Forward Industries posts over 300% revenue growth but wider quarterly net loss amid SOL markdowns

Solana treasury firm Forward Industries reported strong revenue growth but a widened net loss for the quarter ended March 31, as crypto market volatility weighed on results.

According to its earnings report released Thursday, Forward Industries generated $13 million in revenue for the quarter, up 319% from the same period last year. The increase was mainly driven by staking revenue from the company's Solana (SOL) treasury holdings.

However, the company recorded a $201.7 million loss on digital assets and an $85.1 million impairment tied to crypto assets, reflecting "changes in the estimated fair value of the company's SOL holdings," per the report. Forward noted that the loss on crypto assets does not represent an outflow of cash or impact its liquidity.

As a result, the company posted a net loss of $283.1 million for the quarter, compared with a $1.5 million net loss a year earlier.

Solana fell 33.7% during the three months ended March 31, 2026, closing the quarter at $82.44. The cryptocurrency is currently trading for $91.14, according to The Block's SOL price page.

At the end of March, Forward Industries held about 7.04 million SOL and had generated 201,201 SOL in staking rewards, the company said. Nearly all of its SOL holdings are currently staked.

Galaxy loan

The company said it entered into a loan agreement with Galaxy Digital in March and drew an initial $40 million tranche collateralized by fwdSOL. The loan carries a weighted average interest rate of roughly 3.4% and a weighted average maturity of about five months. 

"Against a backdrop of market volatility, we took decisive actions to position Forward for long-term value creation by securing a highly advantageous institutional debt facility with our strategic partner, Galaxy Digital, and executing a strategic share repurchase that reduced our basic shares outstanding by 7.4%," said Kyle Samani, chairman of Forward Industries. 

Also in March, Forward Industries announced a cost-cutting plan, including reducing fees under the service agreement with Galaxy and lowering outside legal, marketing, and third-party vendor expenses.

Forward Industries' Nasdaq-listed shares fell 0.8% in after-hours trading on Thursday after closing the regular session up 9.3% at $5.07. The stock has gained 10.5% over the past month, though it remains down 40.4% over the past six months.