NEW YORK--(BUSINESS WIRE)--Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward”), the leading Solana treasury company, today announced its financial and operating results for the fiscal quarter ended December 31, 2025, along with an update on its SOL treasury strategy.

“Our first quarter of fiscal 2026 marked an important milestone for Forward as our first full reporting period operating as the world’s largest Solana treasury company,” said Kyle Samani, Chairman of Forward Industries, Inc. “We moved from launching the strategy to actively executing it, demonstrating our ability to operate through market volatility while building the foundation to compound SOL-per-share over time. As Solana continues to be adopted as real financial infrastructure across payments, trading, and emerging capital markets use cases, we believe Forward is well positioned to evolve beyond a treasury into an active, value-generating business aligned with the network’s accelerating growth.”

Forward Industries Treasury Update

• Treasury Holdings: As of December 31, 2025, the Company’s liquid SOL holdings totaled 6,962,501 SOL. In September 2025, in connection with the launch of our digital asset treasury strategy, 6,834,505.96 SOL had been purchased at a net cost of $232.08 per SOL, and a total cost of approximately $1.59 billion.

• Staking: Since inception, the Company’s validator infrastructure has generated between 6.5% and 7.2% gross annual percentage yield (APY) before fees, outperforming top peer validators. As of December 31, 2025, Forward has generated over 112,171 SOL in staking rewards. Nearly all of the Company’s SOL holdings are currently staked.

• Balance Sheet: As of December 31, 2025, Forward had approximately $25.4 million of cash. The Company has no institutional debt.

Ryan Navi, Forward’s Chief Investment Officer, added, “Operationally, we made meaningful progress during the quarter as we continued to expand how Forward participates on-chain. We launched fwdSOL, our proprietary liquid staking token, which enables us to earn native staking yield while maintaining liquidity and selectively deploying capital across the Solana ecosystem. We also began testing our proprietary automated market maker, developed alongside Galaxy with infrastructure input from Jump Crypto, positioning Forward to participate directly in on-chain trading activity. Together, these initiatives reflect our focus on building an active, scalable operating platform designed to responsibly enhance SOL-per-share over time.”

Q1 Fiscal 2026 Financial Summary (vs. Q1 Fiscal 2025)

• Revenue: Revenue for the first quarter of fiscal 2026 increased more than 4x to $21.4 million compared to $4.6 million in the prior year period. The increase was primarily driven by staking revenue generated through the Company’s Solana treasury strategy.

• Selling, General and Administrative Expenses: Total SG&A expenses during the first quarter of fiscal 2026 were $7.2 million compared to $2.0 million in the first quarter of fiscal 2025. The increase was primarily driven by higher operational costs associated with Forward’s transition to its Solana treasury strategy.

• Loss on Digital Assets: The Company’s first quarter of fiscal 2026 results include a $560.2 million loss on digital assets and a $33.0 million impairment of digital assets. This U.S. GAAP-required treatment reflects changes in the estimated fair value of the Company’s SOL holdings.

• Net Loss: Net loss for the first quarter of fiscal 2026 was $585.6 million compared to a net loss of $0.7 million in the prior year period. The increase in net loss was driven largely by the aforementioned charges related to the decline in fair value of the Company’s SOL holdings.

Conference Call and Webcast Details

The Company will host a conference call today, February 12, 2026, to discuss its financial and operating results for the three months ended December 31, 2025.

Forward’s executive team will host the conference call and webcast presentation, followed by a question-and-answer period.

Date: Thursday, February 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's FQ1'26 Earnings Conference Call

Participants can also access the Company’s earnings call using the call me 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. Our 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, we launched our 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.

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, 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 proposed digital asset treasury strategy; 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; 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 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
Carissa Felger / Sam Cohen
Gasthalter & Co.
(212) 257-4170
Forward@gasthalter.com

Investor Relations Contact
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com