Risk factors

Tariffs are now explicitly linked to higher input costs if THOR cannot shift sourcing or pass increases to dealers.

The company restarted Christensen Ranch in August 2024 and expects its production ramp-up to continue through 2025 and 2026.

Upexi now centers significant risks on its Solana treasury, including token-price volatility, liquidity, regulation and concentrated treasury holdings.

The risk section adds patent litigation following Aytu’s December 2024 suit against Granules Pharmaceuticals.

New risks broaden the focus to 2025 tariff changes, legal disputes including an ongoing licensor matter, and evolving ESG and climate disclosure requirements.

Fiscal 2025 sales rose, but operating losses increased; management still expects a full-year loss-to-profit recovery in fiscal 2026.

Trading was suspended in May 2025, and NYSE American affirmed delisting proceedings over the stock’s low selling price.

The U.S. Fintech app was paused in March 2025 after limited adoption; the U.K. version is new and its prospects are uncertain.

Revenue and results are volatile, with recent divestitures and transaction-dependent investment banking fees adding uncertainty.

Returned to net income in 2025, but warns it may not sustain profitability and still has an accumulated deficit.

Going-concern doubt and possible financing needs put the next 12 months of operations and facility development at risk.

Tariffs are newly identified as a source of higher ingredient, packaging, and imported-product costs, with timing and impact uncertain.