UPXI

Upexi is no longer really a consumer-products company; per the MD&A it is 'in the cryptocurrency industry and the management of cash assets through a cryptocurrency portfolio, primarily focused in Solana.' The legacy branded-products business is in outright decline: FY2025 revenue fell 39% to $15.8M (management cites a 43% drop, driven ~85% by divesting the recommerce business), and the five-year trajectory is ugly — $24.1M (2021) → $23.1M → $36.4M → $26.0M → $15.8M, with net losses every year since 2021 totaling well over $50M (accumulated deficit -$60.5M). Operating margin is -79% and operating cash flow was -$8.4M. Only ~$985K of revenue came from the new digital-asset treasury. This is a business shrinking into a crypto holding vehicle.

The balance sheet looks superficially strong — total assets jumped 427% to $124M and equity 1,283% to $90.1M — but that expansion came entirely from issuing stock: shares outstanding exploded 5,557% (to 58.9M) to fund Solana purchases. So the $90M of equity is largely a pile of SOL tokens, an asset whose value is volatile and unknowable from this filing. Meanwhile actual cash is just $2.98M against $20.0M of current debt, and the Risk Factors explicitly warn of further dilution ('You may experience additional dilution in the future') and a 'limited operating history' with no assurance of ever reaching profitability.