Treasury Strategy - The company has shifted its treasury strategy to hold digital currency assets, primarily focusing on Solana (SOL), aiming for higher yields on excess cash [158]. - Approximately 95% of the company's Solana treasury is currently staked, with plans to maintain or increase this percentage in the future [161]. - The treasury strategy includes intelligent capital markets issuance to purchase and hold more Solana, potentially benefiting shareholders as Solana's price rises [160]. - The company maintains a certain amount of liquid SOL and cash to meet current obligations, ensuring liquidity management [166]. - The treasury strategy aims to turn the treasury into a productive asset through staking, enhancing shareholder value [160]. - The company evaluates its treasury operations bi-weekly to adjust the allocation of SOL in the staking program [163]. - The Company has approximately $253,000,000 in treasury value at BitGo, based on the SOL price of $202.51 per token [192]. - The Company maintains more than 98% of its SOL treasury in cold wallets [195]. - The Company has not reduced its treasury or sold any of its SOL staking rewards to date [186]. - The Company is in the process of onboarding a third qualified custodian as part of its risk management process [198]. Staking and Yield - The staking program utilizes multiple validators to maximize yield and reduce risk, with regular evaluations of validator performance [167]. - Staking rewards are distributed based on the proportion of stake relative to the total active stake in the network, funded by inflationary issuance and transaction fees [183]. - The Solana staking yield is currently at 4.3%, down from an initial 8.0%, and will decrease by 15% every epoch-year until reaching a long-term floor of 1.5% [200]. - There are currently 27.2 million locked SOL, representing 6.7% of the total SOL supply [200]. Financial Performance - Revenue declined by approximately $1.2 million, or 28%, compared to the same period last year [211]. - Digital asset revenue increased by approximately $6.1 million as the Company began investments in digital assets [212]. - Cost of revenue decreased by approximately $0.5 million, or 33%, resulting in a gross margin of approximately 69.7% [213]. - General and administrative expenses increased approximately $7.9 million, or 577%, primarily due to the shift to holding digital assets [215]. - Unrealized gain on digital assets increased by approximately $78.0 million due to price changes on SOL [216]. Cash Flows and Assets - Net cash flows used in operating activities was $9,780,221 for the three months ended September 30, 2025, compared to $1,974,592 for the same period in 2024 [220]. - Net cash flows used in investing activities was approximately $30.3 million for the three months ended September 30, 2025, compared to $5.8 million provided in the same period in 2024 [221]. - Net cash flows provided by financing activities was approximately $39.4 million for the three months ended September 30, 2025, compared to $2.7 million used in the same period in 2024 [222]. - Current assets increased to $220,341,167 as of September 30, 2025, compared to $56,778,043 as of June 30, 2025 [218]. - The Company estimates sufficient working capital to fund operations and meet debt obligations over the next twelve months [223]. Solana Network Insights - The Solana network's transaction fees are fixed at 0.000005 SOL per transaction, plus a variable fee based on computation resources used [179]. - The company does not hedge its SOL and has no plans to do so in the future, focusing solely on Solana as a digital asset [158]. - Solana is the 1 ecosystem for new developers, growing 83% in 2024, indicating strong future growth potential [203]. Fees and Charges - The Company pays BitGo a monthly digital asset storage fee based on the market value of the assets in storage, plus $500 [189]. - The Asset Manager will charge an asset-based fee of 1.75% per annum on the assets under management [205]. - The Company issued warrants to the Asset Manager to purchase 2,192,982 shares of Common Stock at various exercise prices ranging from $2.28 to $5.70 per share [206].

Financial Data and Key Metrics Changes - Total revenue increased by $4.9 million to $9.2 million for the quarter, with net income at $66.7 million and earnings per share at $1.21, all attributed to the performance of the Solana treasury [16] - The company recognized unrealized gains of approximately $78 million during the quarter, significantly impacting reported financials [16] Business Line Data and Key Metrics Changes - The consumer brand business continues to perform as expected, while digital asset revenue generated over $6 million in fiscal Q1, with current daily additions exceeding $75,000 [10][16] - The treasury has generated approximately $7.1 million and 37,742 Solana tokens since inception, with staking revenue contributing $6.1 million to the quarter's increase [16] Market Data and Key Metrics Changes - The company currently owns 2.1 million SOL valued in excess of $327 million, with an average purchase price of $155.57 per token [8][16] - The company has purchased approximately 2,029,100 tokens through direct purchases and swap transactions [16] Company Strategy and Development Direction - The company has adopted a Solana Treasury strategy, pivoting from being a consumer Amazon brand owner to investing in digital assets due to favorable regulatory changes in the U.S. [4][5] - The strategy includes large-scale capital raises and innovative financial instruments, such as a $100 million equity private placement and a $200 million raise with an in-kind convertible note issuance [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Solana as a high-performance blockchain and highlighted its potential to revolutionize financial infrastructure [11][12] - The company is optimistic about the passing of comprehensive digital asset legislation in the U.S., which could significantly accelerate institutional adoption of digital assets [14][15] Other Important Information - The management team emphasizes a risk-prudent strategy, limiting credit risk leverage to 20% and avoiding aggressive on-chain trading [19] - The company has increased adjusted SOL per share in SOL terms by 47% and in U.S. dollar terms by 82% [20] Q&A Session Summary Question: Impact of high-profile crypto investors on the company - Management noted that feedback from the advisory committee has been positive, focusing on market presentation and positioning, with no current plans for revenue generation outside of Solana [23][24] Question: Effective yield and enhancement opportunities - Management indicated that yield has been built step by step, with expectations for improvement in the next quarter as more assets are staked [26][28] Question: Addressing potential deep discounts in trading - Management stated that if the company trades at a discount, it has options such as share buybacks and maintaining low expenses to warrant a premium [31][34]

