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, Aug. 12, 2026 (GLOBE NEWSWIRE) -- 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 holdings1 to approximately 7.8 million 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.
• 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.
• 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.

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
[email protected]

Investor Relations Contact
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS          June 30,  September 30,   2026  2025 Assets (Unaudited)           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 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED 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 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCAPITALIZATION TABLEAs 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         $481,328,023                              Capitalization Table  Quantity   Price   Market Cap ($)   NAV/Sh   mNAV Common shares  73,846,883  $4.22  $311,633,846  $6.52   0.647xIn-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   0.764xAdvisor 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

1 Includes SOL, fwdSOL and pledged SOL.