Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating
Exhibit 99.1 Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating Results
Management to Host Conference Call Today at 5:00 p.m. Eastern Time AUSTIN, TX, August 12, 2026 – Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today announced its financial and operating results for its fiscal third quarter ended June 30, 2026, along with an update on its SOL treasury strategy.
“Fiscal Q3 was another strong period of execution for Forward as we expanded our Solana treasury while delivering meaningful growth in SOL per share,” said Kyle Samani, Chairman of Forward Industries. “During the quarter, we acquired, through purchases and staking, more than 500,000 SOL and increased SOL per share on a fully diluted basis by 9% quarter over quarter. We also repurchased more than 2.5 million shares of Forward common stock, reflecting our disciplined approach to capital allocation and focus on driving per-share value. Our inclusion in the Russell 2000 and Russell 3000 indexes represents another important milestone and reflects the institutional recognition Forward has achieved in a relatively short period of time. Solana’s underlying fundamentals also continued to strengthen, with accelerating transaction activity, application revenue and adoption of tokenized real-world assets. 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, pursue accretive acquisitions and deepen our participation across the Solana ecosystem.”
Increased SOL Holdings: Forward increased its SOL and SOL equivalent holdings by 508,618 SOL during its fiscal third quarter 2026. Subsequent to quarter end, from July 1 through August 3, 2026, the Company increased its holdings by an additional approximate 254,000 SOL at an average cost of approximately $75 per SOL, bringing total SOL and SOL equivalent holdings to approximately 7.8 million SOL1 and SOL equivalents as of August 3, 2026. Added to the Russell 2000 and Russell 3000 Indexes: Effective June 29, 2026, Forward was added to the Russell 2000 and Russell 3000 indexes as part of the annual index reconstitution. The Company believes its inclusion will broaden its institutional shareholder base, enhance trading liquidity and increase its visibility among investors that benchmark against or passively track the Russell indexes. OnRe Investment Update: In May 2026, Forward invested in OnRe, a Solana-based tokenized reinsurance platform, and committed to provide up to $25 million of liquidity to its ONyc token. Since the investment, ONyc’s market capitalization increased 73% from approximately $142.7 million to approximately $247.4 million as of the end of June 2026, while the total tokenized real-world asset market capitalization on Solana increased from approximately $2.5 billion to more than $3.3 billion. The investment supports Forward’s broader strategy to generate diversified, U.S. · dollar-denominated yield while supporting the growth of Solana-native · financial · infrastructure. ────────────────────────────────────────────────────────────────────────────── Executed Accretive Share Repurchases: During the quarter, Forward repurchased 2,561,376 shares of common stock when · management determined that doing so was accretive to SOL per share. Common shares outstanding declined to 73,846,883 as of June 30, 2026, from 76,314,617 as of March 31, 2026. Utilized At-the-Market Program Selectively: This quarter, the Company issued 93,642 shares through its at-the-market · offering program for gross proceeds of $435,443. The shares were issued at prices management determined were accretive to SOL per share, and the proceeds were deployed into additional SOL purchases.
Advanced M&A Strategy: Forward continued to actively evaluate potential acquisitions of digital asset treasury · companies and other strategic businesses. The Company’s acquisition criteria remain focused on transactions that increase the scale of its SOL treasury and are accretive to SOL per share and investors.
