Forward Industries reported financial results for the twelve months ended September 30, 2025, revealing early momentum in its recently implemented Solana treasury strategy. The company generated approximately $4.6 million in staking revenue during the fourth quarter despite having less than one month of activity under the new strategy at that time.
Fiscal 2025 net revenue totaled $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 results included a significant $160 million non-cash, unrealized mark-to-market loss on SOL holdings, which is required under current accounting standards. This accounting treatment highlights the volatility inherent in cryptocurrency holdings and the challenges of traditional financial reporting for digital assets.
The company's strategic pivot positions it as what it describes as "the leading Solana treasury company," with a dedicated strategy focused on acquiring SOL and increasing SOL-per-share through bespoke strategies and active treasury management. This corporate transformation represents a notable shift from its traditional business as a global design company serving medical and technology clients for over 60 years.
Industry observers can view the full press release details at https://ibn.fm/jmd0Q. The company's Solana treasury strategy has attracted support from prominent cryptocurrency investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital. Additional information about this strategic direction is available at https://sol.forwardindustries.com.
The financial reporting includes standard disclaimers regarding forward-looking statements and investment risks, with full terms available at http://IBN.fm/Disclaimer. These statements acknowledge the inherent uncertainties in cryptocurrency markets and corporate strategy shifts.
For business and technology leaders, Forward Industries' experience illustrates both the potential revenue opportunities and accounting complexities of corporate cryptocurrency adoption. The early staking revenue generation demonstrates how companies can potentially generate returns from digital asset holdings, while the substantial mark-to-market loss underscores the volatility risks that must be managed. This case provides valuable insights for other organizations considering similar treasury strategies involving cryptocurrency assets.
The company's approach to building long-term SOL-per-share growth through active management represents an emerging model for corporate cryptocurrency strategy. As more traditional companies explore digital asset integration, Forward Industries' early results offer a real-world example of both the operational implementation and financial reporting implications of such strategic shifts.
