Reported Earnings • May 14
Third quarter 2026 earnings released: US$1.67 loss per share (vs US$2.87 loss in 3Q 2025) Third quarter 2026 results: US$1.67 loss per share. Revenue: US$4.56m (up 44% from 3Q 2025). Net loss: US$109.3m (loss widened US$105.5m from 3Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Personal Products industry in the US. Reported Earnings • Feb 12
Second quarter 2026 earnings released: US$2.94 loss per share (vs US$1.25 loss in 2Q 2025) Second quarter 2026 results: US$2.94 loss per share (further deteriorated from US$1.25 loss in 2Q 2025). Revenue: US$8.05m (up 101% from 2Q 2025). Net loss: US$178.9m (loss widened US$177.6m from 2Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Personal Products industry in the US. New Risk • Feb 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (over 55x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$68.0m market cap). Announcement • Feb 10
Upexi, Inc. has completed a Follow-on Equity Offering in the amount of $7.41429 million. Upexi, Inc. has completed a Follow-on Equity Offering in the amount of $7.41429 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,337,000
Price\Range: $1.17
Discount Per Security: $0.0585
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 6,337,000
Transaction Features: Registered Direct Offering Announcement • Feb 06
Upexi, Inc. has filed a Follow-on Equity Offering. Upexi, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,337,000
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 6,337,000
Transaction Features: Registered Direct Offering Announcement • Feb 05
Upexi, Inc. has filed a Follow-on Equity Offering in the amount of $500 million. Upexi, Inc. has filed a Follow-on Equity Offering in the amount of $500 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Feb 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Shareholders have been substantially diluted in the past year (over 49x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (US$98.0m market cap). Announcement • Jan 31
Upexi, Inc. to Report Q2, 2026 Results on Feb 10, 2026 Upexi, Inc. announced that they will report Q2, 2026 results on Feb 10, 2026 Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$1.90, the stock trades at a trailing P/E ratio of 2.2x. Average forward P/E is 18x in the Personal Products industry in the US. Total loss to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to US$2.27, the stock trades at a trailing P/E ratio of 2.6x. Average forward P/E is 15x in the Personal Products industry in the US. Total loss to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$2.45, the stock trades at a trailing P/E ratio of 2.7x. Average forward P/E is 14x in the Personal Products industry in the US. Total loss to shareholders of 97% over the past three years. Announcement • Dec 02
Upexi, Inc. announced that it has received $10.000001 million in funding On December 2, 2025, Upexi, Inc. announced that it has received $ 10,000,000 in funding from issuance of common stock of the company and closed the transaction. The company raised $10,000,000 upfront with up to an additional $ 13,000,000 of aggregate gross proceeds upon the cash exercise in full of warrants of the company which adds up to $ 23,000,000 in proceeds. Announcement • Nov 26
Upexi, Inc. announced that it expects to receive $10.000001 million in funding Upexi, Inc. announced that it has entered into a securities purchase agreement with a single institutional investor for issuance of 3,289,474 common shares at a price of $3.04 per share for gross proceeds of $10,000,000.96; and warrants to purchase up to 3,289,474 common shares on November 26, 2025. The warrants will have an exercise price of $4, will be immediately exercisable, and will expire 48 months from issuance. The closing of the offering is expected to occur on or about December 1, 2025, subject to the satisfaction of customary closing conditions. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$2.69, the stock trades at a trailing P/E ratio of 2.9x. Average forward P/E is 15x in the Personal Products industry in the US. Total loss to shareholders of 97% over the past three years. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (39% accrual ratio). Shareholders have been substantially diluted in the past year (over 55x increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). Announcement • Nov 14
