UPXINasdaqFinance ServicesUS GAAP · USD

Upexi, Inc

Upexi, Inc. is a U.S.-based company with subsidiaries spanning consumer products, logistics, and digital assets. Its business includes branded product development, manufacturing, warehousing, distribution, and Solana token treasury and staking activities.

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Revenue25.0m USD
+58.1 %y/y
Operating profit (EBIT)-241m USD
−1,826.8 %y/y
EBIT margin-963.5%
−884.4 ppy/y
Net income-246m USD
−1,698.2 %y/y
Free cash flow-21.0m USD
−138.3 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-300-200-1000100m USD2021: 24 m USD2021: EBIT 1.4 m USD20212022: 45 m USD2022: EBIT -6.5 m USD20222023: 36 m USD2023: EBIT -12 m USD20232024: 26 m USD2024: EBIT -22 m USD20242025: 16 m USD2025: EBIT -12 m USD20252026: 25 m USD2026: EBIT -241 m USD202625-241
RevenueOperating profit (EBIT)

Business

Share of revenue
Branded consumer products70 %

Health, wellness, pet, and other consumer products sold under company-owned brands.

Logistics and fulfillment services15 %

Warehousing, consolidation, assembly, Amazon preparation, and distribution support.

Digital asset treasury and staking10 %

Holding and staking Solana tokens as a treasury reserve activity.

Programmatic advertising software5 %

SaaS-based ad placement tools for automated digital advertising.

Customers

Upexi sells primarily to end consumers through e-commerce channels, while also serving wholesale distributors and other resellers. Its products are bought for everyday use in health, wellness, beauty, recovery, and pet care, with Amazon and other marketplaces playing an important role in demand generation and fulfillment. The logistics business supports the company’s own brands and manufacturing operations rather than acting as a standalone third-party 3PL platform.

End consumers

Buy branded supplements, wellness, beauty, recovery, and pet products through e-commerce and direct channels.

Marketplace shoppers

Purchase through Amazon and similar platforms where visibility and fulfillment speed matter.

Wholesale distributors and resellers

Buy product inventory for resale under commercial terms and bulk purchasing arrangements.

Affiliate and master distributor channels

Use partner-led distribution to extend reach into niche or regional demand pockets.

Digital asset market participants

Indirectly relevant through Solana staking and treasury exposure rather than product sales.

Strategy

Upexi’s strategy combines branded consumer products with logistics capabilities and a digital asset treasury focus centered on Solana. The company is also using direct-to-consumer and marketplace channels to reach buyers while maintaining control over manufacturing, fulfillment, and inventory flow.

Scale the Solana treasury strategyShort term

Digital asset holdings and staking are intended to become a core reserve and value driver.

Support branded consumer products through owned operationsMedium term

Control over manufacturing and fulfillment helps protect product availability and execution.

Grow direct-to-consumer and marketplace reachMedium term

These channels provide access to end consumers without relying solely on traditional retail.

Geography

Upexi is headquartered in the United States and operates through U.S.-based subsidiaries and facilities. Its consumer products are sold domestically and internationally through e-commerce and marketplace channels, while manufacturing and distribution centers support health and wellness operations in the U.S. The digital asset treasury strategy is not tied to a single operating geography, but it exposes the company to global cryptocurrency market conditions.

Risks

Upexi faces execution risk from its shift toward Solana treasury and staking, which depends on cryptocurrency prices, network conditions, and regulatory developments. The consumer products business also carries channel concentration, inventory, and compliance risk, especially where hemp and CBD-related products are subject to changing state and federal rules.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cryptocurrency and Solana price volatility1Dilution from external financing2Limited history with staking revenue3CBD and hemp regulatory compliance4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cryptocurrency and Solana price volatilityImpact: CriticalLikelihood: High

    Treasury assets are concentrated in SOL, so market swings can quickly affect asset values and results.

    Exposure: Digital asset treasury

  2. Dilution from external financingImpact: HighLikelihood: High

    The company expects to raise capital through equity or debt to support operations and strategy.

    Exposure: Capital structure

  3. Limited history with staking revenueImpact: HighLikelihood: Medium

    Staking economics, rewards, and operational assumptions are less proven for the company at scale.

    Exposure: Solana staking

  4. CBD and hemp regulatory complianceImpact: HighLikelihood: Medium

    State and federal rules can affect manufacturing, labeling, and sales of hemp-based products.

    Exposure: Consumer products

  5. Marketplace and demand concentrationImpact: Medium

    A large share of sales depends on e-commerce platforms and consumer traffic trends.

    Exposure: Amazon and direct-to-consumer channels

Accounting

Judgemental items
Revenue recognition timing

Revenue is recorded when control transfers, so shipping and acceptance terms affect period results.

Impact: Quarterly revenue comparability

Sales returns and refund allowances

E-commerce and consumable products require estimates for returns, freight, and post-shipment discounts.

Impact: Net revenue and liabilities

Digital asset fair value accounting

SOL holdings can create large unrealized gains or losses that materially affect earnings.

Impact: Net income volatility

Deferred tax asset realizability

Management must assess whether future taxable income supports use of tax attributes.

Impact: Tax expense and balance sheet valuation

Goodwill and intangible impairment

Acquired brands and businesses may require impairment testing if performance weakens.

Impact: Noncash charges to earnings

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Last updated: 24/09/2026