Forward Industries (NASDAQ: FWDI) reported fiscal third-quarter 2026 revenue of $10.8 million, a significant increase from $2.5 million in the same period last year. This growth was primarily driven by staking and other treasury-related revenue from the company's Solana (SOL) treasury strategy. The company increased its SOL and SOL equivalent holdings by 508,618 during the quarter, bringing total holdings to approximately 7.55 million SOL. Fully diluted SOL per share rose 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. However, the company 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 noted these losses did not represent realized sales or cash outflows.
Subsequent to quarter-end, Forward added approximately 254,000 SOL at an average cost of about $75 per SOL, increasing its total holdings to approximately 7.8 million SOL as of Aug. 3. This represents approximately 1.3% of Solana's circulating supply. The company was also added to the Russell 2000 and Russell 3000 indexes during the quarter, enhancing its visibility among investors.
Forward continues to evaluate acquisitions that are intended to increase the scale of its SOL treasury and be accretive to SOL per share. The company's strategy focuses on buying, holding, staking, trading, investing in, and growing SOL and SOL-related digital assets, protocols, and businesses. This approach aims to expand and strengthen the Solana ecosystem while increasing shareholder value.
The significant revenue growth and expanded SOL holdings underscore Forward's commitment to its digital asset strategy, even as it navigates the volatility of cryptocurrency markets. The company's addition to major indexes and ongoing pursuit of accretive acquisitions suggest a long-term vision for leveraging Solana's potential. For more details, visit the full press release at https://ibn.fm/4cqpi.
