Press Release

Press Release

Forward Industries Reports Fiscal Second Quarter 2026 Financial and Operating Results

Forward Industries Reports Fiscal Second Quarter 2026 Financial and Operating Results

Forward Industries Reports Fiscal Second Quarter 2026 Financial and Operating Results

Forward Industries Team

AUSTIN, TX, May 14, 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 the fiscal second quarter ended March 31, 2026, along with an update on its SOL treasury strategy.

“Our second fiscal quarter was defined by disciplined execution across the business — sharpening our cost structure, strengthening our balance sheet, and deepening our engagement within the Solana ecosystem,” said Kyle Samani, Chairman of Forward Industries. “Against a backdrop of market volatility, we took decisive actions to position Forward for long-term value creation by securing a highly advantageous institutional debt facility with our strategic partner, Galaxy Digital, and executing a strategic share repurchase that reduced our basic shares outstanding by 7.4%. We also implemented a cost reduction plan in March that we expect to materially lower operating expenses in the coming quarters."

“At the same time, the Solana ecosystem continues to scale as real financial infrastructure, with adoption of stablecoins, payments, and real-world asset activity compounding at a remarkable pace. We believe Forward is positioned to capitalize on that growth, combining the world’s largest Solana treasury with an active, institutional-grade operating platform designed to compound value over time.”

Second Quarter Fiscal 2026 and Recent Highlights

  • Appointed Mark Brazier as Chief Financial Officer: On April 3, 2026, Forward appointed Mark Brazier as Chief Financial Officer, effective April 13, 2026. Mr. Brazier brings over 25 years of experience across digital assets and traditional finance, most recently as Chief Financial Officer and Head of Regulatory at XBTO Global, and previously as Chief Financial Officer at Stablehouse. Kathleen Weisberg will continue to serve the Company as Director of Financial Reporting.

  • Completed Strategic Share Repurchase: On March 18, 2026, Forward repurchased 6,164,324 shares of its common stock from an institutional investor for an aggregate purchase price of approximately $27.4 million, or $4.44 per share. The repurchase reduced the Company’s basic shares outstanding by 7.4% and was financed through the institutional debt facility described below.

  • Secured $40 Million Institutional Debt Facility with Galaxy Digital: On March 16, 2026, the Company entered into a Master Digital Currency Loan Agreement with Galaxy Digital LLC and drew an initial $40.0 million, collateralized by fwdSOL, with a weighted average interest rate of approximately 3.4% and a weighted average maturity of approximately 5 months. The facility provides Forward with highly advantageous access to capital to support capital allocation initiatives and future growth.

  • Implemented Cost Reduction Plan: On March 19, 2026, the Company announced a cost reduction plan designed to materially improve its ongoing cost structure. The plan includes a reduction in fees under the Services Agreement with Galaxy Digital L.P., a reduction in outside legal fees, marketing expense, and third-party vendor fees, and other operational efficiencies. The Company expects SG&A (excluding stock-based compensation) to average a $4.8 million quarterly run rate.

  • Completed Minority Investment and Deployment in OnRe: On May 5th, 2026, Forward announced a strategic investment in OnRe, a regulated onchain reinsurance company, alongside RockawayX, the global multi-strategy digital asset investment firm. The two firms co-led OnRe's $5 million Series A round. Separately, Forward intends to deploy up to $25 million into ONyc, OnRe's yield-bearing token on Solana. By both investing in and deploying on OnRe, Forward is positioning itself to capitalize on continued demand for tokenized RWAs while simultaneously adding a USD-denominated non-correlated revenue stream to complement its existing SOL-focused strategies

Forward Industries Treasury Update

  • Treasury Holdings: As of March 31, 2026, the Company's liquid SOL holdings totaled 7,044,079 SOL.

  • 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[1]. As of March 31, 2026, Forward has generated 201,201 SOL in staking rewards. Nearly all of the Company's SOL holdings are currently staked.

  • Liquid Staking (fwdSOL): Approximately 25% of the Company's SOL holdings are represented as fwdSOL, the Company's proprietary liquid staking token launched in partnership with Sanctum. fwdSOL enables Forward to earn native staking yield while maintaining liquidity and serves as the collateral supporting the $40 million institutional debt facility with Galaxy Digital.

