TAMPA, FL – Upexi, Inc. (NASDAQ:UPXI), a consumer product development and distribution brand, has recently announced its financial results for the fiscal year ended June 30, 2024, and for the first quarter ending September 30, 2024. The company disclosed last week that it received a Compliance Notice from Nasdaq on November 20, 2024, confirming that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing the required periodic reports. According to InvestingPro data, the stock has experienced significant volatility, with shares down about 80% year-to-date, currently trading at $4.42.
Allan Marshall, the CEO of Upexi, expressed satisfaction with the company’s financial filings and highlighted the completion of several transactions that were part of Upexi’s restructuring process. This restructuring has led to a significant decrease in debt and an increase in working capital, which Marshall believes will fund operations and meet debt obligations moving forward. Financial metrics from InvestingPro show the company maintains a current ratio of 0.69 and generates annual revenue of $22.08 million, with a healthy gross profit margin of 46.76%.
Upexi has sold its equity interests in several entities, including Interactive Offers, LLC, VitaMedica, and E-Core Technology, Inc. Additionally, the company has completed the sale of a building. Upexi continues to operate its manufacturing and distribution centers in Odessa, Florida, and provides warehousing, distribution, and other services for product sales in Tampa, Florida. Gumi Labs, which is part of these operations, manufactures gummies and other products, including those with hemp ingredients. The manufacturing facilities are reportedly operating at full capacity as of August of 2024.
The company also continues to market and distribute its brands, which include LuckyTail, PRAX, Cure Mushrooms, and Moonwlkr.
This press release from Upexi also contains forward-looking statements regarding future operations and potential acquisitions. The company acknowledges that actual results may differ from those in the forward-looking statements and that it does not assume any obligation to update these statements.
The information reported is based on a press release statement and is intended to provide investors with the latest financial compliance and operational status of Upexi, Inc. InvestingPro analysis suggests the stock is currently undervalued, though investors should note that analysts don’t expect profitability this year. For comprehensive insights and additional ProTips on Upexi’s financial health and market position, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Upexi, Inc. has been actively investigating unusual trading activity following its recent reverse stock split. The company reported a substantial increase in shareholder numbers immediately after the announcement, raising concerns about potential stock manipulation. Upexi’s legal team is currently reviewing the trades to determine the presence of any manipulative practices.
In the meantime, Upexi has made significant strides in its restructuring efforts, reducing its debt by $16.1 million through asset sales and operational consolidation. The company has received an additional 180-day period to meet the Nasdaq Capital Market’s minimum bid price requirement, according to its recent SEC filing.
Moreover, Upexi has approved a 20-to-1 reverse stock split to meet NASDAQ’s minimum share price requirements, aiming to reduce the number of shares in circulation and increase the per-share price. These are among the latest developments for Upexi. The company has also engaged GBQ Partners LLC to audit its financial statements for the fiscal years ending June 30, 2023, and 2024, ensuring financial transparency.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
