Upexi Inc
NASDAQ:UPXI
Upexi Inc
Grove, Inc. engages in the business of developing, producing, marketing, and selling raw materials, white label products and end consumer products containing the hemp plant extract, cannabidiol. The company is headquartered in Clearwater, Florida and currently employs 122 full-time employees. The company went IPO on 2021-06-24. The firm primarily conducts its business operations through its wholly-owned subsidiaries: Steam Distribution, LLC, One Hit Wonder, Inc., Havz, LLC, doing business as, Steam Wholesale, One Hit Wonder Holdings, LLC, SWCH LLC, Trunano Labs, Inc., Infusionz, LLC and Cresco Management, LLC. Its segments include products and trade shows. The firm's product sales are organized into three channels of distribution: Grove, Inc. branded products, manufacturing of products to be sold under customers brands and white label products that are sold under customer brands. The Company, through its subsidiaries, produces business-to-business CBD-related trade shows in the United States. The company sells to numerous consumer markets, including botanical, beauty care and pet care.
Grove, Inc. engages in the business of developing, producing, marketing, and selling raw materials, white label products and end consumer products containing the hemp plant extract, cannabidiol. The company is headquartered in Clearwater, Florida and currently employs 122 full-time employees. The company went IPO on 2021-06-24. The firm primarily conducts its business operations through its wholly-owned subsidiaries: Steam Distribution, LLC, One Hit Wonder, Inc., Havz, LLC, doing business as, Steam Wholesale, One Hit Wonder Holdings, LLC, SWCH LLC, Trunano Labs, Inc., Infusionz, LLC and Cresco Management, LLC. Its segments include products and trade shows. The firm's product sales are organized into three channels of distribution: Grove, Inc. branded products, manufacturing of products to be sold under customers brands and white label products that are sold under customer brands. The Company, through its subsidiaries, produces business-to-business CBD-related trade shows in the United States. The company sells to numerous consumer markets, including botanical, beauty care and pet care.
SOL Price Impact: Upexi's results were heavily impacted by a sharp decline in Solana's price, with a 40% drop during the quarter and an additional 31% drop after quarter-end.
Revenue Surge: Total revenue for the quarter more than doubled year-over-year to approximately $8.1 million, reflecting the addition of the digital asset treasury business.
Significant Loss: The company reported a net loss of about $178.9 million for the quarter, driven mainly by $164.5 million in unrealized losses on digital assets.
Token Growth: Upexi increased its Solana holdings to around 2.4 million tokens, continuing to focus on growing tokens per share via capital raises above NAV.
Capital Raises: Management completed multiple equity and convertible note offerings, all at or above net asset value, bolstering the balance sheet.
Yield Strategy: The company plans to boost treasury yield through low-risk, off-chain strategies, targeting a low to mid-teens yield, but is avoiding on-chain lending for now.
Cautious Outlook: Management remains optimistic about Solana and Upexi's fundamentals despite market volatility and is keeping cash reserves to manage risk.
