The company's financial stability is severely compromised by a total debt burden of $242.8 million, which has contributed to a negative equity position of $51.9 million as of 2026Q3.
| Total Current Assets | 121.8M | 56.78M | 11.42M | 30.01M | 17.06M | 18.29M | 2.65M | 5.12M |
| Cash & Short-Term Investments | 118.43M | 2.98M | 661.41K | 4.49M | 7.15M | 14.53M | 887.52K | 3.7M |
| Cash Only | 3.48M | 2.98M | 661.41K | 4.49M | 7.15M | 14.53M | 887.52K | 3.7M |
| Short-Term Investments | 114.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.18M | 2.39M | 4.82M | 2.12M | 2.16M | 1.28M | 165.15K | 147.72K |
| Days Sales Outstanding | 35.73 | 55.21 | 67.66 | 21.19 | 34.1 | 19.35 | 8.13 | 24.42 |
| Inventory | 215.24K | 1.15M | 1.43M | 4.8M | 6.45M | 2.09M | 1.45M | 1.14M |
| Days Inventory Outstanding | 78.32 | 85.12 | 39.66 | 113.71 | 287.45 | 62.7 | 109.17 | 354.48 |
| Other Current Assets | 0 | 49.91M | 4.07M | 18.1M | 1.09M | 167.67K | 0 | 0 |
| Total Non-Current Assets | 78.57M | 67.03M | 12.09M | 33.79M | 31.43M | 8.96M | 3.75M | 2.39M |
| Property, Plant & Equipment | 952.28K | 3.79M | 4.78M | 3.24M | 8.97M | 3.25M | 1.98M | 262.01K |
| Fixed Asset Turnover | 10.66x | 4.17x | 5.44x | 11.24x | 2.57x | 7.41x | 3.74x | 8.43x |
| Goodwill | 673.85K | 848.85K | 848.85K | 2.89M | 8.3M | 2.41M | 493.1K | 493.1K |
| Intangible Assets | 70.82M | 163.11K | 239.87K | 6.92M | 12.05M | 1.85M | 1.24M | 1.63M |
| Long-Term Investments | 750K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 178.59K | 56.28M | 278.44K | 15.13M | 100.37K | 49.07K | 37.07K | -2.39M |
| Total Assets | 200.37M | 123.81M | 23.51M | 63.8M | 48.49M | 27.25M | 6.4M | 7.5M |
| Asset Turnover | 0.10x | 0.13x | 1.11x | 0.57x | 0.48x | 0.88x | 1.16x | 0.29x |
| Asset Growth % | 5259.49% | 426.59% | -63.15% | 31.57% | 77.92% | 325.71% | -14.68% | - |
| Total Current Liabilities | 70.82M | 32.56M | 12.66M | 22.39M | 10.13M | 5.82M | 3.52M | 1.11M |
| Accounts Payable | 288.72K | 1.04M | 481.65K | 1.03M | 1.57M | 1.6M | 484.33K | 271.06K |
| Days Payables Outstanding | 104.5 | 76.74 | 13.34 | 24.35 | 70.02 | 48.03 | 36.5 | 84.43 |
| Short-Term Debt | 61.33M | 25.94M | 8.08M | 12.32M | 5.69M | 447.1K | 1.68M | 0 |
| Deferred Revenue (Current) | 114.11K | 13.15K | 235.25K | 0 | 335.2K | 485.97K | 473.32K | 255.63K |
| Other Current Liabilities | 4.7M | 3.47M | 1.2M | 5.35M | 1.79M | 2.06M | 221.66K | 486.62K |
| Current Ratio | 1.72x | 1.74x | 0.90x | 1.34x | 1.68x | 3.14x | 0.75x | 4.62x |
| Quick Ratio | 1.72x | 1.71x | 0.79x | 1.13x | 1.05x | 2.78x | 0.34x | 3.59x |
| Cash Conversion Cycle | 9.55 | 63.59 | 93.97 | 110.55 | 251.53 | 34.03 | 80.8 | 294.47 |
| Total Non-Current Liabilities | 181.47M | 1.15M | 4.34M | 13.57M | 9.58M | 217.43K | 703.39K | 0 |
| Long-Term Debt | 181.03M | 0 | 2.61M | 13.57M | 8.88M | 0 | 365.35K | 0 |
| Capital Lease Obligations | 3.19M | 1.15M | 1.73M | 0 | 700.41K | 217.43K | 338.04K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 252.29M | 33.71M | 17M | 35.96M | 19.7M | 6.04M | 4.22M | 1.11M |
| Total Debt | 242.8M | 27.78M | 13.45M | 26.34M | 15.45M | 864.06K | 2.85M | 0 |
| Net Debt | 239.32M | 24.8M | 12.79M | 21.85M | 8.3M | -13.67M | 1.96M | -3.7M |
| Debt / Equity | -4.68x | 0.31x | 2.06x | 0.95x | 0.54x | 0.04x | 1.31x | - |
| Debt / EBITDA | 5.04x | - | - | - | - | 0.35x | - | - |
| Net Debt / EBITDA | 4.97x | - | - | - | - | -5.56x | - | - |
| Interest Coverage | 4.61x | -10.97x | -4.29x | -1.81x | -32.11x | 2.69x | -34.96x | - |
