Forward Industries, Inc. reports developments as a Solana-focused digital asset treasury company that buys, holds, stakes, trades and invests in SOL and Solana-related digital assets, protocols and businesses. Its news commonly covers SOL treasury activity, staking revenue, digital-asset accounting effects, quarterly financial results and updates to its remaining design business serving medical and technology companies.
Company updates also include Solana ecosystem investments, tokenized real-world asset initiatives, tokenized public shares through Superstate’s Opening Bell platform, share repurchases, digital-currency financing arrangements and executive or capital-markets appointments. These themes reflect Forward’s operating focus on treasury income, onchain asset infrastructure and corporate actions tied to its Nasdaq-listed common stock.
Kamino launched fixed-rate borrowing against tokenized assets, with AUTO as the first asset available through the new markets. AUTO gives holders exposure to consumer auto-loan financing through Figure’s (FIGR) Democratized Prime marketplace. Borrowers receive wYLDS, a yield-bearing token minted through Hastra. The first market opened September 21 at 5.3% for 30-day terms; two more opened at 5.75% and 6%.
Borrowers took out more than $40 million in fixed-rate loans in the first two weeks. The AUTO market grew from $10 million to $135 million in three weeks. Loans renew automatically only if lending capital is available. Kamino Multiply allows leverage up to 4.5 times; a decline in AUTO’s value can trigger a sale of the position. Forward Industries (FWDI), Galaxy (GLXY) and Figure already use Kamino for collateral and credit infrastructure. Kamino expects more assets and partners to follow.
Forward Industries (FWDI) increased its SOL and SOL-equivalent holdings to 8,501,298 during its fiscal fourth quarter ended September 30, 2026. Holdings rose 13% from June 30, reaching approximately 1.4% of Solana’s circulating supply. Average cost was $83 per SOL, including staking-earned SOL assigned no cash cost.
SOL per fully diluted share reached 0.0806, up 10.4% quarterly, approximately 42% annualized, and 33% from September 30, 2025. Share sales funded some purchases. Net asset value rose to $870,382,702 from $481,328,023; institutional debt increased to $167,500,000 from $105,000,000, while cash fell to $7,292,000 from $10,965,165. Fully diluted shares increased to 105,535,801 from 103,525,881. At a $7.80 share price, fully diluted net asset value per share was $8.25. September figures are preliminary, unaudited and subject to completion of the annual audit.
Forward Industries (FWDI) closed a registered direct offering with an institutional investor on September 24, 2026, raising approximately $25 million gross. The company sold 3,125,000 common shares at $8.00 per share. Gross proceeds are before placement agent fees and other offering expenses. Forward intends to use the net proceeds primarily to acquire additional SOL.
The shares were offered under a shelf registration statement declared effective on September 16, 2025. A.G.P./Alliance Global Partners served as sole placement agent. A prospectus supplement and accompanying prospectus have been filed with the SEC.
Forward Industries (FWDI) announced a $25 million registered direct offering of common stock to an institutional investor.
The company agreed to sell 3,125,000 shares at $8.00 per share, with aggregate gross proceeds expected to be approximately $25 million before fees and expenses. The offering is expected to close on or about September 24, 2026, subject to customary closing conditions. Forward intends to use the net proceeds to acquire additional SOL to expand its SOL treasury while aiming to increase SOL per fully diluted share. A.G.P./Alliance Global Partners is acting as sole placement agent, and the shares are being issued under an effective Form S-3ASR shelf registration statement.
Forward Industries (FWDI) reported a rise in its Solana (SOL) treasury holdings to approximately 8.16 million SOL and SOL equivalents as of September 21, 2026. This position represents about 1.39% of Solana’s circulating supply.
Between August 4, 2026 and September 20, 2026, the company added roughly 357,000 SOL and SOL equivalents through a combination of purchases and staking rewards. During this period, the average cost for SOL acquired, including staking rewards valued with no cash cost, was $78.26. Total holdings of about 8,164,000 SOL include SOL, fwdSOL, pledged SOL, and other SOL equivalents, and are described as preliminary and unaudited.
