TLDR
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Upexi stock drops as Solana losses weigh on fiscal Q3 earnings
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UPXI reports revenue growth but Solana losses widen quarterly loss
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Upexi’s Solana treasury grows despite $109.3M net loss in Q3
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UPXI rebounds pre-market after sharp drop tied to Solana losses
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Upexi cuts costs as staking revenue supports Solana treasury plan
Upexi, Inc. (UPXI) shares reported stronger quarterly revenue, but Solana-related fair value losses weighed heavily on its fiscal third-quarter results. UPXI stock closed at $1.35 on Tuesday, down 8.16%, before rising 2.04% to $1.3776 in pre-market trading. The move followed a wider net loss tied mainly to unrealized losses on digital assets.
UPXI Stock Falls After Wider Q3 Loss
Upexi reported a net loss of $109.3 million for the quarter ended March 31, 2026. The company posted a loss of $1.67 per share, compared with $3.8 million last year. The prior-year loss equaled $2.87 per share due to a smaller share count.
The company said unrealized digital asset losses reached $92.3 million during the quarter. These losses reflected non-cash fair value adjustments at the end of the reporting period. Therefore, Solana price weakness became the main drag on reported earnings.
UPXI shares declined after the results showed pressure from crypto market conditions. The stock still recovered slightly in pre-market trading, signaling some early buying interest. However, the quarterly loss remained the main focus after the earnings release.
Revenue Growth Offsets Some Pressure
Upexi reported total revenue of about $4.6 million for the fiscal third quarter. That figure rose from $3.2 million in the same quarter last year. The company’s gross profit climbed 179% year over year to $4.4 million.
The revenue increase came as Upexi expanded its digital asset treasury business. Staking revenue also helped the company improve its top-line performance. The rise in revenue did not offset the large unrealized loss from Solana holdings.
Cash and cash equivalents increased to $3.5 million as of March 31, 2026. The company also reduced short-term debt by about $7.6 million during the period. That figure included about $5.4 million in short-term treasury debt.
Solana Treasury Strategy Remains Central
Upexi increased its Solana holdings by 9% during the quarter. The company held 2.5 million SOL tokens worth more than $238 million as of March 31. Consequently, it remained one of the largest corporate Solana treasury firms.
Upexi also repurchased and retired 2,894,287 shares during the nine months ended March 31, 2026. In addition, it completed a $36 million convertible note deal for 265,500 locked Solana tokens. It also closed a $7.4 million registered direct offering.
The company cut operating costs through staff reductions and lease eliminations. Management expects ongoing cash expenses and interest to fall below staking revenue by July 1, 2026. Upexi continues to build around Solana, even as market weakness pressures quarterly results.
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