Every 10-Q that Forward Industries, Inc. (FWDI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow FWDI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FWDI filings page.
Forward Industries, Inc. (FWDI) has transformed into a Solana-focused digital asset treasury company, generating most of its results from SOL and related tokens rather than its legacy OEM business, which was sold in May 2025 and is now reported as discontinued operations.
For the nine months ended June 30, 2026, revenue rose to $45.2 million from $10.2 million a year earlier, driven by $34.1 million of Solana staking revenue. The design segment contributed $11.1 million of revenue and modest profit, but overall performance was dominated by digital asset activity.
Large mark-to-market and impairment charges on digital assets produced a net loss of $937.7 million. This included $811.7 million of loss on digital assets and $133.4 million of digital asset impairment, plus derivative losses. Total assets fell to $602.5 million from $1.47 billion at September 30, 2025, mainly due to a drop in the carrying value of SOL and related holdings to $337.1 million. FWDI funded operations and a large share repurchase program with $105 million of related-party loans and $7.9 million ATM equity sales, and repurchased 13.3 million shares for $69.9 million. Management states that cash, digital assets and ATM capacity are expected to meet liquidity needs through at least August 2027.
Forward Industries, Inc. reported a dramatic shift in its business as it executed a Solana-focused digital asset treasury strategy during the quarter ended March 31, 2026. Revenue rose to $12,961,114 for the quarter and $34,396,365 for the six months, driven largely by digital asset staking income of $9,334,000 and $26,715,000, alongside steady design-segment revenue.
The new strategy produced extreme volatility. A $201,706,226 loss on digital assets and $85,093,048 impairment in the quarter led to a six-month net loss of $868,733,222. Digital assets had a carrying value of $507,292,000 at March 31, 2026 versus $1,430,486,000 at September 30, 2025, highlighting sharp market moves and impairments.
Cash fell to $16,633,010, while loans payable to a related party reached $40,000,000 and loans payable in digital assets were $10,024,188. The company also repurchased $58,022,336 of stock while maintaining an at-the-market program and significant reserves for future issuances. Management believes existing cash, digital asset holdings and the ATM facility can support liquidity through at least May 2027.
Forward Industries shifted to a Solana-focused digital asset strategy and reported extremely volatile first-quarter results. For the three months ended December 31, 2025, revenue rose to $21.4 million from $4.6 million, driven mainly by $17.4 million of Solana staking and related income. Gross margin expanded to 78.6% as the new digital asset segment generated very high-margin rewards, while the design services business saw modest revenue decline and lower margins.
The pivot came at a steep cost. A sharp drop in Solana valuations produced a $560.2 million loss on digital assets and $33.0 million of fwdSOL impairment, leading to a net loss of $585.7 million, or $5.91 per share. Digital assets on the balance sheet fell to a $826.8 million carrying value from $1.43 billion. Despite this, the company ended the quarter with $25.4 million of cash, working capital of about $52.9 million, and expects existing resources to cover liquidity needs through at least February 2027, assuming it can sell digital assets as needed.
Forward also began aggressively reshaping its capital structure, launching a $4 billion at-the-market equity program and a $1 billion share repurchase authorization. In the quarter it sold 312,000 new shares for $7.6 million and repurchased 1.54 million shares for $10.9 million, with additional buybacks in January 2026. Management highlights significant risks tied to Solana price swings, DeFi exposure, custody and smart-contract vulnerabilities, and potential regulatory changes that could reclassify Solana as a security and impact the company’s regulatory status.