Treasury Holdings: As of June 30, 2026, the Company held 7,552,698 SOL and SOL equivalents, compared with 7,044,079 SOL as of March 31, 2026. As of August 3, 2026, Forward held 7,807,022 SOL and SOL equivalents, representing approximately 1.3% of Solana’s circulating supply. SOL per Share: SOL per share on a fully diluted basis increased to 0.0730 as of June 30, 2026, from 0.0669 as of March 31, 2026, representing sequential growth of 9%, or approximately 36% on an annualized basis. As of August 3, 2026, the Company grew SOL per share further to approximately 0.0754. Staking: Forward continued to stake nearly all of its SOL holdings to the Forward Validator, which remained a top ten Solana validator with approximately 1.8% of network stake weight. The Company generated approximately 106,000 SOL in · staking rewards during its fiscal third quarter 2026, bringing cumulative · staking rewards since the launch of its treasury strategy in · September 2025 to approximately 300,000 SOL. ──────────────────────────────────────────────────────────────────────────────
Ryan Navi, Forward’s Chief Investment Officer, added, “Forward’s scale, permanent capital base and access to institutional financing give us a broad set of tools to create long-term shareholder value across different market environments. Since quarter end, we have added another 254,325 SOL and SOL equivalents at an average purchase cost below our fiscal third-quarter average, further increasing both the scale of our treasury and SOL per share. Beyond our core treasury strategy, we are pursuing opportunities to generate diversified sources of yield, deepen our participation in the Solana ecosystem and expand the capabilities of our platform. Our investment in OnRe reflects that approach by supporting Solana-native financial infrastructure while adding the potential for uncorrelated, U.S. dollar-denominated returns. We also believe current market conditions are creating compelling opportunities for consolidation, and we are actively evaluating acquisitions that can strengthen our competitive position, increase the scale of our treasury and drive durable value for Forward shareholders.”
Revenue: Revenue for the third quarter of fiscal 2026 increased more than 4x to $10.8 million, · compared with $2.5 million in the prior year period. The increase was primarily driven by staking and other treasury-related revenue generated through the Company’s Solana treasury strategy. Selling, General and Administrative Expenses: SG&A expenses were $7.4 million, compared to $1.9 million in the prior-year period. The fiscal third quarter figure • included $3.1 million of stock-based compensation. Excluding stock-based compensation, SG&A expenses were $4.3 million. Forward remains on track to reduce average quarterly SG&A expenses, excluding stock-based compensation, to approximately $4.8 million. Loss on Digital Assets: The Company recorded a $49.8 million loss on digital assets and a $15.2 • million impairment of digital assets. These U.S. GAAP-required charges reflect changes in the estimated fair value of the Company’s digital assets during the period and do not represent realized sales or cash outflows.
Net Loss: Net loss for the third quarter of fiscal 2026 was $69.0 • million, or $0.80 per share, compared with a net loss of approximately $850,000, or $0.77 per share, in the prior-year period. Balance Sheet: As of June 30, 2026, Forward had approximately $11.0 million of cash and SOL holdings with a carrying value of approximately $556.9 million. The Company had • $105.0 million of debt outstanding under its Galaxy Digital facility at a weighted average interest rate of approximately 2.6%. Leverage relative to the Company’s treasury assets was in the mid-to-high teens.
The Company will host a conference call today, August 12, 2026, to discuss its financial and operating results for the three months ended June 30, 2026.
Forward's executive team will host the conference call and webcast presentation, followed by a question-and-answer period.
Participants can also access the Company’s earnings call using the call in option here for instant telephone access to the event, which will be active approximately 15 minutes before the scheduled start time.
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
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.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company's plan for value creation and strategic advantages, expected cost reductions, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the digital asset treasury strategy; the ability to realize anticipated cost savings from the cost reduction plan; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies and the incurrence of indebtedness; the risk that the price of the Company's common stock may be highly correlated to the price of the digital assets that it holds; risks related to the performance and expected return of the companies and projects that the Company has invested in, risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company's filings with the Securities and Exchange Commission. The forward- looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Contacts
