Despite achieving a peak gross margin of 93.1% in 2026Q3, the company continues to struggle with operational efficiency, reporting a net loss of $109.3 million for the same period.
| Sales/Revenue | 26.14M | 15.81M | 26M | 36.44M | 23.07M | 24.1M | 7.41M | 2.21M |
| Revenue Growth % | 218.47% | -39.19% | -28.65% | 57.99% | -4.27% | 225.04% | 235.72% | - |
| Cost of Goods Sold | 3.65M | 4.94M | 13.18M | 15.42M | 8.2M | 12.2M | 4.84M | 1.17M |
| COGS % of Revenue | - | 31.26% | 50.68% | 42.32% | 35.53% | 50.62% | 65.33% | 53.07% |
| Gross Profit | 22.49M | 10.87M | 12.82M | 21.02M | 14.87M | 11.9M | 2.57M | 1.04M |
| Gross Margin % | 86.04% | 68.74% | 49.32% | 57.68% | 64.47% | 49.38% | 34.67% | 46.93% |
| Gross Profit Growth % | - | -15.26% | -38.99% | 41.36% | 24.97% | 363% | 148.02% | - |
| Operating Expenses | -25.24M | 23.37M | 35.29M | 33.3M | 21.36M | 10.47M | 7.41M | 1.63M |
| OpEx % of Revenue | - | 147.79% | 135.72% | 91.38% | 92.6% | 43.46% | 99.94% | 73.61% |
| Selling, General & Admin | 48.1M | 22.99M | 22.54M | 26.07M | 19.8M | 9.44M | 7.41M | 1.63M |
| SG&A % of Revenue | - | 145.37% | 86.7% | 71.55% | 85.86% | 39.19% | 99.94% | 73.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -69.54K | 382.29K | 12.74M | 7.23M | 1.55M | 1.03M | 0 | 0 |
| Operating Income | 47.73M | -12.5M | -22.46M | -12.28M | -6.49M | 1.43M | -4.84M | -589.05K |
| Operating Margin % | 182.6% | -79.06% | -86.39% | -33.7% | -28.13% | 5.92% | -65.27% | -26.68% |
| Operating Income Growth % | - | 44.35% | -82.91% | -89.25% | -554.82% | 129.49% | -721.37% | - |
| EBITDA | 48.18M | -11.74M | -18.78M | -8.8M | -3.76M | 2.46M | -4.23M | -521.49K |
| EBITDA Margin % | 184.35% | -74.26% | -72.24% | -24.15% | -16.28% | 10.2% | -57.02% | -23.62% |
| EBITDA Growth % | 338.67% | 37.49% | -113.48% | -134.28% | -252.87% | 158.12% | -710.57% | - |
| D&A (Non-Cash Add-back) | 457.35K | 757.76K | 3.68M | 3.48M | 2.73M | 1.03M | 611.35K | 67.57K |
| EBIT | 47.91M | -12.88M | -13.4M | -8.53M | -6.49M | 1.43M | -4.84M | -589.05K |
| Net Interest Income | -10.4M | -1.17M | -3.12M | -4.72M | -202.12K | -530.45K | -138.41K | 3.07K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.07K |
| Interest Expense | 10.4M | 1.17M | 3.12M | 4.72M | 202.12K | 530.45K | 138.41K | 0 |
| Other Income/Expense | -276.17M | -1.18M | -3.14M | -4.68M | 101.08K | 269.4K | -546.54K | 2.01K |
| Pretax Income | -228.45M | -13.68M | -25.6M | -16.96M | -6.39M | 1.7M | -5.38M | -587.04K |
| Pretax Margin % | -874.01% | -86.55% | -98.47% | -46.53% | -27.7% | 7.04% | -72.64% | -26.59% |
| Income Tax | 0 | 0 | -332.1K | -3.05M | -518.4K | -1.28M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 1.3% | 17.98% | 8.12% | -75.63% | 0% | 0% |
| Net Income | -228.45M | -13.68M | -23.66M | -16.93M | -2.1M | 2.98M | -5.38M | -587.04K |
| Net Margin % | -874.01% | -86.55% | -90.99% | -46.46% | -9.11% | 12.36% | -72.63% | -26.59% |
| Net Income Growth % | -915.13% | 42.16% | -39.74% | -705.88% | -170.52% | 155.33% | -817.09% | - |
| Net Income (Continuing) | -228.45M | -13.68M | -25.27M | -13.91M | -5.87M | 2.98M | -5.38M | -587.04K |
| Discontinued Operations | 0 | 0 | 1.16M | -1.37M | 3.82M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -505.15K | 54.82K | 0 | 1.95M | 1.66M |
| EPS (Diluted) | -3.49 | -1.73 | -24.16 | -16.46 | -0.13 | 4.20 | -0.41 | -0.04 |
| EPS Growth % | 80.42% | 92.84% | -46.78% | -12561.54% | -103.1% | 1124.39% | -919.9% | - |
| EPS (Basic) | - | -1.73 | -24.16 | -16.46 | -0.13 | 5.00 | -0.41 | -0.04 |
| Diluted Shares Outstanding | 65.51M | 7.91M | 1.03M | 17.88M | 16.22M | 712.9K | 14.54M | 14.54M |
