Upexi — Fiscal First Quarter 2027 Earnings Summary

Financial Performance:

• Total revenue was approximately $3.5 million for the quarter ended September 30, 2026, compared to $9.2 million for the same quarter in 2025.
• Product revenue was $0.4 million, down from $3.2 million in the prior year period.
• Digital asset revenue totaled $3.1 million, down from $6.1 million in the prior year period, primarily due to lower SOL token prices; the number of tokens earned was approximately flat year-over-year.
• General and administrative expenses were $7.1 million, a 24% decrease from $9.3 million in the prior year period.
• Net income totaled $89.1 million ($0.97 basic, $0.68 diluted per share), compared to $66.7 million ($1.21 basic, $0.76 diluted per share) in the prior year period.
• Net income was largely driven by $102.0 million in unrealized gains on digital assets.
• Cash on hand was $6.4 million as of September 30, 2026, an 11% increase from June 30, 2026.
• Total stockholders' equity was $49.2 million as of September 30, 2026, compared to a deficit of $53.8 million as of June 30, 2026.
• Short-term treasury debt was $57.3 million as of September 30, 2026.
• Current portion of convertible notes payable was $147.0 million as of September 30, 2026, compared to zero in the prior quarter.
• Total assets were $283.5 million as of September 30, 2026, compared to $180.1 million as of June 30, 2026.

Guidance and Future Outlook:

• The company expects the reduction in the BitGo borrowing interest rate to lower annual interest expense by approximately $2.3 million.
• The company aims to acquire and hold as much Solana (SOL) as possible in a disciplined and accretive fashion.

Business Segments and Product Lines:

• The company is shifting away from legacy health, wellness, and other consumer-product lines and has exited certain manufacturing and distribution operations.
• Over 95% of the Solana treasury was staked as of September 30, 2026.
• The company earned approximately 31,300 SOL of digital asset revenue during the quarter.
• The company continues to operate as a brand owner specializing in the development, manufacturing, and distribution of consumer products.

Market and Competitive Landscape:

• The decline in digital asset revenue was attributed to lower SOL token prices year-over-year.
• The company positions itself to appeal to investors of all kinds and operates in a risk-prudent fashion.

Risks and Challenges:

• The press release notes inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, and integration.
• Forward-looking statements indicate that actual results could differ due to numerous factors, including market conditions and business strategy.

Management Commentary and Tone:

• CEO Allan Marshall stated the company strengthened its balance sheet by increasing the Solana treasury to approximately 2.35 million SOL, raising cash to $6.4 million, and increasing stockholders' equity to $49.2 million.
• Management highlighted the successful reduction of the BitGo borrowing interest rate from 11.5% to 7.5% in September.

Other Key Points:

• The Solana treasury totaled approximately 2.35 million SOL as of September 30, 2026, with an average cost of approximately $154 per SOL.
• As of November 10, 2026, the Company held approximately 2,360,265 SOL.
• The Company amended its credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral.
• The Company issued approximately 8.8 million shares of common stock under its at-the-market program during the quarter for approximately $10.1 million of gross proceeds.
• During the quarter, the Company purchased approximately 30,100 SOL for approximately $3.5 million and sold approximately 53,000 SOL for proceeds of approximately $4.6 million.
• As of November 10, 2026, the Company had 88,855,392 shares of common stock outstanding.