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SOL Forward Industries reported a fiscal third-quarter loss of $69 million, as impairments of Solana assets dragged on results
After impairing its Solana (SOL) assets, Forward Industries reported a fiscal third-quarter net loss of $69 million, despite an increase in its token holdings and SOL per share.
Key Points:
The company reported $49.8 million in digital asset losses and $15.2 million in impairment charges during the quarter. As of June 30, SOL holdings reached 7.55 million, while the fully diluted SOL number per share increased 9% month-on-month to 0.0730. Revenue increased more than fourfold year-on-year to US$10.8 million, mainly due to pledges and other treasury related income.
Solana Impairment Impact
Forward Industries said the decline in fair value was the main reason for the fiscal third-quarter results turning into a net loss of $69 million (loss per share of $0.80). The company reported $49.8 million in digital asset losses and another $15.2 million in impairment charges. These expenses are accrued in accordance with U.S. General Accounting Standards (GAAP) requirements and do not represent actual sales or cash outflows. Revenue increased to US$10.8 million from US$2.5 million in the same period last year, mainly due to pledges and other treasury revenue.
During the quarter, the company increased its treasury assets by 508,618 SOL through purchases and pledges, bringing total open positions to 7,552,698 SOL and SOL equivalents as of June 30. Forward also reduced the number of outstanding shares and repurchased 2,561,376 common shares during the quarter. The company was included in the Russell 2000 Index and the Russell 3000 Index on June 29.
Forward Industries Outlook
After the end of the quarter, the company will continue to buy SOL. As of August 3, its position reached 7,807,022 SOL and SOL equivalents, and the fully diluted SOL per share rose to approximately 0.0754. Kyle Samani, chairman of Forward Industries, said that despite the volatility of the cryptocurrency market, the size of the treasury gives the company an advantage.
Samani said: "While the digital asset market continues to fluctuate, we believe Forward's permanent capital base... provides us with a significant opportunity to grow SOL per share." The company uses almost all SOL for pledge. During the quarter, it received approximately 106,000 SOL rewards through pledges, bringing the cumulative rewards since September 2025 to approximately 300,000 SOL rewards.
Forward Industries shares closed at $4.40 on August 12, rising 2.8% on the day, but fell 1.36% to $4.34 in after-hours trading after the earnings release. The latest loss is still far smaller than the $283.1 million loss in the previous quarter, when weaker Solana prices led to a more serious accounting impact. This comparison suggests that Forward Industries 'reported earnings fluctuate significantly with the market value of its crypto treasury assets.
