Image Credit: forwardindustries.com
Forward Industries reported a $69 million net loss for its fiscal third quarter as declining valuations produced large accounting charges on its Solana holdings. The loss for the quarter ended June 30 compared with approximately $850,000 a year earlier.
The company recorded a $49.8 million loss on digital assets and a separate $15.2 million impairment charge, which it reported separately in its quarterly results. Forward said the charges reflected accounting changes in the value of its digital assets rather than realized token sales.
Solana Accounting Charges Drive Q3 Loss
Forward has made Solana its primary treasury asset after launching its digital asset treasury strategy in September 2025. The company held 7,552,698 SOL and SOL equivalents at June 30, up by 508,618 during the quarter.
Those holdings had a carrying value of approximately $556.9 million at quarter-end. Forward also had about $11 million in cash and $105 million of debt outstanding under a facility with Galaxy Digital. Chairman Kyle Samani said:
“Fiscal Q3 was another strong period of execution for Forward as we expanded our Solana treasury while delivering meaningful growth in SOL per share.”
Staking Revenue Lifts Quarterly Sales
Forward reported $10.8 million in third-quarter revenue, more than four times the $2.5 million recorded a year earlier. The company attributed most of the increase to staking and other revenue generated through its Solana treasury strategy.
Forward generated approximately 106,000 SOL in staking rewards during the quarter. Cumulative rewards since the treasury strategy began reached roughly 300,000 SOL, while SOL per fully diluted share increased 9% quarter over quarter to 0.0730.
Forward Continues Adding Solana
The company continued buying SOL after the reporting period despite the quarterly accounting loss. Between July 1 and August 3, Forward added about 254,000 SOL at an average cost of approximately $75 per token.
That brought its SOL and SOL-equivalent holdings to approximately 7.8 million as of August 3. Forward said the position represented about 1.3% of Solana’s circulating supply, meaning future changes in SOL’s market value could continue to affect Forward’s reported results.
