Forward Industries
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Forward Industries (FWDI) investor relations material

Forward Industries Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary12 Feb, 2026

Executive summary

  • Q1 FY2026 marked the first full quarter operating as a Solana-focused digital asset treasury company, with a strategy centered on compounding SOL per share and active participation in the Solana ecosystem.

  • Significant partnerships and product launches included tokenized common shares on Solana and the introduction of fwdSOL, a proprietary liquid staking token.

  • Completed the sale of the OEM distribution segment in May 2025, classifying its results as discontinued operations.

  • Management reaffirmed a long-term strategy, emphasizing a clean balance sheet, no institutional debt, and readiness to capitalize on market dislocations.

  • Expanded on-chain participation, including the launch of a proprietary automated market maker and asset management agreements with Galaxy Digital.

Financial highlights

  • Revenue rose over 4x year-over-year to $21.4 million in Q1 FY2026, driven by digital asset staking revenue.

  • Gross margin increased to 78.6% from 24.5% year-over-year, with gross profit at $16.8 million.

  • Net loss was $585.6 million, primarily due to a $560.2 million loss on digital assets and a $33 million impairment charge.

  • Cash balance was $25.4 million as of December 31, 2025, with working capital of $52.9 million.

  • SG&A expenses increased to $7.2 million from $2.0 million year-over-year.

Outlook and guidance

  • Management targets SOL per share growth above the Solana staking yield (6%-7%) on a risk-adjusted basis, with a 13% annualized growth achieved in Q1.

  • Management expects existing cash and working capital to be sufficient through at least February 2027, assuming the ability to liquidate digital assets as needed.

  • Plans to remain opportunistic in M&A and capital allocation, adapting to market conditions and maintaining a disciplined, long-term approach.

  • Liquidity assessment does not account for potential margin calls or collateral requirements from DeFi activities.

  • Management expressed confidence in evolving beyond a treasury into an active, value-generating business aligned with Solana's growth.

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Frequently asked questions

Forward Industries, Inc. is a global company specializing in the design, manufacturing, sourcing, and distribution of carrying and protective solutions. The company operates through two primary segments: OEM Distribution and Design. The OEM Distribution segment focuses on providing carrying cases and accessories for a variety of products, including medical devices, diagnostic kits, barcode scanners, GPS devices, and consumer electronics. The Design segment offers comprehensive hardware and software design and engineering services, catering to industries such as medical devices, consumer electronics, and industrial applications. The company is headquartered in Hauppauge, New York, and its shares are listed on the NASDAQ.

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