Forward Industries, Inc. (NASDAQ: FWDI) reported fiscal third-quarter 2026 revenue of $10.8 million, a more than fourfold increase from $2.5 million in the same period last year, primarily driven by staking and other treasury-related revenue generated through its Solana treasury strategy. The company increased its SOL and SOL equivalent holdings by 508,618 during the quarter to approximately 7.55 million, while fully diluted SOL per share increased 9% sequentially to 0.0730.
During the quarter, Forward generated approximately 106,000 SOL in staking rewards and repurchased more than 2.5 million common shares. The company reported a net loss of $69 million, including a $49.8 million loss on digital assets and a $15.2 million impairment of digital assets, which it said did not represent realized sales or cash outflows. These non-cash charges reflect the volatile nature of digital asset valuations but do not impact the company's underlying treasury strategy.
Subsequent to quarter-end, Forward added approximately 254,000 SOL at an average cost of approximately $75 per SOL, bringing its SOL and SOL equivalent holdings to approximately 7.8 million as of Aug. 3, representing approximately 1.3% of Solana's circulating supply. This continued accumulation underscores the company's commitment to expanding its Solana treasury, a strategy that has attracted attention from investors seeking exposure to the growing Solana ecosystem.
The company was also added to the Russell 2000 and Russell 3000 indexes during the quarter, a milestone that could increase visibility and attract institutional investment. Additionally, Forward continued evaluating acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share, signaling a proactive approach to enhancing shareholder value.
This news is important because it highlights a novel corporate strategy: a public company using its treasury to accumulate and stake a specific cryptocurrency. Forward Industries' pivot to a Solana-focused digital asset treasury represents a significant shift from its traditional business, and its substantial SOL holdings (1.3% of circulating supply) give it a unique position in the Solana ecosystem. The revenue surge from staking rewards demonstrates a tangible income stream from digital assets, which could serve as a model for other companies. However, the large net loss due to digital asset impairments underscores the risks associated with such strategies, particularly in a volatile market.
For investors, the increase in SOL per share and the share repurchase program may be positive signals, but the non-cash losses highlight the potential for significant mark-to-market volatility. The addition to major indexes could broaden the shareholder base, while the ongoing evaluation of acquisitions suggests management is actively seeking to grow the treasury. As Solana's ecosystem continues to evolve, Forward's moves will be closely watched by both crypto enthusiasts and traditional investors.
The company's strategy is supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company's Solana treasury strategy, visit forwardindustries.com. The latest news and updates relating to FWDI are available in the company's newsroom at https://ibn.fm/FWDI.
