Upexi, Inc. Reports Net Loss of $16.9 Million for Fiscal Year 2023
Annual Revenue of $80.7 Million UPEXI, INC. [UPXI], a leading company in the industry, has released its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $16.9 million for the year, compared to a net loss of $2.1 million in the previous year. The annual revenue for the company amounted to $80.7 million, a significant increase from $23.1 million in the previous year
UPEXI, INC. [UPXI], a leading company in the industry, has released its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $16.9 million for the year, compared to a net loss of $2.1 million in the previous year. The annual revenue for the company amounted to $80.7 million, a significant increase from $23.1 million in the previous year.
Financial Performance
Despite the net loss, Upexi, Inc. showed strong financial performance during the fiscal year. The company achieved a gross profit of $33.6 million, with a gross profit margin of 41.6%. Operating expenses totaled $41.1 million, which included sales and marketing expenses of $10.4 million, distribution costs of $12.4 million, and general and administrative expenses of $9.5 million. Share-based compensation amounted to $3.7 million.
