Executive Summary
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.
Key Performance Indicators
QoQ: 112.97% | YoY:-47.35%
QoQ: 141.63% | YoY:-46.03%
QoQ: 90.85% | YoY:-16.90%
QoQ: 89.68% | YoY:-19.93%
QoQ: 89.89% | YoY:-15.67%
Key Insights
Revenue: 4,356,515 (USD) | YoY: -47.35% | QoQ: +112.97%
Gross Profit: 2,930,068 | Gross Margin: 0.6726
Operating Income: -1,335,165 | Operating Margin: -0.3065
EBITDA: -1,076,070 | EBITDA Margin: -0.2470
Net Income: -1,625,577 | Net Margin: -0.3731
EPS: -1.55 | Diluted EPS: -1.55 | Weighted Avg Shares: 1,045,429
Cash Flow: Operating cash flow -1,974,592; Free cash flow -2,142,002
Capital Expenditures: -167,408
Cash & Equivalents: 1,790,391
Total Assets: 18,603,028; Total Liabilities: 13,571,...
Financial Highlights
Revenue: 4,356,515 (USD) | YoY: -47.35% | QoQ: +112.97%
Gross Profit: 2,930,068 | Gross Margin: 0.6726
Operating Income: -1,335,165 | Operating Margin: -0.3065
EBITDA: -1,076,070 | EBITDA Margin: -0.2470
Net Income: -1,625,577 | Net Margin: -0.3731
EPS: -1.55 | Diluted EPS: -1.55 | Weighted Avg Shares: 1,045,429
Cash Flow: Operating cash flow -1,974,592; Free cash flow -2,142,002
Capital Expenditures: -167,408
Cash & Equivalents: 1,790,391
Total Assets: 18,603,028; Total Liabilities: 13,571,406; Total Shareholders’ Equity: 5,031,622
Liquidity: Current ratio 0.70; Quick ratio 0.53; Cash ratio 0.18
Debt: Total debt 10,681,880; Net debt 8,891,489
Return metrics: ROA -8.74%; ROE -32.30%; ROCE -15.10%
Valuation context (per peer ratios): Enterprise value multiple negative; price-to-book 0.81; price-to-sales 0.94.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
4.36M |
-47.35% |
112.97% |
| Gross Profit |
2.93M |
-46.03% |
141.63% |
| Operating Income |
-1.34M |
-16.90% |
90.85% |
| Net Income |
-1.63M |
-19.93% |
89.68% |
| EPS |
-1.55 |
-15.67% |
89.89% |
Key Financial Ratios
operatingProfitMargin
-30.6%
operatingCashFlowPerShare
$-1.89
freeCashFlowPerShare
$-2.05
Management Commentary
Transcript data not available in the provided dataset. No management quotes or call transcripts were supplied for QQ1 2025. Consequently, the synthesis relies on reported financials and listed peer benchmarks. If you can provide the earnings call transcript, I will extract key themes, quotes, and management guidance to augment this section.
Forward Guidance
No formal forward guidance was included in the provided data. Given the cash burn and leverage, the near-term focus for management likely centers on: (1) reducing cash operating expenses and optimizing SG&A structure; (2) improving working capital to stabilize cash flow; (3) deleveraging via debt reduction or refinancing; (4) accelerating revenue growth avenues within its health, wellness, pet, and beauty product lines to drive scale. Investors should monitor: quarterly cash burn rate, progress on cost controls, any updates on working capital milestones, potential debt refinancing terms, and any management commentary on product mix and go-to-market initiatives that could sustain the QoQ revenue lift observed in QQ1 2025.