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. This growth was primarily driven by staking and other treasury-related revenue generated through its Solana treasury strategy. During the quarter, the company increased its SOL and SOL equivalent holdings by 508,618, bringing total holdings 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 total 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.
Forward continues to evaluate acquisitions 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 by acquiring and staking SOL and engaging with Solana developers and projects.
The significant revenue increase and expansion of SOL holdings highlight the company's aggressive pursuit of its digital asset treasury strategy. Despite the net loss, the company's focus on accumulating SOL and generating staking rewards indicates a long-term commitment to its treasury approach. The addition to major indexes and continued acquisitions could further solidify its position in the Solana ecosystem.
For more information on Forward Industries' Solana treasury strategy, visit forwardindustries.com. The latest news and updates regarding FWDI are available in the company's newsroom at https://ibn.fm/FWDI.