Core Insights - Upexi, Inc. reported record digital asset revenue of approximately $6.1 million for the fiscal first quarter ended September 30, 2025, with gross profit totaling $8.3 million, reflecting a 183% year-over-year increase [1][3][7] - The company achieved a net income of $66.7 million, a significant turnaround from a net loss of $1.6 million in the same quarter of the previous year, primarily due to an unrealized gain of approximately $78 million on its Solana treasury [1][7][14] Financial Highlights - Total revenue for the quarter was $9.2 million, compared to $4.4 million for the quarter ended September 30, 2024 [7] - Revenue from operations in the consumer brands business amounted to $3.2 million [7] - Digital asset revenue, mainly from staking income, was $6.1 million [7] - Gross profit reached $8.3 million, up 183% year-over-year, largely driven by the increase in digital asset revenue [7] - Net income was $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or ($1.55) per share, for the same quarter in 2024 [7][14] Operational Highlights - The company enhanced its cash management strategy by holding Solana directly on its balance sheet, which has been generating meaningful yield [3] - Upexi closed a $200 million concurrent private placement of common stock and convertible notes [8] - An equity line agreement worth $500 million was announced to accelerate the growth of the Solana treasury strategy [8] - The company established the Upexi Advisory Committee, adding notable members to enhance its strategic direction [8] Conference Call Information - A conference call is scheduled for November 11, 2025, at 5:30 p.m. Eastern Time to discuss the earnings report [1][6]

Company Overview - Upexi, Inc. is a leading digital asset treasury company focused on acquiring and holding Solana (SOL) in a disciplined manner [2] - The company currently holds over two million SOL and aims to benefit from potential price appreciation of the cryptocurrency [2] - Upexi employs three key value accrual mechanisms: intelligent capital issuance, staking, and discounted locked token purchases [2] Upcoming Financial Event - Upexi plans to host a conference call to report its financial results for the first quarter of 2026, which ended on September 30, 2025 [1] - The earnings call is scheduled for November 11, 2025, at 5:30 p.m. ET [1] - A dial-in replay of the call will be available until November 25, 2025, for those unable to join live [1]

Company Overview - Upexi (UPXI), a Nasdaq-listed treasury firm, reported an increase in its Solana reserves by 4.4% to 2,106,989 SOL as of October 31, reflecting an addition of 88,750 SOL since the last update on September 10 [1] - The value of Upexi's holdings at Solana's month-end price of $188.56 was approximately $397 million, with an acquisition cost of $325 million, resulting in unrealized gains of around $72 million [1] Market Performance - Following a broader market decline, Solana's price dropped approximately 15% to about $160.94, reducing the value of Upexi's holdings to nearly $340 million and trimming paper profits to roughly $15 million [2] - Upexi's stock has decreased about 75% from its peak earlier this year, indicating significant market volatility [2] Financial Metrics - Upexi reported an adjusted SOL per share of 0.0187, equivalent to $3.52, marking a 47% gain in SOL and an 82% increase in dollar terms since the treasury initiative began in April through a $100 million private placement [3] Industry Context - The total value locked across DeFi platforms on Solana is approximately $10.30 billion, with stablecoins on the network valued at around $14.26 billion, of which USDC constitutes about 65% [4] - Solana-based decentralized exchanges (DEXs) processed around $5.15 billion in trading volume over the past day, indicating strong trading activity [4] Price Trends and Analysis - Current price action for Solana appears fragile, with the asset retesting a long-standing weekly trendline that has supported its rise since 2023 [5] - Analysts suggest that if the support level around $150–$160 fails, a potential drop of 30-40% could occur, aligning with liquidity pockets near $100–$120 [5][6] - The market sentiment remains cautious, with Solana struggling to break past resistance levels around $225, indicating that sellers are still in control [6]

