Forward Industries Reports Huge Loss Due to Accounting Rules

Forward Industries reported a net loss of $69 million in Q3 due to accounting rules, not actual selling. The company's revenue grew more than four times year-over-year to $10.8 million, driven by staking income and treasury-related returns.

The operating expenses came in at $7.4 million, including $3.1 million in stock-based compensation. Forward Industries added 508,618 SOL during the quarter through purchases and staking, bringing total holdings to 7,552,698 SOL as of June 30.

Chairman Kyle Samani said that since quarter end, the company added another 254,325 SOL at an average cost below the Q3 average, pushing total holdings to 7,807,022 SOL as of August 3. This represents roughly 1.3% of Solana's circulating supply.

Forward Industries generated approximately 106,000 SOL in staking rewards during the quarter, bringing cumulative staking rewards to 300,000 SOL since the treasury strategy launched in September 2025.