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 year-ago period. This growth was primarily driven by staking and other treasury-related revenue generated through its Solana treasury strategy. The company increased its SOL and SOL equivalent holdings by 508,618 during the quarter, bringing its total to approximately 7.55 million. Fully diluted SOL per share increased 9% sequentially to 0.0730.
The company generated approximately 106,000 SOL in staking rewards during the quarter 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 noted that 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 approximately $75 per SOL, bringing its SOL and SOL equivalent holdings to approximately 7.8 million 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 and continued evaluating acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share.
Forward Industries is a Solana-focused digital asset treasury company, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana network, developers, and related projects to increase shareholder value. In connection with a private placement transaction in September 2025, the company launched its digital asset treasury strategy supported by industry-leading investors and operating partners including Galaxy Digital and Jump Crypto.
For more information on the company's Solana treasury strategy, visit forwardindustries.com. The latest news and updates relating to FWDI are available in the company's newsroom at https://ibn.fm/FWDI.
