Upexi Inc (UPXI) Q1 2025 Earnings Report

Upexi Inc reported Q1 2025 results (calendar quarter ended 2024-09-30) showing a material YoY Revenue decline but a meaningful QoQ rebound in top-line and related margins. Revenue was 4.36 million, down 47.3% year over year, while gross profit of 2.93 million produced a solid gross margin of 67.3%. However, the company remained EBITDA negative at -1.08 million and net income negative at -1.63 million, translating to an EPS of -1.55. The quarter also reflects meaningful cash burn, with operating cash flow of -1.97 million and free cash flow of -2.14 million. Balance-sheet liquidity remains tight, with current ratio 0.70, cash and equivalents of 1.79 million, and total debt of 10.68 million against 5.03 million in equity, yielding a net debt position of approximately 8.89 million. Management commentary is not available in the provided transcript dataset, limiting qualitative insight into strategic adjustments during the quarter.

From a momentum perspective, the QoQ revenue jump (as per the supplied QoQ metric of +112.97%) suggests a potential stabilization after the prior year’s weakness, but profitability remains a key challenge. The company’s gross margin sits in a respectable 67% range for a low-margin consumer/health/wellness product mix, indicating that cost of revenue control and SG&A discipline could unlock improved operating leverage if demand sustains. The lack of positive free cash flow and loud balance-sheet leverage will be the dominant investor concerns in the near term, unless the company demonstrates a clear path to sustained cash profitability or debt reduction.