Assets June 30, September Current 2026 30, assets: (Unaudited) 2025 ────────────────────────────────────────────────────────────────────────────── Cash $ 10,965,165 $ 38,166,973 Marketable equity securities, 2,317,500 – at fair value Accounts receivable, net of allowances for credit losses of $97,964 1,916,677 1,635,171 and $92,358 as of June 30, 2026 and September 30, 2025, respective… Contract 476,175 1,064,264 assets Digital assets receivable 134,729 – - related party Derivative 4,925,557 – assets Prepaid expenses and other 1,383,828 355,548 current assets Total current 22,119,631 41,221,956 assets Digital 335,848,635 1,430,486,2… assets Digital assets - 1,217,050 – restricted Digital assets pledged as collateral 239,518,295 – with related party Investment 1,900,943 – Property and 57,955 124,331 equipment, net Operating lease 814,027 2,303,776 right-of-u… assets, net Other 1,058,128 806,137 assets Total $ 602,534,664 $ 1,474,942,4… assets Liabilities and shareholde… equity Current liabilitie… Loans payable - $ 105,000,000 $ – related party Loans payable - 12,519,409 – digital assets Accounts 283,510 433,044 payable Accounts payable - 553,787 923,513 related party Deferred 504,879 292,525 income Derivative 7,344,162 – liabilities Current portion of operating 437,725 450,949 lease liability Accrued expenses and other 1,130,726 623,512 current liabilities Total current 127,774,198 2,723,543 liabilities Other liabilitie… Operating lease liability, 549,254 2,094,079 less current portion Total 128,323,452 4,817,622 liabilities Commitments and – – contingenc… Shareholde… equity: Common stock, $0.01 par value; 300,000,000 shares authorized; 87,163,107 and 73,846,883 shares issued and 871,631 861,455 outstandin… respective… at June 30, 2026; 86,145,514 shares issued and outstanding at September 30, 2025 Treasury Stock, at cost, 13,316,224 and 0 shares at (69,862,786 ) – June 30, 2026 and September 30, 2025, respective… Additional paid-in 1,667,506,2… 1,655,874,8… capital Accumulated (1,124,303,… ) (186,611,480 ) deficit Total shareholde… 474,211,212 1,470,124,8… equity Total liabilities and $ 602,534,664 $ 1,474,942,4… shareholde… equity
Full text with the tables
Exhibit 99.1
Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating
Results
Management to Host Conference Call Today at 5:00 p.m. Eastern Time
AUSTIN, TX, August 12, 2026 – Forward
Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana
treasury company, today announced
its financial and operating results for its fiscal third quarter ended June 30,
2026, along with an update on its SOL treasury strategy.
“Fiscal Q3 was another strong period of
execution for Forward as we expanded our Solana treasury while delivering
meaningful growth in SOL per share,” said Kyle Samani,
Chairman of Forward Industries. “During the quarter, we acquired, through
purchases and staking, more than 500,000 SOL and increased
SOL per share on a fully diluted basis by 9% quarter over quarter. We also
repurchased more than 2.5 million shares of Forward common
stock, reflecting our disciplined approach to capital allocation and focus on
driving per-share value. Our inclusion in the Russell 2000
and Russell 3000 indexes represents another important milestone and reflects the
institutional recognition Forward has achieved in a relatively
short period of time. Solana’s underlying fundamentals also continued to
strengthen, with accelerating transaction activity, application
revenue and adoption of tokenized real-world assets. 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, pursue accretive
acquisitions and deepen our participation across the Solana ecosystem.”
Operational Highlights
Increased SOL Holdings:
Forward increased its SOL and SOL equivalent holdings by 508,618 SOL
during its fiscal third
quarter 2026. Subsequent to quarter end, from July 1 through August 3,
2026, the Company
increased its holdings by an additional approximate 254,000 SOL at an
average cost of approximately
$75 per SOL, bringing total SOL and SOL equivalent holdings to
approximately 7.8 million
SOL1 and SOL equivalents as of August 3, 2026.
Added to the Russell 2000 and Russell 3000 Indexes: Effective June 29,
2026, Forward was added to the Russell 2000
and Russell 3000 indexes as part of the annual index reconstitution. The
Company believes its inclusion will broaden its institutional
shareholder base, enhance trading liquidity and increase its visibility
among investors that benchmark against or passively track the
Russell indexes.
OnRe Investment Update: In May 2026, Forward invested in OnRe, a
Solana-based tokenized reinsurance
platform, and committed to provide up to $25 million of liquidity to its
ONyc token. Since the investment, ONyc’s market capitalization
increased 73% from approximately $142.7 million to approximately $247.4
million as of the end of June 2026, while the total tokenized
real-world asset market capitalization on Solana increased from
approximately $2.5 billion to more than $3.3 billion. The investment
supports
Forward’s broader strategy to generate diversified, U.S.
· dollar-denominated yield while supporting the growth of Solana-native
· financial
· infrastructure.
──────────────────────────────────────────────────────────────────────────────
Executed Accretive Share Repurchases: During the quarter, Forward
repurchased 2,561,376 shares of common stock when
· management determined that doing so was accretive to SOL per share.
