Upexi posts $109.3M Q3 loss on $92.3M Solana markdowns

Upexi reported a $109.3 million net loss for the quarter ended March 31, 2026. The company attributed the result to non-cash unrealized markdowns of $92.3 million on its Solana holdings, compared with a $3.8 million loss in the same quarter a year earlier.

Despite the markdowns, Upexi’s core operating figures improved. Gross profit rose 179% year over year to $4.4 million, and total revenue increased to about $4.6 million from $3.2 million in the prior-year quarter.

The firm expanded its Solana position during the quarter, increasing the number of SOL tokens in its treasury by 9% and raising the tokens earned from staking. Upexi repurchased roughly 2.5 million shares on the open market during the quarter. Over the nine months ended March 31, the company repurchased and retired 2,894,287 common shares and closed a $36 million private placement convertible note tied to 265,500 locked Solana tokens.

Upexi ended the quarter with $3.5 million in cash and cash equivalents and reduced short-term debt by about $7.6 million. Management cut costs by reducing headcount to 10 employees, terminating a warehouse lease and trimming other general and administrative expenses. Management estimates that by July 1, 2026, ongoing cash expenses for operations and interest will be lower than the treasury’s staking revenue at current SOL prices.

In a company statement, Allan Marshall, chief executive officer, wrote: “During the quarter, we grew the number of SOL held in our treasury by 9%, increased the number of tokens generated from staking, and repurchased approximately 2.5 million Upexi shares in the open market, all of which increased our Solana per share.”

Other digital asset treasury firms have reported unrealized losses in recent quarters as lower crypto prices have reduced the market value of their holdings.