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.

Chairman Kyle Samani described the quarter as the company’s first full reporting period operating under its new treasury-focused model.

We moved from launching the strategy to actively executing it, demonstrating our ability to operate through market volatility while building the foundation to compound SOL-per-share over time. As Solana continues to be adopted as real financial infrastructure, we believe Forward is well-positioned to evolve into an active, value-generating business aligned with the network’s accelerating growth.

Nearly all of Forward’s SOL holdings are currently staked through the company’s validator infrastructure, generating annualized yields ranging between 6.5% and 7.2% before fees. Since launching the strategy, the company said it has earned more than 112,000 SOL in staking rewards.

Revenue rose sharply as a result. Quarterly revenue increased more than fourfold to $21.4 million from $4.6 million a year earlier, driven mainly by staking income tied to its solana treasury operations.

At the same time, operating costs climbed significantly. Selling, general, and administrative expenses rose to $7.2 million from $2 million in the prior-year period as the company expanded infrastructure and on-chain operations.

Forward is also moving deeper into decentralized finance. During the quarter, the company launched “fwdSOL,” its proprietary liquid staking token designed to maintain liquidity while earning staking yield. It also began testing an automated market maker developed alongside Galaxy and supported by infrastructure input from Jump Crypto.

Chief Investment Officer Ryan Navi said the initiatives are intended to create a scalable operating platform capable of increasing SOL-per-share over time rather than simply holding tokens passively.

The company ended the quarter with approximately $25.4 million in cash and no institutional debt.

Forward’s results underscore both the opportunity and volatility tied to corporate crypto treasury strategies. While the firm is betting heavily on solana’s long-term adoption across payments and financial infrastructure, its balance sheet remains closely tied to fluctuations in the token’s market price.

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