Forward Industries Grows SOL Holdings to approximately 8.7 Million SOL, Increasing SOL per Share to 0.0824

The new credit facility allows pledged SOL to remain staked and earn native staking yield, with no rehypothecation.

Rhea-AI Summary

Forward Industries (FWDI) increased its SOL and SOL-equivalent holdings to 8,727,694 as of November 9, 2026, in a mid-quarter treasury update. Holdings rose 2.7% from September 30, while SOL per fully diluted share increased 2.3% to 0.0824. The added SOL had an average cost of $75, including staking rewards assigned no cash cost.

Forward secured a $50 million, two-year credit facility backed by SOL and committed up to $50 million to USHP, a tokenized U.S. home-price index product. It also acquired a minority interest and warrants in Index Industries and added Barclays to its equity sales program. Net asset value fell to $600,251,077 from $870,382,702; institutional debt rose to $187,500,000 from $167,500,000. Cash and marketable securities declined to $5,247,704 from $7,292,000. Fully diluted shares increased to 105,933,854, while common shares were unchanged. Figures are preliminary and unaudited.

7 points · 0 major

MixediHow this balance works

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.

How the balance worksHow Sentiment works

1 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSOL holdings rose 2.7% to 8,727,694 from September 30 to November 9, adding 226,396 SOL.
• Moderate point$50 million credit facility provides two-year funding; pledged SOL remains staked, with no rehypothecation. 12% of market cap
• Minor pointSOL per fully diluted share rose 2.3% to 0.0824 over 40 days, approximately 21% annualized.
• Minor pointAdded SOL averaged $75 per SOL, including staking rewards assigned no cash cost.
• Minor point. Forward-looking: it has not happened yet and may not happen.USHP income is expected to fund SOL accumulation; Forward intends to support expansion to Solana in 2027.

2 minor points

• Minor pointIndex Industries minority interest and warrants acquired alongside Forward's USHP commitment.
• Minor pointBarclays added alongside Cantor as an agent for Forward's at-the-market equity offering program.

Negative

• Major pointNet asset value fell from $870,382,702 on September 30 to $600,251,077 on November 9.
• Moderate pointInstitutional debt rose from $167,500,000 on September 30 to $187,500,000 on November 9.
• Moderate pointUp to $50 million committed to USHP, co-anchoring its $100 million launch. 12% of market cap
• Minor pointCash and marketable securities declined from $7,292,000 on September 30 to $5,247,704 on November 9.
• Minor pointCredit facility terms require SOL collateral and SOFR plus 150 basis points, with SOFR floored at origination.

2 minor points

• Minor pointFully diluted shares increased from 105,535,801 on September 30 to 105,933,854 on November 9.
• Minor pointPreliminary, unaudited figures include September 30 values still subject to completion of the annual audit.

News Explained

The pledged SOL can keep earning staking yield; the separate housing-linked income intended for SOL accumulation remains an expectation.

Forward Industries' secured facility uses SOL collateral that remains staked and continues to earn native staking yield; the company says the collateral is not rehypothecated.

Forward expects USHPi, USHP’s income-bearing token, to generate U.S.-dollar income sourced from housing and intends to direct that income toward SOL accumulation.

Key Figures

SOL added: 226,396 SOL (2.7%) SOL holdings: 8,727,694 SOL and SOL equivalents SOL per fully diluted share: 0.0824; growth of 2.3% +3 more

SOL added

226,396 SOL (2.7%)

From October 1 through November 9, 2026

SOL holdings

8,727,694 SOL and SOL equivalents

As of November 9, 2026

SOL per fully diluted share

0.0824; growth of 2.3%

As of November 9, 2026; growth since September 30, 2026

Average cost per SOL

$75 per SOL

SOL added during the period; includes staking-earned SOL with no cash cost

Credit facility terms

$50 million; SOFR + 150 basis points; two years

Secured by SOL held in Forward's treasury

USHP commitment

Up to $50 million; $100 million launch

Forward's commitment co-anchors the USHP launch

Previous Crypto Reports

1 past event · Latest: Oct 01

Same Type 1 event

1. Oct 01

   SOL treasury update

   24h Move

   +4.2%

   Reported 8,501,298 SOL-equivalent holdings and 0.0806 SOL per fully diluted share at quarter-end.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market, sofr, basis points, rehypothecation

4 terms

at-the-market financial

"Forward’s at-the-market (“ATM”) equity offering program"

"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.

sofr financial

"at an interest rate of SOFR + 150 basis points"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

basis points financial

"SOFR + 150 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

rehypothecation financial

"continues to earn native staking yield, with no rehypothecation"

Rehypothecation is when a bank or broker reuses assets a client has posted as collateral — such as cash or securities — to back the firm’s own borrowing or trades. It matters to investors because it can increase returns for the firm but also raises counterparty and liquidity risk: your collateral may be tied up or lost if the intermediary faces trouble, like lending your car keys to a mechanic who then lends them to someone else.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SOL per Share Up 2.3% since September 30, 2026, approximately 21% on an annualized basis.

