Forward Industries, Inc. (NASDAQ: FWDI) announced fiscal third-quarter 2026 revenue of $10.8 million, a significant leap from $2.5 million in the same period last year, driven primarily by staking and other treasury-related revenue from its Solana-focused digital asset strategy. The company increased its SOL and SOL equivalent holdings by 508,618 during the quarter, bringing total holdings to approximately 7.55 million. Fully diluted SOL per share rose 9% sequentially to 0.0730.
The company generated roughly 106,000 SOL in staking rewards and repurchased more than 2.5 million common shares. Despite the revenue growth, Forward reported a net loss of $69 million, which included a $49.8 million loss on digital assets and a $15.2 million impairment of digital assets. The company emphasized that these losses did not represent realized sales or cash outflows.
Subsequent to the quarter-end, Forward added approximately 254,000 SOL at an average cost of about $75 per SOL, increasing its SOL and SOL equivalent holdings to approximately 7.8 million as of Aug. 3. This represents about 1.3% of Solana’s circulating supply. The company was also added to the Russell 2000 and Russell 3000 indexes during the quarter, a move that could enhance its visibility among institutional investors.
Forward Industries has transformed into a Solana-focused digital asset treasury company, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and related digital assets, protocols, and businesses. The company launched its digital asset treasury strategy in September 2025 in connection with a private placement, supported by industry leaders including Galaxy Digital and Jump Crypto.
The company continues to evaluate acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share. This focus on expanding its Solana holdings underscores its commitment to the Solana ecosystem and its goal of increasing shareholder value.
The substantial increase in revenue and the expansion of its Solana treasury highlight the potential of the company’s strategic pivot. However, the reported net loss due to digital asset impairments and losses serves as a reminder of the volatility and risks associated with cryptocurrency investments. The inclusion in major indexes and continued accumulation of SOL may signal confidence in the long-term value of Solana, but investors should be mindful of the inherent uncertainties in the digital asset market.
For more information on Forward Industries’ Solana treasury strategy, visit forwardindustries.com. The full press release is available at https://ibn.fm/4cqpi.
