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Forward Industries reports developments tied to its Solana-focused digital asset treasury strategy. Company news covers SOL acquisitions and staking, validator infrastructure on the Solana blockchain, advisory support from digital asset and capital markets participants, resale registration activity related to private-placement shares, share repurchase authorization, and the completed Nasdaq ticker change from FORD to FWDI.
Forward Industries, Inc. (NASDAQ:FORD) reported its second fiscal quarter results ending March 31, 2020, revealing revenues of $7.9 million, a 3.7% decline from $8.2 million in Q2 2019. Gross profit percentage improved to 18.3%, up from 16% year-over-year. However, the company faced a net loss of $1.4 million, worsened from a loss of $1.1 million in the same period last year, largely due to a $1 million impairment charge for goodwill. Cash reserves stood at $1.3 million. CEO Terry Wise cited retail sector delays and a decline in diabetes distribution as key challenges.