AUSTIN, TX, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today provided a mid-quarter update on its SOL treasury strategy for its fiscal first quarter of 2027, which began October 1, 2026. From October 1, 2026 through November 9, 2026, Forward increased its SOL and SOL equivalent holdings by 226,396 SOL, or 2.7%, from 8,501,298 as of September 30, 2026 to 8,727,694 as of November 9, 2026, representing approximately 1.5% of Solana’s circulating supply.¹ The SOL added during the period came at an average cost of $75 per SOL.²

SOL per share on a fully diluted basis increased to 0.0824 as of November 9, 2026, from 0.0806 as of September 30, 2026, representing growth of 2.3% over the 40-day period, or approximately 21% on an annualized basis.³

• In addition to continued SOL and SOL per share growth, Forward announced multiple strategic developments:
• Secured a $50 million credit facility at an interest rate of SOFR + 150 basis points (Floored at SOFR at Origination Date) and with a term of two years. The facility is provided by a federally chartered, FDIC-insured national bank, and is secured by SOL held in Forward’s treasury. The longer-dated, two-year facility lets Forward borrow against its SOL while the pledged collateral remains staked and continues to earn native staking yield, with no rehypothecation. Forward intends to use the proceeds to accelerate its SOL++ strategy.
• Committed up to $50 million to USHP, which Forward believes is the first tokenized liquid index product tracking U.S. home prices, co-anchoring its $100 million launch. Through USHPi, USHP’s income-bearing token, Forward expects to earn U.S. dollar income sourced from the housing market, which it intends to direct toward SOL accumulation. Forward intends to work with USHP to expand to Solana in 2027. In connection with its commitment, Forward also acquired a strategic minority interest in Index Industries, along with warrants to acquire additional Index Industries equity.
• Added Barclays as a sales agent to Forward’s at-the-market (“ATM”) equity offering program, alongside Cantor, broadening Forward’s access to institutional demand as it continues to grow SOL per share.

“Just six weeks into the quarter, we have increased SOL per share by 2.3% and added approximately 226,000 SOL to our holdings, marking a strong start to our fiscal year,” said Ryan Navi, Chief Investment Officer of Forward Industries. “We are also putting our all-weather SOL++ strategy into action, securing a $50 million credit facility and allocating capital to USHP. These steps advance our vision to build the ‘Berkshire Hathaway of Solana’ by growing SOL per share and creating durable value for shareholders.”

Quarter-to-Date Summary

		September 30, 2026				November 9, 2026
SOL and SOL equivalents			8,501,298				8,727,694
Percent of SOL circulating supply			~1.4%				~1.5%
SOL per fully diluted share			0.0806				0.0824
Fully diluted shares outstanding			105,535,801				105,933,854
Common shares outstanding			76,288,215				76,288,215
Cash and marketable securities		$	7,292,000			$	5,247,704
Institutional debt outstanding		$	167,500,000			$	187,500,000
Net asset value		$	870,382,702			$	600,251,077
mNAV (fully diluted)			0.946	x			0.976	x

Capitalization Table

The tables below present Forward’s net asset value and capitalization as of November 9, 2026. Figures are preliminary and unaudited and are provided as a mid-quarter update.⁴

Net Asset Value Calculation		Quantity				Price				Value ($)
Total FV of SOL Treasury*			8,727,694			$	86.61			$	755,905,553
Other digital assets – FV			42,741,109				Various			$	26,597,820
Cash & Marketable Securities		$	5,247,704			$	1.00			$	5,247,704
Institutional debt		($	187,500,000	)		$	1.00			($	187,500,000	)
Total net asset value										$	600,251,077

* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL

Capitalization Table		Quantity				Price				Market Cap ($)				NAV/Sh				mNAV
Common shares			76,288,215			$	5.53			$	421,873,829			$	7.87				0.703	x
In-the-money warrants – vested			12,272,101			$	0.00
In-the-money options – vested			449,010			$	4.86
In-the-money options – unvested			240,000			$	4.98
Restricted stock units – unvested			1,050,996
In-the-money fully diluted share count			90,300,322			$	5.53			$	499,360,781			$	6.65				0.832	x
Advisor and lead investor warrants			13,376,388			$	0.01
Out-of-the-money warrants – vested			111,111			$	6.50
Out-of-the-money options – vested			199,103			$	15.22
Out-of-the-money options – unvested			1,071,606			$	12.97
Performance stock units – unvested			875,324
Fully diluted share count			105,933,854			$	5.53			$	585,814,213			$	5.67				0.976	x

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. Because this update covers a partial quarter, annualized growth is the percentage change since September 30, 2026 multiplied by 365 and divided by the number of days in the period.
⁴ Figures are preliminary and unaudited. Figures as of September 30, 2026 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 Company’s use of proceeds from its credit facility, the performance of the Company’s investments, including its commitment to USHP and its investment in Index Industries, 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 (including information as of September 30, 2026) may change in connection with the completion of the Company’s annual audit or its quarterly closing procedures; 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, including the risk that declines in the price of SOL pledged as collateral could require the Company to post additional collateral or repay borrowings; 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 on November 9, 2026?

Forward held 8,727,694 SOL and SOL equivalents on November 9, 2026, representing approximately 1.5% of Solana's circulating supply. Holdings include SOL, fwdSOL and pledged SOL, but exclude borrowed SOL.

What are the terms of Forward Industries' new credit facility?

The $50 million credit facility has a two-year term and an interest rate of SOFR plus 150 basis points, with SOFR floored at its origination-date level. A federally chartered, FDIC-insured national bank provides the facility. Treasury SOL secures it and remains staked without rehypothecation. Forward intends to use proceeds for its SOL++ strategy.

How does Forward Industries calculate SOL per share and annualized growth?

SOL per fully diluted share equals total SOL and SOL equivalents divided by fully diluted shares outstanding. For this partial-quarter update, annualized growth equals the percentage change since September 30, 2026, multiplied by 365 and divided by the number of days in the period.

What was Forward Industries' net asset value per share on November 9, 2026?

Forward's preliminary, unaudited net asset value was $7.87 per common share and $5.67 per fully diluted share on November 9, 2026. Net asset value measures the fair value of treasury and other assets less institutional debt.