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Upexi (UPXI) earnings and revenue breakdown
Latest: Q4 FY26 · 10-K filed Sep 17, 2026 · Upexi (UPXI) Q4 FY26 earnings results →
Q4 FY26 Revenue down 27% year over year to $3.1M · 779¢ of every $1 of revenue lost · operating margin -884.4%
Upexi made $3.1M in Q4 FY26 (-27% Y/Y). Operating margin -884.4%, net loss $24.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 17, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.1M in Q4 FY26, down 27% year over year and down 31% from the previous quarter.
Gross margin was 96.0%, up 16.6 points from Q4 FY25. Operating costs exceeded revenue by $27.9M, an operating margin of -884.4%. Operating expenses grew 212% against a revenue fall of 27%. The fastest-growing cost line was Other operating costs (+830%). The quarter ended with a net loss of $24.5M, narrower than the previous quarter's $109.3M loss.
Operating cash flow was −$3.7M. Non-cash charges added back $40K of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items added $16.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q4 FY26 | 10-K | Sep 17, 2026 | $3.1M | -27% | -884.4% | −$24.5M | −$3.7M |
| Q3 FY26 | 10-Q | May 12, 2026 | $4.6M | +44% | n/m | −$109M | −$4.8M |
| Q2 FY26 | 10-Q | Feb 10, 2026 | $8.1M | +101% | n/m | −$179M | −$2.7M |
| Q1 FY26 | 10-Q | Nov 12, 2025 | $9.2M | +112% | 748.5% | $66.7M | −$9.8M |
| Q4 FY25 | 10-K | Sep 24, 2025 | $4.3M | -15% | -151.7% | −$6.9M | −$4.3M |
| Q3 FY25 | 10-Q | May 16, 2025 | $3.2M | -40% | -113.5% | −$3.8M | −$779K |
| Q2 FY25 | 10-Q | Feb 14, 2025 | $4.0M | -46% | -26.8% | −$1.3M | −$1.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Upexi
As used in this Annual Report and unless otherwise indicated, the terms “we”, “us”, “our”, “Upexi”, and the “Company” mean Upexi, Inc., a Delaware corporation, originally formed as a Nevada corporation in September of 2018. The Company conducts its operations through its subsidiaries, which may change from time to time as a result of acquisitions, dispositions, and other corporate activities. We are in the cryptocurrency industry and the management of cash assets through a cryptocurrency portfolio, primarily focused in Solana tokens and generating a yield from the treasury, primarily through staking of those tokens. We continue to be brand owners, selling our products wholesale and direct to consumers. Distribution and fulfillment of our products is done by a third-party specializing in these services.
In its own words, from its 10-K, filed Sep 17, 2026.
Upexi against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -27% against the peers' median +17%. Operating margin: -884.4% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UPXI Upexi | Q4 FY26 | $3.1M | -27% | -884.4% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Upexi 10-K on SEC EDGAR · CIK 1775194 · Finance Services
13F: who owns UPXI and who is buying
More on UPXI
History
Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results