Earnings summaries and quarterly performance for FORD.
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Forward Industries Provides Update on Solana Digital Asset Treasury Strategy
FORD
New Projects/Investments
Share Buyback
Management Change
- Forward Industries has transitioned to become the largest Solana Digital Asset Treasury Company globally, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
- As of November 30th, the company's MNAV was approximately 1.09, based on 6,921,342 SOL holdings and a SOL closing price of $133.
- The company announced a $1 billion share repurchase authorization in early November and holds no debt with approximately $30 million in operating capital (cash and USDC reserves) as of December 2nd, 2025.
- Forward Industries is actively deploying its fully unencumbered SOL holdings through strategies like operating a top-performing validator and launching its liquid staking token, FWD SOL, to increase SOL per share.
- Georgia Quinn joined as General Counsel and Ryan Navi as Chief Investment Officer to advance treasury management and revenue-generating strategies.
Dec 2, 2025, 10:00 PM
Forward Industries Details Strategic Shift to Solana Digital Asset Treasury
FORD
New Projects/Investments
Share Buyback
Management Change
- Forward Industries has completed a strategic shift to become a Solana Digital Asset Treasury Company, launching its strategy in September and establishing itself as the largest globally, supported by Galaxy Digital, Jump Crypto, and Multicoin Capital.
- As of November 30, the company reported a MNAV of approximately 1.09, based on 6,921,342 SOL holdings and a Solana closing price of $133.
- The company maintains a strong financial position with no debt and approximately $30 million in operating capital as of December 2, 2025, and has authorized a $1 billion share repurchase program in early November.
- Forward Industries has launched its liquid staking token, FWD SOL, and its institutional-grade validator has achieved net yields between 6.82% and 7.01% APY.
- The company has also appointed Georgia Quinn as General Counsel and Ryan Navi as Chief Investment Officer.
Dec 2, 2025, 10:00 PM
Forward Industries Details Strategic Shift to Solana Digital Asset Treasury Company
FORD
New Projects/Investments
Share Buyback
Management Change
- Forward Industries has completed a strategic shift to become a Solana Digital Asset Treasury Company, positioning itself as the largest global Solana treasury company backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
- Following a $1.65 billion private placement in September, the company acquired over 6.8 million SOL tokens and increased its treasury by over 100,000 SOL tokens as of November 15.
- As of November 30, 2025, Forward Industries reported a Market Net Asset Value (MNAV) of approximately 1.09, based on a SOL price of $133 and 6,921,342 SOL holdings.
- Financially, the company has no debt and approximately $30 million in operating capital as of December 2, 2025, and has authorized a $1 billion share repurchase program.
- Strategic initiatives include launching its liquid staking token (FWD SOL), implementing a tax optimization strategy that reset over $300 million in notional value, and tokenizing FWDI shares on the Solana blockchain.
Dec 2, 2025, 10:00 PM
Forward Industries Engages IBN, Details Solana Treasury Strategy
FORD
New Projects/Investments
- Forward Industries Inc. (NASDAQ: FORD) has engaged IBN to assist with its corporate communications strategy.
- The company is building and managing a Solana (SOL) treasury, holding over 6.87 million SOL as of October 15, 2025, acquired at a net cost of $232.08 per token.
- Forward Industries has staked nearly all its SOL holdings, with its institutional-grade validator achieving a gross APY of 7.01% and generating over 1,000 SOL in daily staking revenue.
- The company initiated its Solana treasury strategy in September 2025 and is tokenizing its common stock on the Solana blockchain through a partnership with Superstate.
Oct 22, 2025, 12:30 PM
Forward Industries Establishes Crypto Advisory Board
FORD
New Projects/Investments
Board Change
- Forward Industries, Inc. (NASDAQ: FORD) has established a Crypto Advisory Board with 25 inaugural members to provide strategic counsel for its Solana-focused digital asset treasury strategy and broader blockchain initiatives.
- The Advisory Board members bring significant experience in the Solana ecosystem, digital assets, capital markets, and financial services.
