Forward Industries (FWDI) booked a $69 million net loss for its fiscal third quarter, or $0.80 per share, after writedowns on its Solana (SOL) treasury. According to reports from Forward Industries, the Nasdaq-listed company still grew the asset behind the loss, with its Solana stack reaching more than 7.55 million SOL by June 30. The quarter closed with SOL marked at $73.53, leaving the deficit well below the prior quarter's steeper loss of $283.1 million as the token slid. Revenue climbed more than 4x to $10.8 million from $2.5 million a year earlier, driven primarily by SOL staking and treasury income.
Two line items account for most of the damage - a $49.8 million loss on digital assets and a further $15.2 million impairment, against an operating loss of $70.3 million. As reported by Forward Industries, the losses stem from US GAAP rules that force treasury firms to mark digital assets to fair value, which do not reflect realized sales or cash outflows. The company added more than 500,000 SOL during the quarter through purchases and staking, maintaining its position as the largest corporate Solana holder. SOL per share climbed 9% from the prior quarter to 0.0730.
Forward Industries repurchased 2.5 million shares and entered the Russell 2000 and Russell 3000 indexes on June 29. According to the company's release, Chairman Kyle Samani framed the period as strong execution despite market volatility. "Despite continued volatility across digital asset markets, we believe Forward's permanent capital base, industry-leading access to capital and position as the world's largest Solana treasury company provide us with a significant opportunity to grow SOL per share," Samani stated. Buying continued after the quarter closed, with the company reporting 7.8 million SOL as of August 3 and SOL per share of 0.0754, while Solana trades near $77 in current markets.
Forward Industries shares eased 1.36% in after-hours trading following the earnings results. As reported by Forward Industries, the muted move may suggest that shareholders are tracking SOL per share more closely than the headline loss. The company's focus on SOL per share growth, combined with its position as the largest corporate Solana holder, appears to be the primary driver of investor attention despite the quarterly loss.
