Forward Industries Books $69M Quarterly Loss Amid Solana Treasury Writedowns

Forward Industries reported a $69 million loss in its fiscal third-quarter results due to writedowns on its Solana (SOL) treasury. Despite this, the company's SOL holdings increased to 7.55 million by June 30, and fully diluted SOL per share rose 9% quarter over quarter to 0.0730.

The loss was primarily caused by a $49.8 million digital-asset loss and a separate $15.2 million impairment. Revenue, however, climbed more than fourfold to $10.8 million, driven mainly by staking and other treasury-related income.

Forward Industries' chairman, Kyle Samani, stated that the company's permanent capital base provides an advantage despite crypto-market volatility. The company has kept nearly all its SOL staked, generating about 106,000 SOL in staking rewards during the quarter.