Upexi, Inc. (NASDAQ: UPXI) announced its financial results for the fiscal first quarter ended September 30, 2026, reporting a net income of $89.1 million. This figure represents a significant increase from the $66.7 million net income reported for the same period in the prior year. The company reported earnings per diluted share of $0.68 for the quarter.

Revenue for the quarter totaled approximately $3.5 million, a decrease from $9.2 million in the prior year. This decline was attributed to a shift away from legacy consumer-product lines and the exit of certain manufacturing and distribution operations. Specifically, product revenue was $0.4 million compared to $3.2 million in the prior year. Digital asset revenue, primarily derived from staking, totaled $3.1 million, down from $6.1 million in the prior year due to lower SOL token prices.

A key driver of the net income was $102.0 million in unrealized gains on digital assets, reflecting non-cash fair value adjustments at quarter-end. The company also reported a reduction in general and administrative expenses to $7.1 million from $9.3 million in the prior year.

Upexi reported a Solana treasury of approximately 2.35 million SOL as of September 30, 2026, with an average cost of approximately $154 per SOL. Over 95% of the SOL held was staked. During the quarter, the company earned approximately 31,300 SOL of digital asset revenue and purchased approximately 30,100 SOL for $3.5 million while selling approximately 53,000 SOL for $4.6 million.

On the balance sheet, cash totaled $6.4 million as of September 30, 2026, up approximately 11% from the previous quarter. Total stockholders' equity was reported at $49.2 million, a substantial improvement from negative $53.8 million as of June 30, 2026. During the quarter, the company issued approximately 8.8 million shares of common stock under its at-the-market program for gross proceeds of approximately $10.1 million.

Operational highlights included an amendment to the company’s credit facility with BitGo Prime, LLC, which reduced the interest rate on borrowings from 11.5% to 7.5% per year. Based on the $57.3 million outstanding as of September 30, 2026, the company expects this reduction to lower annual interest expense by approximately $2.3 million.