Transitioning Cost-Structure Provides Path to Self-Sustaining Treasury

Research evidence excerpt

Transitioning Cost-Structure Provides Path to Self-Sustaining Treasury

Crypto & Blockchain

Upexi, Inc. (UPXI)

EQUITY RESEARCH Company Update

May 12, 2026

Transitioning Cost-Structure Provides Path to Self- Price: $1.35

Price Target: $2.00 Sustaining Treasury

Rating: Overweight

UPXI reported fiscal 3Q26 results after market close on Tuesday (5/12). During

Key Statistics: the quarter, UPXI earned 34,727 SOL from staking at an average price of $100.9,

Symbol NASDAQ: UPXI equating to $3.5m of staking revenue. Despite reporting a net loss of $(109.3m) due 52-Week Range 0.54 - 15.50

to unrealized losses on digital assets, the setup has improved materially since quarter- Market Cap 162.8

ADV (3 mo) 5,249,237 end on 3/31/26. Solana is trading at $95 (+14%), UPXI shares have risen nearly 40%,

EV ($M) 159 and implied mNAV has rebounded from 0.54x to 0.73x.

Shares Out (M) 120.6

Notably, UPXI made progress on its cost-structure during the quarter, and

management now expects its ongoing cash opex and interest payments to be less than Research Analysts:

Gareth Gacetta its treasury's staking revenue (at current SOL prices) by July 1, 2026, which in our view

212-915-1251 would be a structurally important milestone for the company, allowing incremental

Gareth.Gacetta@cantor.com staking revenue to compound directly to shareholders. Ultimately, we see shares as

Nathan Frankovitz an attractive entry-point below 1.0x mNAV as underlying momentum in the Solana 929-706-2050

Nathan.Frankovitz@cantor.com Ecosystem accelerates. We reiterate our Overweight rating and $2 Price Target.

Brett Knoblauch, CFA Solana Treasury. UPXI ended the quarter with 2,361,931 SOL (+9% q/q), which based

212-610-2221 on a $95 SOL price equates to $223.7m.