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Forward Industries Posts $69M Loss on Solana Writedowns

Guavy AI Editorial Team
Instruments
SOL
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Forward Industries, a company heavily invested in Solana (SOL), reported a $69 million loss for its fiscal third quarter. The loss was largely due to writedowns on its SOL treasury, which decreased in value over the quarter.

The company's SOL holdings reached 7.55 million by June 30, and fully diluted SOL per share rose 9% quarter-over-quarter to 0.0730. Revenue climbed more than fourfold to $10.8 million, driven mainly by staking and other treasury-related income.

Forward Industries' chairman Kyle Samani said that the company's permanent capital base gives it a significant opportunity to grow SOL per share despite crypto-market volatility.

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