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UPEXI, INC. (UPXI)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $3.1M with gross profit up 23% YoY to ~$1.6M, while net loss widened to ~$3.8M as operating expenses increased; management emphasized that reported results reflect the legacy consumer business .
  • The company accelerated its pivot to a crypto treasury strategy, closing a $100M private placement and accumulating 597,002 SOL (~$102.4M at $171.50), with an estimated unrealized gain of ~$18.1M and ~7.9% staking yield (~48,000 tokens/year) .
  • No formal Q3 guidance or earnings call transcript was available; Wall Street consensus estimates (EPS, revenue, EBITDA) were unavailable for comparison, limiting beat/miss analysis.
  • Near-term stock catalysts likely hinge on continued crypto treasury execution (accumulation pace, staking revenue visibility) and clarity on legacy consumer portfolio profitability and cost structure .

What Went Well and What Went Wrong

What Went Well

  • Strategic funding and treasury build: “In less than a month, we closed on a $100 million private placement from top crypto VCs, embarked on our previously announced crypto treasury strategy, and added a new revenue stream in staking.” — Allan Marshall, CEO .
  • Crypto assets and yield: Accumulated 597,002 SOL (~$102.4M), implying an ~$18.1M unrealized gain at a $171.50 spot price, with staking yield of ~7.9% and ~48,000 tokens/year .
  • Legacy gross profit improved YoY: Gross profit increased ~23% YoY to ~$1.6M, indicating better unit economics and/or mix within the legacy consumer business during the quarter .

What Went Wrong

  • Profitability deterioration: Net loss was approximately $3.8M for Q3 as total operating expenses rose; diluted EPS of -$2.87* deteriorated QoQ and YoY, reflecting operating deleverage and higher costs relative to sales*.
  • Revenue contraction: Revenue declined to $3.160M* from $4.005M* in Q2 and $5.223M* in Q3 2024, pressuring margin structure and cash generation*.
  • OpEx pressure: Total operating expenses increased to $7.018M* vs. $5.079M* in Q2, driving EBITDA to -$3.639M* and EBITDA margin to -115.2%, highlighting cost discipline as a focal concern.

Values with * retrieved from S&P Global.

Financial Results

Core P&L and Cash Flow (Legacy Consumer) – Quarter-over-Quarter

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD)$4,356,515*$4,005,492*$3,160,480*
Gross Profit ($USD)$2,930,068*$2,974,106*$1,559,106*
Gross Margin (%)67.26%*74.25%*49.33%*
EBITDA ($USD)-$1,076,070*-$833,447*-$3,639,517*
EBITDA Margin (%)-24.70%*-20.81%*-115.16%*
EBIT Margin (%)-30.65%*-26.79%*-122.05%*
Net Income ($USD)-$1,625,577*-$1,301,310*-$3,831,660*
Diluted EPS ($USD)-$1.5549*-$1.2448*-$2.87*
Total Operating Expenses ($USD)$5,691,680*$5,078,691*$7,017,707*
Cash from Operations ($USD)-$1,974,592*-$1,384,044*-$778,710*
Capital Expenditure ($USD)-$167,410*$0*-$30,589*

Values retrieved from S&P Global.

Year-over-Year Comparison (Q3 2024 vs. Q3 2025)

MetricQ3 2024Q3 2025YoY Change
Revenue ($USD)$5,223,242*$3,160,480*-39.6%*
Gross Profit ($USD)$1,267,683*$1,559,106*+22.9%*
Gross Margin (%)24.27%*49.33%*+25.06 pp*
EBITDA ($USD)-$4,180,795*-$3,639,517*+$541,278*
EBITDA Margin (%)-80.04%*-115.16%*-35.12 pp*
Net Income ($USD)-$4,118,612*-$3,831,660*+$286,952*
Diluted EPS ($USD)-$4.2957*-$2.87*+$1.4257*
Cash from Operations ($USD)$783,542*-$778,710*-$1,562,252*

Values retrieved from S&P Global.

Actual vs. Consensus (Q3 2025)

MetricActualConsensusBeat/Miss
Revenue ($USD)$3,160,480*n/an/a
EPS ($USD)-$2.87*n/an/a
EBITDA ($USD)-$3,639,517*n/an/a

Values retrieved from S&P Global. Consensus unavailable.

Segment Breakdown

SegmentQ3 2025 RevenueNotes
Legacy Consumer$3.1M (press release)Press release stated results for the quarter are from the legacy consumer business .
Cryptocurrency Treasuryn/aTreasury/valuation metrics disclosed; not revenue in the P&L for Q3 .

