Form 8-K

8-K — UPEXI, INC.

Accession: 0001477932-26-003058

Filed: 2026-05-13

Period: 2026-05-12

CIK: 0001775194

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — upxi_8k.htm (Primary)

EX-99.1 — PRESS RELEASE (upxi_ex991.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 12, 2026

_______________________________

UPEXI, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware

001-40535

83-3378978

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

3030 N. Rocky Point Drive, Suite 420

Tampa, FL 33607

(Address of Principal Executive Offices) (Zip Code)

(727) 287-2800

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.00001

UPXI

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 12, 2026, Upexi, Inc. (the "Company") issued a press release announcing its financial results for the fiscal third quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Exhibit Description

99.1

Press Release dated May 12, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UPEXI, INC.

Dated: May 13, 2026

/s/ Andrew J. Norstrud

Name: Andrew J. Norstrud

Title: Chief Financial Officer

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: upxi_ex991.htm · Sequence: 2

upxi_ex991.htm

EXHIBIT 99.1

Upexi Reports Fiscal Third Quarter 2026 Financial Results

Solana Tokens Held Increased During the Quarter by ~189,000 or 9% (35% Annualized)

Digital Asset Revenue Totaled $3.5 Million for the Quarter

Conference Call Scheduled for Today, May 12, 2026, at 5:30 p.m. Eastern Time

TAMPA, Fla., May 12, 2026— Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced its financial results for the fiscal third quarter ended March 31, 2026.

“This quarter’s results reflect diligently executing against our digital asset treasury strategy of accumulating SOL on an accretive per-share basis and maintaining a flexible capital structure that positions us to pursue opportunities as they emerge,” said Allan Marshall, Chief Executive Officer of Upexi. “During the quarter, we grew the number of SOL held in our treasury by 9%, increased the number of tokens generated from staking, and repurchased approximately 2.5 million Upexi shares in the open market, all of which increased our Solana per share. Solana's best-in-class performance, costs, and institutional adoption gives us conviction that we are building long-term shareholder value around the network that we believe will revolutionize global finance.”

Financial Highlights for the Quarter Ended March 31, 2026

Total revenue for the quarter was approximately $4.6 million, compared to $3.2 million for the same quarter ended March 31, 2025.

Gross profit totaled $4.4 million, up 179% year-over-year, due to the addition of the digital asset treasury business.

Net loss totaled $109.3 million, or $1.67 per share, compared to a net loss of $3.8 million, or $2.87 per share, for the quarter ended March 31, 2025. This net loss was largely driven by $92.3 million of unrealized losses on digital assets, reflecting non-cash quarter-end fair value adjustments.

Cash and cash equivalents increased to $3.5 million as of March 31, 2026.

Reduced short term debt by approximately $7.6 million, including approximately $5.4 million in short term treasury debt.

Operational and Other Highlights During and Subsequent to the Quarter

In the nine months ended March 31, 2026, the Company repurchased and retired 2,894,287 shares of Upexi common stock under the current repurchase program.

Completed $36 million private placement convertible note in exchange for 265,500 locked Solana tokens.

Completed $7.4 million registered direct offering.

Reduced ongoing operational costs, including the reduction of the employee count to 10 employees, the elimination of a warehouse lease and the elimination of several other general and administrative costs.

Management estimates that by July 1, 2026, the ongoing cash expenses for operations and interest will be less than the treasury’s staking revenue at the current price of Solana.

The Company’s Quarterly Report on Form 10-Q for this period is available on the SEC’s website and on Upexi’s IR website.

Conference Call Information

Event:

Fiscal Third Quarter 2026 Earnings Call

Date:

Tuesday, May 12, 2026

Time:

5:30 p.m. ET

Live Call:

1-877-407-9716 (U.S. Toll-Free) or 1-201-493-6779 (International)

Webcast

https://ir.upexi.com/news-events/ir-calendar

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 26, 2026, and can be accessed by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) and entering replay pin number: 13760532.

About Upexi, Inc.

Upexi, Inc. (Nasdaq: UPXI) is a leading digital asset treasury company, where it aims to acquire and hold as much Solana (SOL) as possible in a disciplined and accretive fashion. In addition to benefiting from the potential price appreciation of Solana - the cryptocurrency of the leading high-performance blockchain - Upexi utilizes three key value accrual mechanisms in intelligent capital issuance, staking, and discounted locked token purchases. The Company operates in a risk-prudent fashion to position itself for any market environment and to appeal to investors of all kinds, and it currently holds over two million SOL. Upexi also continues to be a brand owner specializing in the development, manufacturing, and distribution of consumer products. Please see www.upexi.com for more information.