Ryan Navi, Forward's Chief Investment Officer, added, “During the second fiscal quarter, we focused on strengthening the capital foundation that will enable us to materially accelerate SOL-per-share growth in 2026 and beyond. Our partnership with Galaxy Digital — together with our use of fwdSOL as collateral — has unlocked access to capital at terms we believe are highly attractive relative to the broader market, enhancing our ability to deploy capital efficiently. That flexibility, combined with a meaningfully improving cost structure, positions Forward to pursue strategic transactions that compound both our treasury scale and SOL-per-share over time. Looking ahead, we will remain disciplined in managing risk, deepening our role in the Solana ecosystem, and building a platform designed to deliver long-term value for shareholders.”

Q2 Fiscal 2026 Financial Summary (vs. Q2 Fiscal 2025)

  • Revenue: Revenue for the second quarter of fiscal 2026 increased more than 4x to $13.0 million compared to $3.1 million in the prior year period. The increase was primarily driven by staking revenue generated through the Company's Solana treasury strategy.

  • Balance Sheet: As of March 31, 2026, Forward had approximately $16.6 million of cash. Following the entry into the Master Digital Currency Loan Agreement with Galaxy Digital in March 2026, the Company had $40.0 million of institutional debt outstanding, with a weighted average interest rate of approximately 3.4% and a weighted average maturity of approximately 5 months.

  • Selling, General and Administrative Expenses: The second quarter of fiscal 2026 SG&A expenses were $6.6 million, compared to $7.2 million in the prior quarter. The sequential improvement reflects initial execution against the cost reduction plan the Company announced in March 2026.

  • Loss on Digital Assets: The Company's second quarter of fiscal 2026 results include a $201.7 million loss on digital assets and a $85.1 million impairment of digital assets. This U.S. GAAP-required treatment reflects changes in the estimated fair value of the Company's SOL holdings and does not represent an outflow of cash or impact Forward’s liquidity.

  • Net Loss: Net loss for the second quarter of fiscal 2026 was $283.1 million compared to a net loss of $1.5 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, May 14, 2026, to discuss its financial and operating results for the three months ended March 31, 2026.

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

Date: Thursday, May 14, 2026
Time: 5:00 p.m. ET
Webcast: FWDI’s FQ2’26 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. 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

To view the forward-looking statements for this release, please refer to the full press release on GlobeNewswire: https://www.globenewswire.com/news-release/2026/05/14/3295440/0/en/forward-industries-reports-fiscal-second-quarter-2026-financial-and-operating-results.html

Contacts

Media Contact
Garrison Yang
Forward Industries, Inc.
comms@forwardindustries.com

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

Insights and Updates

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FWDI COMMUNITY

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The terms and conditions of use set forth below apply to this website (collectively, the “Site”). Please read these terms and conditions carefully before using the Site. By using this Site, you acknowledge that you have read, understood and agreed to the terms and conditions of use. If you do not agree to these terms and conditions of use, you may not access or use the Site. Forward Industries, Inc. and its affiliates (collectively referred to as the “Forward Industries,” “us”, “we” or “our”) reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Site after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms.

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Without limiting the generality of the foregoing, no information contained on this Site constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares (“Shares”) of Forward Industries. None of the information contained in this Site constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any Shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Neither Forward Industries nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of the Investment Company Act.

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This Site provides links to other websites that we think might be of interest to our users. Please note that when you click on one of these links, you may be moving to another provider’s website. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours.


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These terms and your use of the Site shall be governed by the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.


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Legal Disclaimer: This feed, and the information contained herein, has been provided to you solely for informational purposes. Neither the information, nor any opinion contained in this feed, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments. Nothing contained in this feed constitutes investment, legal or tax advice. You should consult your own advisors and make your own investigations and evaluations of the information herein. Any decisions based on information contained in this feed are the sole responsibility of the viewer. None of Forward Industries nor any of its affiliates, shareholders, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including any financial information) may have been obtained from published and non-published sources. Such information has not been independently verified. Forward Industries and its affiliates may buy, sell or hold investments in some of the companies, digital assets or protocols discussed in this feed. Except where otherwise indicated, the information in this feed is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.

