Upexi, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in June.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $25m, up 58.1% on a year earlier, about the same pace as a quarter earlier. That growth ranks 3 of 27 among the internet services & infrastructure companies we cover.
Our models give no value for Upexi at present, so past values are not shown.
Source: 10-K filed September 17, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Upexi, Inc.'s trailing-twelve-month revenue grew 58.1% year on year, with a free-cash-flow margin of -84.0%.
Current signal Gross margin expanding: TTM gross margin reached 89.5%, up 20.7pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: not reconciled
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
The debt balance is incomplete; NAV cannot assume zero debt.
No model value for Upexi, Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Upexi, Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.45 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: The debt balance is incomplete; NAV cannot assume zero debt. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Upexi, Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Upexi's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -3.4% of total assets over 5 years.
Gross margin has been a median 60.0%, moving by 15.6 percentage points (standard deviation) across 5 years.
Operating margin has been a median -55.3%; its worst year was -963.5%.
Free cash flow was positive in 1 of 6 years, at a median -14.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (30 before it).
Next results: November 11, 2026, after the close. Analysts expect revenue of $4m and EPS of −$0.23 (range −$0.23 to −$0.23) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.43 | +88% | $27m | +7% |
| Next | −$0.13 | +70% | $44m | +63% |
The consensus EPS forecast for the current fiscal year is +160.6% on 90 days ago. In the last 30 days, 1 analyst raised Upexi, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$0.17 |
| 60 days ago | −$0.27 |
| 30 days ago | −$0.27 |
| 7 days ago | −$0.11 |
| Now | −$0.43 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.11 | −$0.05 | +53.0% |
| Dec 2025 | −$0.07 | −$0.21 | −177.6% |
| Sept 2025 | −$0.01 | −$0.13 | −1171.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| UPXI | −25% | −61% | −85% | −52% | −58% |
| Industry peers (median) | −81% | +46% | −15% | −10% | −30% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| UPXI | 50% | 25% | 33% | 33% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| UPXI | −54% | −85% | −92% | −89% | −77% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 24, 2021: 100% from June 25, 2021 to February 23, 2026. Getting back needed a 27723% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| September 17, 2026 | +13.3% | +1.3% | +11.4% | −7.2% |
| May 13, 2026 | +12.6% | +1.4% | +3.7% | −32.6% |
| February 10, 2026 | −22.3% | −0.3% | −34.3% | −11.4% |
| November 12, 2025 | +0.3% | −1.6% | −16.2% | −29.6% |
| September 26, 2025 | +6.4% | +0.9% | +40.9% | −6.4% |
| May 16, 2025 | +0.6% | +0.7% | +11.5% | +0.1% |
| December 23, 2024 | −14.3% | +1.7% | −20.6% | −8.4% |
| July 11, 2024 | +8.5% | −0.2% | +0.5% | −52.4% |
| February 16, 2024 | −12.7% | −1.0% | −38.4% | −42.3% |
| February 12, 2024 | +6.6% | −1.4% | −30.0% | −56.0% |
| November 24, 2023 | −9.0% | −0.1% | −11.1% | +9.1% |
| November 15, 2023 | +7.1% | +0.3% | −1.8% | −9.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q1 | $37.1M |
| FY24 Q2 | $17.8M |
| FY24 Q3 | $1.1M |
| FY24 Q4 | $26M |
