Upexi, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 10, 2026, reporting net income of $89,123,174 driven primarily by unrealized gains on digital assets.

Key Highlights

  • Net income of $89,123,174 for the three months ended September 30, 2026, compared to $66,748,122 in the same period of the prior year, according to the filing.
  • Unrealized gain on digital assets of $101,999,183 was recorded as an operating line item for the quarter, up from $77,996,124 in the prior-year quarter.
  • Total assets reached $283,532,725 as of September 30, 2026, versus $180,120,791 as of June 30, 2026, with current digital assets at fair value of $192,766,344.
  • Total revenue was $3,484,120 for the quarter, comprising $431,281 in product revenue and $3,052,839 in digital asset revenue, compared to total revenue of $9,239,745 in the prior-year quarter.
  • Accumulated deficit narrowed to $217,485,346 as of September 30, 2026, from $306,608,520 as of June 30, 2026, reflecting the quarter's net income.
  • 88,855,392 shares of common stock outstanding as of November 10, 2026, with 88,428,457 shares outstanding as of September 30, 2026.
  • Current portion of convertible notes payable rose to $146,976,334 as of September 30, 2026, reclassified from long-term, where it had been $162,442,056 as of June 30, 2026.

Upexi's Digital Asset Holdings and Financial Position for the September 2026 Quarter

According to the filing, Upexi, Inc. (NASDAQ:UPXI) reported income from operations of $92,295,915 for the three months ended September 30, 2026, compared to $69,155,275 in the prior-year period. The company disclosed that the dominant driver of this result was an unrealized gain on digital assets of $101,999,183, which appeared as a credit within operating expenses. The company also reported a realized loss on digital asset revenue conversion to USD of $156,943 and a realized loss on sale of digital assets of $1,525,202 in the current quarter, neither of which had comparables in the prior-year period.

The filing shows total revenue declined to $3,484,120 from $9,239,745 in the year-ago quarter. Product revenue fell to $431,281 from $3,156,128, and digital asset revenue declined to $3,052,839 from $6,083,617. Gross profit was $3,395,291, with cost of revenue of $88,829. General and administrative expenses were $7,055,956 for the quarter, and stock-based compensation was $3,890,744. Interest expense, net was $3,349,109, resulting in other expense, net of $3,172,741 after $176,368 of other income. The filing reported no income tax benefit or expense for either period presented.

On the balance sheet, total assets grew to $283,532,725 from $180,120,791 at the fiscal year-end of June 30, 2026, with digital assets at fair value accounting for the majority of that increase across both current and noncurrent categories. Total stockholders' equity shifted to $49,216,965 from a deficit of $53,813,918 at the prior fiscal year-end. The filing noted 150,000 shares of preferred stock issued and outstanding, unchanged from the prior period. The company disclosed it is a smaller reporting company and non-accelerated filer, and that the filing contains forward-looking statements subject to its cautionary language.

What Was Disclosed

Upexi filed its unaudited quarterly report covering the three months ended September 30, 2026, disclosing net income of $89,123,174, total assets of $283,532,725, and significant changes in digital asset fair values and convertible note classification on its balance sheet.