Investor Relations
Investor Inquiries
If you have any questions concerning our governance, or other investor-related matters, get in touch.
LIVE PRICES
Real-time

Solana
SOL
SOL
24h
High
Low
Market Cap
Vol
Forward Industries
NASDAQ: FWDI
FWDI
24h
High
Low
Market Cap
Vol
Media

Upcoming events
Past events

FWDI
Board of Directors
FWDI
Management Team

Mike Pruitt
Interim Chief Executive Officer & Director


Mark Brazier
Chief Financial Officer


Georgia Quinn
General Counsel


Garrison Yang
CMO & Head of IR


Company Information
Corporate details and key contacts.
Contacts
investor QUESTIONS
Elevate
Press Inquiries
Garrison Yang
Address
Forward Industries
111 Congress Avenue, Suite 500
Austin, Texas 78701
SEC Filings
Access all SEC filings including annual reports, quarterly reports, and other regulatory documents for Forward Industries, Inc. (NASDAQ: FWDI).


Capitalization Table
| Net Asset Value Calculation | Quantity | Price | Value ($) |
|---|---|---|---|
| Total FV of SOL Treasury [12] | 7,552,698 | $73.53 [10] | $555,349,858 |
| Other Digital Assets – FV [11] | 36,874,674 | Various | $20,013,000 |
| Cash & Cash Equivalents | 10,965,165 | $1.00 | $10,965,165 |
| Institutional Debt | (105,000,000) | $1.00 | ($105,000,000) |
| Total Net Asset Value | $481,328,023 |
| Capitalization Table | Quantity | Price [3] | Market Cap ($) | NAV / Share | mNAV [8] |
|---|---|---|---|---|---|
| Common Shares | 73,846,883 | $4.22 [9] | $311,633,846 | $6.52 | 0.647x |
| ITM Warrants [1] — Vested | 12,272,101 | $0.001 | |||
| ITM Options [2] — Vested | 24,010 | $3.73 | |||
| ITM Options — Unvested | 0 | ||||
| RSUs — Unvested | 950,996 | ||||
| ITM Fully Diluted Share Count | 87,093,990 | $367,536,638 | $5.53 | 0.764x | |
| Advisor & Lead Investor Warrants [4] | 13,376,388 | $0.01 | |||
| OTM Warrants [5] — Vested | 111,111 | $6.50 | |||
| OTM Options [6] — Vested | 446,883 | $9.59 | |||
| OTM Options — Unvested | 1,340,773 | $9.73 | |||
| PSUs [7] — Unvested | 1,156,736 | ||||
| Fully Diluted Share Count | 103,525,881 | $436,879,218 | $4.65 | 0.908x |
- “In-the-money warrants” are warrants with an exercise price below the fair market value of the common shares at 06/30/26 market close.
- “In-the-money options” are options with an exercise price below the fair market value of the common shares at 06/30/26 market close.
- Weighted average exercise price (exercise price shown in price column for each applicable security).
- Advisor warrants and lead investor warrants are described in the public filings of the company. One third of such warrants vest at each threshold ($27.75, $37.00 and $46.25, respectively) and all have an exercise price of $0.01 each.
- “Out-of-the-money warrants” are warrants with an exercise price at or above the fair market value of the common shares at 06/30/26 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 06/30/26 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 06/30/26 market close price of FWDI of $4.22.
- SOL Treasury price reflects the closing price of SOL on 06/30/26 of $73.53.
- Other digital assets includes USDC, 2Z and ONYC.
- Includes SOL, fwSOL, pledged SOL, and excludes borrowed SOL.

SOL Treasury
SOL Treasury Value
$555,349,858
*As of June 30, 2026
SOL per Fully Diluted Share
0.073
CHANGE
-20.65%
*As of June 30, 2026
- SOL per share calculated on a fully diluted share basis, consistent across all periods shown.
- mNAV as of 6/30/26 based on SOL at $73.53 and FWDI at $4.22.
- August 3, 2026 figure is preliminary and unaudited, on 103,525,881 fully diluted shares.






























