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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q** \n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended **March 31, 2026**\n\n \n\nor\n\n \n\n☐\n\nTRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from __________ to _______\n\n \n\nCommission File Number **001-40535**\n\n \n\n**UPEXI, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Delaware**\n\n \n\n**83-3378978**\n\n(State or other jurisdiction of\n\n incorporation or organization)\n\n \n\n(IRS Employer\n\nIdentification No.)\n\n \n\n**3030 North Rocky Point Drive**\n\n**Tampa, FL**\n\n \n\n**33607**\n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\n**(727) 287-2800**\n\n(Registrant’s telephone number, including area code)\n\n \n\n_______________________________________________________________\n\n(Former name, former address, and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n**Title of each class**\n\n**Trading Symbol(s)**\n\n**Name of each exchange on which registered**\n\nCommon Stock, par value $0.00001\n\nUPXI\n\nThe NASDAQ Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes     ☐ No\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes     ☐ No\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ Yes     ☒ No\n\n \n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.\n\n \n\nAs of May 11, 2026 the registrant had 70,261,828 shares of common stock, par value $0.00001 per share, issued.\n\n \n\n \n\n \n\n  \n\n**TABLE OF CONTENTS**\n\n \n\n**PART I - FINANCIAL INFORMATION**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 1.](#P1I1)\n\n[Condensed Consolidated Financial Statements (Unaudited)](#P1I1)\n\n \n\n4\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 2.](#P1I2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#P1I2)\n\n \n\n30\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 3.](#P1I3)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#P1I3)\n\n \n\n34\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 4.](#P1I4)\n\n[Controls and Procedures](#P1I4)\n\n \n\n34\n\n \n\n \n\n \n\n \n\n \n\n**PART II - OTHER INFORMATION**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 1.](#P2I1)\n\n[Legal Proceedings](#P2I1)\n\n \n\n35\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 1A.](#P2I1A)\n\n[Risk Factors](#P2I1A)\n\n \n\n35\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 2.](#P2I2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#P2I2)\n\n \n\n35\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 3.](#P2I3)\n\n[Defaults Upon Senior Securities](#P2I3)\n\n \n\n36\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 4.](#P2I4)\n\n[Mine Safety Disclosures](#P2I4)\n\n \n\n36\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 5.](#P2I5)\n\n[Other Information](#P2I5)\n\n \n\n36\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 6.](#P2I6)\n\n[Exhibits](#P2I6)\n\n \n\n36\n\n \n\n \n\n \n\n \n\n \n\n \n\n**SIGNATURES**\n\n \n\n37\n\n \n\n \n\n2\n\n*Table of Contents*\n\n  \n\n**FORWARD-LOOKING STATEMENTS**\n\n \n\nThis quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.\n\n \n\nOur unaudited condensed consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item IA, “Risk Factors”, in our Annual Report on Form 10-K for the year ended June 30, 2025, and in our other filings with the Securities and Exchange Commission, as well as those discussed elsewhere in this quarterly report.\n\n \n\nIn this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to shares of our common stock.\n\n \n\nAs used in this quarterly report, the terms “we”, “us”, “our” and the “Company” mean Upexi, Inc., unless otherwise indicated.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n  \n\n**PART I - FINANCIAL INFORMATION**"}