Upexi (UPXI) Investor presentation summary

Business and strategic shift

• Consumer-brand operator focused on product development, manufacturing and distribution, with proprietary data, technology and logistics capabilities; annual revenue of ~$5-10m and wholesale and direct-to-consumer sales.

• LuckyTail sells pet wellness and grooming products, including its flagship nail grinder.

• Strategic timeline: crypto and fintech expansion announced Feb. 2025; $100m Solana treasury placement in Apr. 2025; additional $200m placement in July 2025; 2.4m SOL announced Jan. 2026.

Solana treasury and staking

• Treasury held 2,340,150 SOL, valued at $253.9m using a $108.51 SOL price as of Oct. 9, 2026; 36% of SOL was locked and 64% spot as of June 30, 2026.

• Nearly all SOL is staked, with current yields of ~5%; staking rewards were ~135,000 SOL per year.

• Locked SOL was acquired at mid-teens discounts and moves to par over time; the presentation says the discount can nearly double effective staking yield.

• Treasury approach emphasizes qualified custodians and validators, diversification, no restaking or onchain trading, and prudent low credit-risk leverage.

• Stated aim is to continue acquiring and holding SOL in a risk-prudent, accretive manner.

Value-creation model

• Adjusted SOL per share rose 35% in 2025, versus 3% from staking a similarly timed SOL investment; the presentation characterized the difference as 32 percentage points.

• Value-accrual levers include staking, discounted locked-SOL purchases, and equity issuance above book value; convertible debt is positioned as lower-cost funding with delayed dilution.

• Capital-markets strategy targets accretive equity and debt issuance; more than $170m of accretive equity had been raised, and a $50m share repurchase program was in place.

• Fully loaded mNAV was 0.7x, based on the presentation's adjusted market capitalization and treasury NAV calculation as of Oct. 9, 2026.

• Treasury-company returns may combine asset-price gains, valuation multiple expansion and accretion from capital issuance; valuation premiums and discounts can vary with market conditions.