Forward Industries Grows SOL Holdings by 949K to 8.5 Million SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806
SOL per fully diluted share rose despite share issuance, while institutional debt increased and cash declined during the quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
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.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointSOL and equivalents rose 13% quarterly to 8,501,298, approximately 1.4% of Solana’s circulating supply.
- Moderate pointSOL per fully diluted share rose 10.4% quarterly to 0.0806, approximately 42% annualized.
- Moderate pointNet asset value increased to $870,382,702 from $481,328,023 at June 30, 2026.
- Minor pointSOL per fully diluted share grew 33% from 0.0604 on September 30, 2025.
Negative
- Moderate pointInstitutional debt increased to $167,500,000 from $105,000,000 at June 30, 2026.
- Moderate pointCommon shares outstanding increased to 76,288,215 from 73,846,883; share sales funded some SOL purchases.
- Minor pointCash and cash equivalents declined to $7,292,000 from $10,965,165 at June 30, 2026.
- Minor pointFully diluted shares increased to 105,535,801 from 103,525,881 at June 30, 2026.
- Minor pointSeptember 30 figures are preliminary, unaudited and subject to completion of the annual audit.
Key Figures
- SOL added
- 948,601 SOL
- Fiscal fourth quarter; 13% increase in SOL and SOL-equivalent holdings
- Ending SOL holdings
- 8,501,298 SOL
- As of September 30, 2026; approximately 1.4% of Solana's circulating supply
- Average cost of SOL added
- $83 per SOL
- Fiscal fourth quarter; includes SOL earned through staking
- SOL per fully diluted share
- 0.0806 SOL
- As of September 30, 2026; up from 0.0730, with 10.4% quarterly growth
- Fiscal-year SOL-per-share growth
- 33%
- Fully diluted basis, from 0.0604 as of September 30, 2025
- ONyc market capitalization growth
- 40.7%
- From approximately $203.4 million at June quarter-end to approximately $286.2 million at September 30, 2026
- Net asset value
- $870,382,702
- As of September 30, 2026; preliminary and unaudited
- Institutional debt
- $167,500,000
- As of September 30, 2026
Previous Crypto Reports
-
Reported 8.16 million SOL holdings after adding roughly 357,000 SOL and staking rewards.
-
Added over 500,000 SOL in fiscal Q3; SOL per fully diluted share rose to 0.0729.
-
Co-led OnRe's $5 million Series A and intended up to $25 million deployment into ONyc.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
fully diluted basis financial
staking technical
tokenized real-world asset technical
net asset value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Forward Industries increased SOL per Share by
AUSTIN, TX, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today provided an update on its SOL treasury strategy for its fiscal fourth quarter ended September 30, 2026. During the quarter, Forward increased its SOL and SOL equivalent holdings by 948,601 SOL, or
SOL per share on a fully diluted basis increased to 0.0806 as of September 30, 2026, from 0.0730 as of June 30, 2026, representing quarterly growth of
Forward’s investment in OnRe, the Solana-based tokenized reinsurance platform, continued to grow during the quarter. ONyc’s market capitalization increased
“This was a standout quarter for Forward, with record SOL additions far outpacing our peers and SOL per share growth of approximately
Capitalization Table
The tables below present Forward’s net asset value and capitalization as of September 30, 2026. Figures are preliminary and unaudited.5
| Net Asset Value Calculation | Quantity | Price | Value ($) | |||||
| Total FV of SOL Treasury* | 8,501,298 | $ | 118.06 | $ | 1,003,663,266 | |||
| Other digital assets – FV | 42,587,366 | Various | $ | 26,927,436 | ||||
| Cash | $ | 7,292,000 | $ | 1.00 | $ | 7,292,000 | ||
| Institutional debt | ($ | 167,500,000 | ) | $ | 1.00 | ($ | 167,500,000 | ) |
| Total net asset value | $ | 870,382,702 | ||||||
* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL
| Capitalization Table | Quantity | Price | Market Cap ($) | NAV/Sh | mNAV | |||
| Common shares | 76,288,215 | $ | 7.80 | $ | 595,048,077 | $ | 11.41 | 0.684x |
| In-the-money warrants – vested | 12,383,212 | $ | 0.06 | |||||
| In-the-money options – vested | 481,497 | $ | 5.03 | |||||
| In-the-money options – unvested | 256,667 | $ | 4.97 | |||||
| Restricted stock units – unvested | 950,996 | |||||||
| In-the-money fully diluted share count | 90,360,587 | $ | 7.80 | $ | 704,812,579 | $ | 9.63 | 0.810x |
| Advisor and lead investor warrants | 13,376,388 | $ | 0.01 | |||||
| Out-of-the-money warrants – vested | – | |||||||