Follow Upexi on X - https://x.com/upexitreasury

Follow CEO, Allan Marshall, on X - https://x.com/upexiallan

Follow CSO, Brian Rudick, on X - https://x.com/thetinyant

Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. For example, the Company is using forward looking statements when it discusses the anticipated use of proceeds. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Company Contact

Brian Rudick, Chief Strategy Officer

Email: brian.rudick@upexi.com

Phone: (203) 442-5391

Investor Contact

KCSA Strategic Communications

Valter Pinto or Jack Perkins

Upexi@KCSA.com

UPEXI, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

June 30,

2026

2025

ASSETS

Current assets

Cash

$ 3,482,847

$ 2,975,150

Accounts receivable, net

496,393

157,515

Inventory, net

215,237

1,152,870

Due from VitaMedica transition

336,239

228,017

Prepaid expenses and other receivables

990,957

350,836

Current digital assets at fair value

114,942,784

49,913,655

Purchase price receivable - VitaMedica

1,340,000

2,000,000

Total current assets

121,804,457

56,778,043

Property and equipment, net

241,215

2,052,573

Intangible assets, net

855,543

163,113

Goodwill

673,854

848,854

Deferred tax asset

5,948,858

Digital assets at fair value, net of current

69,960,104

56,083,525

Other assets

178,589

192,123

Right-of-use asset, net

711,063

1,739,755

Total noncurrent assets

78,569,226

67,028,801

Total assets

$ 200,373,683

$ 123,806,844

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$ 288,722

$ 1,039,370

Accrued compensation

4,506,613

3,470,296

Deferred revenue

2,324

13,155

Accrued liabilities

2,166,822

356,064

Accrued interest

2,268,473

792,449

Acquisition payable

260,652

Current portion of promissory notes

560,000

Short-term treasury debt

57,295,723

20,000,000

Current portion of Cygnet subsidiary notes payable

3,694,721

5,380,910

Current portion of operating lease payable

339,669

691,010

Total current liabilities

70,823,719

32,563,906

Operating lease payable, net of current portion

437,077

1,145,440

Convertible notes payable

181,031,073

Total long-term liabilities

181,468,150

1,145,440

Stockholders' equity

Preferred stock, $0.00001 par value, 10,000,000 shares authorized, and 150,000 shares issued and outstanding

Common stock, $0.00001 par value, 1,000,000,000 shares authorized, 66,895,799 and 38,270,571 shares issued, as of March 31, 2026 and June 30, 2025, respectively

669

383

Additional paid in capital

230,145,603

150,640,935

Accumulated deficit

(282,064,460 )

(60,543,822 )

Total stockholders' equity

(51,918,186 )

90,097,498

Total liabilities and stockholders' equity

$ 200,373,683

$ 123,806,844

UPEXI, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

Nine Months Ended March 31,

2026

2025

2026

2025

Revenue

$ 1,050,667

$ 3,160,480

$ 7,115,322

$ 11,522,487

Digital asset revenue

3,506,432

14,733,562

Total revenue

4,557,099

3,160,480

21,848,884

11,522,487

Cost of revenue

206,365

1,601,374

2,503,991

4,059,207

Gross profit

4,350,734

1,559,106

19,344,893

7,463,280

Operating expenses

Sales and marketing

553,300

1,039,299

2,536,696

3,030,687

Distribution costs

588,652

990,049

2,400,449

3,722,196

General and administrative

4,931,678

2,642,654

19,711,672

5,558,934

Unrealized loss on digital assets

92,307,488

5,268

178,806,383

5,268

Realized loss on digital asset revenue conversion to USD

1,887,472

2,229,071

Realized loss on sale of digital assets

6,773,418

Stock-based compensation

3,987,514

521,353

18,044,585

695,229

Amortization of acquired intangible assets

19,190

19,191

57,570

57,571

Impairment on assets from manufacturing shut down

1,422,289

Depreciation

88,289

198,519

358,579

658,986

Lease Impairment (gain on settlement)

(269,994 )

111,137,001

5,146,339

232,340,712

13,458,877

Loss from operations

(106,786,267 )

(3,587,233 )

(212,995,819 )

(5,995,597 )

Other expense, net

Interest expense, net

(3,683,334 )

(245,103 )

(9,987,426 )

(763,626 )

Other income, net

1,125,771

676

1,462,607

676

Other expense, net

(2,557,563 )

(244,427 )

(8,524,819 )

(762,950 )

Loss on operations before income tax

(109,343,830 )

(3,831,660 )

(221,520,638 )

(6,758,547 )

Income tax benefit (expense)

Net loss

$ (109,343,830 )

$ (3,831,660 )

$ (221,520,638 )

$ (6,758,547 )

Basic loss per share:

Loss per share

$ (1.67 )

$ (2.87 )

$ (3.66 )

$ (5.92 )

Diluted loss per share:

Loss per share

$ (1.67 )

$ (2.87 )

$ (3.66 )

$ (5.92 )

Basic weighted average shares outstanding

65,506,837

1,336,373

60,522,907

1,140,995

Fully diluted weighted average shares outstanding

65,506,837

1,336,373

60,522,907

1,140,995

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