Forward Industries (NASDAQ: FWDI) reported fiscal third-quarter 2026 revenue of $10.8 million, a significant increase from the $2.5 million reported in the same period last year. This growth was primarily driven by staking and other treasury-related revenue generated through its Solana treasury strategy. The company increased its SOL and SOL equivalent holdings by 508,618 during the quarter, bringing its total to approximately 7.55 million. Fully diluted SOL per share increased 9% sequentially to 0.0730.
During the quarter, Forward generated approximately 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 of digital assets. The company noted that these losses did not represent realized sales or cash outflows.
Subsequent to quarter-end, Forward added approximately 254,000 SOL at an average cost of approximately $75 per SOL, bringing its SOL and SOL equivalent holdings to approximately 7.8 million as of Aug. 3. This represents approximately 1.3% of Solana's circulating supply. The company was also added to the Russell 2000 and Russell 3000 indexes during the quarter and continued evaluating acquisitions intended to increase the scale of its SOL treasury and be accretive to SOL per share.
Forward Industries is a Solana-focused digital asset treasury company, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. The company'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 connection with a private placement transaction in September 2025, the company launched its 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 forwardindustries.com.
This announcement underscores the growing trend of companies adopting digital asset treasury strategies to enhance shareholder value. Forward's significant increase in revenue and SOL holdings demonstrates the potential of such strategies, even amid market volatility. The company's inclusion in major indexes and its continued acquisition of SOL positions it as a notable player in the cryptocurrency treasury space. Investors and market observers will be watching to see how this strategy evolves and whether it can sustain growth while managing the inherent risks of digital asset investments.