| Out-of-the-money options – vested | 151,896 | $ | 18.14 | |||||
| Out-of-the-money options – unvested | 921,606 | $ | 11.90 | |||||
| Performance stock units – unvested | 725,324 | |||||||
| Fully diluted share count | 105,535,801 | $ | 7.80 | $ | 823,179,248 | $ | 8.25 | 0.946x |
Quarter-over-Quarter Summary
| June 30, 2026 | September 30, 2026 | |||
| SOL and SOL equivalents | 7,552,698 | 8,501,298 | ||
| Percent of SOL circulating supply | ~ | ~ | ||
| SOL per fully diluted share | 0.0730 | 0.0806 | ||
| Fully diluted shares outstanding | 103,525,881 | 105,535,801 | ||
| Common shares outstanding | 73,846,883 | 76,288,215 | ||
| Cash and cash equivalents | $ | 10,965,165 | $ | 7,292,000 |
| Institutional debt outstanding | $ | 105,000,000 | $ | 167,500,000 |
| Net asset value | $ | 481,328,023 | $ | 870,382,702 |
| mNAV (fully diluted) | 0.908x | 0.946x | ||
Notes
1 “SOL Holdings” and “SOL and SOL equivalents” includes SOL, fwdSOL, and pledged SOL; and excludes borrowed SOL.
2 Average cost reflects purchased SOL and SOL earned through staking, and ascribes no cash cost to SOL earned through staking.
3 SOL per share on a fully diluted basis is total SOL and SOL equivalents divided by fully diluted shares outstanding. Annualized growth is the sequential percentage change multiplied by four.
4 Source: RWA.xyz (ONyc total asset value; Solana distributed real-world asset value, excluding stablecoins), as of September 30, 2026.
5 Figures are preliminary and unaudited and remain subject to completion of the Company’s annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.
About Forward Industries, Inc.
Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a 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 www.forwardindustries.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “target,” “intend,” “potential,” “should,” “continue,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s SOL treasury strategy and its ability to grow SOL and SOL per Share, the Company’s plan for value creation and strategic advantages, the Company’s expectations regarding the Solana ecosystem and the market for tokenized real-world assets, the performance of the Company’s investments, including its investment in OnRe, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the failure to realize the anticipated benefits of the digital asset treasury strategy; the extreme volatility of the price of Solana and other digital assets, including the risk of rapid and substantial declines or increases in price; the risk that preliminary and unaudited financial and operating information included in this press release may change in connection with the completion of the Company’s annual audit; the volume and timing of sales under the at-the-market offering program and of repurchases under the share repurchase program; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies and the incurrence of indebtedness; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to the performance and expected return of the companies and projects in which the Company has invested, including that such investments may decline in value or become worthless; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally, including potential changes in regulatory treatment or new regulations that could adversely affect the Company’s strategy; cybersecurity and custody risks relating to the Company’s digital asset holdings; risks relating to the treatment of digital assets for U.S. federal and state and foreign tax purposes; and other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Media Contact
comms@forwardindustries.com
Investor Relations Contact
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much SOL did Forward Industries hold at September 30, 2026?
Forward Industries held 8,501,298 SOL and SOL equivalents, up 13% from 7,552,698 at June 30, 2026. Holdings represented approximately 1.4% of Solana’s circulating supply.
What assets count toward Forward Industries’ SOL holdings and average cost?
Forward Industries’ holdings include SOL, fwdSOL and pledged SOL, but exclude borrowed SOL. The $83 average cost includes purchased SOL and SOL earned through staking, with no cash cost assigned to staking-earned SOL.
What were Forward Industries’ net asset value multiples at September 30, 2026?
Forward Industries’ share-price-to-net-asset-value multiples were 0.684x for common shares, 0.810x on an in-the-money fully diluted basis and 0.946x on a fully diluted basis. Corresponding net asset values per share were $11.41, $9.63 and $8.25, using a $7.80 share price. The figures are preliminary and unaudited.