Forward Industries Provides Shareholder Update Following the Launch of its Solana Treasury Strategy

Key Terms

private placement financial

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

at-the-market equity offering financial

An at-the-market equity offering is a way for a public company to raise cash by selling newly issued shares directly into the open market at current market prices over time through a broker. Think of it as gradually selling items on an online marketplace at whatever buyers are paying now rather than holding a single big sale; it gives the company flexible access to funds but can lower each existing owner’s share of the company and put gentle downward pressure on the stock price if done in large amounts.

tokenize technical

To tokenize is to convert ownership or rights in a real-world asset (like a building, a bond, or a piece of art) into digital tokens recorded on a shared electronic ledger, similar to turning a whole object into many collectible trading cards that each represent a slice of the item. For investors this can make large or illiquid assets easier to buy, sell or split into smaller pieces, speed up transfers, and increase transparency, while also introducing new technology and regulatory risks.

blockchain technical

A blockchain is a digital record-keeping system that securely stores information across many computers, making it difficult to alter or tamper with. Think of it like a shared, unchangeable ledger that everyone can see and verify, ensuring transparency and trust. For investors, this technology offers a way to securely track transactions and assets without relying on a central authority, potentially reducing costs and increasing security.

validator technical

A validator is a person or system that checks and confirms the accuracy and legitimacy of information, transactions, or data before they are accepted and recorded. In the context of digital assets or currencies, validators ensure that transactions follow the rules and are genuine, helping maintain trust and security in the system. For investors, validators are important because they help prevent errors or fraud, ensuring the integrity of the financial network.

liquid staking token technical

A liquid staking token is a digital asset that represents a stake in a blockchain network's security system, allowing investors to earn rewards for participating in network validation. Unlike traditional staking, which often locks up assets and limits access, these tokens can be freely traded or used in other transactions, providing flexibility and liquidity. This enables investors to earn rewards while still maintaining the ability to access or deploy their funds elsewhere.

DeFi technical

DeFi, short for decentralized finance, is a system of financial services built on blockchain technology that operates without traditional banks or intermediaries. It allows people to borrow, lend, trade, and earn interest directly with each other through digital platforms, much like using a peer-to-peer marketplace. For investors, DeFi offers the potential for greater access, transparency, and control over their financial activities.

World’s Largest Solana Treasury Company Has Over 6.9 Million SOL Holdings

Forward Launches fwdSOL Liquid Staking Token and Announces Forward PropAMM Backed by Galaxy and With Input From Jump Crypto

NEW YORK--(BUSINESS WIRE)-- Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward Industries”), the leading Solana treasury company, today announced a shareholder update with key operational highlights following the launch of its digital asset treasury strategy in September 2025.

“Since the inception of our Solana treasury strategy in September, Forward Industries has rapidly built the largest Solana treasury in the world and established an institutional-grade foundation capable of compounding long-term SOL-per-share,” said Kyle Samani, Chairman of Forward Industries. “In just a matter of weeks, we have accumulated more than 6.9 million SOL, deployed nearly all of it across our high-performance validator infrastructure launched in October, and implemented tax-efficient strategies that meaningfully strengthened our capital position. As we pursue initiatives such as bringing our equity on-chain and executing on accretive M&A, we believe we are well-positioned to continue to expand our SOL treasury and compound SOL-per-share. We believe this is just the beginning, and we remain committed to delivering sustainable long-term shareholder value as we build the primary public markets gateway to Solana.”

Operational Highlights Since Launch of Treasury Strategy

• Closed $1.65 billion private placement in public equity (“private placement”) led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This financing, which closed on September 11, 2025, marked the largest Solana-focused digital asset treasury raise to date.
• Announced an at-the-market equity offering program covering the offer and sale of shares of the Company’s common stock for up to $4 billion.
• Partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FWDI shares on the Solana blockchain. As part of the agreement, Forward Industries expects to take an equity stake in Superstate to further align interests and advance internet capital markets.
• Launched a Forward Industries’ owned institutional grade validator on the Solana blockchain, powered by DoubleZero, underscoring the Company’s commitment to adopting the highest-performing decentralized technology platforms.
• Established a crypto advisory board with 25 inaugural members with significant experience spanning the Solana ecosystem, digital assets, capital markets, and financial services.
• Authorized a new share repurchase program to repurchase up to $1 billion of the Company’s common stock.
• Changed Forward Industries’ ticker from “FORD” to “FWDI” on the Nasdaq Stock Exchange to further align the Company with its Solana treasury strategy.
• Completed a tax optimization process between October 16, 2025, and November 15, 2025, to reset $334 million in notional value and spent approximately $51,600 in value (net of fees)
• Announced the launch of Forward’s PropAMM, backed by Galaxy and with infrastructure input from Jump Crypto.
• Launched fwdSOL, Forward’s liquid staking token to maximize yield from staked SOL while utilizing fwdSOL as DeFi collateral.
• Bolstered leadership team with the appointments of Ryan Navi as Chief Investment Officer and Georgia Quinn as General Counsel.

Forward Industries Treasury Update

• Treasury Holdings: As of December 1, 2025, the Company’s liquid SOL holdings totaled 6,921,342 SOL SOL. Since inception, 6,834,505.96 SOL have been purchased at a net cost of $232.08 per SOL, representing a total cost of approximately $1.59 billion.
• Staking: Since inception, the Company’s validator infrastructure has generated between 6.82% and 7.01% gross annual percentage yield (APY) before fees, outperforming top peer validators. Nearly all of the Company’s SOL holdings are currently staked.
• Balance Sheet: As of December 2, 2025, Forward Industries had approximately $30.0 million of operating capital between cash and USDC reserves. The Company remains debt free.

Conference Call

The Company will host a conference call today, December 2, 2025, to discuss its recently launched Solana digital asset treasury strategy, operational milestones, and ongoing initiatives to grow SOL-per-share.

Forward Industries’ leadership team will host the conference call, followed by a question-and-answer period.

Date: Tuesday, December 2, 2025
Time: 5:00 p.m. ET
Toll-free dial-in number: (877) 407-2991
International dial-in number: (201) 389-0925
Webcast: FWDI's Shareholder Update Conference Call

Participants can also access the Company’s shareholder update call using the call me option here for instant telephone access to the event, which will be active approximately 15 minutes before the scheduled start time.

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a global design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company’s Solana treasury strategy, visit https://www.forwardindustries.com/.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. 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,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s plan for value creation and strategic advantages, 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, failure to realize the anticipated benefits of the proposed digital asset treasury strategy (including 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; 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 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; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251202697105/en/

Media

Carissa Felger / Sam Cohen

Gasthalter & Co.

(212) 257-4170

Forward@gasthalter.com

Investor Relations

Sean Mansouri, CFA / Aaron D’Souza

Elevate IR

(720) 330-2829

ir@forwardindustries.com

Source: Forward Industries, Inc.