| Basic Shares Outstanding | 65.51M | 7.91M | 1.03M | 17.88M | 16.22M | 596.52K | 14.54M | 14.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As evidenced by the provided financial data, Upexi has experienced extreme revenue volatility, including a notable 39.5% year-over-year decline in 2025Q3, which suggests that the company's acquisition-led growth strategy is struggling to maintain consistent momentum across its diverse portfolio of health and wellness micro-brands.
The erratic revenue swings indicate that the company's top-line performance is highly sensitive to the integration of new acquisitions and potential churn within its existing brand base. Investors should monitor whether the recent fluctuations represent a structural pivot or an inability to sustain organic demand within the competitive Amazon marketplace.
Based on reported figures, Upexi maintains a structurally high gross margin profile, peaking at 93.1% in 2026Q3, which suggests that the underlying products possess significant pricing power or low manufacturing costs despite the company's inability to translate these unit-level gains into positive operating profitability.
The wide gap between gross margins and operating margins highlights a severe disconnect between product-level economics and corporate overhead efficiency. This disparity implies that the current business model is heavily burdened by fixed costs that are not scaling effectively with the company's transactional revenue base.
According to recent financial statements, Upexi's operating leverage is currently negative, with operating margins reaching as low as -151.7% in 2025Q4, demonstrating that the company's SG&A expenses are significantly outpacing its ability to generate sufficient gross profit to cover its fixed corporate operating base.
The persistent operating losses suggest that the company's current scale is insufficient to support its existing administrative and marketing infrastructure. Without a substantial increase in revenue or a radical reduction in overhead, the company may continue to face significant challenges in achieving operational break-even.
As reported in financial filings, Upexi's net income has been significantly impacted by non-operating items and stock-based compensation, such as the $14.1 million charge in 2026Q2, which complicates the assessment of the company's true underlying operational performance and long-term earnings potential for shareholders.
The presence of large, non-cash charges suggests that reported net income may not accurately reflect the company's cash-generating capabilities. Analysts should exercise caution when evaluating these figures, as they may mask the underlying operational difficulties and the potential for future dilution.
Based on the provided data, the most significant risk to the income statement narrative is the company's inability to achieve consistent profitability, as evidenced by the -79.06% operating margin, which raises concerns regarding the long-term viability of the current aggregator model without further capital infusion.
Short-sellers would likely focus on the company's reliance on external financing and the potential for inventory impairment given the recent revenue contraction. The lack of a clear path to self-sustaining operations warrants further investigation into the company's ability to manage its liquidity constraints effectively.
Quick answers to the most common questions about buying UPXI stock.
For fiscal year 2025, Upexi, Inc. (UPXI) reported total revenue of $15.8M. This represents a 616.1% increase compared to $2.2M in 2019.
Upexi, Inc. (UPXI) reported a net loss of $13.7M for the fiscal year ending 2025.
Upexi, Inc. (UPXI) reported an operating income of $-12.5M, resulting in an operating profit margin of -79.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Upexi, Inc. (UPXI) generated $10.9M in gross profit for the year, representing a gross profit margin of 68.7%. This demonstrates the company's core pricing power and production efficiency.