The Solana [SOL] digital asset treasury (DAT) company Upexi Inc. made about $4.6 million in total revenue in the first quarter of 2026. This is a good jump compared to the $3.2 million recorded at the same time last year.
In its quarterly report, Upexi’s gross profit totaled $4.4 million as compared to $1.6 million recorded last year in Q1 2025.
Upexi’s Q1 2026 results raise eyebrows
Nevertheless, despite these encouraging figures, net losses for the first quarter of 2026 came to $109.3 million, a significant increase over the $3.8 million recorded in the same quarter that ended on the 31st of March, 2025.
Upon closer examination, the report revealed that $92.3 million came from unrealized losses on digital assets—which reflected non-cash quarter-end fair value adjustments—and were the primary cause of the losses.
Speaking about the company’s losses, Upexi CEO Allan Marshall stated,
This quarter’s results reflect diligently executing against our digital asset treasury strategy of accumulating SOL on an accretive per-share basis and maintaining a flexible capital structure that positions us to pursue opportunities as they emerge.
Upexi’s unprofitable Solana bet
That said, Upexi had a 9% increase in Treasury SOLs during the first three months of 2026.
To raise their Solana per share, the company also increased the quantity of tokens produced by staking and bought back roughly 2.5 million Upexi shares on the open market.
As AMBCrypto previously reported, Upexi and Hivemind Capital had announced a $36 million private deal. This was done to increase its Solana treasury, where Upexi was to receive locked SOL in return for a convertible note with 1% interest.
It was anticipated that the business would hold more than 2.4 million SOL after completion.
Back in January, Upexi (UPXI) was also the second-largest Solana DAT, representing a 20% increase in total holdings. But Iplexi’s losses had dropped them to third place in the Solana DAT rankings, behind Forward Industries and Defi Development Corp.
Solana price action triggers Upexi’s net loss
Simply put, Upexi’s bet on Solana proved to be unsuccessful because Solana was mostly under selling pressure in Q1 2026.
As per CoinMarketCap data, the price of SOL dropped from about $124 at the beginning of the year to $81 by the end of March 2026. At the time of publishing, too, the SOL price was trading at $90.64 after a drop of 5.29% in the past 24 hours.
Similar sentiments were reflected in the stock price of Upexi, which has seen a drop of over 17% in the year so far. However, at press time the stock price of Upexi was trading at $1.39 after a hike of 2.96%.
Final Summary
- Despite escalating net losses, Upexi’s total revenue jumped from $3.2 million to $4.6 million in total revenue in Q1 2026.
- SOL’s price action during the first quarter of 2026 justifies the losses faced by the Solana DAT.