| Total Equity | -51.92M | 90.1M | 6.52M | 27.84M | 28.79M | 21.22M | 2.18M | 6.4M |
| Equity Growth % | 3661.43% | 1282.73% | -76.59% | -3.3% | 35.67% | 873.58% | -65.93% | - |
| Book Value per Share | -0.79 | 11.38 | 6.34 | 1.56 | 1.77 | 29.76 | 0.15 | 0.44 |
| Total Shareholders' Equity | -51.92M | 90.1M | 6.52M | 28.34M | 28.73M | 21.22M | 225.58K | 4.74M |
| Common Stock | 669 | 383 | 11 | 1.01K | 16.71K | 15.26K | 10.22K | 9.65K |
| Retained Earnings | -282.06M | -60.54M | -46.86M | -23.2M | -6.27M | -4.17M | -7.1M | -1.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -505.15K | 54.82K | 0 | 1.95M | 1.66M |
Liquidity and insolvency risk
As reported in recent financial statements, Upexi's equity position has shifted from a positive $48.7 million in 2026Q2 to a deficit of $51.9 million by 2026Q3, signaling a rapid erosion of shareholder value driven by persistent operational losses and mounting debt obligations.
The dramatic swing into negative equity suggests that the company's capital base is being consumed by its inability to achieve operational scale. Investors should monitor whether this trajectory necessitates further dilutive financing or asset divestitures to stabilize the balance sheet.
Based on Upexi's reported figures, total debt surged to $242.8 million in 2026Q3, creating a precarious leverage profile that appears disconnected from the company's current revenue-generating capacity and cash flow generation, which warrants significant concern regarding long-term debt serviceability.
The rapid accumulation of debt relative to the company's asset base indicates that the acquisition-led growth strategy has been funded primarily through leverage rather than organic cash flow. This reliance on debt in a high-loss environment suggests a heightened risk of default or the need for aggressive restructuring.
According to recent SEC filings, Upexi's cash reserves of $3.5 million in 2026Q3 provide a thin buffer against ongoing operating losses, highlighting a liquidity profile that appears insufficient to support the company's current fixed-cost structure without immediate external capital intervention.
While the current ratio of 1.72 might appear superficially adequate, the underlying cash burn rate suggests that this liquidity is highly transient. The company's inability to maintain a consistent cash runway poses a material risk to its operational continuity.
As indicated by the provided balance sheet data, the company's reliance on intangible assets and the rapid expansion of liabilities relative to tangible assets suggests that the headline asset values may be overstated, potentially masking significant impairment risks in the current portfolio.
The discrepancy between the company's total assets and its negative equity position implies that the book value of its holdings may not be realizable in a liquidation scenario. This distortion warrants further investigation into the recoverability of the company's brand portfolio and goodwill.
Quick answers to the most common questions about buying UPXI stock.
As of 2025, Upexi, Inc. (UPXI) had total assets of $123.8M including $56.8M in current assets.
Upexi, Inc. (UPXI) carries total debt of $27.8M, offset by $3.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Upexi, Inc. (UPXI) has total shareholders' equity (book value) of $90.1M ($11.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Upexi, Inc. (UPXI) reported a current ratio of 1.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.