Forward Industries Reports $69M Q3 Loss on Solana Writedowns

Forward Industries reported a $69 million net loss for its fiscal third quarter due to Solana-related writedowns, despite its treasury growing above 7.55 million SOL.

The company's quarterly loss was largely tied to the accounting treatment of its digital assets, with a $49.8 million loss on digital assets and a further $15.2 million impairment charge.

This is not a cash loss, but rather an accounting treatment under U.S. GAAP rules that requires companies holding digital assets to recognize changes in their fair value in financial results.