Solana DAT Upexi posts $179 million loss as SOL price slide hits treasury despite revenue doubling

Nasdaq-listed Upexi reported sharply higher revenue in its fiscal second quarter, but posted a steep net loss as falling Solana (SOL) prices weighed heavily on the company's SOL treasury holdings.

The Solana-focused treasury firm and consumer brands operator recorded $8.1 million in total revenue for the quarter ended Dec. 31, roughly doubling from $4 million a year earlier, according to results released Tuesday afternoon.

Digital asset operations generated $5.1 million, primarily from staking income, surpassing the $2.9 million produced by Upexi’s consumer brands segment. Gross profit climbed 126% year over year to $6.7 million, largely driven by the addition of the company’s digital asset treasury business last year.

Still, Upexi reported a net loss of nearly $179 million, compared with a $1.3 million loss in the same quarter a year earlier. The swing was largely driven by $164.5 million in unrealized losses tied to quarter-end fair value adjustments on its crypto holdings, along with $8.3 million in stock-based compensation expense. Executives said the losses were primarily non-cash accounting adjustments, while underlying treasury operations continued to generate income through SOL staking rewards and token accumulation.

Upexi held over 2.17 million SOL at quarter end, with about 95% of tokens staked. During the earnings call, management said holdings are now closer to 2.4 million SOL, though SEC filings have not yet been updated to reflect an official revised total.

The company also strengthened liquidity through multiple capital raises, including a $36 million convertible note backed by locked SOL and a $7.4 million registered direct offering, bringing cash on hand to roughly $9.7 million. A previously announced $50 million share repurchase program remains in place.

Solana now trades below $80, near its lowest level in more than two years, while Upexi shares recently hit an all-time low around $0.90, down sharply from highs above $22 reached after the company pivoted to a crypto treasury strategy last year.