KPIs (Treasury and Corporate)

KPIQ3 2025Source
SOL Holdings (tokens)597,002
SOL Holdings Valuation~$102.4M at $171.50
Unrealized Gain~$18.1M
Staking Yield~7.9% (~48,000 tokens/year)
Shares Outstanding (May 14, 2025)37,253,373

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ3 2025 / FY 2025None disclosedNone disclosedMaintained (no formal guidance)
MarginsQ3 2025 / FY 2025None disclosedNone disclosedMaintained (no formal guidance)
OpExQ3 2025 / FY 2025None disclosedNone disclosedMaintained (no formal guidance)
OI&E / TaxQ3 2025 / FY 2025None disclosedNone disclosedMaintained (no formal guidance)
Segment GuidanceQ3 2025 / FY 2025None disclosedNone disclosedMaintained (no formal guidance)
DividendsQ3 2025None disclosedNone disclosedMaintained (no formal guidance)

No formal guidance provided in the Q3 press release .

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available.

TopicPrevious Mentions (Q-2)Previous Mentions (Q-1)Current Period (Q3)Trend
Treasury/crypto strategyNot disclosedRegained NASDAQ compliance; restructuring; operating facilities at full capacity; portfolio brands (LuckyTail, PRAX, Cure Mushrooms, Moonwlkr) $100M private placement; 597,002 SOL; staking revenue; unrealized gains Strong acceleration toward crypto treasury
Legacy consumer operationsNot disclosedStable and cash flowing manufacturing/distribution in Florida; brand portfolio ongoing Quarter reflects legacy consumer business; gross profit +23% YoY Focus remains but less strategic emphasis vs. treasury
Guidance/visibilityNot disclosedNot disclosedNo formal guidance; consensus unavailableVisibility remains limited
Cost disciplineNot disclosedNot disclosedOpEx increased; negative EBITDA and EPS*Requires improvement*

Values with * retrieved from S&P Global.

Management Commentary

  • “In less than a month, we closed on a $100 million private placement from top crypto VCs, embarked on our previously announced crypto treasury strategy, and added a new revenue stream in staking. We will continue to aggressively accumulate SOL in a disciplined manner for the benefit of our shareholders.” — Allan Marshall, CEO .
  • Financial results reflect the legacy consumer business for the quarter, with revenue of $3.1M, gross profit of ~$1.6M (+23% YoY), and net loss of ~$3.8M .
  • Corporate details included shares outstanding of 37,253,373 as of May 14, 2025 .

Q&A Highlights

No Q3 2025 earnings call transcript or Q&A was available.

Estimates Context

  • Wall Street consensus estimates (EPS, revenue, EBITDA) for Q3 2025 were unavailable, preventing a formal beat/miss assessment. Values reported in tables above marked with * were retrieved from S&P Global.
  • In the absence of consensus, investors should anchor on sequential and YoY trends and management’s strategic pivot disclosures .

Key Takeaways for Investors

  • The pivot to a crypto treasury is the dominant near-term narrative: $100M capital raised, 597,002 SOL accumulated, and staking yield provides a new revenue stream; valuation and token accumulation pace will likely drive stock reaction .
  • Legacy consumer revenue contracted QoQ and YoY while OpEx rose, producing deeper losses and negative EBITDA; cost control and portfolio optimization are key focus areas for the legacy business*.
  • Gross profit improved YoY (+23%) despite revenue decline, indicating better unit economics/mix in the legacy operations, but sustainability hinges on stabilizing sales and lowering OpEx .
  • Lack of formal guidance and unavailable Street estimates reduce visibility; the market may trade on treasury disclosures and any updates to staking income realization timelines .
  • Watch for disclosures quantifying staking revenue recognition, treasury risk management, and any hedging/lockups; clarity here can reduce volatility and improve valuation confidence .
  • Monitor potential corporate actions (buybacks, financing) and capital allocation between treasury assets and legacy brands, especially as operating cash flow remains negative*.
  • Execution risks include crypto price volatility and operating deleverage in the legacy business; any improvement in OpEx discipline or monetization of treasury yield could be meaningful for sentiment*.

Values with * retrieved from S&P Global.

Source Documents

  • Form 8-K (Item 2.02) and press release: Upexi Reports First Quarter 2025 Financial Results and Provides Update on Solana Treasury Strategy (May 16, 2025) .
  • Form 8-K: Upexi Regains Compliance with NASDAQ (Dec 23, 2024) .

Notes:

  • No Q3 2025 earnings call transcript found.
  • Wall Street consensus estimates for Q3 2025 were unavailable via S&P Global.