Upexi reported a $179 million loss despite doubling its quarterly revenue, as a drop in SOL prices impacted its Solana coffers.

Nasdaq-listed Upexi announced its financial results for the second quarter of fiscal year 2026, ending December 31, 2025. While quarterly revenue more than doubled year-over-year to $8.1 million, the company recorded a net loss of approximately $179 million due to the impact of a decline in the price of Solana on its SOL treasury. The company stated that the loss was primarily due to approximately $164.5 million in unrealized losses on the fair value of crypto assets and $8.3 million in share-based compensation expenses, both non-cash accounting adjustments. Upexi's stock price also fell to approximately $0.90, a significant drop from its high of over $22 after its transformation into a crypto treasury. As of the end of the quarter, Upexi held approximately 2.17 million SOL tokens, with approximately 95% already staked. (The Block)