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The terms and conditions of use set forth below apply to this website (collectively, the “Site”). Please read these terms and conditions carefully before using the Site. By using this Site, you acknowledge that you have read, understood and agreed to the terms and conditions of use. If you do not agree to these terms and conditions of use, you may not access or use the Site. Forward Industries, Inc. and its affiliates (collectively referred to as the “Forward Industries,” “us”, “we” or “our”) reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Site after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms.

No Offer, Recommendation or Solicitation

None of the information contained on this Site constitutes a recommendation, solicitation or offer by Forward Industries, Inc. (“Forward Industries”) or its affiliates to buy or sell any securities, digital assets, or other financial instruments.

Without limiting the generality of the foregoing, no information contained on this Site constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares (“Shares”) of Forward Industries. None of the information contained in this Site constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any Shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Neither Forward Industries nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of the Investment Company Act.

Forward-Looking Statements

Certain statements on this site, social media posts or other public statements may constitute “forward-looking statements”. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of the release.


Linked Sites


This Site provides links to other websites that we think might be of interest to our users. Please note that when you click on one of these links, you may be moving to another provider’s website. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours.


Governing Law and Consent to Jurisdiction


These terms and your use of the Site shall be governed by the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.


Social Media Disclaimer


Legal Disclaimer: This feed, and the information contained herein, has been provided to you solely for informational purposes. Neither the information, nor any opinion contained in this feed, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments. Nothing contained in this feed constitutes investment, legal or tax advice. You should consult your own advisors and make your own investigations and evaluations of the information herein. Any decisions based on information contained in this feed are the sole responsibility of the viewer. None of Forward Industries nor any of its affiliates, shareholders, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including any financial information) may have been obtained from published and non-published sources. Such information has not been independently verified. Forward Industries and its affiliates may buy, sell or hold investments in some of the companies, digital assets or protocols discussed in this feed. Except where otherwise indicated, the information in this feed is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.

Subscribe to our newsletter

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Company

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The terms and conditions of use set forth below apply to this website (collectively, the “Site”). Please read these terms and conditions carefully before using the Site. By using this Site, you acknowledge that you have read, understood and agreed to the terms and conditions of use. If you do not agree to these terms and conditions of use, you may not access or use the Site. Forward Industries, Inc. and its affiliates (collectively referred to as the “Forward Industries,” “us”, “we” or “our”) reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Site after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms.

No Offer, Recommendation or Solicitation

None of the information contained on this Site constitutes a recommendation, solicitation or offer by Forward Industries, Inc. (“Forward Industries”) or its affiliates to buy or sell any securities, digital assets, or other financial instruments.

Without limiting the generality of the foregoing, no information contained on this Site constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares (“Shares”) of Forward Industries. None of the information contained in this Site constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any Shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Neither Forward Industries nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of the Investment Company Act.

Forward-Looking Statements

Certain statements on this site, social media posts or other public statements may constitute “forward-looking statements”. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of the release.


Linked Sites


This Site provides links to other websites that we think might be of interest to our users. Please note that when you click on one of these links, you may be moving to another provider’s website. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours.


Governing Law and Consent to Jurisdiction


These terms and your use of the Site shall be governed by the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.


Social Media Disclaimer


Legal Disclaimer: This feed, and the information contained herein, has been provided to you solely for informational purposes. Neither the information, nor any opinion contained in this feed, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments. Nothing contained in this feed constitutes investment, legal or tax advice. You should consult your own advisors and make your own investigations and evaluations of the information herein. Any decisions based on information contained in this feed are the sole responsibility of the viewer. None of Forward Industries nor any of its affiliates, shareholders, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including any financial information) may have been obtained from published and non-published sources. Such information has not been independently verified. Forward Industries and its affiliates may buy, sell or hold investments in some of the companies, digital assets or protocols discussed in this feed. Except where otherwise indicated, the information in this feed is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.