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Upexi (UPXI) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 10, 2026
Upexi (UPXI) reported revenue of $8.1M for the second quarter fiscal 2026 (Q2 FY26), +101% from a year earlier and -13% from the quarter before.
Upexi, Q2 FY26: revenue $8.1M (+101% year over year), net loss $179M, operating cash flow −$2.7M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.1M | -13% | +101% |
| Operating profit | −$175M | -354% | — |
| Net earnings | −$179M | -368% | — |
| Operating cash flow | −$2.7M | — | — |
What changed
Revenue was $8.1M in Q2 FY26, up 101% year over year and down 13% from the previous quarter.
Gross margin was 83.3%, up 9.1 points from Q2 FY25. Operating costs exceeded revenue by $175.4M, an operating margin of -2177.9%. Operating expenses grew 4399% against revenue growth of 101%. The fastest-growing cost line was Other operating costs (+11241%). The quarter ended with a net loss of $178.9M, after a profit of $66.7M the previous quarter.
Operating cash flow was −$2.7M. Non-cash charges added back $154K of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items added $167.8M. Capital expenditures of $17K exceeded it, leaving free cash flow of −$2.7M.
Questions
What was Upexi's revenue in the second quarter fiscal 2026?
Upexi (UPXI) reported revenue of $8.1M for the second quarter fiscal 2026 (Q2 FY26), +101% from a year earlier and -13% from the quarter before.
Source: Upexi 10-Q on SEC EDGAR.