Upexi, Inc. (NasdaqCM:UPXI) announces an Equity Buyback for $50 million worth of its shares. Upexi, Inc. (NasdaqCM:UPXI) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of it's shares. Announcement • Nov 08
Upexi, Inc. to Report Q1, 2026 Results on Nov 11, 2025 Upexi, Inc. announced that they will report Q1, 2026 results on Nov 11, 2025 Announcement • Oct 24
Upexi, Inc. Welcomes Jon Najarian to the Upexi Advisory Committee Upexi, Inc. announced the addition of Jon Najarian to the Upexi Advisory Committee, joining Arthur Hayes and S?L Big Brain as founding Upexi Advisory Committee members. Jon Najarian is a highly influential figure in the world of finance, renowned for his deep expertise in options trading and market strategy. A former professional football player, Jon co-founded options trading firm Mercury Trading and later launched financial education company Market Rebellion, cementing his reputation as a market heavyweight across both professional and retail trading. He is an inductee into the U.S. Options Industry Council Hall of Fame, having received the Lifetime Contribution Award in recognition of his enduring impact on the industry. Beyond his trading acumen, Jon is a prominent media personality, frequently appearing on Fox Business, NewsMax, NewsNation, and other financial platforms, where his market analyses and actionable insights reach millions of investors. With a combination of professional credibility, entrepreneurial success, and exceptional visibility, Jon has emerged as one of the most recognized and trusted voices for both institutional and retail traders navigating complex markets. Buy Or Sell Opportunity • Sep 18
Now 20% overvalued Over the last 90 days, the stock has fallen 26% to US$6.82. The fair value is estimated to be US$5.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 55%. Reported Earnings • Sep 17
Third quarter 2025 earnings released: US$2.87 loss per share (vs US$4.30 loss in 3Q 2024) Third quarter 2025 results: US$2.87 loss per share (improved from US$4.30 loss in 3Q 2024). Revenue: US$3.16m (down 40% from 3Q 2024). Net loss: US$3.83m (loss narrowed 13% from 3Q 2024). Revenue is forecast to grow 62% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Personal Products industry in the US. Over the last 3 years on average, earnings per share has fallen by 55% per year whereas the company’s share price has fallen by 58% per year. Buy Or Sell Opportunity • Aug 20
Now 27% overvalued Over the last 90 days, the stock has fallen 48% to US$7.05. The fair value is estimated to be US$5.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 55%. Board Change • Aug 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Gene Salkind was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 12
Upexi, Inc. Announces Establishment of Advisory Committee Upexi, Inc. announced the establishment of the Upexi Advisory Committee, composed of highly prominent individuals from the digital assets and traditional finance industries. Upexi will seek to leverage the expertise, visibility and network of the Advisory Committee by: In conjunction with the establishment of the Advisory Committee, Upexi has welcomed Arthur Hayes (Twitter: @CryptoHayes) as its first member. A former equity derivatives trader at Deutsche Bank and Citigroup, Arthur’s deep financial acumen and bold vision quickly propelled him to the forefront of the digital assets space, where he co-founded BitMEX, one of the world’s largest cryptocurrency exchanges, and revolutionized digital asset trading with the invention of the perpetual swap – the most widely-traded crypto financial product of all time. Arthur is widely regarded as a thought leader whose market insights and macroeconomic commentary are followed closely by investors around the world. His fearless approach to innovation and profound impact on the industry has cemented his legacy as one of the space’s most iconic and respected voices.
