Upexi Inc (UPXI) Q4 2024 Earnings Report

Upexi Inc (UPXI) reported a material deterioration in operating performance for QQ4 2024, with revenue reported at -33.59 million and a corresponding gross profit of -7.04 million, yielding a gross margin of 21.0% on the reported figures. The period displayed a steep year-over-year decline of 288% in revenue and a staggering QoQ reduction of 333%, signaling a fundamental shift or restart in the business model during the quarter. EBITDA was -24.36 million and net income was -15.75 million, driving negative earnings per share of -15.33. Profitability remains structurally challenged, even as the company reports some marginal gross margin despite negative revenue, underscoring that the business is in a transition phase with cost structure under pressure and limited top-line resilience.

The balance sheet reveals meaningful liquidity stress: cash and cash equivalents totaled 0.66 million at quarter end, with total debt of 13.45 million and net debt of 12.79 million. The current ratio stood at 0.90 and the cash ratio at 0.0523, highlighting near-term liquidity tightness. Operating cash flow was negative (-1.86 million) for the period, with free cash flow also negative (-1.02 million). Retained earnings are deeply negative (-46.86 million), while total stockholders’ equity remains modest at approximately 6.52 million, indicating a leveraged and high-commitment capital structure that will require strategic balance-sheet repair or equity financing to support ongoing operations and growth initiatives.

Management commentary (where available) did not accompany an explicit quantitative forward guidance in QQ4 2024. Absent a formal guidance framework, the key questions for investors focus on the company's ability to stabilize revenues, reduce fixed costs, and delever the balance sheet, as well as any strategic pivots in product mix and go-to-market execution that could drive a path toward profitability. In this environment, investors should monitor liquidity runway, debt maturities, potential asset impairments, and any restructuring actions intended to improve gross and operating margin discipline.