Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating Results
Rhea-AI Summary
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.
Positive
- Revenue >4x YoY to $10.8 million in Q3 2026, driven by Solana treasury activity
- SOL holdings increased to 7.55 million at June 30 and 7.81 million by August 3, about 1.3% of Solana supply
- SOL per share up 9% QoQ to 0.0730 on a fully diluted basis
- Staking rewards of approximately 106,000 SOL in Q3; ~300,000 SOL cumulatively since September 2025
- Share repurchases of 2,561,376 shares in Q3, reducing common shares outstanding to 73,846,883
- Net asset value of about $481.3 million, including SOL treasury fair value of $555.3 million versus $105 million institutional debt
Negative
- GAAP net loss of $69.0 million in Q3 2026, or $0.80 per share
- Loss and impairment on digital assets totaling about $65.0 million in the quarter
- Nine‑month loss on digital assets of $811.7 million and digital asset impairment of $133.4 million
- SG&A expenses rose to $7.4 million in Q3, including $3.1 million of stock‑based compensation
- Digital assets carrying value of $335.8 million at June 30, 2026 versus $1.43 billion at September 30, 2025 on the balance sheet
News Explained
OnRe adds a potential 25-million-dollar liquidity commitment while June 30 cash was 10.97 million against 105 million of debt.
Forward Industries reported fiscal third-quarter results for the quarter ended
In plain terms, “up to” makes
At quarter end, the release reported
The latest supplied fundamentals show
The next quarterly filing's cash, loans-payable-related-party, and investment line items would show whether the OnRe commitment begins appearing as a funded position or remains chiefly a stated ceiling.
Sources and calculations
- Forward Industries fiscal third-quarter 2026 results release (2026-08-12)
- Forward Industries latest supplied quarterly fundamentals (2026Q2)
- Forward Industries quarterly earnings report (2026-08-12)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $16,633,010 / ($4,798,676 / 90) = [object Object]
Market reaction after Q3 fiscal 2026 earnings report: FWDI -4.55%
Following this news, FWDI has declined 4.55%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $4.20. Trading volume is elevated at 3.0x the average, suggesting increased selling activity.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Q2 earnings report | Positive | -11.6% | Share repurchase, debt facility, cost reduction plan, and OnRe investment update |
| Feb 12 | Q1 earnings report | Neutral | -0.4% | First full reporting period under the Solana treasury strategy |
| Dec 11 | Fiscal 2025 earnings | Negative | -0.3% | Net loss increased alongside a non-cash unrealized loss on SOL holdings |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-tagged events all had negative 24-hour reactions, including -11.64%, -0.41%, and -0.26%, despite mixed or strategic disclosures.
Key Terms
at-the-market offering financial
fully diluted basis financial
staking rewards technical
u.s. gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Management to Host Conference Call Today at 5:00 p.m. Eastern Time
AUSTIN, TX, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today announced its financial and operating results for its fiscal third quarter ended June 30, 2026, along with an update on its SOL treasury strategy.
“Fiscal Q3 was another strong period of execution for Forward as we expanded our Solana treasury while delivering meaningful growth in SOL per share,” said Kyle Samani, Chairman of Forward Industries. “During the quarter, we acquired, through purchases and staking, more than 500,000 SOL and increased SOL per share on a fully diluted basis by
Operational Highlights
- Increased SOL Holdings: Forward increased its SOL and SOL equivalent holdings by 508,618 SOL during its fiscal third quarter 2026. Subsequent to quarter end, from July 1 through August 3, 2026, the Company increased its holdings by an additional approximate 254,000 SOL at an average cost of approximately
$75 per SOL, bringing total SOL and SOL equivalent holdings1 to approximately 7.8 million as of August 3, 2026. - Added to the Russell 2000 and Russell 3000 Indexes: Effective June 29, 2026, Forward was added to the Russell 2000 and Russell 3000 indexes as part of the annual index reconstitution. The Company believes its inclusion will broaden its institutional shareholder base, enhance trading liquidity and increase its visibility among investors that benchmark against or passively track the Russell indexes.
- OnRe Investment Update: In May 2026, Forward invested in OnRe, a Solana-based tokenized reinsurance platform, and committed to provide up to
$25 million of liquidity to its ONyc token. Since the investment, ONyc’s market capitalization increased73% from approximately$142.7 million to approximately$247.4 million as of the end of June 2026, while the total tokenized real-world asset market capitalization on Solana increased from approximately$2.5 billion to more than$3.3 billion . The investment supports Forward’s broader strategy to generate diversified, U.S. dollar-denominated yield while supporting the growth of Solana-native financial infrastructure. - Executed Accretive Share Repurchases: During the quarter, Forward repurchased 2,561,376 shares of common stock when management determined that doing so was accretive to SOL per share. Common shares outstanding declined to 73,846,883 as of June 30, 2026, from 76,314,617 as of March 31, 2026.
