Forward Industries Inc.
10/01/2026 | Press release | Distributed by Public on 10/01/2026 15:31
Forward Industries Grows SOL Holdings by 949K to 8.5 Million SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806 (Form 8-K)
Forward Industries Grows SOL Holdings by 949K to 8.5 Million
SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806
Forward Industries increased SOL per Share by 42% annualized, for the quarter.
AUSTIN, TX, October 1, 2026 - Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or "Forward"), the leading Solana treasury company, today provided an update on its SOL treasury strategy for its fiscal fourth quarter ended September 30, 2026. During the quarter, Forward increased its SOL and SOL equivalent holdings by 948,601 SOL, or 13%, from 7,552,698 as of June 30, 2026 to 8,501,298 as of September 30, 2026, representing approximately 1.4% of Solana's circulating supply.1 The SOL added during the quarter came at an average cost of $83 per SOL.2
SOL per share on a fully diluted basis increased to 0.0806 as of September 30, 2026, from 0.0730 as of June 30, 2026, representing quarterly growth of 10.4%, or approximately 42% on an annualized basis.3 While a portion of the quarter's purchases was funded through the sale of FWDI shares, that issuance was accretive for shareholders, as the quarterly increase in SOL per share shows. The quarter also completes Forward's first full fiscal year executing on its Solana focused strategy, over which SOL per share on a fully diluted basis grew 33% from 0.0604 as of September 30, 2025.
Forward's investment in OnRe, the Solana-based tokenized reinsurance platform, continued to grow during the quarter. ONyc's market capitalization increased 40.7% from approximately $203.4 million at the end of June 2026 to approximately $286.2 million as of September 30, 2026, and has grown approximately 100% since Forward's investment in May 2026. Over the same period, the total tokenized real-world asset market capitalization on Solana grew from more than $3.3 billion to approximately $4.3 Billion.4
"This was a standout quarter for Forward, with record SOL additions far outpacing our peers and SOL per share growth of approximately 42% on an annualized basis," said Ryan Navi, Chief Investment Officer of Forward Industries. "Our accelerating growth in both total SOL and SOL per share demonstrates the power of our disciplined capital allocation and differentiated 'SOL++' strategy. We are building the Berkshire Hathaway of Solana, combining access to best-in-class debt and equity capital terms with diversified yield sources and investments in high-growth ecosystem companies. Each milestone strengthens our ability to compound shareholder value."
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Capitalization Table
The tables below present Forward's net asset value and capitalization as of September 30, 2026. Figures are preliminary and unaudited.5
| Net Asset Value Calculation | Quantity | Price | Value ($) |
| Total FV of SOL Treasury* | 8,501,298 | $118.06 | $1,003,663,266 |
| Other digital assets - FV | 42,587,366 | Various | $26,927,436 |
| Cash | $7,292,000 | $1.00 | $7,292,000 |
| Institutional debt | ($167,500,000) | $1.00 | ($167,500,000) |
| Total net asset value | $870,382,702 |
* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL
| Capitalization Table | Quantity | Price | Market Cap ($) | NAV/Sh | mNAV |
| Common shares | 76,288,215 | $7.80 | $595,048,077 | $11.41 | 0.684x |
| In-the-money warrants - vested | 12,383,212 | $0.06 | |||
| In-the-money options - vested | 481,497 | $5.03 | |||
| In-the-money options - unvested | 256,667 | $4.97 | |||
| Restricted stock units - unvested | 950,996 | ||||
| In-the-money fully diluted share count | 90,360,587 | $7.80 | $704,812,579 | $9.63 | 0.810x |
| Advisor and lead investor warrants | 13,376,388 | $0.01 | |||
| Out-of-the-money warrants - vested | - | ||||
| Out-of-the-money options - vested | 151,896 | $18.14 | |||
| Out-of-the-money options - unvested | 921,606 | $11.90 | |||
| Performance stock units - unvested | 725,324 | ||||
| Fully diluted share count | 105,535,801 | $7.80 | $823,179,248 | $8.25 | 0.946x |
Quarter-over-Quarter Summary
| June 30, 2026 | September 30, 2026 | |
| SOL and SOL equivalents | 7,552,698 | 8,501,298 |
| Percent of SOL circulating supply | ~1.3% | ~1.4% |
| SOL per fully diluted share | 0.0730 | 0.0806 |
| Fully diluted shares outstanding | 103,525,881 | 105,535,801 |
| Common shares outstanding | 73,846,883 | 76,288,215 |
| Cash and cash equivalents | $10,965,165 | $7,292,000 |
| Institutional debt outstanding | $105,000,000 | $167,500,000 |
| Net asset value | $481,328,023 | $870,382,702 |
| mNAV (fully diluted) | 0.908x | 0.946x |
Notes
1 "SOL Holdings" and "SOL and SOL equivalents" includes SOL, fwdSOL, and pledged SOL; and excludes borrowed SOL.
2 Average cost reflects purchased SOL and SOL earned through staking, and ascribes no cash cost to SOL earned through staking.
3 SOL per share on a fully diluted basis is total SOL and SOL equivalents divided by fully diluted shares outstanding. Annualized growth is the sequential percentage change multiplied by four.
4 Source: RWA.xyz (ONyc total asset value; Solana distributed real-world asset value, excluding stablecoins), as of September 30, 2026.
5 Figures are preliminary and unaudited and remain subject to completion of the Company's annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.
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About Forward Industries, Inc.
Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company's Solana treasury strategy, visit www.forwardindustries.com.
Forward Industries Inc. published this content on October 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 01, 2026 at 21:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]