Executive Summary
Upexi Inc (UPXI) reported QQ3 2024 results that highlighted a meaningful top-line contraction and deteriorating profitability, underscoring a stretched liquidity position as the company continues its transition in the Health & Wellness, Pet, and Beauty products segments. Revenue for the quarter was 14.445 million, down 40.36% year-over-year and 18.82% quarter-over-quarter, with gross margins approximately 20% (gross profit of 2.883 million on 11.562 million cost of revenue). The company posted an operating loss of 4.937 million and a net loss of 4.119 million, with basic and diluted EPS of -3.97. EBITDA was negative at -3.806 million, and the EBITDARatio stood at -0.263. This combination of lower revenue, persistent operating leverage, and high operating expenses driven a worsening cash burn; operating cash flow registered -0.690 million and free cash flow was -0.981 million for the quarter. The balance sheet shows total assets of 56.507 million against total liabilities of 34.451 million and stockholders’ equity of 22.056 million, with retained earnings deeply negative at -31.114 million and goodwill/intangible assets totaling roughly 20.317 million. Liquidity metrics reflect a precarious position: cash and cash equivalents of 0.498 million, current ratio 0.696, quick ratio 0.332, and cash ratio 0.0206, while short-term debt peaks at 18.264 million and total debt at 28.523 million. Net debt stands at approximately 28.024 million. The quarter’s dynamics signal that without meaningful top-line stabilization or margin improvement, debt-servicing capacity and liquidity remain stressed. Management commentary is not provided in the supplied transcript data, so quotes and call-specific guidance could not be incorporated directly. Overall, the QQ3 2024 results imply a high-risk near-term investment profile with potential upside if the company executes on cost discipline, product mix optimization, and revenue resilience.”, 0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0:0,
Key Performance Indicators
QoQ: -18.82% | YoY:-40.36%
QoQ: -65.14% | YoY:-69.98%
QoQ: -176.26% | YoY:-105.82%
QoQ: -68.94% | YoY:-100.24%
QoQ: -3 208.33% | YoY:-3 509.09%
Key Insights
Revenue: 14.4457 million; YoY change: -40.36%; QoQ change: -18.82%
Gross Profit: 2.8832 million; Gross Margin: 19.96%
Operating Income: -4.9371 million; Operating Margin: -34.18%
EBITDA: -3.8059 million; EBITDA Margin: -26.35%
Net Income: -4.1186 million; Net Margin: -28.51%
EPS: -3.97; Diluted EPS: -3.97
Cash Flow: Operating cash flow -0.6904 million; Capital expenditures -0.3603 million; Free cash flow -0.9806 million
Liquidity: Cash at end of period 0.4983 million; Current ratio 0.696; Quick ...
Financial Highlights
Revenue: 14.4457 million; YoY change: -40.36%; QoQ change: -18.82%
Gross Profit: 2.8832 million; Gross Margin: 19.96%
Operating Income: -4.9371 million; Operating Margin: -34.18%
EBITDA: -3.8059 million; EBITDA Margin: -26.35%
Net Income: -4.1186 million; Net Margin: -28.51%
EPS: -3.97; Diluted EPS: -3.97
Cash Flow: Operating cash flow -0.6904 million; Capital expenditures -0.3603 million; Free cash flow -0.9806 million
Liquidity: Cash at end of period 0.4983 million; Current ratio 0.696; Quick ratio 0.332; Cash ratio 0.0206
Balance Sheet: Total assets 56.507 million; Total liabilities 34.451 million; Stockholders’ equity 22.056 million; Retained earnings -31.114 million; Goodwill 10.848 million; Intangible assets 9.470 million; Total debt 28.523 million; Net debt 28.024 million
Note: All figures in USD thousands unless stated otherwise. YoY and QoQ references are from the provided incomeMetrics section.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
14.44M |
-40.36% |
-18.82% |
| Gross Profit |
2.88M |
-69.98% |
-65.14% |
| Operating Income |
-4.94M |
-105.82% |
-176.26% |
| Net Income |
-4.12M |
-100.24% |
-68.94% |
| EPS |
-3.97 |
-3 509.09% |
-3 208.33% |
Key Financial Ratios
operatingProfitMargin
-34.2%
operatingCashFlowPerShare
$-0.67
freeCashFlowPerShare
$-0.95
Management Commentary
Transcript not provided in the supplied materials. As a result, management quotes, thematic takeaways, and call-driven nuances could not be extracted. The qualitative assessment therefore focuses on documented financials and the implied strategic implications of the results (e.g., revenue stabilization needs, cost structure, and liquidity preservation).
Forward Guidance
No explicit forward guidance was disclosed in the provided materials. Given the current quarterly decline in revenue, widened losses, and a fragile liquidity position, investors should regard near-term guidance as likely to focus on cash burn reduction, SG&A optimization, and strategies to stabilize or grow topline. In absence of stated targets, a prudent framework would monitor: (i) revenue trajectory by channel and product category, (ii) gross margin expansion opportunities through SKU refinement and supplier terms, (iii) SG&A containment and operating leverage, and (iv) liquidity actions (debt refinancing options, working capital improvements, and potential capital raises). Management commentary, if available, would be required to quantify any expected synergies from product mix changes or cost controls to assess achievability.