Upexi reported fiscal 2026 revenue of approximately $25 million, up from $15.8 million in the prior year, as the company completed its first full fiscal year operating a Solana-focused digital asset treasury strategy.
Digital asset revenue, primarily staking income, totaled $17.4 million during the year.
Upexi held approximately 2.34 million SOL as of June 30 at an average purchase price of $154 per token. Approximately 95% of the company’s Solana holdings were staked, allowing the treasury to generate recurring digital asset income.
Management expects staking revenue to exceed ongoing cash operating expenses beginning in the current quarter following an efficiency initiative and other balance-sheet changes.
The company reported a fiscal-year net loss of $246.1 million, or $3.87 per share, compared with a $13.7 million loss, or $1.73 per share, in fiscal 2025. The larger loss was primarily attributable to $195.1 million of unrealized losses on digital assets.
Cash totaled $5.8 million at year-end, representing an increase of approximately 94% from June 2025.
Upexi also took several steps to strengthen its capital structure. The company repurchased approximately 2.9 million shares and retired roughly $19.5 million of its secured convertible note.
After fiscal year-end, Upexi amended its credit facility with BitGo Prime, reducing the annual interest rate from 11.5% to 7.5% and lowering required collateral. It also raised approximately $2.5 million in gross proceeds through its at-the-market equity program.
The company’s strategy centers on building its Solana holdings while generating yield through staking, disciplined capital issuance and purchases of discounted locked tokens.
Alongside its digital asset treasury operations, Upexi continues to own consumer brands, although the Solana strategy has become central to its positioning with investors.
KEY QUOTES:
“Fiscal 2026 marked the first full year of our Solana treasury strategy, and in a subdued market for digital assets we focused on what we could control.”
“We also completed our efficiency initiative, and expect staking revenue to exceed ongoing cash operating expenses beginning with the current quarter.”
Allan Marshall, CEO of Upexi
