Solana-Backed Upexi Posts Record Quarter: $9.2M Revenue, $6.1M from Digital Assets, and $67M Net Profit Driven by SOL Reserve Gains
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COINOTAG News reports that Upexi, a and consumer goods brand, posted a record quarterly performance. The quarter showed digital asset revenue above $6 million, lifting gross profit to $8.3 million and a 183% YoY increase.
The Nasdaq-listed company reported total quarterly revenue of $9.2 million, up from $4.4 million a year earlier, with $6.1 million largely from staking rewards within the digital asset segment. It completed a $200 million private placement of common stock and convertible bonds and signed a $500 million equity financing agreement with A.G.P to accelerate Solana asset reserve expansion.
The quarter delivered a net profit of $67 million ($1.21 per share), reversing a $1.6 million loss ($1.55 per share loss) in the quarter ended September 30, 2024. The gain was aided by an unrealized about $78 million uptick from the Solana asset reserve, and total holdings now exceed 2.1 million SOL.