Additional Advisory Committee members will be announced over the coming weeks, with Committee-related content and initiatives forthcoming over the coming year and beyond. Arthur Hayes is the CIO of Maelstrom, a family office that invests across the crypto ecosystem. He is also the co-founder of BitMEX – the first crypto unicorn. Prior to entering the crypto industry, he worked as a trader in the capital markets divisions of Deutsche Bank and Citibank. Arthur holds a Bachelors of Economics from the Wharton School of Business. He has appeared on major business news networks including Bloomberg and CNBC. He is active on X (@cryptohayes) and releases a monthly newsletter (Crypto Trader Digest) read by thousands of investors globally. Announcement • Jul 26
Upexi, Inc. announced that it expects to receive $500 million in funding from A.G.P. / Alliance Global Partners Corp. Upexi, Inc announced a private placement and entered into a purchase agreement with A.G.P./Alliance Global Partners to issue common shares for aggregate gross proceeds of $500,000,000 on July 25, 2025. Pursuant to the purchase agreement, the Company shall have the right, but not the obligation, to direct the Investor to purchase the lesser of (i) $500,000,000 or (ii) the Exchange Cap, which shall be the number of shares not to exceed 19.99% of the Company’s shares of common stock, par value $0.00001 per share, outstanding on July 25, 2025, unless the Company’s stockholders have approved the issuance of Common Stock in excess of the Exchange Cap, upon satisfaction of certain terms and conditions contained in the Purchase Agreement, including, but not limited to, an effective registration statement filed with the U.S. Securities and Exchange Commission. The Common Stock will be offered pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. Announcement • Jul 17
Upexi, Inc. announced that it has received $199.828744 million in funding from Big Brain Holdings On July 17, 2025, Upexi, Inc closed the transaction. The company issued convertible Notes for aggregate gross proceeds of $150,000,000 in its second and final tranche. The transaction included participation from from Big brain Holdings as a lead Investor among other Institutional Investors and qualified purchasers. Announcement • Jul 13
Upexi, Inc. announced that it expects to receive $49.828744 million in funding Upexi, Inc. announces that it has entered into securities purchase agreements to issue 12,457,186 shares of common stock at a price of $4 per share for gross proceeds of $49,828,744 on July 11, 2025. The closing of the Equity Offering is expected to occur on or about July 14, 2025. Announcement • May 17
Upexi, Inc. announced delayed 10-Q filing On 05/16/2025, Upexi, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • May 16
Third quarter 2025 earnings released: US$2.87 loss per share (vs US$4.05 loss in 3Q 2024) Third quarter 2025 results: US$2.87 loss per share (improved from US$4.05 loss in 3Q 2024). Revenue: US$3.16m (down 78% from 3Q 2024). Net loss: US$3.83m (loss narrowed 8.8% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 55% per year and the company’s share price has also fallen by 55% per year. Announcement • May 01
Upexi, Inc., Annual General Meeting, Jun 16, 2025 Upexi, Inc., Annual General Meeting, Jun 16, 2025. Location: 3030 n. rocky point drive, suite 420, florida 33607., tampa, United States New Risk • Apr 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 34x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (97% average weekly change). Earnings have declined by 61% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 34x increase in shares outstanding). Announcement • Apr 26
Upexi, Inc. announced that it has received $99.99211 million in funding from GSR, Big Brain, White Star Capital, L.P., Delta Blockchain Fund LP On April 24, 2025, Upexi, Inc. closed the transaction. The company issued 35,970,383 shares of common stock and 7,889,266 pre-funded warrants at a price of $2.28 per share for aggregate gross proceeds of approximately $100 million. Announcement • Apr 21