Core Insights - Upexi, Inc. reported a $72 million unrealized gain, an 82% increase in adjusted SOL per share, and a 96% return for investors since its April equity private placement [1][9]. Treasury Update - As of October 31, 2025, Upexi holds 2,106,989 SOL, a 4.4% increase from 2,018,419 SOL on September 10, 2025 [6]. - The cost of Upexi's SOL is $325 million, equating to $157.66 per SOL, with a current valuation of $397 million based on the October 31 price of $188.56 per SOL [6][7]. - The unrealized gain includes price appreciation, staking rewards, and discounts on locked SOL, totaling $72 million [6][7]. - Approximately 42% of the portfolio consists of locked SOL purchased at a mid-teens discount to the spot price [6]. Business Initiatives - Upexi has increased its adjusted SOL per share by 47% in SOL terms and 82% in dollar terms since launching its treasury strategy [8]. - The company has a strong issuance track record, having raised $100 million in an equity private placement at $2.28 per share, resulting in a 96% increase in stock value for investors [9]. Value Creation Metrics - Upexi's treasury management operations demonstrate efficacy through multiple value accrual mechanisms, including intelligent capital issuance, staking, and discounted locked token purchases [5][10]. - The current daily yield from staking is approximately $75,000, with nearly all SOL being staked to earn a yield of 7-8% [6]. Advisory and Conferences - Upexi has added notable figures to its Advisory Committee and participated in several investor conferences, enhancing its visibility and strategic positioning in the market [6].

Core Insights - Upexi, Inc. is actively participating in multiple investor conferences throughout November 2025, showcasing its focus on digital assets and consumer brands [1][2][3][4][5]. Conference Participation - Upexi will attend the New Orleans Investment Conference from November 2-5, 2025, with a presentation scheduled for November 4 at 5:20 pm E.T. [2] - The company will also participate in the Uncorrelated Cayman 2025 conference from November 9-11, 2025, where CEO Allan Marshall will be on a panel discussing the future of digital asset treasuries on November 10 at 2:05 pm E.T. [2] - At the Cantor Crypto & AI/Energy Infrastructure Conference from November 10-12, 2025, CEO Allan Marshall will engage in investor meetings [3]. - Upexi will be present at the 3rd Annual The Bridge Conference on November 12, 2025, with Chief Strategy Officer Brian Rudick participating in a panel on DATs vs. ETFs at 11:00 am E.T. [3]. - The Rothschild & Co Redburn FinTech Conference will take place on November 17-18, 2025, where both CEO Allan Marshall and Chief Strategy Officer Brian Rudick will participate in investor meetings and a panel on developments in the crypto ecosystem on November 18 at 9:00 am E.T. [4]. - Upexi will also attend the Roth 14th Annual ROTH Technology Conference on November 19, 2025, and the Clear Street Inaugural Disruptive Technology Conference on November 19-20, 2025, with opportunities for one-on-one meetings with management [5]. Company Overview - Upexi, Inc. is a leading digital asset treasury company focused on acquiring and holding Solana (SOL), currently holding over two million SOL [6]. - The company employs three key value accrual mechanisms: intelligent capital issuance, staking, and discounted locked token purchases, aiming for disciplined and accretive growth [6]. - Upexi also operates as a brand owner in the development, manufacturing, and distribution of consumer products [6].

Core Insights - Upexi, Inc. has appointed Jon Najarian, a prominent options trader and media personality, to its Advisory Committee, enhancing its strategic expertise in finance and media [1][2][3] Company Overview - Upexi, Inc. specializes in the development, manufacturing, and distribution of consumer products while diversifying into the cryptocurrency space, particularly focusing on acquiring and holding Solana (SOL) [4] - The company currently holds over two million SOL and employs strategies such as intelligent capital issuance, staking, and discounted locked token purchases to enhance value [4] Advisory Committee - Jon Najarian joins Arthur Hayes and S◎L Big Brain as founding members of the Upexi Advisory Committee, bringing significant market expertise and a strong following in finance and media [1][2][3] - Najarian's background includes co-founding Mercury Trading and launching Market Rebellion, establishing him as a trusted voice for both institutional and retail traders [2] Strategic Vision - Upexi aims to maximize shareholder value through a risk-prudent approach while fostering a culture of innovation, which aligns with Najarian's vision for the company [3]

S-1/A 1 upxi_s1a.htm FORM S-1/A As filed with the U.S. Securities and Exchange Commission on October 20, 2025 Registration No. 333-289465 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A Amendment No. 6 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Delaware 5900 83-3378978 (I.R.S. Employer Identification Number) 3030 North Rocky Point Drive, Suite 420 Tampa, FL 33607 (727) ...

S-1/A 1 upxi_s1a.htm FORM S-1/A As filed with the U.S. Securities and Exchange Commission on October 20, 2025 Registration No. 333-288822 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A Amendment No. 7 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UPEXI, INC. (Exact name of registrant as specified in its charter) Delaware 5900 83-3378978 (State or Other Jurisdiction of Incorporation or (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Iden ...