Forward Industries reported a $69 million fiscal third-quarter loss after writedowns on its Solana (SOL) treasury, even as token holdings and SOL per share increased.
Key Points:
- The company recorded a $49.8 million digital-asset loss and a $15.2 million impairment during the quarter.
- SOL holdings reached 7.55 million by Jun. 30, while fully diluted SOL per share rose 9% quarter over quarter to 0.0730.
- Revenue climbed more than fourfold to $10.8 million, driven mainly by staking and other treasury-related income.
Solana Writedowns
Forward Industries said the fair-value decline was the main reason fiscal third-quarter results swung to a $69 million net loss, equal to $0.80 per share. The company reported a $49.8 million loss on digital assets and a separate $15.2 million impairment.
Those charges were required under U.S. GAAP and did not represent realized sales or cash outflows. Revenue rose to $10.8 million from $2.5 million a year earlier, mainly because of staking and other treasury income.
The treasury expanded by 508,618 SOL during the quarter through purchases and staking, taking total holdings to 7,552,698 SOL and SOL equivalents as of Jun. 30.
Forward also reduced its share count, repurchasing 2,561,376 common shares during the quarter. It joined the Russell 2000 and Russell 3000 indexes on Jun. 29.
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Forward Industries Outlook
Buying continued after quarter-end, with holdings reaching 7,807,022 SOL and SOL equivalents by Aug. 3 and fully diluted SOL per share rising to about 0.0754. Kyle Samani, Forward Industries chairman, said treasury scale gives the company an advantage despite crypto-market volatility.
“Despite continued volatility across digital asset markets, we believe Forward’s permanent capital base ... provide us with a significant opportunity to grow SOL per share,” Samani said. The company kept nearly all its SOL staked. It generated about 106,000 SOL in staking rewards during the quarter, lifting cumulative rewards since September 2025 to roughly 300,000 SOL.
Forward Industries shares closed Aug. 12 at $4.40, up 2.8% on the day, before slipping 1.36% to $4.34 in after-hours trading after the earnings release.
The latest loss was still far smaller than the previous quarter’s $283.1 million deficit, when weaker Solana prices produced a much steeper accounting hit. The comparison shows how strongly Forward Industries’ reported earnings can move with the market value of its crypto treasury.
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