Upexi, Inc. · NASDAQ:UPXI
Upexi — Investor Presentation (September 2025)
29 slides from Upexi's investor presentation, Sep 8, 2025
Slide 1: The Solana Treasury Company
OUPE XI THE SOLANA TREASURY COMPANY SUMMER 2225 - INVESTOR PRESENTATION - NASDAQ: UPXI
Slide 2: Forward Looking Information
FORWARD LOOKING INFORMATION This presentation contains “forward-looking statements", including statements regarding Upexi, Inc. and its subsidiaries, within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this presentation
Slide 3: Upexi Overview
UPEXI OVERVIEW A Consumer Brand Owner Adopting a Solana Treasury Strategy * Brand owner specializing in the development, manufacturing, and distribution of consumer products Feb 6: Expands into Crypto © Leverages proprietary data, technology platform, and || Reveals intention to pursue crypto & fint
Slide 4: Leading with Innovation
LEADING WITH INNOVATION WN THE FIRST LARGE-SCALE PIPE FOR AN ALTCOIN TREASURY THERE HAVE BEEN OVER 128 TREASURY COMPANIES TO LAUNCH SINCE, (QUPE XI E88. summer2025—nasoag UPX! THE FIRST IN KIND CONVERTIBLE NOTE TO MATERIALLY REDUCE CREDIT RISK OFFERS LIKELY LARGE BENEFITS FOR BOTH INVESTORS AND UPEX
Slide 5: Management Team
MANAGEMENT TERM ALLAN MARSHALL THOMAS WILLIAMS Chief Executive Officer Board of Directors 30+ years of M&A focused experience 35+ years of experience, specialized in securitization Founder of XPO Logistics (NYSE: XPO; $15b market cap), __ mechanisms of illiquid assets Transportation Services, Inc,,
Slide 6: The Solana Treasury Strategy
THE SOLANA TREASURY STRATEGY
Slide 7: Crypto Treasury Company Primer
CRYPTO TREASURY COMPANY PRIMER Historical Efforts ‘© Companies are increasingly adding digital assets to. their treasuries to maintain purchasing power and benefit from potential appreciation * Some companies are issuing capital, mainly using equity and convertible debt, to buy more digital assets ©
Slide 8: Strategy's Wild Success
STRATEGY’S WILD SUCCESS Increase in BTC/Share Bitcoin Held, Thou 80% 600 Be 400 40% 0% iF 0 _ 2021 2022 2023 2024 YTD25 2021 2022 2023 2024 2025 Top BTC Treasuries (% total supply) MSTR Performance (Aug 2828=100) -MSTR = SPY =NVDA = BTC 3% 4,000 aig 3,000 2,000 i 4,000 0 0% MSTR MARA CEP BSTR BLSHMT
Slide 9: Solana Overview
SOLANA OVERVIEW Launched in 2020, Solana is a leading smart contract blockchain built for performance and mass adoption * Stated goal to be an onchain Nasdaq, and to Solana is the leading blockchain by many of the top metrics synchronize information at the speed of light Features ultra-cheap transac
Slide 10: Our Thesis: Upexi's Solana Treasury Strategy
OUR THESIS: UPEX!’S SOLANA TREASURY STRATEGY PROVIDES CRYPTO EXPOSURE IN A FAMILIAR EQUITY SECURITY UNLOCKS SIGNIFICANT VALUE USING PROVEN CAPITAL MARKETS STRATEGIES IMPROVES ON MICROSTRATEGY’S PLAYBOOK WITH KEY INNOVATIONS CAPITALIZES ON CRYPTO’'S SECULAR EXPANSION & SOLANA AS AN END-GAME WINNER SU
Slide 11: Treasury Company Components
TREASURY COMPANY COMPONENTS Maximize External Visibility Issue Capital intelligently Upexi will maximize visibility and demand for the stock Overall Efforts ‘© Extensive public relations campaign Regular investor presentations © Establish Upexi Advisory Committee © Website refresh, blog posts, etc.
