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Forward Industries
NASDAQ: FWDI
FWDI
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Analyst Coverage
Sell-side research coverage of Forward Industries, Inc. (NASDAQ: FWDI), including current recommendations, price targets and rating history.
Analyst Consensus
As of Sep 22, 2026
Consensus Rating
Buy
Average Price Target
$13.50
High / Low Target
$16.00 / $11.00
Buy / Hold / Sell
2 / 0 / 0
Current Ratings
Rating History
Forward Industries, Inc. is followed by the analysts listed above. Any opinions, estimates or forecasts regarding Forward Industries’ performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Forward Industries or its management. Forward Industries does not, by its reference above, imply its endorsement of or concurrence with such information, conclusions or recommendations. Ratings and price targets are sourced from MarketBeat; detailed reports may require a MarketBeat subscription.

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Garrison Yang
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Forward Industries
111 Congress Avenue, Suite 500
Austin, Texas 78701
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Access all SEC filings including annual reports, quarterly reports, and other regulatory documents for Forward Industries, Inc. (NASDAQ: FWDI).


Capitalization Table
The tables below present Forward’s net asset value and capitalization as of September 30, 2026. Figures are preliminary and unaudited. [12]
| Net Asset Value Calculation | Quantity | Price | Value ($) |
|---|---|---|---|
| Total FV of SOL Treasury [11] | 8,501,298 | $118.06 [9] | $1,003,663,266 |
| Other Digital Assets – FV [10] | 42,587,366 | Various | $26,927,436 |
| Cash & Cash Equivalents | 7,292,000 | $1.00 | $7,292,000 |
| Institutional Debt | (167,500,000) | $1.00 | ($167,500,000) |
| Total Net Asset Value | $870,382,702 |
| Capitalization Table | Quantity | Price [3] | Market Cap ($) | NAV / Share | mNAV [7] |
|---|---|---|---|---|---|
| Common Shares | 76,288,215 | $7.80 [8] | $595,048,077 | $11.41 | 0.684x |
| ITM Warrants [1] — Vested | 12,383,212 | $0.06 | |||
| ITM Options [2] — Vested | 481,497 | $5.03 | |||
| ITM Options — Unvested | 256,667 | $4.97 | |||
| RSUs — Unvested | 950,996 | ||||
| ITM Fully Diluted Share Count | 90,360,587 | $7.80 | $704,812,579 | $9.63 | 0.810x |
| Advisor & Lead Investor Warrants | 13,376,388 | $0.01 | |||
| OTM Warrants [4] — Vested | 0 | ||||
| OTM Options [5] — Vested | 151,896 | $18.14 | |||
| OTM Options — Unvested | 921,606 | $11.90 | |||
| PSUs [6] — Unvested | 725,324 | ||||
| Fully Diluted Share Count | 105,535,801 | $7.80 | $823,179,248 | $8.25 | 0.946x |
- “In-the-money warrants” are warrants with an exercise price below the fair market value of the common shares at 09/30/26 market close.
- “In-the-money options” are options with an exercise price below the fair market value of the common shares at 09/30/26 market close.
- Weighted average exercise price (exercise price shown in price column for each applicable security).
- “Out-of-the-money warrants” are warrants with an exercise price at or above the fair market value of the common shares at 09/30/26 market close.
- “Out-of-the-money options” are options with an exercise price at or above the fair market value of the common shares at 09/30/26 market close.
- Performance stock units vesting is subject to various key performance indicators, namely SOL per share accretion.
- “mNAV” or “market price to net asset value” represents the ratio of the company’s market capitalization to its net asset value, calculated as total assets less institutional debt.
- Closing price of the common shares based on 09/30/26 market close price of FWDI of $7.80.
- SOL Treasury price reflects the closing price of SOL on 09/30/26 of $118.06.
- Other digital assets includes USDC, 2Z and ONYC.
- Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL.
- Figures are preliminary and unaudited and remain subject to completion of the Company’s annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.

SOL Treasury
SOL Treasury Value
$1,003,663,266
*As of September 30, 2026
SOL per Fully Diluted Share
0.0806
CHANGE
+10.42%
*As of September 30, 2026
- SOL per share calculated on a fully diluted share basis, consistent across all periods shown.
- mNAV as of 9/30/26 based on SOL at $118.06 and FWDI at $7.80.
- September 30, 2026 figure is preliminary and unaudited, on 105,535,801 fully diluted shares.

DAT Benchmarks
How Forward Industries compares with other digital asset treasury companies.
- Q3 2026 reflects the latest disclosed holdings as of September 30, 2026 and is preliminary; companies without an update since June 30 are not shown for Q3.
- Each company's headline basis as reported (may include SOL equivalents, locked or pledged SOL). SKYA reported as STSS before May 28, 2026. Sources: SEC filings and company releases.









