- Utilized At-the-Market Program Selectively: This quarter, the Company issued 93,642 shares through its at-the-market offering program for gross proceeds of
$435,443 . The shares were issued at prices management determined were accretive to SOL per share, and the proceeds were deployed into additional SOL purchases. - Advanced M&A Strategy: Forward continued to actively evaluate potential acquisitions of digital asset treasury companies and other strategic businesses. The Company’s acquisition criteria remain focused on transactions that increase the scale of its SOL treasury and are accretive to SOL per share and investors.
Forward Industries Solana Treasury Update
- Treasury Holdings: As of June 30, 2026, the Company held 7,552,698 SOL and SOL equivalents, compared with 7,044,079 SOL as of March 31, 2026. As of August 3, 2026, Forward held 7,807,022 SOL and SOL equivalents, representing approximately
1.3% of Solana’s circulating supply. - SOL per Share: SOL per share on a fully diluted basis increased to 0.0730 as of June 30, 2026, from 0.0669 as of March 31, 2026, representing sequential growth of
9% , or approximately36% on an annualized basis. As of August 3, 2026, the Company grew SOL per share further to approximately 0.0754. - Staking: Forward continued to stake nearly all of its SOL holdings to the Forward Validator, which remained a top ten Solana validator with approximately
1.8% of network stake weight. The Company generated approximately 106,000 SOL in staking rewards during its fiscal third quarter 2026, bringing cumulative staking rewards since the launch of its treasury strategy in September 2025 to approximately 300,000 SOL.
Ryan Navi, Forward’s Chief Investment Officer, added, “Forward’s scale, permanent capital base and access to institutional financing give us a broad set of tools to create long-term shareholder value across different market environments. Since quarter end, we have added another 254,325 SOL and SOL equivalents at an average purchase cost below our fiscal third-quarter average, further increasing both the scale of our treasury and SOL per share. Beyond our core treasury strategy, we are pursuing opportunities to generate diversified sources of yield, deepen our participation in the Solana ecosystem and expand the capabilities of our platform. Our investment in OnRe reflects that approach by supporting Solana-native financial infrastructure while adding the potential for uncorrelated, U.S. dollar-denominated returns. We also believe current market conditions are creating compelling opportunities for consolidation, and we are actively evaluating acquisitions that can strengthen our competitive position, increase the scale of our treasury and drive durable value for Forward shareholders.”
Q3 Fiscal 2026 Financial Summary (vs. Q3 Fiscal 2025)
- Revenue: Revenue for the third quarter of fiscal 2026 increased more than 4x to
$10.8 million , compared with$2.5 million in the prior year period. The increase was primarily driven by staking and other treasury-related revenue generated through the Company’s Solana treasury strategy. - Selling, General and Administrative Expenses: SG&A expenses were
$7.4 million , compared to$1.9 million in the prior-year period. The fiscal third quarter figure included$3.1 million of stock-based compensation. Excluding stock-based compensation, SG&A expenses were$4.3 million . Forward remains on track to reduce average quarterly SG&A expenses, excluding stock-based compensation, to approximately$4.8 million . - Loss on Digital Assets: The Company recorded a
$49.8 million loss on digital assets and a$15.2 million impairment of digital assets. These U.S. GAAP-required charges reflect changes in the estimated fair value of the Company’s digital assets during the period and do not represent realized sales or cash outflows. - Net Loss: Net loss for the third quarter of fiscal 2026 was
$69.0 million , or$0.80 per share, compared with a net loss of approximately$850,000 , or$0.77 per share, in the prior-year period. - Balance Sheet: As of June 30, 2026, Forward had approximately
$11.0 million of cash and SOL holdings with a carrying value of approximately$556.9 million . The Company had$105.0 million of debt outstanding under its Galaxy Digital facility at a weighted average interest rate of approximately2.6% . Leverage relative to the Company’s treasury assets was in the mid-to-high teens.
Conference Call and Webcast Details
The Company will host a conference call today, August 12, 2026, to discuss its financial and operating results for the three months ended June 30, 2026.
Forward's executive team will host the conference call and webcast presentation, followed by a question-and-answer period.
Date: Wednesday, August 12, 2026
Time: 5:00 p.m. ET
Toll-free dial-in number: (877) 407-2991
International dial-in number: (201) 389-0925
Webcast: FWDI FQ3'26 Earnings Conference Call
Participants can also access the Company’s earnings call using the call in 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 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.
