Upexi Posts $109.3 Million First-Quarter Net Loss as Solana Decline Hits Holdings

JOON HYOUNG LEE

Summary

Upexi said it posted first-quarter revenue of $4.6 million and a net loss of $109.3 million as it pushed ahead with a Solana-based digital asset treasury strategy.
The company said most of the first-quarter net loss came from $92.3 million in unrealized losses tied to digital assets, and that it held about 2.36 million Solana tokens valued at $185 million.
First-quarter staking revenue totaled $3.5 million, while Upexi shares closed down 8.2%% at $1.35.

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Upexi, a US company listed on Nasdaq and pursuing a Solana-based digital asset treasury, or DAT, strategy, posted a steep first-quarter loss.

The Block reported on May 12 that Upexi posted first-quarter revenue of $4.6 million, up slightly from $3.2 million a year earlier.

Net loss widened to $109.3 million from $3.8 million in the same period a year earlier. Loss per share was $1.67.

The deeper loss was largely driven by declines in the value of Upexi's Solana holdings. The company said most of its first-quarter net loss stemmed from $92.3 million in unrealized losses on digital assets.

As of the end of March, Upexi held about 2.36 million Solana tokens valued at $185 million. Its Solana holdings rose about 9% from the previous quarter.

First-quarter staking revenue was $3.5 million.

Upexi shares closed down 8.2% at $1.35 on May 12.

Chief Executive Officer Allan Marshall said the first-quarter results reflected disciplined execution of the company's DAT strategy to increase Solana holdings per share. He added that Upexi maintained a flexible capital structure, leaving it positioned to pursue future opportunities.

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