Forward Industries reported financial results for the twelve months ended September 30, 2025, revealing early momentum from its recently implemented Solana treasury strategy. The company, which initiated this strategy in September 2025, generated approximately $4.6 million in staking revenue during the fourth quarter despite less than one month of activity under the new approach. This development signals the company's ongoing transition toward long-term SOL-per-share growth objectives.
Fiscal 2025 net revenue reached $18.2 million compared to $20.0 million in the prior year, while operating expenses increased to $13.6 million from $7.3 million. The financial results also reflected a substantial $160 million non-cash, unrealized mark-to-market loss on SOL holdings, a requirement under current accounting standards that highlights the volatility inherent in cryptocurrency valuations. The company's Solana treasury strategy is dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of corporate treasury assets.
This strategic shift represents a significant development in corporate finance, as traditional companies increasingly explore digital asset treasury management. Forward Industries' approach is supported by industry-leading investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital, indicating institutional validation of this emerging corporate strategy. For more information on the company's Solana treasury strategy, visit sol.forwardindustries.com.
The financial reporting implications are particularly noteworthy, as the $160 million non-cash loss demonstrates how current accounting standards treat cryptocurrency holdings. This accounting treatment can create significant volatility in reported earnings for companies holding digital assets, regardless of their long-term investment thesis. The company's ability to generate staking revenue in such a short timeframe suggests potential for ongoing income generation from its treasury strategy, though future results remain subject to market conditions and cryptocurrency price fluctuations.
Forward Industries has historically operated as a global design company serving top-tier medical and technology clients for over 60 years, making its pivot toward cryptocurrency treasury management particularly significant as an indicator of broader corporate adoption trends. The full press release detailing these financial results is available at https://ibn.fm/jmd0Q. This development matters because it illustrates how traditional corporations are increasingly integrating cryptocurrency strategies into their core financial operations, potentially reshaping corporate treasury management practices across industries while introducing new accounting and regulatory considerations.
