M | $5.8M | $3.5M | — |
| Long-term debt | — | — | $27.7M | — | — | — | — |
| Retained earnings | -$60.5M | -$46.9M | -$23.2M | -$6.3M | -$4.2M | -$7.1M | — |
| Total equity | $90.1M | $6.5M | $27.8M | $28.8M | $21.2M | $2.2M | $6.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.4M | -$101.4K | $202.7K | -$180.8K | $2.9M | -$4.2M | — |
| Depreciation and amortisation | $681.0K | $1.3M | $913.2K | $574.3K | $303.5K | $217.9K | — |
| Stock-based compensation | $2.1M | $1.2M | $3.7M | $3.3M | $611.4K | $372.8K | — |
| Capital expenditure | $387.8K | $932.6K | $937.6K | $5.5M | $1.4M | $1.9M | — |
| Investing cash flow | -$99.3M | -$3.4M | -$2.6M | -$10.9M | -$1.3M | -$1.5M | — |
| Financing cash flow | $110.0M | -$353.8K | -$285.3K | $3.7M | $12.0M | $2.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-25-006996.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $7.4M | $24.1M | $23.1M | $36.4M | $26.0M | $15.8M |
| Gross profit | — | $2.6M | $11.9M | $14.9M | $21.0M | $12.8M | $10.9M |
| Net income | — | -$5.4M | $3.0M | -$2.0M | -$17.5M | -$23.7M | -$13.7M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Delisting notice Item 3.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |