Forward Industries, Inc. (NASDAQ: FWDI) announced fiscal third-quarter 2026 revenue of $10.8 million, a significant increase from $2.5 million in the same period last year, primarily driven by staking and other treasury-related revenue from its Solana treasury strategy. The company also 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, though it noted these were non-cash charges and did not represent realized sales or cash outflows.
During the quarter, Forward increased its SOL and SOL equivalent holdings by 508,618, bringing the total to approximately 7.55 million. Fully diluted SOL per share rose 9% sequentially to 0.0730. The company generated approximately 106,000 SOL in staking rewards and repurchased more than 2.5 million common shares, reflecting its commitment to enhancing shareholder value.
Subsequent to the quarter end, Forward added approximately 254,000 SOL at an average cost of $75 per SOL, raising its total holdings to about 7.8 million as of Aug. 3. This represents roughly 1.3% of Solana's circulating supply, positioning the company as a significant holder in the ecosystem.
The company's treasury strategy, launched in September 2025 in connection with a private placement, is supported by industry-leading investors including Galaxy Digital and Jump Crypto. Forward's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL, as well as investing in Solana-related projects. This approach aims to increase shareholder value while contributing to the network's growth.
During the quarter, Forward was added to the Russell 2000 and Russell 3000 indexes, a milestone that could enhance its visibility among institutional investors. The company also continues to evaluate acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share, indicating a proactive approach to growth.
The substantial revenue growth underscores the potential of a treasury strategy focused on a digital asset like Solana. By generating income through staking and treasury activities, Forward is diversifying its revenue streams beyond traditional product sales. This could serve as a model for other companies considering similar digital asset treasury strategies.
Investors and industry observers will be watching how Forward's strategy evolves, especially given the volatility in cryptocurrency markets. The company's significant holdings and staking rewards provide a steady income source, but the reported losses highlight the risks associated with digital asset valuation changes.
For more details on the full press release, visit https://ibn.fm/4cqpi.