Common shares outstanding declined to 73,846,883 as of June 30, 2026,
from 76,314,617 as of March 31, 2026.
Utilized At-the-Market Program Selectively: This quarter, the Company
issued 93,642 shares through its at-the-market
· offering program for gross proceeds of $435,443. The shares were issued
at prices management determined were accretive to SOL per share,
and the proceeds were deployed into additional SOL purchases.
_______________
Includes SOL, fwdSOL, pledged SOL, and SOL equivalents
1
Advanced M&A Strategy: Forward continued to actively evaluate potential
acquisitions of digital asset treasury
· companies and other strategic businesses. The Company’s acquisition
criteria remain focused on transactions that increase the scale
of its SOL treasury and are accretive to SOL per share and investors.
Forward Industries Solana Treasury Update
Treasury Holdings: As of June 30, 2026, the Company held 7,552,698 SOL
and SOL equivalents, compared
with 7,044,079 SOL as of March 31, 2026. As of August 3, 2026, Forward
held 7,807,022 SOL and SOL equivalents, representing approximately
1.3% of Solana’s circulating supply.
SOL per Share: SOL per share on a fully diluted basis increased to 0.0730
as of June 30, 2026,
from 0.0669 as of March 31, 2026, representing sequential growth of 9%,
or approximately 36% on an annualized basis. As of August 3, 2026,
the Company grew SOL per share further to approximately 0.0754.
Staking: Forward continued to stake nearly all of its SOL holdings to the
Forward Validator, which
remained a top ten Solana validator with approximately 1.8% of network
stake weight. The Company generated approximately 106,000 SOL in
· staking rewards during its fiscal third quarter 2026, bringing cumulative
· staking rewards since the launch of its treasury strategy in
· September 2025 to approximately 300,000 SOL.
──────────────────────────────────────────────────────────────────────────────
Ryan Navi, Forward’s Chief Investment Officer,
added, “Forward’s scale, permanent capital base and access to institutional
financing give us a broad set of tools to create
long-term shareholder value across different market environments. Since quarter
end, we have added another 254,325 SOL and SOL equivalents
at an average purchase cost below our fiscal third-quarter average, further
increasing both the scale of our treasury and SOL per share.
Beyond our core treasury strategy, we are pursuing opportunities to generate
diversified sources of yield, deepen our participation in
the Solana ecosystem and expand the capabilities of our platform. Our investment
in OnRe reflects that approach by supporting Solana-native
financial infrastructure while adding the potential for uncorrelated, U.S.
dollar-denominated returns. We also believe current market
conditions are creating compelling opportunities for consolidation, and we are
actively evaluating acquisitions that can strengthen our
competitive position, increase the scale of our treasury and drive durable value
for Forward shareholders.”
Q3 Fiscal 2026 Financial Summary (vs. Q3 Fiscal 2025)
Revenue: Revenue for the third quarter of fiscal 2026 increased more than
4x to $10.8 million,
· compared with $2.5 million in the prior year period. The increase was
primarily driven by staking and other treasury-related revenue generated
through the Company’s Solana treasury strategy.
Selling, General and Administrative Expenses: SG&A expenses were $7.4
million, compared to
$1.9 million in the prior-year period. The fiscal third quarter figure
• included $3.1 million of stock-based compensation. Excluding stock-based
compensation, SG&A expenses were $4.3 million. Forward remains on track
to reduce average quarterly SG&A expenses, excluding stock-based
compensation, to approximately $4.8 million.
Loss on Digital Assets: The Company recorded a $49.8 million loss on
digital assets and a $15.2
• million impairment of digital assets. These U.S. GAAP-required charges
reflect changes in the estimated fair value of the Company’s
digital assets during the period and do not represent realized sales or
cash outflows.
2
Net Loss: Net loss for the third quarter of fiscal 2026 was $69.0
• million, or $0.80 per share,
compared with a net loss of approximately $850,000, or $0.77 per share,
in the prior-year period.
