Upexi, Inc. · NASDAQ:UPXI
Upexi — Investor Presentation (October 2026)
25 slides from Upexi's investor presentation, Oct 13, 2026
Slide 1: Upexi: The Solana Treasury Company
QUPEXI! THE SOLANA TREASURY COMPANY FALL 2826 - 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. Al 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, 2025: Expands into Crypto «Leverages proprietary data, technology platform, and Reveals intention to pursue crypto & fint
Slide 4: What Differentiates Upexi?
WHAT DIFFERENTIATES UPEXI? There are four key items _ DUPEXI RY Fall 2026—NASDAQ: UPXI D
Slide 5: Top Management
4: TOP MANAGEMENT Gs '\p ALLAN MARSHALL ANDREW NORSTRUD BRIAN RUDICK, CFA Chief Executive Officer Chief Financial Officer Chief Strategy Officer Founded XPO Logistics. Multiple Long-time public company CFO, _Deep equities & crypto expertise. Prior successful exits. 30 years M&A experience —_ spearhe
Slide 6: Leading Strategy
2. LEADING STRATEGY Prudent Leverage No Onchain Degen Trading * Asmall amount of leverage is preferable when betting on an asset that one believes will rise, though the amount should be small enough to be well-positioned for all environments * Upexi utilizes in-kind convertible notes to minimize cre
Slide 7: Bringing Innovation
3. BRINGING INNOVATION First large-scale equity First in-kind PIPE for an altcoin treasury convertible note issuance Catalyzed the digital asset treasury movement Materially reduces credit risk for both parties Upexi has led on multiple = Positioned to continue to innovate to stay ahead of peers cap
Slide 8: Demonstrated Value Creation
4. DEMONSTRATED VALUE CREATION Increase in SOL in 2025 Increasing SOL per Shere 35% Upexi utilizes accretive capital issuance, staking, and discounted locked Solana purchases to increase Solana per share © Upexi increased adjusted SOL per share by 35% in 2025 vs. +3% an investor could have gotten by
Slide 9: The Solana Treasury Strategy
THE SOLANA TREASURY STRATEGY WUPEXI RY Fall 2026—NASDAQ: UPXI .
Slide 10: Crypto Treasury Company Primer
CRYPTO TREASURY COMPANY PRIMER Historical Efforts Shareholder Benefits * Companies are increasingly adding digital assets to. © May act as a proxy to the assets held in the form of a their treasuries to maintain purchasing power and familiar equity security, increasing confidence, access benefit fro
Slide 11: Treasury Company Components
TREASURY COMPANY COMPONENTS Maximize External Visibility Issue Capital intelligently (UPEX Seek to maximize visibility and demand for the stock Overall Efforts Extensive public relations campaign Regular investor presentations Website refresh Quarterly earnings calls, fireside chats, etc. Traditiona
Slide 12: Myriad Value Accrual Mechanisms
(UPEX MYRIAD VALUE ACCRUAL MECHANISMS Unlike spot SOL or ETFs, Upexi can add value in several additional ways, all of which compound ¢ Upexi can buy locked SOL. at a ~10% discount |° Aligns to HODL strategy ¢ Discount moves to par ‘over time (often monthly unlocks through Jan '28) © Discount nearly
Slide 13: The Capital Markets Flywheel
THE CAPITAL MARKETS FLYWHEEL ple = = 4 POD Upexi earns the difference between * Accruing a multiple enables Upexi to issue its cost of capital and the return on equity above book value, which is by SOL, je. spread income. The definition accretive to shareholders. market then present values future Se
Slide 14: On Valuation
ON VALUATION MACRO CHARACTERISTICS OF HIGH mNAV Similarly-sized, similarly-priced raises will be more accretive for SMALLER smaller treasury companies, COMPANES which can lead to a built-in growth premium for smaller treasury companies Provided one is confident the token will perform well over the S
Slide 15: The Upexi Investment Opportunity
THE UPEXI INVESTMENT OPPORTUNITY 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 ENO-GAME WINNER SUPPORTS SOLANA
Slide 16: Solana Overview
(UPEX SOLANA OVERVIEW Launched in 2020, Solana is a leading smart contract blockchain built for performance and mass adoption Description ‘* Solana is the first second-generation smart contract blockchain, uniquely offering best-in-class technology, high usage / distribution, and a strong track reco
Slide 17: Upexi's Solana Treasury
UPEXI’S SOLANA TREASURY Solana Treasury Overview Treasury Growth Over Time (SOL, m) ] © Approximately 23 million SOL, valued at $254 million 25 © 36% of SOL are locked, much of which was purchased at | 20 a mid-teens discount and moves to par over time © Diversify SOL across qualified custodians, to
Slide 18: Upexi Key Metrics
UPEXI KEY METRICS Adjusted SOL per Share Valuation Metrics ae +35% 1.0X 0.015 — Be pee 0.010 04x 0.000 0.0x Apr 24 Dec 31 Fully-Loaded mNAV 250 ° 200 6 150 F 100 50 2 0 | 6 Net Line Outstanding NAV PeerA PeerB UPXI PeerC PeerD —_—PeerE QUPE XI 28, Fall 2026— NASDAQ: UPXI Note: Data as of March 10,20
Slide 19: Recent Highlights
RECENT HIGHLIGHTS Focused on Internal Initiatives During the Crypto Bear Market to Better Position for Any Environment Expense Reduction Initiative Upexi embarked on an expense initiative to right-size expenses for the current market environment ‘* Reduced full-time employees from 59 to 10 today © O
Slide 20: Why Crypto
WUPEX WHY CRYPTO Novel U: & Benefits 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-maximizing leader to reduce costs | Democratiz
Slide 21: Why Solana
WHY SOLANA The End Game-Winning Blockchain wading All Other Blockchains Bitcoin is the best monetary asset. Solana is the best Solana is leading all other blockchai in key metrics igh performance blockchain. It’s that simple Daily Users, m Daily Transactions, b = AVAK = ETH = SUL = BNE = SOL = AVAX
Slide 22: Why Upexi
WHY UPEXI TOP MANAGEMENT CEO founded $21b 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 23: Appendix
APPENDIX WUPEXI RY Fall 2026—NASDAQ: UPXI
Slide 24: UPXI Valuation
UPXI VALUATION Fully-Loaded mNAV Description Calculation Methodology © Fully-Loaded mNAV compares Upexi’s market cap Fully-Loaded mNAV Calculation relative to Net Asset Value after adjusting for certain possible or likely items to market cap and Net Asset = Theres autos eeed end evening 69,084,774 V
Slide 25: Thank You
THANK YOU WUPEXI RY Fall 2026—NASDAQ: UPXI