Forward Industries (FWDI) grows Solana treasury but posts $69M Q3 loss
Rhea-AI Filing Summary
Forward Industries, Inc. reported fiscal third-quarter 2026 results showing rapid growth in its Solana-focused treasury business alongside very large GAAP losses driven by digital asset mark-to-market. Revenue for the quarter was $10.8 million, more than four times the prior-year period, primarily from staking and other treasury-related income.
The company increased its Solana exposure, adding 508,618 SOL during the quarter and a further approximately 254,000 SOL after quarter end, bringing holdings to about 7.8 million SOL and equivalents as of August 3, 2026, or roughly 1.3% of Solana’s circulating supply. SOL per share on a fully diluted basis rose 9% quarter over quarter to 0.0730, and to about 0.0754 by August 3.
Forward repurchased 2.56 million shares in the quarter, reducing common shares outstanding to 73.8 million, while also issuing 93,642 shares via an at-the-market program for $435,443 that was reinvested into SOL. GAAP results were heavily affected by a $49.8 million loss on digital assets and a $15.2 million impairment, contributing to a quarterly net loss of $69.0 million and a nine-month net loss of $937.7 million.
As of June 30, 2026, cash was $11.0 million and SOL treasury fair value was $555.3 million, against $105.0 million of debt at a 2.6% weighted average interest rate. Total net asset value was $481.3 million, versus a common equity market capitalization of $311.6 million, implying a discount to stated NAV.
Positive
- Revenue exceeded $10.8 million, more than 4x year over year, driven mainly by Solana staking and treasury-related income, indicating strong traction in the company’s digital asset treasury strategy.
- SOL holdings reached roughly 7.8 million SOL and equivalents by August 3, 2026, with SOL per share on a fully diluted basis up 9% quarter over quarter, showing growth in per-share exposure to Solana.
- Net asset value of $481.3 million exceeded equity market cap of $311.6 million, implying the stock traded at a notable discount to the company’s stated NAV at quarter end.
- Inclusion in the Russell 2000 and Russell 3000 indexes is expected by the company to broaden its institutional shareholder base and improve trading liquidity.
Negative
- Quarterly net loss was $69.0 million, versus approximately $0.9 million a year earlier, reflecting significantly higher volatility-driven charges.
- Loss on digital assets of $49.8 million and impairment of $15.2 million in the quarter, and $811.7 million loss plus $133.4 million impairment year-to-date, highlight substantial earnings sensitivity to Solana price movements.
- Total assets fell to $602.5 million from $1.47 billion and shareholders’ equity declined to $474.2 million from $1.47 billion since September 30, 2025, reflecting large cumulative losses on digital assets.
- Loans payable to related party and digital-asset lenders totaled about $117.5 million, including $105.0 million under a Galaxy Digital facility, introducing leverage and counterparty risk on the treasury.
Filing Explained
The filing adds a maximum $25 million OnRe liquidity commitment and identifies 103,525,881 fully diluted shares against 73,846,883 common shares outstanding.
This Form 8-K reports a material event and furnishes Forward’s financial results for the quarter ended
The fully diluted figure includes listed warrants, options, restricted stock units, and other instruments; the filing does not present all of them as issued common shares. If additional shares are issued from those instruments, the resulting higher share count could reduce an existing holder’s percentage ownership.
The OnRe item is a maximum capacity within a commitment, not a stated amount actually provided.
8-K Event Classification
Key Figures
Key Terms
Solana treasury strategy financial
staking rewards financial
loss on digital assets financial
at-the-market offering program financial
tokenized real-world assets financial
net asset value financial
Earnings Snapshot
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 12, 2026, Forward Industries, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02, Item 7.01, and Exhibit 99.1 shall not be incorporated by reference into any filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01. Regulation FD Disclosure.
On August 12, 2026, the Company issued a press release in conjunction with a conference call to discuss its financial results for the quarter ended June 30, 2026. The call is scheduled for August 12, 2026 at 5:00 p.m. Eastern Time.
Interested parties may participate in the live conference call via telephone or webcast. To join by telephone, please dial one of the following numbers:
Participants may dial 877-407-2991 or +1 201-389-0925 for international callers. Alternatively, a live audio webcast of the conference call will be accessible at https://event.webcasts.com/starthere.jsp?ei=1768620&tp_key=64a01beccb.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit Description | |
| 99.1 | Press Release, dated August 12, 2026 (furnished herewith) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORWARD INDUSTRIES, INC. | |||
| Date: August 12, 2026 | By: | /s/ Michael Pruitt | |
| Name: Michael Pruitt | |||
| Title: Interim Chief Executive Officer | |||
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Exhibit 99.1
Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating Results
Management to Host Conference Call Today at 5:00 p.m. Eastern Time
AUSTIN, TX, August 12, 2026 – 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 9% quarter over quarter. We also repurchased more than 2.5 million shares of Forward common stock, reflecting our disciplined approach to capital allocation and focus on driving per-share value. Our inclusion in the Russell 2000 and Russell 3000 indexes represents another important milestone and reflects the institutional recognition Forward has achieved in a relatively short period of time. Solana’s underlying fundamentals also continued to strengthen, with accelerating transaction activity, application revenue and adoption of tokenized real-world assets. Despite continued volatility across digital asset markets, we believe Forward’s permanent capital base, industry-leading access to capital and position as the world’s largest Solana treasury company provide us with a significant opportunity to grow SOL per share, pursue accretive acquisitions and deepen our participation across the Solana ecosystem.”
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 holdings to approximately 7.8 million SOL1 and SOL equivalents 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 increased 73% 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. |
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1 Includes SOL, fwdSOL, pledged SOL, and SOL equivalents
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| · | 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 approximately 36% 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. |
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| • | 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 approximately 2.6%. 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.
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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
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | September 30, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| 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 $97,964 and $92,358 as of June 30, 2026 and September 30, 2025, respectively | 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, $0.01 par value; 300,000,000 shares authorized; 87,163,107 and 73,846,883 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 | ||||
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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 | ||||||||||||
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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 ($) | NAY/Sh | mNAV | |||||||||||||||
| Common shares | 73,846,883 | $ | 4.22 | $ | 311,633,846 | $ | 6.52 | 0.647x | ||||||||||||
| 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 | 0.764x | |||||||||||||||
| 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 | 0.908x | ||||||||||||
* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL
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