Cash flow generation remains highly erratic, with a notable disconnect between the $66.7 million net income reported in 2026Q1 and the $17.4 million operating cash outflow observed in that same quarter.
| Cash from Operations | -21.52M | -8.42M | -101.38K | 202.68K | 521.87K | 2.94M | -4.16M | -1.19M |
| Operating CF Margin % | - | -53.27% | -0.39% | 0.56% | 2.26% | 12.2% | -56.18% | -54.09% |
| Operating CF Growth % | -1095.19% | -8208.63% | -150.02% | -61.16% | -82.25% | 170.58% | -248.68% | - |
| Net Income | -228.45M | -13.68M | -25.27M | -16.93M | -2.1M | 2.98M | -5.38M | -587.04K |
| Depreciation & Amortization | 457.35K | 757.76K | 3.68M | 3.54M | 2.73M | 1.03M | 611.35K | 67.57K |
| Stock-Based Compensation | 15.47M | 2.11M | 0 | 3.66M | 3.33M | 611.43K | 372.77K | 604.56K |
| Deferred Taxes | 0 | 0 | -344.8K | 0 | -1.06M | -1.28M | 0 | 0 |
| Other Non-Cash Items | 186.38M | 465.19K | 18.94M | 11.36M | 924.9K | 123.65K | 568.88K | 11.78K |
| Working Capital Changes | 4.62M | 1.93M | 2.89M | -1.44M | -3.31M | -521.93K | -334.06K | -1.29M |
| Change in Receivables | -695.19K | -484.58K | 675.71K | -364.67K | -17.31K | -1.14M | -250.16K | -54.47K |
| Change in Inventory | 860.35K | -470.19K | 2.65M | -1.37M | -2.45M | -846.66K | -310.38K | -620.37K |
| Change in Payables | 5.52M | 2.87M | -944.02K | 0 | -430.51K | 1.97M | 277.98K | -665.66K |
| Cash from Investing | -134M | -99.29M | -3.38M | -2.57M | -11.61M | -1.28M | -1.46M | -1.67M |
| Capital Expenditures | -201.49K | -387.76K | -932.57K | -937.56K | -6.15M | -1.42M | -1.93M | -219.45K |
| CapEx % of Revenue | 0.77% | 2.45% | 3.59% | 2.57% | 26.68% | 5.9% | 26.02% | 9.94% |
| Acquisitions | 660K | 6.01M | 1.56M | -4.58M | -5.46M | 62.12K | 0 | -1.45M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -607.28K | 0 | -4M | 2.94M | 6K | 79K | 466.11K | 0 |
| Cash from Financing | 158.78M | 110.03M | -353.79K | -285.33K | 3.7M | 11.99M | 2.82M | 6.46M |
| Debt Issued (Net) | 13.32M | 16.9M | -353.79K | -1.56M | 5.68M | 988.08K | 2.05M | 0 |
| Equity Issued (Net) | 153.09M | 93.13M | 0 | 0 | -1.98M | 11M | 470K | 4.67M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.77M | 0 | 0 | 0 | -1.98M | 0 | 0 | 0 |
| Other Financing | -7.63M | 0 | 0 | 1.28M | 0 | 0 | 298.8K | 1.79M |
| Net Change in Cash | 3.25M | 2.31M | -3.83M | -2.66M | -7.38M | 13.65M | -2.81M | 3.6M |
| Free Cash Flow | -21.73M | -8.81M | -1.03M | -734.89K | -5.63M | 1.52M | -6.09M | -1.41M |
| FCF Margin % | -83.12% | -55.72% | -3.98% | -2.02% | -24.42% | 6.3% | -82.21% | -64.03% |
| FCF Growth % | -1052.48% | -752.16% | -40.69% | 86.95% | -471.26% | 124.9% | -330.99% | - |
| FCF per Share | -0.33 | -1.11 | -1.01 | -0.04 | -0.35 | 2.13 | -0.42 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.10x | 0.62x | 0.00x | -0.01x | -0.25x | 0.99x | 0.77x | 2.03x |
| Interest Paid | 0 | 0 | 0 | 2.28M | 64.46K | 0 | 2.52K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 656K | 0 | 0 | 0 |
Liquidity and operational insolvency
According to recent financial filings, Upexi exhibits a profound disconnect between net income and operating cash flow, highlighted by a 2026Q1 net income of $66.7 million contrasted against a $17.4 million operating cash outflow, suggesting that reported earnings are not reflective of actual cash generation capabilities.
The wide variance between accounting profits and cash flow suggests that non-cash items and accruals are heavily distorting the company's financial narrative. Investors should monitor this divergence closely, as it indicates that the business is failing to convert its reported revenue into the liquidity necessary to sustain its operations.
As reported in financial statements, Upexi's free cash flow trajectory remains highly erratic, swinging from a $5.0 million inflow in 2026Q2 to a $17.4 million outflow in 2026Q1, which underscores the instability of the company's current cash-generating model in the face of significant operational overhead.
The inability to maintain a consistent positive free cash flow trajectory suggests that the company's core business model is not yet self-sustaining. This volatility warrants further investigation into whether the company can stabilize its cash position without relying on external financing or further asset divestitures.
Based on Upexi's reported figures, working capital changes have fluctuated significantly, ranging from a $1.7 million inflow in 2025Q4 to a $752,000 outflow in 2025Q1, indicating that the company's ability to manage its inventory and receivables is highly inconsistent and potentially tied to its aggressive acquisition strategy.
The erratic nature of working capital adjustments suggests that the company may be struggling to optimize its inventory turnover or collection cycles across its diverse portfolio of brands. This inconsistency appears to be a primary driver of the company's unpredictable cash flow performance and requires careful monitoring by stakeholders.
As indicated by recent SEC filings, Upexi's cash flow statement is heavily impacted by significant stock-based compensation, such as the $14.1 million charge in 2026Q2, which obscures the true cash cost of operations and masks the underlying burn rate of the business model.
The reliance on non-cash compensation to manage expenses may be artificially inflating the company's reported cash flow metrics. Investors should be wary of these adjustments, as they may hide the true extent of the company's operational cash burn and the potential for future dilution.
Quick answers to the most common questions about buying UPXI stock.
Upexi, Inc. (UPXI) generated $-8.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Upexi, Inc. (UPXI) reported negative free cash flow of $8.8M in 2025, indicating capital requirements exceeded cash from operations.
Upexi, Inc. (UPXI) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.