Forward Industries (FWDI) has submitted a non-binding proposal to acquire all outstanding common stock of SkyAI, Inc., offering SkyAI stockholders cash and/or Forward common stock at each holder’s election.
Each SkyAI share would be converted into the value of 0.306 Forward shares, based on a fixed exchange ratio that would not adjust for future share price movements of either company. Using Forward’s $6.95 closing price on September 14, 2026, the proposal implies consideration of $2.13 per SkyAI share, representing a 50% premium to SkyAI’s $1.42 closing price on the same date. Forward proposes to structure the deal as a merger or other tax-efficient combination that the parties may agree. The company has asked SkyAI’s Board to respond by 5:00 p.m. ET on September 25, 2026. The proposal remains subject to due diligence, negotiation of definitive terms, regulatory clearances, and SkyAI stockholder approval, and there is no assurance any transaction will be completed.
Forward Industries (FWDI) has released an open letter to shareholders of SkyAI ahead of SkyAI’s 2026 annual meeting scheduled for September 18, 2026. Forward describes a June 15, 2026 all‑stock proposal to acquire SkyAI at $1.55 per share, a stated 20% premium to SkyAI’s prior $1.29 closing price, using a 0.367 exchange ratio, which SkyAI’s board unanimously rejected on July 17, 2026. Forward now urges SkyAI shareholders to vote AGAINST SkyAI’s 2026 Equity Incentive Plan, which would authorize 5,145,000 additional shares that Forward says equal about 7.2% dilution, and to vote WITHHOLD on each of SkyAI’s five director nominees. Forward emphasizes that this communication is an exempt solicitation and that it is not requesting or accepting proxy cards from SkyAI shareholders.
Forward Industries (NASDAQ: FWDI) reported fiscal Q3 2026 revenue of $10.8 million, more than four times the prior-year period, primarily from its Solana treasury strategy. GAAP net loss was $69.0 million driven by a $49.8 million loss and $15.2 million impairment on digital assets.
Forward increased its SOL and SOL-equivalent holdings to 7.55 million at June 30, 2026 and 7.81 million by August 3, about 1.3% of Solana’s circulating supply. SOL per fully diluted share rose 9% QoQ to 0.0730 and to approximately 0.0754 by August 3. The company generated roughly 106,000 SOL in quarterly staking rewards, repurchased 2.56 million shares, selectively issued 93,642 shares via its ATM, and ended the quarter with net asset value of about $481.3 million, including SOL treasury fair value of $555.3 million and $105 million of institutional debt.
Forward Industries (NASDAQ: FWDI) announced it will host a fiscal third quarter 2026 earnings conference call and webcast on Wednesday, August 12, 2026 at 5:00 p.m. ET. The call will cover financial and operating results for the quarter ended June 30, 2026 and provide an update on the company’s SOL treasury strategy.
According to Forward, its executive team will lead the presentation followed by a Q&A session. Financial results will be issued in a press release prior to the call. Investors can join via the FWDI FQ3'26 Earnings Conference Call webcast or an instant telephone call-in option, which will be available about 15 minutes before the start time. For registration or connection issues, participants are directed to contact Elevate IR at (720) 330-2829.
Forward Industries (NASDAQ: FWDI) announced under Rule 2.8 of the Irish Takeover Rules that it does not intend to make an offer for Brera Holdings. Forward, and any person acting in concert with it, will be bound by Rule 2.8 restrictions, limiting future approaches.
Forward reserves the right, on behalf of itself and its concert parties, to set aside this statement within the next six months where permitted under Rule 2.8, including Rule 2.8(c)(ii). The directors accept responsibility for the information. A copy of the announcement will be posted on Forward’s website by 12 noon New York time on the next business day.