Balance Sheet: As of June 30, 2026, Forward had approximately $11.0
million of cash and SOL holdings
with a carrying value of approximately $556.9 million. The Company had
• $105.0 million of debt outstanding under its Galaxy Digital facility
at a weighted average interest rate of approximately 2.6%. Leverage
relative to the Company’s treasury assets was in the mid-to-high
teens.
Conference Call and Webcast Details
The Company will host a conference call today,
August 12, 2026, to discuss its financial and operating results for the three
months ended June 30, 2026.
Forward's executive team will host the conference
call and webcast presentation, followed by a question-and-answer period.
Date: Wednesday, August 12, 2026
Time: 5:00 p.m. ET
Toll-free dial-in number: (877) 407-2991
International dial-in number:(201) 389-0925
Webcast: FWDI
FQ3'26 Earnings Conference Call
Participants can also access the Company’s
earnings call using the call in option here
for instant telephone access to the event, which will be active approximately 15
minutes before the scheduled start time.
If you have any difficulty registering or connecting
with the conference call, please contact Elevate IR at (720) 330-2829.
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.
3
Forward Looking Statements
This press release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements generally can be identified by the use of words
such as “anticipate,” “expect,”
“plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,”
“goal,” “project,” and other words of similar meaning. These forward-looking
statements address various matters
including statements relating to the Company's plan for value creation and
strategic advantages, expected cost reductions, market size
and growth opportunities. Each forward-looking statement contained in this press
release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or implied by
such statement. Applicable risks and uncertainties include,
among others, failure to realize the anticipated benefits of the digital asset
treasury strategy; the ability to realize anticipated cost
savings from the cost reduction plan; changes in business, market, financial,
political and regulatory conditions; risks relating to the
Company's operations and business, including the highly volatile nature of the
price of Solana and other cryptocurrencies and the incurrence
of indebtedness; the risk that the price of the Company's common stock may be
highly correlated to the price of the digital assets that
it holds; risks related to the performance and expected return of the companies
and projects that the Company has invested in, risks related
to increased competition in the industries and markets in which the Company does
and will operate (including the applicable digital assets
market); risks relating to significant legal, commercial, regulatory and
technical uncertainty regarding digital assets generally; risks
relating to the treatment of crypto assets for U.S. and foreign tax purposes, as
well as those risks and uncertainties identified in the
Company's filings with the Securities and Exchange Commission. The forward-
looking statements in this press release speak only as of the
date of this document, and the Company undertakes no obligation to update or
revise any of these statements.
Contacts
Media Contact
comms@forwardindustries.com
Investor Relations Contact
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com
4
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
Assets June 30, September
Current 2026 30,
assets: (Unaudited) 2025
──────────────────────────────────────────────────────────────────────────────
Cash $ 10,965,165 $ 38,166,973
Marketable
equity
securities, 2,317,500 –
at fair
value
Accounts
receivable,
net of
allowances
for credit
losses of