Upexi, Inc. announced that it expects to receive $100 million in funding from GSR, Big Brain, White Star Capital, L.P., Delta Blockchain Fund LP and other investors Upexi, Inc. announced that it has entered into securities purchase agreements with certain investors to issue 43,859,649 shares of common stock or pre-funded warrants at issue price of $2.28 per share for gross proceeds of $99,999,999.72 on April 21, 2025. The transaction includes participation from lead investor, GSR Markets UK Limited, Big Brain, Anagram, Delphi Ventures, White Star Capital, Maelstrom, the family office of Arthur Hayes, Hivemind, Borderless, Morgan Creek, Elune Capital, and Delta Blockchain Fund, including Austin Federa, Frank Chaparro, Joey Krug, Bartosz Lipinski, Larry Wu, and Jordan Prince, among others including Allan Marshall. The closing of the offering is expected to occur on or about April 24, 2025. The offer and sale of the foregoing securities is being made in a private placement in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended and/or Regulation D promulgated thereunder, or applicable state securities laws. New Risk • Feb 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$475k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$475k free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (US$5.15m market cap). Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • Feb 16
Second quarter 2025 earnings released: US$1.25 loss per share (vs US$2.56 loss in 2Q 2024) Second quarter 2025 results: US$1.25 loss per share (improved from US$2.56 loss in 2Q 2024). Revenue: US$4.01m (down 78% from 2Q 2024). Net loss: US$1.30m (loss narrowed 50% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 5 percentage points per year. Board Change • Feb 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Gene Salkind was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 22
Upexi Receives Notice from the Nasdaq Stock Market Upexi, Inc. received a Non Compliance Letter from The Nasdaq Stock Market LLC due to the Company’s failure to timely file its Form 10-Q Quarterly Report for the period ended September 30, 2024, in violation of Nasdaq Listing Rule 5250(c)(1). The Company failed to timely file due to circumstances beyond its control, and intends to file its Form 10-Q Quarterly Report shortly after it is able to file its Form 10-K Annual Report. Pursuant to the Nasdaq Listing Rules, the Company has until December 20, 2024 to submit a plan to regain compliance. If the plan is accepted, an extension may be granted of up to 180 calendar days from the due date of the Initial Delinquent Filing, or April 14, 2025, to regain compliance. The Notice has no immediate effect on the listing or trading of the Company’s common stock. Announcement • Nov 15
Upexi, Inc. announced delayed 10-Q filing On 11/14/2024, Upexi, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Oct 03
Nasdaq Grants Additional 180 Days to Upexi to Regain Compliance with Minimum Bid Price Requirement Upexi, Inc. received a letter from The Nasdaq Stock Market LLC (Nasdaq") indicating that, for thirty consecutive business days prior to the date thereof, the bid price for the Company's common stock (the Common Stock") had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the Minimum Bid Price Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until September 30, 2024, to regain compliance. The Common Stock did not regain compliance with the Minimum Bid Price Requirement within such period. The Company timely requested, and was granted by Nasdaq on October 1, 2024, an additional 180 calendar days to regain compliance with the Minimum Bid Price Requirement. Announcement • Oct 01
Upexi, Inc. announced delayed annual 10-K filing On 09/30/2024, Upexi, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Board Change • Aug 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Gene Salkind was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 07
David Romano, Nick Romano and Eric Limont acquired E-Core, Inc from Upexi, Inc. (NasdaqCM:UPXI) for $2 million. David Romano, Nick Romano and Eric Limont acquired E-Core, Inc from Upexi, Inc. (NasdaqCM:UPXI) for $2 million on August 1, 2024. A cash consideration of $2 million will be paid by E-Core Holdings, LLC. The purchase price in the transaction was $2 million. In addition, in connection with the closing of the transaction (i) Upexi, Inc. was released as a guarantor from E-Core, Inc’s commercial loan facility, and (ii) all subordinated promissory notes issued by Upexi, Inc. in connection with the Upexi, Inc.’s initial acquisition of E-Core, Inc were cancelled and any outstanding principal and interest thereunder was deemed paid in full. On the Closing Date, (a) each Transaction Document shall be deemed null and void, and all obligations of the parties thereunder shall terminate; (b) Upexi Newco shall assign and transfer back to Upexi Newcos all of E-Core Newco’s right, title and interest in and to 4,000 shares of common stock of E-Core purchased from Upexi Newco in the Transaction (the “ E-Core Shares ”), constituting all of E-Core’s issued and outstanding securities, free and clear of any liens or encumbrances; and (c) the Consideration shall be paid in full by the Parties. Dickinson Wright PLLC acted as legal advisor to Upexi, Inc. and Korn & Kalish LLP acted as legal advisor to David Romano, Nick Romano and Eric Limont.
