Forward Industries, Inc. (NASDAQ: FWDI) has reported fiscal third-quarter 2026 revenue of $10.8 million, a significant increase from $2.5 million in the same period last year. The revenue surge was primarily attributed to staking and other treasury-related income generated through its Solana treasury strategy, according to a press release.
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. Forward also generated approximately 106,000 SOL in staking rewards during the quarter and repurchased more than 2.5 million common shares.
Despite the revenue growth, 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. The company noted that these losses did not represent realized sales or cash outflows, as they were non-cash adjustments related to the volatile cryptocurrency market.
Subsequent to the quarter-end, Forward added approximately 254,000 SOL at an average cost of approximately $75 per SOL, increasing its holdings to approximately 7.8 million SOL as of Aug. 3. This represents about 1.3% of Solana's circulating supply, positioning Forward as a significant holder in the Solana ecosystem.
The company's strategic focus on Solana is evident in its treasury management, which involves buying, holding, staking, trading, and investing in SOL and related digital assets. Forward's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects, ultimately aiming to increase shareholder value.
During the quarter, Forward was added to the Russell 2000 and Russell 3000 indexes, reflecting its growing market presence and potential for increased institutional investment. The company also continued evaluating acquisitions intended to scale its SOL treasury and be accretive to SOL per share.
The announcement comes amidst a period of heightened interest in cryptocurrency treasuries as more companies consider diversifying their balance sheets with digital assets. Forward's strategy, supported by industry leaders such as Galaxy Digital and Jump Crypto, underscores the trend of companies adopting crypto as a core component of their financial operations.
The substantial increase in revenue and SOL holdings indicates that Forward is doubling down on its Solana-focused approach, despite the associated risks of market volatility. The company's large stake in Solana could have broader implications for the cryptocurrency's market dynamics, as well as for investors seeking exposure to digital assets through traditional equity markets.
For more information on Forward Industries and its Solana treasury strategy, visit the company's website at forwardindustries.com. The full press release is available at https://ibn.fm/4cqpi.