| FY25 Q1 | $22.1M |
| FY25 Q2 | $18.6M |
| FY25 Q3 | $16.6M |
| FY25 Q4 | $15.8M |
| FY26 Q1 | $20.7M |
| FY26 Q2 | $24.7M |
| FY26 Q3 | $26.1M |
| FY26 Q4 | $25M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | 21.8% |
| FY24 Q2 | -65.9% |
| FY24 Q3 | -98.4% |
| FY24 Q4 | -35.0% |
| FY25 Q1 | -40.4% |
| FY25 Q2 | 4.8% |
| FY25 Q3 | 1378.8% |
| FY25 Q4 | -39.2% |
| FY26 Q1 | -6.3% |
| FY26 Q2 | 32.8% |
| FY26 Q3 | 57.8% |
| FY26 Q4 | 58.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q1 | -31.5% |
| FY24 Q2 | -70.6% |
| FY24 Q3 | -1381.0% |
| FY24 Q4 | -86.4% |
| FY25 Q1 | -101.2% |
| FY25 Q2 | -111.8% |
| FY25 Q3 | -116.9% |
| FY25 Q4 | -79.1% |
| FY26 Q1 | 280.2% |
| FY26 Q2 | -470.1% |
| FY26 Q3 | -839.8% |
| FY26 Q4 | -963.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q1 | -5.8% |
| FY24 Q2 | -46.3% |
| FY24 Q3 | -551.3% |
| FY24 Q4 | -4.0% |
| FY25 Q1 | 4.1% |
| FY25 Q2 | -2.5% |
| FY25 Q3 | -11.4% |
| FY25 Q4 | -55.7% |
| FY26 Q1 | -79.6% |
| FY26 Q2 | -71.9% |
| FY26 Q3 | -83.2% |
| FY26 Q4 | -84.0% |
| Fiscal year | 2020 Jun 2020 | 2021 Jun 2021 | 2022 Jun 2022 | 2023 Jun 2023 | 2024 Jun 2024 | 2025 Jun 2025 | 2026 Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 7 | 24 | 23 | 36 | 26 | 16 | 25 |
| Gross profit | 3 | 12 | 15 | 21 | 13 | 11 | 22 |
| EBITDA | −4 | 2 | −4 | −9 | −19 | −12 | −240 |
| Operating income | −5 | 1 | −6 | −12 | −22 | −12 | −241 |
| Net income | −5 | 3 | −2 | −17 | −24 | −14 | −246 |
| Diluted EPS | −$0.17 | $0.07 | −$0.13 | −$0.30 | −$0.36 | −$0.22 | −$3.87 |
| Growth (year on year) | |||||||
| Revenue | — | +225.0% | −4.3% | +58.0% | −28.7% | −39.2% | +58.1% |
| EBITDA | — | — | −252.9% | — | — | — | — |
| Operating income | — | — | −554.8% | — | — | — | — |
| Net income | — | — | −168.7% | — | — | — | — |
| Diluted EPS | — | — | −304.8% | — | — | — | — |
| Margins | |||||||
| Gross margin | 34.7% | 49.4% | 64.5% | 57.7% | 49.3% | 68.7% | 89.5% |
| EBITDA margin | −57.0% | 10.2% | −16.3% | −24.1% | −72.2% | −74.3% | −961.6% |
| Operating margin | −65.3% | 5.9% | −28.1% | −33.7% | −86.4% | −79.1% | −963.5% |
| Net margin | −72.6% | 12.4% | −8.9% | −48.0% | −91.0% | −86.5% | −984.3% |
| Free-cash-flow margin | −82.2% | 6.3% | −24.4% | −2.0% | −4.0% | −55.7% | −84.0% |
| Cash flow | |||||||
| Cash from operations | −4 | 3 | −0 | 0 | −0 | −8 | −21 |
| Capital spending | 2 | 1 | 5 | 1 | 1 | 0 | 0 |
| Free cash flow | −6 | 2 | −6 | −1 | −1 | −9 | −21 |
| Stock-based pay | 0 | 1 | 3 | 4 | 1 | 2 | 22 |
| Free cash flow after stock pay | −6 | 1 | −9 | −4 | −2 | −11 | −43 |
| Balance sheet | |||||||
| Cash | 1 | 15 | 7 | 4 | 1 | 3 | 6 |
| Total debt | 2 | 0 | 7 | 28 | 2 | 20 | — |
| Net debt (negative = net cash) | 1 | −14 | −0 | 24 | 1 | 17 | −6 |
| Diluted shares | 32m | 46m | 52m | 57m | 66m | 63m | 64m |
| Returned to shareholders | |||||||
| Buybacks | — | — | — | — | — | 0 | 3 |
| Total returned | — | — | — | — | — | 0 | 3 |
| Quarter | 2025 Q1 Sept 2024 | 2025 Q2 Dec 2024 | 2025 Q3 Mar 2025 | 2025 Q4 Jun 2025 | 2026 Q1 Sept 2025 | 2026 Q2 Dec 2025 | 2026 Q3 Mar 2026 | 2026 Q4 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4 | 4 | 3 | 4 | 9 | 8 | 5 | 3 |
| Gross profit | 3 | 3 | 2 | 3 | 8 | 7 | 4 | 3 |
| EBITDA | −1 | −1 | −3 | −6 | 69 | −175 | −107 | −28 |
| Operating income | −1 | −1 | −4 | −7 | 69 | −175 | −107 | −28 |
| Net income | −2 | −1 | −4 | −7 | 67 | −179 | −109 | −25 |
| Diluted EPS | $1.55 | −$1.24 | −$2.87 | $4.19 | $0.76 | — | −$1.67 | −$0.21 |
| Growth (year on year) | ||||||||
| Revenue | −47.4% | −46.3% | −39.5% | −14.9% | +112.1% | +101.0% | +44.2% | −26.6% |