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, expected cost reductions, 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 digital asset treasury strategy; the ability to realize anticipated cost savings from the cost reduction plan; 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 that the Company has invested in, 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.
Contacts
Media Contact
comms@forwardindustries.com
Investor Relations Contact
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com
| FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, | September 30, | |||||||
| 2026 | 2025 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash | $ | 10,965,165 | $ | 38,166,973 | ||||
| Marketable equity securities, at fair value | 2,317,500 | - | ||||||
| Accounts receivable, net of allowances for credit losses of | ||||||||
| 1,916,677 | 1,635,171 | |||||||
| Contract assets | 476,175 | 1,064,264 | ||||||
| Digital assets receivable - related party | 134,729 | - | ||||||
| Derivative assets | 4,925,557 | - | ||||||
| Prepaid expenses and other current assets | 1,383,828 | 355,548 | ||||||
| Total current assets | 22,119,631 | 41,221,956 | ||||||
| Digital assets | 335,848,635 | 1,430,486,289 | ||||||
| Digital assets - restricted | 1,217,050 | - | ||||||
| Digital assets pledged as collateral with related party | 239,518,295 | - | ||||||
| Investment | 1,900,943 | - | ||||||
| Property and equipment, net | 57,955 | 124,331 | ||||||
| Operating lease right-of-use assets, net | 814,027 | 2,303,776 | ||||||
| Other assets | 1,058,128 | 806,137 | ||||||
| Total assets | $ | 602,534,664 | $ | 1,474,942,489 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Loans payable-related party | $ | 105,000,000 | $ | - | ||||
| Loans payable - digital assets | 12,519,409 | - | ||||||
| Accounts payable | 283,510 | 433,044 | ||||||
| Accounts payable-related party | 553,787 | 923,513 | ||||||
| Deferred income | 504,879 | 292,525 | ||||||
| Derivative liabilities | 7,344,162 | - | ||||||
| Current portion of operating lease liability | 437,725 | 450,949 | ||||||
| Accrued expenses and other current liabilities | 1,130,726 | 623,512 | ||||||
| Total current liabilities | 127,774,198 | 2,723,543 | ||||||
| Other liabilities: | ||||||||
| Operating lease liability, less current portion | 549,254 | 2,094,079 | ||||||
| Total liabilities | 128,323,452 | 4,817,622 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Common stock, | ||||||||
| shares issued and outstanding, respectively, at June 30, 2026; 86,145,514 shares | ||||||||
| issued and outstanding at September 30, 2025 | 871,631 | 861,455 | ||||||
| Treasury Stock, at cost, 13,316,224 and 0 shares at June 30, 2026 and | ||||||||
| September 30, 2025, respectively | (69,862,786 | ) | - | |||||
| Additional paid-in capital | 1,667,506,242 | 1,655,874,892 | ||||||
| Accumulated deficit | (1,124,303,875 | ) | (186,611,480 | ) | ||||
| Total shareholders' equity | 474,211,212 | 1,470,124,867 | ||||||
| Total liabilities and shareholders' equity | $ | 602,534,664 | $ | 1,474,942,489 | ||||
| FORWARD INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues, net | $ | 10,779,711 | $ | 2,494,769 | $ | 45,176,076 | $ | 10,242,151 | ||||||||
| Cost of sales | 4,075,748 | 3,115,727 | 12,550,687 | 9,908,850 | ||||||||||||
| Gross profit | 6,703,963 | (620,958 | ) | 32,625,389 | 333,301 | |||||||||||
| Sales and marketing expenses | 639,023 | 139,683 | 1,743,907 | 447,608 | ||||||||||||
| General and administrative expenses | 5,767,407 | 1,799,140 | 12,604,049 | 4,940,264 | ||||||||||||
| General and administrative expenses - related party | 1,025,354 | - | 6,947,775 | - | ||||||||||||
| Loss on digital assets | 49,753,227 | - | 811,671,684 | - | ||||||||||||
| Impairment of digital assets | 15,221,955 | - | 133,359,324 | - | ||||||||||||
| Derivative loss, net | 4,560,874 | - | 4,291,848 | - | ||||||||||||
| Goodwill impairment | - | - | - | 225,000 | ||||||||||||
