Forward Industries (NASDAQ: FWDI) announced fiscal third-quarter 2026 revenue of $10.8 million, a more than fourfold increase from $2.5 million in the same period last year, according to a press release. The growth was primarily attributed to 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 SOL. Fully diluted SOL per share rose 9% sequentially to 0.0730. Forward also generated approximately 106,000 SOL in staking rewards and repurchased more than 2.5 million common shares.
Despite the revenue surge, 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 emphasized that these charges 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, raising its total holdings to approximately 7.8 million SOL as of Aug. 3. This represents about 1.3% of Solana's circulating supply. The company was also added to the Russell 2000 and Russell 3000 indexes during the quarter.
Forward Industries 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, and investing in SOL and related digital assets to expand the Solana ecosystem.
For more information, visit the full press release at https://ibn.fm/4cqpi.
