Forward Industries posted a steep quarterly loss tied to declines in solana’s market value, even as the company expanded its SOL treasury strategy and staking operations. The firm now holds nearly 7 million SOL and is positioning itself as a long-term infrastructure player within the Solana ecosystem.
Forward Industries, which has repositioned itself as a solana-focused treasury company, reported a sharp quarterly loss as falling crypto prices weighed heavily on the value of its digital asset holdings.
The Nasdaq-listed company said net loss for the fiscal first quarter ended Dec. 31, 2025 widened to $585.6 million, compared with a loss of roughly $700,000 a year earlier. The decline was driven primarily by accounting-related losses tied to the market value of its solana holdings.
Under U.S. GAAP rules, Forward recorded a $560.2 million loss on digital assets alongside a $33 million impairment charge, reflecting lower estimated fair values for SOL during the quarter.
Despite the losses, the company continued to aggressively build out its solana treasury strategy. As of Dec. 31, Forward held approximately 6.96 million SOL, acquired largely through purchases made in September 2025 at an average net cost of $232.08 per token. The total investment amounted to roughly $1.59 billion.