Slide 12: Upexi's Strategy
UPEXI’S STRATEGY Go Big & Fast Come With The Cryptasphere @ Raised a $100m private placement to bootstrap its Solana treasury strategy and quickly / efficiently deployed it into Solana * Raised another $200m round * Target additional large- scale, accretive raises to acquire & HODL as much SOLas pos
Slide 13: Myriad Value Accrual Mechanisms
MYRIAD VALUE ACCRUAL MECHANISMS Unlike SOL or alternative instruments like ETFs, Upexi can add value in several additional ways (that all compound) Intelligent Issuance SOL Staking Change in SOL Price © Upexi can buy locked Solana at a ~15% discount * Aligns to HODL strategy © Discount moves to par
Slide 14: The Capital Markets Flywheel
THE CAPITAL MARKETS FLYWHEEL intelligent Capital Issuance © Acoruing a multiple enables Upexi to issue equity above book value, which is by definition accretive to shareholders. ‘Selling stock at 2x book value is equivalent to selling $1 for $2 or buying SOL 50% off ‘© Upexi also issues convertible
Slide 15: Valuation Enables Flywheel
VALUATION ENABLES FLYWHEEL Peers At a Healthy Premium To Book Upexi Valuation Smaller companies have embedded growth premium asa similarly sized/priced raise results in more accretion Companies with smaller tokens may trade at higher premiums due to greater potential token upside Same for companies
Slide 16: Upexi's Solana Treasury
UPEX’’S SOLANA TREASURY Solana Treasury Overview Treasury Growth Over Time * 2,000,518 SOL, valued at $405 million = Gain m Invested ‘© 57% of purchases were locked SOL, bought at a roughly mid-teens discount 200 © Diversify SOL across qualified custodians, top validators ¢ Prudent management with n
Slide 17: Upexi Key Metrics
UPEXI KEY METRICS Adjusted SOL per Share Fully-Loaded mNAV TRERSURY Summer 2025— NASDAQ: UPXI 0.025) 454% growth in adjusted SOL / Share Ee 0.020 2.0 0.015 we 15 0.010 1.0 0.005 05 0.000 0.0 Apr 24 Sep 4 Jul27 Aug3 Aug10 Aug 17 Aug 24 Aug 31 Credit-Risk Leverage 2@d Avg Daily Trading Volume, $m rr 1
Slide 18: Why Crypto
WHY CRYPTO Novel Uses & Benefits Secular Expansion The Mother of All Catalysts Blockchain and crypto will be ubiquitous as it enables use cases and benefits not attainable with any other technology. These include Removal of Intermediaries * Enables trust between unknown Parties without a profit-maxi
Slide 19: Why Solana
WHY SOLANA The End Game-Winning Blockch Solana Specific Reasons Bitcoin is the best monetary asset. Solana is the best high performance blockchain. It’s that simple Top Price Potential © Solana has very high upside, both givena Market Cap market cap only 5% that of Bitcoin’s and as the TAM represent
Slide 20: Why Upexi
WHY UPEXI TOP MANAGEMENT CEO founded $15b XPO Logistics Execs have top equities & crypto expertise CAP MARKETS EXPERTISE Proven capital markets capabilities across equity and debt PIONEERING INNOVATION Completed the first large-scale PIPE for an altcoin treasury, in kind convert issuance BACKED BY T
Slide 21: Upexi as an Investment
UPEXI AS AN LS INVESTMENT
Slide 22: Accretion Math
ACCRETION MATH Issuing Equity Above Book is Accretive Illustrative $12@m Equity Raise [Formula Item ‘Amount Equity Issuance & Accretion Basics a SOLheld 7,000,000 Issuing equity above NAV is by definition accretive b Price per SOL 200 When Strategy issues equity at 2.0x NAV, it is c-a"b Current NAV
Slide 23: If SOL Rises, Investors May Get
IF SOL RISES, INVESTORS MAY GET: NAV Expansion MNAV Expansion More Accretive Raises © If SOL moves up, the value of our ¢ If SOL moves up, our mNAV may © Trading at a higher mNAV may treasury should expand by the expand as investors tend to enable more/more accretive same percentage. If our valuatio
Slide 24: Compelling Risk-Reward
COMPELLING RISK-REWARD intial Stock Price Rel © Ifone believes SOL is unlikely to fall and the mNAV floor is 1.0x, the downside is -38% © Ifone believes SOL may double and mNAV returns to 4.0x, the upside is +398% © This assumes NO accretive equity issuance, which can substantially increase the retu
Slide 25: Delivering for Investors
DELIVERING FOR INVESTORS FIRST RAISE SECOND RAISE THIRD RAISE Amount $100 million $50 million $150 million Structure Equity Equity In aan Pricing $2.28 $4.00 $4.25 Close April 24 July 15 July 17 Note: Uses UPXI casing price as of September 4 2025 SOL performance is fom the date of the raise (MW UMFE
Slide 26: Appendix
APPENDIX
Slide 27: UPXI Valuation
UPXI VALUATION Basic mNAV Fully: led mNAV * The Basic mNAV measures the ratio of the company's market cap, calculated using only shares issued & outstanding, relative to the net asset value of its SOL holdings * It does not take into account items such as common share-equivalents, cash on hand that
Slide 28: Adjusted SOL per Share
ADJUSTED SOL PER SHARE ‘Share Count [Share Count . 7 = - [Shares issued & outstanding, August 4, 2025 58,893,261 [Shares issued & outstanding, March 31,2025 1.430.429 |||! 3h ares underlying $150m convertible note __35,292.978 [April 2025 PIPE common shares 35,970,383 arate (a ted) 94,186,239 April
Slide 29: Thank You
THANK YOU