Upexi's revenue doubled but recorded a $179 million loss, with SOL's decline dragging down the digital asset treasury performance
Odaily Planet Daily News: Nasdaq-listed company and Solana digital asset treasury firm Upexi announced its second fiscal quarter earnings as of December 31. The company’s quarterly revenue reached $8.1 million, more than doubling from approximately $4 million in the same period last year, but due to the decline in SOL prices, the company recorded a net loss of about $179 million.
The financial report shows that digital asset operations have become the main source of income, contributing $5.1 million this quarter, primarily from SOL staking yields, surpassing the $2.9 million revenue from consumer brand businesses. The company’s gross profit increased by 126% year-over-year to $6.7 million.
However, the loss mainly stems from approximately $164.5 million in unrealized paper losses, which are non-cash accounting impacts caused by adjusting crypto assets to market value. Management stated that the core treasury business continues to generate cash flow through staking yields and plans to explore more revenue strategies and hedging tools to reduce the impact of asset price fluctuations.
As of the end of the quarter, Upexi held over 2.17 million SOL, with about 95% already staked; the company indicated that its current holdings are close to 2.4 million SOL.
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