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Upexi cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$3.7M in Q4 FY26

Operating cash flow−$3.7M
Free cash flow−$3.7M
Cash conversion cycle-22 days

Analysis

In Q4 FY26, Upexi generated −$3.7M of operating cash flow. That is $758K more than in Q4 FY25 (−$4.5M).

Operating cash flow was −$3.7M against net income of −$24.5M. The largest differences: stock-based pay +$3.9M, payables +$875K, receivables +$399K.

Its cash conversion cycle was -22 days (receivables 9 + inventory 173 − payables 204): suppliers fund its working capital.

Free cash flow

Upexi: free cash flow by quarterUpexi: free cash flow by quarter−$2.1MQ1 FY25−$1.4MQ2 FY25−$809KQ3 FY25−$4.5MQ4 FY25−$9.8MQ1 FY26−$2.7MQ2 FY26−$4.8MQ3 FY26−$3.7MQ4 FY26
Operating cash flow less capital spending.
Upexi: operating cash flow against capital spendingUpexi: operating cash flow against capital spendingOperating cash flowCapital spending−$2.0M$167KQ1 FY25−$1.4M$0Q2 FY25−$779K$31KQ3 FY25−$4.3M$190KQ4 FY25−$9.8M$15KQ1 FY26−$2.7M$17KQ2 FY26−$4.8M$12KQ3 FY26−$3.7M$0Q4 FY26
Latest (Q4 FY26): Operating cash flow −$3.7M, Capital spending $0.

Capital allocation, year by year

Upexi: where the cash came from (up) and went (down), by fiscal yearUpexi: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$181KFY22: Asset sales $6KFY22: Capital spending −$5.5MFY22: Acquisitions $2.6M$2.6MFY22FY23: Operating cash flow $203KFY23: Net borrowing −$6.3MFY23: Shares issued $6.1MFY23: Asset sales $6KFY23: Capital spending −$938KFY23: Acquisitions $500K$6.8MFY23FY24: Operating cash flow −$101KFY24: Capital spending −$933KFY24: Acquisitions −$539KFY24FY25: Operating cash flow −$8.4MFY25: Net borrowing $20.2MFY25: Shares issued $92.9MFY25: Capital spending −$388K$113MFY25FY26: Operating cash flow −$21.0MFY26: Net borrowing −$5.4MFY26: Shares issued $75.2MFY26: Capital spending −$44KFY26: Buybacks −$2.8M$75.2MFY26
Over these 5 years operating cash flow totalled −$29.5M; the largest uses were operating cash flow ($29.7M) and net borrowing ($11.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.8M
Debt$57.3M
Net debt$51.5M
Due within a year$76.8M
Cash runway5 months

Upexi is burning cash: its operations consume cash, a free cash flow of −$14.9M a year at the current rate against $5.8M of cash and investments: a runway of about 5 months; $76.8M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Upexi: sources (+) and uses (−) of cash, Q4 FY26Upexi: sources (+) and uses (−) of cash, Q4 FY26Shares issued$7.7MOperating cash flow−$3.7MCash drawn (+) / kept (−)−$2.3MOther investing−$1.7MOther financing−$5K

From profit to cash

Upexi: net income to operating cash flow, Q4 FY26Upexi: net income to operating cash flow, Q4 FY26Net income−$24.5MDepreciation & amortization$40KStock-based pay$3.9MGains on disposals$12KReceivables$399KInventory−$51KPayables$875KDeferred revenue$2KPrepaid and other assets$343KOperating cash flow−$3.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY269173204-22
Q3 FY26112062088
Q2 FY2656198-32
Q1 FY262105155-48
Q4 FY2541281265
Q3 FY25191006851
Q2 FY252317370125
Q1 FY2515993480

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26−$3.7M——$7.7M−$2.3M−$3.7M
Q3 FY26−$4.8M−$12K—$7.5M−$1.9M−$4.8M
Q2 FY26−$2.7M−$17K—$10.0M$620K−$2.7M
Q1 FY26−$9.8M−$15K—$50.0M$738K−$9.8M
Q4 FY25−$4.3M−$190K$1$92.6M−$2.7M−$4.5M
Q3 FY25−$779K−$31K——$176K−$809K
Q2 FY25−$1.4M———$1.4M−$1.4M
Q1 FY25−$2.0M−$167K−$2.6M—−$1.1M−$2.1M

Upexi: income statement and cash flow

Upexi, Q4 FY26: revenue $3.1M (-27% year over year), operating margin -884.4%. The chart follows the revenue to costs, profit and cash.

Upexi: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.