Forward Industries, Inc. (NASDAQ: FWDI), a Solana-focused digital asset treasury company, announced fiscal third-quarter 2026 revenue of $10.8 million, a more than fourfold increase from the $2.5 million reported in the same period last year. The revenue surge was primarily driven by staking and other treasury-related activities under its Solana treasury strategy, according to the company's latest earnings report.
During the quarter, Forward Industries increased its SOL and SOL equivalent holdings by 508,618 to approximately 7.55 million SOL. Fully diluted SOL per share rose 9% sequentially to 0.0730. The company generated roughly 106,000 SOL in staking rewards and repurchased more than 2.5 million common shares. Despite the revenue growth, the company reported a net loss of $69 million, which included a $49.8 million loss on digital assets and a $15.2 million impairment charge. Forward Industries stated that these losses did not represent realized sales or cash outflows.
Subsequent to the quarter's end, the company added approximately 254,000 SOL at an average cost of about $75 per SOL, bringing its total holdings to approximately 7.8 million SOL as of Aug. 3. This represents around 1.3% of Solana's circulating supply. The company also highlighted its addition to the Russell 2000 and Russell 3000 indexes during the quarter, which could enhance its visibility among institutional investors.
The company's strategy involves buying, holding, staking, trading, and investing in SOL and related digital assets, protocols, and businesses. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects. The strategy was launched in September 2025 through a private placement supported by investors including Galaxy Digital and Jump Crypto.
Forward Industries continues to evaluate acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share. This approach reflects a broader trend of companies adopting digital asset treasuries as a means of diversifying reserves and generating yield through staking.
The company's significant increase in revenue and strategic moves highlight the growing importance of cryptocurrency in corporate finance. By holding a substantial portion of Solana's supply, Forward Industries positions itself as a major player in the Solana ecosystem, potentially influencing market dynamics and investor sentiment.
For more details, the full press release can be viewed at https://ibn.fm/4cqpi. Information about Forward Industries and its Solana treasury strategy is available at forwardindustries.com.