| Margins | ||||||||
| Gross margin | 67.3% | 74.3% | 49.3% | 79.4% | 89.6% | 83.3% | 95.5% | 96.0% |
| EBITDA margin | −24.7% | −21.3% | −107.2% | −150.7% | 750.1% | <−999% | <−999% | −883.1% |
| Operating margin | −30.6% | −26.8% | −113.5% | −151.7% | 748.5% | <−999% | <−999% | −884.4% |
| Net margin | −37.3% | −32.5% | −121.2% | −161.5% | 722.4% | <−999% | <−999% | −779.4% |
| Free-cash-flow margin | −49.2% | −34.6% | −25.6% | −104.4% | −106.0% | −33.5% | −105.1% | −118.1% |
| Cash flow | ||||||||
| Cash from operations | −2 | −1 | −1 | −4 | −10 | −3 | −5 | −4 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −2 | −1 | −1 | −4 | −10 | −3 | −5 | −4 |
| Stock-based pay | 0 | 0 | 1 | 1 | 6 | 8 | 4 | 4 |
| Free cash flow after stock pay | −2 | −1 | −1 | −6 | −16 | −11 | −9 | −8 |
| Last 12 months unless stated | UPXI | ORBS | BGDE | BTCS | SLNH | MCHX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $25m | $25m | $27m | $17m | $42m | $44m | $165m |
| Revenue growth, last 12 months | 58.1% | −42.7% | −46.0% | 120.9% | 50.9% | −7.5% | 10.1% |
| Revenue growth, 3-year average | −14.5% | −24.0% | −24.4% | 133.1% | 38.9% | −4.3% | 7.4% |
| Revenue growth, latest quarter | −26.6% | −72.7% | −35.5% | −11.9% | 144.6% | −5.6% | 5.4% |
| Gross margin | 89.5% | −4.8% | 36.9% | 26.9% | 1.4% | 61.2% | 50.5% |
| Operating margin | −963.5% | −306.2% | −101.3% | <−999% | −127.0% | −11.4% | −62.7% |
| Operating margin, 3-year average | −376.3% | −112.8% | −75.2% | <−999% | −120.0% | −10.2% | −30.2% |
| Net margin | −984.3% | <−999% | −80.7% | −746.3% | −185.9% | −12.4% | −64.5% |
| Cash from operations / revenue | −83.8% | −83.6% | −90.5% | −47.0% | −46.2% | −1.7% | −14.5% |
| Free-cash-flow margin | −84.0% | −83.6% | −90.9% | −47.0% | −117.2% | −4.5% | −29.5% |
| Free-cash-flow margin, 3-year average | −47.9% | — | −30.5% | −114.5% | −73.4% | −4.2% | −30.5% |
| Stock pay / revenue | 87.6% | 62.7% | 25.6% | 1.1% | 62.9% | 5.4% | 12.2% |
| Change in share count | — | — | 0.0% | 135.1% | 27.8% | — | 5.2% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Arrington Capital Management, LLC | $2.2M | 2.8M | 21.2% | 0.0% |
| Vanguard Capital Management LLC | $1.9M | 2.4M | 18.5% | ▼ 28.8% |
| Mmcap International Inc. Spc | $1.8M | 2.3M | 17.8% | 0.0% |
| Blackrock, Inc. | $697,081 | 889K | 6.8% | ▲ 30.5% |
| Osaic Holdings, Inc. | $600,782 | 770K | 5.9% | ▼ 0.7% |
| Susquehanna International Group, LLP | $551,394 | 703K | 5.4% | ▲ 0.6% |
| Geode Capital Management, LLC | $457,354 | 583K | 4.5% | ▲ 8.2% |
| Vanguard Fiduciary Trust Co | $244,108 | 311K | 2.4% | ▼ 5.1% |
| Millennium Management LLC | $212,688 | 271K | 2.1% | ▼ 7.8% |
| UBS Group AG | $182,049 | 232K | 1.8% | ▼ 69.7% |
| Xtx Topco Ltd | $180,094 | 230K | 1.8% | ▲ 92.3% |
| State Street Corp | $150,584 | 192K | 1.5% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Upexi, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Marshall Allan Chief Executive Officer | December 23, 2025 | Buy | 50,000 | $1.80 | $90,000 |
| Marshall Allan Chief Executive Officer | December 16, 2025 | Buy | 50,000 | $2.07 | $103,500 |
| Marshall Allan Chief Executive Officer | December 15, 2025 | Buy | 100,000 | $2.07 | $207,000 |
| Salkind Gene Director | November 20, 2025 | Buy | 50,000 | $2.55 | $127,500 |
| Salkind Gene Director | November 17, 2025 | Buy | 100,000 | $2.65 | $265,000 |
| Salkind Gene Director | November 17, 2025 | Buy | 100,000 | $2.81 | $281,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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