| Operating loss | (70,263,877 | ) | (2,559,781 | ) | (937,993,198 | ) | (5,279,571 | ) | ||||||||
| Interest income | (72,205 | ) | (6,964 | ) | (390,873 | ) | (35,506 | ) | ||||||||
| Interest income - related party | - | - | (549,282 | ) | - | |||||||||||
| Interest expense - related party | 516,937 | 12,099 | 576,353 | 35,901 | ||||||||||||
| Gain on change in fair value of marketable equity securities | (17,336 | ) | - | (17,336 | ) | - | ||||||||||
| Gain on change in fair value of warrant liability | - | (160,223 | ) | - | (160,223 | ) | ||||||||||
| Other (income)/ expense, net | - | (340 | ) | - | 4,594 | |||||||||||
| Loss from continuing operations before income taxes | (70,691,273 | ) | (2,404,353 | ) | (937,612,060 | ) | (5,124,337 | ) | ||||||||
| (Benefit from) / provision for income taxes | (1,732,100 | ) | - | 80,335 | - | |||||||||||
| Loss from continuing operations | (68,959,173 | ) | (2,404,353 | ) | (937,692,395 | ) | (5,124,337 | ) | ||||||||
| Income from discontinued operations, net of tax | - | 1,554,331 | - | 2,114,639 | ||||||||||||
| Net loss | (68,959,173 | ) | (850,022 | ) | (937,692,395 | ) | (3,009,698 | ) | ||||||||
| Deemed dividend on Series B Convertible Preferred Stock | - | (10,278 | ) | - | (10,278 | ) | ||||||||||
| Net loss attributable to common shareholders | $ | (68,959,173 | ) | $ | (860,300 | ) | $ | (937,692,395 | ) | $ | (3,019,976 | ) | ||||
| Basic (loss)/earnings per share : | ||||||||||||||||
| Basic loss per share from continuing operations | $ | (0.80 | ) | $ | (2.17 | ) | $ | (10.02 | ) | $ | (4.65 | ) | ||||
| Basic earnings per share from discontinued operations | - | 1.40 | - | 1.92 | ||||||||||||
| Basic loss per share | $ | (0.80 | ) | $ | (0.77 | ) | $ | (10.02 | ) | $ | (2.73 | ) | ||||
| Diluted (loss)/earnings per share: | ||||||||||||||||
| Diluted loss per share from continuing operations | $ | (0.80 | ) | $ | (2.17 | ) | $ | (10.02 | ) | $ | (4.65 | ) | ||||
| Diluted earnings per share from discontinued operations | - | 1.40 | - | 1.92 | ||||||||||||
| Diluted loss per share | $ | (0.80 | ) | $ | (0.77 | ) | $ | (10.02 | ) | $ | (2.73 | ) | ||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 86,694,282 | 1,113,670 | 93,587,982 | 1,105,269 | ||||||||||||
| Diluted | 86,694,282 | 1,113,670 | 93,587,982 | 1,105,269 | ||||||||||||
| FORWARD INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| CAPITALIZATION TABLE | ||||||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||||
| Net Asset Value Calculation | Quantity | Price | Value ($) | |||||||||||||||||
| Total FV of SOL Treasury* | 7,552,698 | $ | 73.53 | $ | 555,349,858 | |||||||||||||||
| Other Digital Assets - FV | 36,874,674 | Various | 20,013,000 | |||||||||||||||||
| Cash and cash equivalents | 10,965,165 | $ | 1.00 | 10,965,165 | ||||||||||||||||
| Institutional debt | (105,000,000 | ) | $ | 1.00 | (105,000,000 | ) | ||||||||||||||
| Total net asset value | $ | 481,328,023 | ||||||||||||||||||
| Capitalization Table | Quantity | Price | Market Cap ($) | NAV/Sh | mNAV | |||||||||||||||
| Common shares | 73,846,883 | $ | 4.22 | $ | 311,633,846 | $ | 6.52 | 0.647 | x | |||||||||||
| In-the-money warrants — vested | 12,272,101 | $ | 0.001 | |||||||||||||||||
| In-the-money options — vested | 24,010 | $ | 3.73 | |||||||||||||||||
| In-the-money options — unvested | - | |||||||||||||||||||
| Restricted stock units — unvested | 950,996 | |||||||||||||||||||
| In-the-money fully diluted share count | 87,093,990 | $ | 4.22 | $ | 367,536,638 | $ | 5.53 | 0.764 | 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 | 446,883 | $ | 9.59 | |||||||||||||||||
| Out-of-the-money options — unvested | 1,340,773 | $ | 9.73 | |||||||||||||||||
| Performance stock units — unvested | 1,156,736 | |||||||||||||||||||
| Fully diluted share count | 103,525,881 | $ | 4.22 | $ | 436,879,218 | $ | 4.65 | 0.908 | x | |||||||||||
| * Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL | ||||||||||||||||||||
1 Includes SOL, fwdSOL and pledged SOL.
