Forward Industries (FWDI) Q3 2026 earnings summary

Executive summary

• Achieved third consecutive quarter of executing Solana treasury strategy, growing SOL per share at an annualized rate of 36% year-over-year.

• SOL holdings increased to 7.6 million as of June 30, 2026, and further to 7.8 million by August 3, 2026.

• Added to the Russell 2000 and 3000 indices, enhancing institutional visibility and liquidity.

• Made first Solana ecosystem investment in OnRe, a reinsurance platform, and became a liquidity provider for its ONYC token.

• Achieved top ten validator status with ~1.8% of network stake weight.

Financial highlights

• Revenue for Q3 was $10.8 million, up from $2.5 million in the prior year, driven by staking and treasury-related income.

• Gross margin improved to 62.2% from -24.9% year-over-year.

• SG&A expense was $7.4 million, or $4.3 million excluding $3.1 million in stock-based compensation.

• Net loss for the quarter was $69.0 million, or $0.80 per share, compared to a net loss of $850,000, or $0.77 per share, in the prior year.

• Loss on digital assets was $49.8 million and impairment of $15.2 million, reflecting fair value changes in SOL and ONYC holdings.

Outlook and guidance

• Plans to continue growing SOL per share and expanding the Solana treasury through disciplined capital deployment.

• Actively pursuing further M&A and RWA investment opportunities to diversify yield and drive shareholder value.

• Well-positioned to execute strategy through varying market conditions with strong liquidity and minimal debt.

• SG&A (excluding stock-based compensation) targeted to average $4.8 million per quarter.

• Liquidity assessment assumes ability to liquidate digital assets as needed, but acknowledges risks from market stress and collateral requirements.