Forward Industries (NASDAQ:FWDI) on Wednesday reported a $69 million net loss for fiscal Q3 but grew Solana (CRYPTO: SOL) per share 9% quarter-over-quarter.

What Do Forward Industries’ Q3 Numbers Actually Show?

According to a Forward Industries press release, the headline loss was driven almost entirely by accounting rules, not actual selling. 

The company recorded $49.8 million in unrealized digital asset losses and $15.2 million in impairments, both non-cash charges required under US GAAP that do not reflect real cash outflows.

However, revenue grew more than 4x year-over-year to $10.8 million, driven by staking income and treasury-related returns. 

Operating expenses came in at $7.4 million, including $3.1 million in stock-based compensation.

What Did Forward’s SOL Treasury Strategy Actually Deliver?

Chairman Kyle Samani said in the release that Forward added 508,618 SOL during the quarter through purchases and staking, bringing total holdings to 7,552,698 SOL as of June 30. 

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, representing roughly 1.3% of Solana’s circulating supply.

Moreover, SOL per share on a fully diluted basis rose from 0.0669 to 0.0730, a 9% sequential gain equivalent to roughly 36% annualized. 

The company also 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.

Forward repurchased 2,561,376 shares during the quarter when management determined buybacks were accretive to SOL per share.

What Does the OnRe Investment Add?

Forward committed up to $25 million to OnRe, a Solana-based tokenized reinsurance platform, in May 2026. 

Since then, the platform’s ONyc token market cap climbed 73% to $247 million while the broader Solana tokenized real-world asset market grew from $2.5 billion to over $3.3 billion.

Where Does FWDI Stand Technically?

FWDI trades at $4.30 in premarket, holding above its 20-day and 50-day SMAs but sitting below its 100-day SMA at $4.41 and well below its 200-day SMA at $7.06. RSI at 54.53 sits neutral with room to move either way.

Key levels for FWDI:

  • $5 — resistance where rebounds have stalled
  • $4 — round-number support floor to watch

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