David Romano, Nick Romano and Eric Limont completed the acquisition of E-Core, Inc from Upexi, Inc. (NasdaqCM:UPXI) on August 1, 2024. Announcement • Jun 22
Upexi Provides Update on Filing Form 10Q for March 31, 2024 Upexi, Inc. (the Company" or Upexi") is providing shareholders with a update on filing its financial statements for the three and nine months ended March 31, 2024. On June 17, 2024, the Company received a notice from Nasdaq Listing Qualifications that since the Company has not yet filed its Form 10-Q for the period ended March 31, 2024 (the Filing"), it no longer complies with our Listing Rules (the Rules") for continued listing. Under the Rules the Company now has 60 calendar days to submit a plan to regain compliance and if we accept your plan, we can grant an exception of up to 180 calendar days from the Filing's due date, or until December 11, 2024, to regain compliance. Upexi management has discussed this with the Nasdaq and expects to file the form 10-Q for the period ended March 31, 2024 prior to the end of June 30, 2024 and once this is filed, a plan will not be necessary to regain compliance. The Nasdaq Notice Letter has no immediate effect on the listing or trading of the Company's common stock. Announcement • Jun 21
Upexi, Inc. to Report Q3, 2024 Results on Jun 24, 2024 Upexi, Inc. announced that they will report Q3, 2024 results on Jun 24, 2024 Announcement • Jun 18
MFA Holdings Corp., 1000915944 Ontario Inc and Nutraproducts LLC acquired VitaMedica Corporation from Upexi, Inc. (NasdaqCM:UPXI) for $6 million. MFA Holdings Corp., 1000915944 Ontario Inc and Nutraproducts LLC acquired VitaMedica Corporation from Upexi, Inc. (NasdaqCM:UPXI) for $6 million on June 13, 2024. A cash consideration of $4 million will be paid by MFA Holdings Corp., 1000915944 Ontario Inc and Nutraproducts LLC. MFA Holdings Corp., 1000915944 Ontario Inc and Nutraproducts LLC will pay an earnout/contingent payment of $1 million promissory note and of $1 million cash. As part of consideration, $6 million is paid towards common equity of VitaMedica Corporation.
MFA Holdings Corp., 1000915944 Ontario Inc and Nutraproducts LLC acquired VitaMedica Corporation from Upexi, Inc. (NasdaqCM:UPXI) for $6 million on June 13, 2024. Announcement • May 17
Upexi, Inc. announced delayed 10-Q filing On 05/15/2024, Upexi, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 03
Upexi, Inc., Annual General Meeting, Jun 10, 2024 Upexi, Inc., Annual General Meeting, Jun 10, 2024, at 09:00 US Eastern Standard Time. Location: 3030 N. Rocky Point Drive, Suite 420 Tampa United States Agenda: To elect five (5) director nominees, nominated by the board of directors, for a one-year term; to ratify the appointment of b f Borgers CPA pc as independent registered public accounting firm for the fiscal year ending June 30, 2024; and to consider such other business. New Risk • Apr 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.92m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.0m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Market cap is less than US$10m (US$9.92m market cap). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.6m net loss next year). Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Apr 03
Upexi Receives Letter from Nasdaq Regarding Non-Compliance with the Minimum Bid Price Requirement for Continued Listing on the Nasdaq Capital Market Under Nasdaq Listing Rule 5550(a)(2) On April 1, 2024, Upexi, Inc. (the ‘Company’) received a letter (the ‘Nasdaq Bid Price Letter’) from The Nasdaq Stock Market LLC (‘Nasdaq’) indicating that, for thirty consecutive business days prior to the date thereof, the bid price for the Company’s common stock (the ‘Common Stock’) had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the ‘Minimum Bid Price Requirement’). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until September 30, 2024, to regain compliance (the ‘Compliance Period’). As of the date of this report, the Common Stock has not regained compliance with the Minimum Bid Price Requirement. In the event the Company does not regain compliance within the Compliance Period, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of the Company’s intention to cure the deficiency during said second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Nasdaq Bid Price Letter has no immediate effect on the listing or trading of the Common Stock. The Company intends to continue actively monitoring the bid price for its shares of Common Stock between now and the expiration of the Compliance Period and will consider all available options to resolve the deficiency including a reverse stock split, if necessary, with every intention to regain compliance with the Minimum Bid Price Requirement. In the event the Company receives notification from Nasdaq that the Common Stock is subject to delisting, the Company may appeal the Nasdaq staff’s determination before the Nasdaq Hearings Panel (the ‘Panel’). However, there can be no assurance that, in the event of such appeal, the Panel would grant the Company’s request for continued listing. Major Estimate Revision • Feb 22