- The company, which initiated its Solana treasury strategy in September 2025, aims to grow SOL per share and leverage the Solana ecosystem.
- Forward Industries reaffirmed its leadership team, including Chairman Kyle Samani, who guides the company's vision as the leading Solana treasury company.
Oct 22, 2025, 12:00 PM
Forward Industries Extends Share Registration Deadline and Reaffirms Solana Strategy
FORD
New Projects/Investments
Delisting/Listing Issues
- Forward Industries entered into an agreement on October 10, 2025, to extend the deadline by 30 days for filing its initial resale registration statement with the SEC, citing volatility in Solana and the broader digital asset market.
- The company reaffirmed its long-term conviction in Solana, noting that the Solana network processed over 66 million transactions on October 10, 2025, surpassing 3,000 transactions per second at points, while maintaining uninterrupted uptime and low transaction fees despite market volatility.
- Forward Industries remains committed to growing its Solana digital asset treasury strategy by acquiring SOL tokens, generating cash flow through staking and DeFi, and pursuing accretive partnerships and acquisitions within the Solana ecosystem.
Oct 13, 2025, 12:00 PM
Forward Industries Launches Solana Validator
FORD
New Projects/Investments
Product Launch
- Forward Industries (NASDAQ: FORD) launched an institutional-grade Solana validator node, powered by DoubleZero, to advance Solana infrastructure.
- The validator offers 0% commission for staking and is projected to be among the top ten Solana validators globally at launch.
- This launch is a key part of the company's Solana treasury strategy, initiated in September 2025, which focuses on acquiring SOL and increasing SOL-per-share.
Oct 7, 2025, 12:00 PM
Forward Industries, Inc. enters into $4 billion "at the market" equity offering
FORD
- On September 16, 2025, Forward Industries, Inc. entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co..
- This agreement allows the company to offer and sell shares of its common stock, referred to as ATM Shares, with an aggregate sales price of up to $4 billion.
- Cantor Fitzgerald & Co. will act as principal and/or sales agent and will receive a commission of 3.0% of the gross proceeds from each sale of ATM Shares.
- Sales of the ATM Shares will be made in transactions deemed "at the market offerings" and are pursuant to an automatic shelf registration statement on Form S-3 filed with the SEC on September 17, 2025.
Sep 17, 2025, 1:01 PM
Forward Industries Completes OEM Segment Sale, Reports Q1 FY2025 Losses, and Raises Going Concern Doubt
FORD
Financial Restatement
Demand Weakening
Convertible Preferred Issuance
- Forward Industries, Inc. completed the sale of its Original Equipment Manufacturer (OEM) segment in May 2025, classifying it as discontinued operations and resulting in the company having only one reportable segment.
- For the three months ended December 31, 2024, the company reported a loss from continuing operations of $(898,000), an increase from $(365,000) in the prior year, with net revenues decreasing by 10.1% to $4,624,000.
- In December 2024, the company's largest design customer notified them of the discontinuation of a key program, which is expected to cause a material decrease in revenues beginning in Q2 Fiscal 2025.
- Management believes existing cash and working capital will not be sufficient to meet liquidity needs through December 31, 2025, raising substantial doubt about the company's ability to continue as a going concern.
- To address Nasdaq's Stockholders' Equity Rule, the company converted $225,000 of amounts due to Forward China into 225 shares of Series A-1 convertible preferred stock on February 11, 2025.
Sep 16, 2025, 8:30 PM
Forward Industries Commences Solana Treasury Strategy
FORD
New Projects/Investments
- Forward Industries (NASDAQ: FORD) has launched its Solana treasury strategy, acquiring 6,822,000 SOL tokens at an average price of $232 per SOL, totaling approximately $1.58 billion.
- This initial investment utilized proceeds from a $1.65 billion private investment in public equity (PIPE) financing that closed on September 11, 2025.
- The PIPE financing, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, represents the largest Solana-focused digital asset treasury raise to date.
- The company aims to build the world's largest Solana treasury, actively managing and staking all acquired SOL to increase SOL-per-share and deliver long-term shareholder value.
Sep 15, 2025, 12:00 PM
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