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

Forward Industries (NASDAQ: FWDI) reported financial results for the twelve months ended Sept. 30, 2025, noting that despite less than one month of activity under its new Solana treasury strategy, the Company generated approximately $4.6 million in staking revenue during the fourth quarter and continues building toward long-term SOL-per-share growth. Fiscal 2025 net revenue was $18.2 million versus $20.0 million in the prior year, with operating expenses of $13.6 million compared to $7.3 million, and results reflecting a $160 million non-cash, unrealized mark-to-market loss on SOL holdings required under current accounting standards.

The company's Solana treasury strategy, which began 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 announcement matters because it represents one of the first public company implementations of a dedicated cryptocurrency treasury strategy, specifically focused on Solana, which could signal a new trend in corporate treasury management. The early staking revenue generation demonstrates the potential for immediate income generation from such strategies, while the substantial non-cash accounting loss highlights the volatility and reporting challenges associated with cryptocurrency holdings under current financial reporting standards.

The implications of this announcement extend beyond Forward Industries' financial results. The company's approach could serve as a model for other corporations considering cryptocurrency treasury strategies, particularly given the support from industry leading investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company's Solana treasury strategy, visit sol.forwardindustries.com. The strategy's early momentum despite accounting challenges suggests that corporations may increasingly explore cryptocurrency treasury management as part of their financial strategies, potentially bringing more institutional adoption to the cryptocurrency space.

The financial results also highlight the tension between operational performance and accounting requirements in the cryptocurrency space. While the company generated meaningful staking revenue in just one month of activity, accounting rules required recognition of substantial paper losses on SOL holdings. This discrepancy between operational success and accounting presentation could influence how other companies approach cryptocurrency treasury strategies and how investors evaluate such initiatives. The company's continued focus on long-term SOL-per-share growth indicates a strategic commitment beyond short-term market fluctuations, which could provide insights into how corporations might navigate cryptocurrency volatility while pursuing treasury optimization strategies.