Forward Industries Reports Fiscal 2025 Results Highlighting Early Solana Treasury Strategy Momentum

Forward Industries, Inc. reported financial results for the fiscal year ended September 30, 2025, highlighting early momentum from its recently implemented Solana treasury strategy. The company generated approximately $4.6 million in staking revenue during the fourth quarter despite having less than one month of activity under the new strategy. This development comes as the company continues building toward long-term SOL-per-share growth through its dedicated treasury approach.

Fiscal 2025 net revenue totaled $18.2 million compared to $20.0 million in the prior year. Operating expenses increased to $13.6 million from $7.3 million in the previous fiscal period. The financial results reflect a $160 million non-cash, unrealized mark-to-market loss on SOL holdings, which is required under current accounting standards. This accounting treatment represents a significant factor in the company's reported financial performance for the period.

The company's Solana treasury strategy, initiated in September 2025, is dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company's treasury. This strategic shift represents a notable development in corporate treasury management approaches. The strategy is supported by industry-leading investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital. More information about the company's Solana treasury strategy is available at sol.forwardindustries.com.

Forward Industries has positioned itself as the leading Solana treasury company, marking a significant evolution from its traditional business model. For over 60 years, the company has operated as a global design company serving top-tier medical and technology companies, developing and producing products for some of the world's leading companies and brands. The transition to incorporating cryptocurrency treasury management represents a strategic pivot that could influence how other companies approach treasury operations.

The company's financial reporting demonstrates both the opportunities and challenges associated with cryptocurrency treasury strategies. While the staking revenue generation shows immediate potential returns, the accounting treatment of cryptocurrency holdings introduces volatility into financial statements. The $160 million non-cash loss reflects market value fluctuations rather than actual cash expenditures, highlighting the unique accounting considerations for companies holding digital assets. This development matters because it illustrates how traditional companies are increasingly exploring cryptocurrency strategies while navigating complex regulatory and accounting frameworks.

The latest news and updates relating to Forward Industries are available in the company's newsroom at https://ibn.fm/FWDI. The full press release containing the detailed financial results can be viewed at https://ibn.fm/jmd0Q. These results provide insight into how companies are adapting to the evolving digital asset landscape while managing traditional business operations.