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$113.0m to US$94.1m. Forecast losses increased from -US$0.23 to -US$0.35 per share. Personal Products industry in the US expected to see average net income growth of 46% next year. Consensus price target down from US$3.00 to US$1.25. Share price fell 46% to US$0.75 over the past week. Major Estimate Revision • Feb 21
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$113.0m to US$94.1m. Forecast losses increased from -US$0.23 to -US$0.35 per share. Personal Products industry in the US expected to see average net income growth of 46% next year. Consensus price target down from US$3.00 to US$1.25. Share price fell 39% to US$0.85 over the past week. Reported Earnings • Feb 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.12 loss per share (down from US$0.17 profit in 2Q 2023). Revenue: US$21.8m (down 19% from 2Q 2023). Net loss: US$2.44m (down 182% from profit in 2Q 2023). Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 140%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Personal Products industry in the US. Board Change • Feb 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Gene Salkind was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 15
Upexi, Inc. Pet Care Brand, Luckytail, Announces Expansion of Product Line to Include All-Natural Dog Supplements Upexi Inc. announced LuckyTail, its pet brand and leading designer and manufacturer of pet care solutions, is expanding its latest product line with the launch of all-natural dog supplements. The supplement line will be offered via subscription and in batches, delivering the most value for pet owners' health and grooming needs. The line includes six functional formulas to address the most common concerns dog owners have including, hip & joint, calming, flea & tick, probiotic and allergy & immune issues. With a focus on quality ingredients, all chews are all-natural, human-grade, GMP certified, third-party tested and made in the USA. The line features the following all-natural, chewable supplements: Calming chews improve emotional balance, support relaxation, and relieve stress and anxiety for dogs, a perfect complement to LuckyTail's Ultimate Nail Grinder. AllerImmune chews provide immune-boosting properties and relief from common dog allergy symptoms, including decreased paw licking, itching, flea & tick, and skin irritation. Flea & tick chews are an all-natural, chemical-free solution to help prevent pesky pests.ip & Joint chews promote healthier bones and joints, increased mobility, and reduce soreness and discomfort. As dogs age, their hips and joints can cause pain and discomfort. Probiotic chews provide a safe and effective way to improve pet gut health and reduce bloating, from immune support to gut and digestive health. Skin & Coat chews give dogs a beautiful shiny coat and healthy skin. These dog coat supplements help relieve itching, improve moisturizer, and boost immunity. This launch marks the first of many product expansions LuckyTail has planned, as the brand solidifies its position as a top source to connect pet parents with their pet care needs. Announcement • Sep 08
Amplifyir Inc. acquired 100% stake in Interactive Offers LLC from Upexi, Inc. (NasdaqCM:UPXI) for $1.25 million. Amplifyir Inc. entered into an equity interest purchase agreement to acquire 100% stake in Interactive Offers LLC from Upexi, Inc. (NasdaqCM:UPXI) for $1.25 million on August 31, 2023. In addition, there is an obligation to pay Upexi 2.5% of certain advertising revenues of Interactive for a two-year period post-closing. Peter Campitiello of McCarter & English acted as legal advisor to Interactive Offers LLC. Ross Carmel of Carmel, Milazzo & Feil LLP acted as legal advisor to Amplifyir.Amplifyir Inc. completed the acquisition of 100% stake in Interactive Offers LLC from Upexi, Inc. (NasdaqCM:UPXI) on August 31, 2023. Announcement • May 19
Upexi, Inc., Annual General Meeting, Jun 26, 2023 Upexi, Inc., Annual General Meeting, Jun 26, 2023, at 10:00 Eastern Daylight. Location: 17129 US Hwy 19 N Clearwater Florida United States Agenda: To elect five (5) director nominees, nominated by the board of directors, for a one-year term, such term to continue until the annual meeting of shareholders in 2024 or until such director's successors are duly elected and qualified or until their earlier resignation or removal; to ratify the appointment of b f Borgers CPA pc as independent registered public accounting firm for the fiscal year ending June 30, 2023; and to consider such other business. Reported Earnings • May 17
