Upexi FY2026: $246M Net Loss, Negative Equity as Solana Bet Sours
UPXI sits 94% above its 52-week low of $0.54.
Summary
Upexi reported a $246.1M FY2026 net loss and negative stockholders' equity of -$53.8M, driven by a $195.1M unrealized loss on its Solana treasury. The company faces $162.4M in SOL-settled convertible notes and continues diluting via ATM issuance.
Key Events · Earnings and Guidance · UPXI
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FY2026 Net Loss of $246.1M
Full-year net loss of $246,064,698, up from $13.7M in FY2025, driven by a $195.1M unrealized loss on Solana holdings as SOL fell from $154.74 to $73.52.
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Negative Stockholders' Equity
Total stockholders' equity swung from positive $90.1M to negative $53.8M as of June 30, 2026, meaning liabilities exceed assets.
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$162.4M SOL-Settled Convertible Notes
Convertible notes payable of $162.4M require settlement in SOL tokens if not converted to equity, tying solvency directly to crypto prices.
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Continued ATM Dilution
Subsequent to year-end, the company issued ~2.5M shares for ~$2.5M via its at-the-market program in August 2026.
Analysis · UPXI · Crypto Assets
The annual report lays bare the damage from Upexi's Solana treasury strategy: a $246.1 million net loss for fiscal 2026, almost entirely due to a $195.1 million unrealized loss on digital assets as SOL slid from $154.74 to $73.52. Stockholders' equity flipped from positive $90.1 million to negative $53.8 million, meaning liabilities now exceed assets. Adding to the strain, the company carries $162.4 million in convertible notes that must be settled in SOL if not converted—a structure that ties its solvency directly to crypto prices. Against this backdrop, another 2.5 million shares were issued via the ATM in August 2026, adding dilution pressure. This is a thesis-altering disclosure for a company whose market cap is only ~$83 million.
How filings like this one have moved
In the 30 days to Sep 17, 2026, 40.1% of the 372 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.60%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, UPXI was trading at $1.05 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $83M. The 52-week trading range was $0.54 to $7.75. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.