Forward Industries, Inc. (NASDAQ: FWDI) has reported financial results for the fiscal year ended September 30, 2025, revealing early momentum from its recently implemented Solana treasury strategy. The company, which describes itself as the leading Solana treasury company, generated approximately $4.6 million in staking revenue during the fourth quarter despite having less than one month of activity under the new strategy. This development represents a significant strategic pivot for a company with over 60 years of history as a global design company serving medical and technology sectors.
The fiscal 2025 results show net revenue of $18.2 million compared to $20.0 million in the prior year. Operating expenses increased to $13.6 million from $7.3 million, reflecting investments in the new treasury initiative. The financial statements also include a substantial $160 million non-cash, unrealized mark-to-market loss on SOL holdings, which is required under current accounting standards. This accounting treatment highlights the volatility inherent in cryptocurrency holdings, even as the company pursues long-term SOL-per-share growth through its dedicated treasury strategy.
Forward Industries initiated its Solana treasury strategy in September 2025, dedicating resources to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company's treasury. The strategy has attracted support from prominent industry investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more detailed information about the company's Solana treasury approach, visit sol.forwardindustries.com.
The importance of this announcement extends beyond Forward Industries' financial results to signal a broader corporate trend of established companies exploring cryptocurrency treasury strategies. As traditional businesses increasingly consider digital asset integration, Forward Industries' early revenue generation from staking demonstrates potential pathways for corporate adoption of blockchain technologies. The company's partnership with major cryptocurrency investors suggests institutional validation of this approach, potentially influencing other corporations considering similar treasury diversification strategies.
Investors seeking additional information about Forward Industries can access the company's newsroom at https://ibn.fm/FWDI. The full fiscal 2025 results press release is available at https://ibn.fm/jmd0Q. These developments occur within the context of evolving corporate treasury management practices, where digital assets represent both new opportunities and accounting challenges that companies must navigate under existing financial reporting standards.