Third quarter 2023 earnings released: US$0.11 loss per share (vs US$0.003 loss in 3Q 2022) Third quarter 2023 results: US$0.11 loss per share (further deteriorated from US$0.003 loss in 3Q 2022). Revenue: US$24.2m (up 136% from 3Q 2022). Net loss: US$1.93m (loss widened US$1.88m from 3Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Personal Products industry in the US. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$3.53, the stock trades at a trailing P/E ratio of 37.3x. Average forward P/E is 20x in the Personal Products industry in the US. Total loss to shareholders of 26% over the past year. Announcement • Feb 16
Upexi, Inc. announced delayed 10-Q filing On 02/15/2023, Upexi, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • Feb 16
Second quarter 2023 earnings released: EPS: US$0.17 (vs US$0.004 in 2Q 2022) Second quarter 2023 results: EPS: US$0.17 (up from US$0.004 in 2Q 2022). Revenue: US$27.1m (up 154% from 2Q 2022). Net income: US$2.96m (up US$2.90m from 2Q 2022). Profit margin: 11% (up from 0.6% in 2Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Personal Products industry in the US. Recent Insider Transactions • Dec 07
CEO, President & Chairman of the Board recently bought US$73k worth of stock On the 1st of December, Allan Marshall bought around 18k shares on-market at roughly US$3.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Allan's only on-market trade for the last 12 months. Reported Earnings • Nov 17
First quarter 2023 earnings released: US$0.15 loss per share (vs US$0.033 profit in 1Q 2022) First quarter 2023 results: US$0.15 loss per share (down from US$0.033 profit in 1Q 2022). Revenue: US$11.6m (up 37% from 1Q 2022). Net loss: US$2.55m (down US$3.06m from profit in 1Q 2022). Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Personal Products industry in the US. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, President & Chairman of the Board Allan Marshall is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 29
Full year 2022 earnings released: US$0.13 loss per share (vs US$0.25 profit in FY 2021) Full year 2022 results: US$0.13 loss per share (down from US$0.25 profit in FY 2021). Revenue: US$44.6m (up 85% from FY 2021). Net loss: US$2.10m (down 172% from profit in FY 2021). Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Personal Products industry in the US. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$4.28, the stock trades at a trailing P/E ratio of 22.5x. Average forward P/E is 18x in the Personal Products industry in the US. Total loss to shareholders of 17% over the past year. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 18% share price gain to US$5.04, the stock trades at a trailing P/E ratio of 26.6x. Average forward P/E is 24x in the Personal Products industry in the US. Total loss to shareholders of 2.3% over the past year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 17% share price gain to US$4.62, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 23x in the Personal Products industry in the US. Total loss to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$4.53, the stock trades at a trailing P/E ratio of 23.8x. Average forward P/E is 24x in the Personal Products industry in the US. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 17% share price gain to US$5.54, the stock trades at a trailing P/E ratio of 29.1x. Average forward P/E is 23x in the Personal Products industry in the US. Reported Earnings • May 16
Third quarter 2022 earnings released: US$0.003 loss per share (vs US$0.071 profit in 3Q 2021) Third quarter 2022 results: US$0.003 loss per share (down from US$0.071 profit in 3Q 2021). Revenue: US$10.3m (up 62% from 3Q 2021). Net loss: US$52.7k (down 105% from profit in 3Q 2021). Over the next year, revenue is forecast to grow 96%, compared to a 8.1% growth forecast for the industry in the US. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CEO & Chairman of the Board Allan Marshall is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 22% share price gain to US$5.64, the stock trades at a trailing P/E ratio of 22.1x. Average forward P/E is 21x in the Personal Products industry in the US. Reported Earnings • Feb 15
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: US$0.002 (down from US$0.008 in 2Q 2021). Revenue: US$10.7m (up 156% from 2Q 2021). Net income: US$64.8k (down 37% from 2Q 2021). Profit margin: 0.6% (down from 2.5% in 2Q 2021). Revenue missed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 45%, compared to a 13% growth forecast for the industry in the US. Board Change • Dec 06
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. President Robb Hackett is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 18
First quarter 2022 earnings released: EPS US$0.033 (vs US$0.078 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$8.45m (up 188% from 1Q 2021). Net income: US$511.7k (up US$1.32m from 1Q 2021). Profit margin: 6.1% (up from net loss in 1Q 2021). Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 42% share price gain to US$6.98, the stock trades at a trailing P/E ratio of 37.4x. Average forward P/E is 14x in the Personal Products industry in the US.