- Forward Industries recently announced both financial and operational results for Q2 2026, a quarter which it said was defined by disciplined execution across the business.
- The Q2 highlights for Forward included appointing a new CFO, executing a share repurchase, securing a $40 million institutional debt facility, completing a minority investment in OnRe, and implementing a cost reduction plan.
- Forward Industries also gave a treasury update, announcing that liquid SOL holdings as of March 31, 2026, were over 7 million, and that Forward’s validator infrastructure generated between 6.5% and 7.2% gross annual percentage yield (“APY”).
- Q2 revenue reached $13 million, more than 4X higher than the prior year period.
Forward Industries (NASDAQ: FWDI), a Solana treasury company, recently announced financial and operating results for fiscal Q2 2026, which ended March 31, 2026 (https://ibn.fm/Gii28). According to the Chairman of Forward Industries, Kyle Samani, the second fiscal quarter for Forward was “defined by disciplined execution across the business — sharpening our cost structure, strengthening our balance sheet, and deepening our engagement within the Solana ecosystem.”
Forward outlined many highlights from Q2 in the release and conference call about the results, including the appointment of Mark Brazier as CFO, who brings more than 25 years of traditional finance and digital assets experience to the team.
Forward completed a strategic share repurchase that saw it taking back over 6 million shares of its common stock from an institutional investor, at an aggregate purchase price of around $27.4 million, reducing Forward’s basic shares outstanding by 7.4%.
The repurchase was financed through a $40 million institutional debt facility it secured with Galaxy Digital, which has a weighted average maturity of 5 months and a weighted average interest rate of around 3.4%. The loan not only helped Forward fund the repurchase, but also provides access to capital to fund future growth and support capital allocation initiatives.
Forward also completed a minority investment in OnRe, a regulated onchain reinsurance company, and implemented a cost reduction plan to materially improve its cost structure.
On the financial side, Forward announced that revenue for Q2 reached $13 million, which is more than 4 times higher than the $3.1 million of the previous year. In addition, Q2 2026 General, and Administrative Expenses (“SG&A”) came to $6.6 million, which is less than the $7.2 million of the prior quarter, reflecting the initial execution against the cost reduction plan it announced. The company also had around $16.6 million in cash as of March 31, 2026, and has an annualized SOL/sh growth around 44%.
Finally, Forward provided an update on its SOL treasury strategy. It has liquid SOL holdings of just over 7 million SOL. Since inception, Forward’s validator infrastructure has generated between 6.5% and 7.2% gross annual percentage yield (“APY”) before fees, which outperforms other top peer validators. Also, around 25% of Forward’s SOL holdings are represented as fwdSOL, which is its proprietary liquid staking token that enables the company to earn native staking yield while maintaining liquidity, and serves as collateral supporting the $40 million facility from Galaxy Digital.
In the conference call about the Q2 results, leadership at Forward also spoke about the growth of the Solana Network, highlighting the $1.1 trillion in network activity, the more than 3 million daily active users, 11,000 active developers, and an 8X payments volume growth year-over-year.
About Forward Industries Inc. (NASDAQ: FWDI)
Forward Industries is managing and building a large-scale Solana (SOL) treasury backed by some of the most influential investors in the digital asset space. To create long-term shareholder value, Forward not only accumulating SOL, but also actively participates in the Solana ecosystem by strategically deploying assets through on-chain activities like staking, lending, and participating in decentralized finance (“DeFi”).
For more information, visit the Forward Industries website at www.ForwardIndustries.com.
NOTE TO INVESTORS: The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI
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