TAMPA, FL - Upexi, Inc. (NASDAQ:UPXI), a diversified brand owner and aggregator, has announced its plan to file the Form 10-Q for the quarter ending March 31, 2024, on Monday, July 8, 2024. The company cited the temporary closure of its auditor's office during the first week of July as the reason for the delay.
Upexi specializes in owning and operating brands in various sectors, including health, wellness, pet, and beauty. The company's business model focuses on direct-to-consumer sales and Amazon (NASDAQ:AMZN) marketplace brands that offer scalability and are aligned with high-growth industry trends.
Upexi's strategy includes growing its existing brands organically and acquiring profitable Amazon and eCommerce businesses that can scale and benefit from corporate synergies.
The growth of Upexi's customer database has been instrumental to the company's sales and profit increases year over year. Through its acquisitions and data accumulation, Upexi aims to further expand its market reach and enhance its customer base across all industries it operates in.
The press release also contains forward-looking statements regarding Upexi's future plans, expectations, and potential acquisitions. These statements are subject to various factors that could cause actual results to differ from projected outcomes.
Upexi has indicated that it does not assume any obligation to update these forward-looking statements or to revise them should the company's expectations change.
Investors and interested parties are advised to consider the risk factors disclosed in Upexi's annual report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission when evaluating the company's prospects. This information is based on a press release statement issued by Upexi, Inc.
In other recent news, Upexi, Inc. has been facing a Nasdaq compliance issue due to a delay in filing its quarterly financial report. The company plans to address this by filing the required Form 10-Q before the end of June. The delay triggered a notice of non-compliance with Nasdaq's continued listing rules, but Upexi's management is confident that the filing will occur promptly, negating the need for a compliance plan.
In other developments, Upexi has been streamlining its operations, a move projected to cut annual operating expenses by $2 to $3 million. The company is also actively exploring strategic alternatives to boost shareholder value, which could include potential acquisitions, mergers, asset sales, and licensing agreements. To facilitate this process, Upexi is engaging the services of an investment bank.
The company is also prioritizing debt reduction and maintaining profitability in its core business areas, with plans for future expansion. As part of its financial transparency, Upexi has appointed GBQ Partners LLC to audit its financial statements for the fiscal years ending June 30, 2023, and 2024. These are the latest developments in the company's ongoing efforts to enhance its operations and shareholder value.
InvestingPro Insights
As Upexi, Inc. (NASDAQ:UPXI) prepares to file its quarterly report, a closer look at the company's financial health and market performance through InvestingPro's lens offers a nuanced perspective. With a market capitalization of just 7.91 million USD, Upexi is a relatively small player in the e-commerce and brand aggregation space.
The company's recent revenue growth has been impressive, with a 76.13% increase over the last twelve months as of Q2 2024, yet it has been coupled with a quarterly revenue decline of 18.37% in Q2 2024, signaling potential volatility in its sales figures.
InvestingPro Tips suggest that Upexi is grappling with significant financial challenges. The company is trading at a low Price / Book multiple of 0.31, which could indicate that the market values the company's assets at less than their accounting value. This is often a sign that investors have concerns about the company's future performance or asset quality.
Moreover, analysts are not optimistic about Upexi's profitability in the near term, as the company has not been profitable over the last twelve months and is expected to continue this trend through the current year.
The stock's performance reflects these challenges, with a steep 83.96% decline over the past year as of mid-2024. This trend is consistent with the significant hits the stock has taken over shorter time frames, including a 21.52% drop just in the last week. Investors considering Upexi should note that the company operates with a significant debt burden and is quickly burning through cash, which may further impact its ability to sustain operations and grow in the competitive e-commerce landscape.
For those keen on delving deeper into Upexi's financials and market performance, InvestingPro offers additional insights. There are 12 more InvestingPro Tips available for Upexi, which can be accessed by visiting the company's dedicated page at https://www.investing.com/pro/UPXI. To enhance your investing strategy with these comprehensive analytics, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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