$97,964 1,916,677 1,635,171
and $92,358
as of June
30, 2026
and
September
30, 2025,
respective…
Contract 476,175 1,064,264
assets
Digital
assets
receivable 134,729 –
- related
party
Derivative 4,925,557 –
assets
Prepaid
expenses
and other 1,383,828 355,548
current
assets
Total
current 22,119,631 41,221,956
assets
Digital 335,848,635 1,430,486,2…
assets
Digital
assets - 1,217,050 –
restricted
Digital
assets
pledged as
collateral 239,518,295 –
with
related
party
Investment 1,900,943 –
Property
and 57,955 124,331
equipment,
net
Operating
lease 814,027 2,303,776
right-of-u…
assets, net
Other 1,058,128 806,137
assets
Total $ 602,534,664 $ 1,474,942,4…
assets
Liabilities
and
shareholde…
equity
Current
liabilitie…
Loans
payable - $ 105,000,000 $ –
related
party
Loans
payable - 12,519,409 –
digital
assets
Accounts 283,510 433,044
payable
Accounts
payable - 553,787 923,513
related
party
Deferred 504,879 292,525
income
Derivative 7,344,162 –
liabilities
Current
portion of
operating 437,725 450,949
lease
liability
Accrued
expenses
and other 1,130,726 623,512
current
liabilities
Total
current 127,774,198 2,723,543
liabilities
Other
liabilitie…
Operating
lease
liability, 549,254 2,094,079
less
current
portion
Total 128,323,452 4,817,622
liabilities
Commitments
and – –
contingenc…
Shareholde…
equity:
Common
stock,
$0.01 par
value;
300,000,000
shares
authorized;
87,163,107
and
73,846,883
shares
issued and 871,631 861,455
outstandin…
respective…
at June 30,
2026;
86,145,514
shares
issued and
outstanding
at
September
30, 2025
Treasury
Stock, at
cost,
13,316,224
and 0
shares at (69,862,786 ) –
June 30,
2026 and
September
30,
2025,
respective…
Additional
paid-in 1,667,506,2… 1,655,874,8…
capital
Accumulated (1,124,303,… ) (186,611,480 )
deficit
Total
shareholde… 474,211,212 1,470,124,8…
equity
Total
liabilities
and $ 602,534,664 $ 1,474,942,4…
shareholde…
equity
5
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For For
the the
Three Nine
Mont… Mont…
Ended Ended
June June
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 10,7… $ 2,49… $ 45,1… $ 10,2…
net
Cost
of 4,07… 3,11… 12,5… 9,90…
sal…
Gro… 6,70… (620… ) 32,6… 333,…
pro…
Sal…
and 639,… 139,… 1,74… 447,…
mar…
exp…
Gen…
and 5,76… 1,79… 12,6… 4,94…
adm…
exp…
Gen…
and
adm…
exp… 1,02… – 6,94… –
-
rel…
par…
Loss
on 49,7… – 811,… –
dig…
ass…
Imp…
of 15,2… – 133,… –
dig…
ass…
Der…
los… 4,56… – 4,29… –
net
Goo… – – – 225,…
imp…
Ope… (70,… ) (2,5… ) (937… ) (5,2… )
loss
Int… (72,… ) (6,9… ) (390… ) (35,… )
inc…
Int…
inc…
- – – (549… ) –
rel…
par…
Int…
exp…
- 516,… 12,0… 576,… 35,9…
rel…
par…
Gain
on
cha…
in
fair (17,… ) – (17,… ) –
val…
of
mar…
equ…
sec…
Gain
on
cha…
in
fair – (160… ) – (160… )
val…
of
war…
lia…
Oth…
(in… – (340 ) – 4,594
exp…
net
Loss
from
con…
ope… (70,… ) (2,4… ) (937… ) (5,1… )
bef…
inc…
tax…
(Be…
fro…
/
pro… (1,7… ) – 80,3… –
for
inc…
tax…
Loss
from (68,… ) (2,4… ) (937… ) (5,1… )
con…
ope…
Inc…
from
dis…
ope… – 1,55… – 2,11…
net
of
tax
Net (68,… ) (850… ) (937… ) (3,0… )
loss
Dee…
div…
on
Ser… – (10,… ) – (10,… )
B
Con…
Pre…
Sto…
Net
loss
att… $ (68,… ) $ (860… ) $ (937… ) $ (3,0… )
to
com…
sha…
Bas…
(lo…
per
sha…
:
Bas…
loss
per
sha… $ (0.80 ) $ (2.17 ) $ (10.… ) $ (4.65 )
from
con…
ope…
Bas…
ear…
per
sha… – 1.40 – 1.92
from
dis…
ope…
Bas…
loss $ (0.80 ) $ (0.77 ) $ (10.… ) $ (2.73 )
per
sha…
Dil…
(lo…
per
sha…
Dil…
loss
per
sha… $ (0.80 ) $ (2.17 ) $ (10.… ) $ (4.65 )
from
con…
ope…
Dil…
ear…
per
sha… – 1.40 – 1.92
from
dis…
ope…
Dil…
loss $ (0.80 ) $ (0.77 ) $ (10.… ) $ (2.73 )
per
sha…
Wei…
ave…
com…
sha…
out…
Bas… 86,6… 1,11… 93,5… 1,10…
Dil… 86,6… 1,11… 93,5… 1,10…
6
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CAPITALIZATION TABLE
As of June 30, 2026
Net
Asset
Value
Calcul… Quantity Price Value ($)
──────────────────────────────────────────────────────────────────────────────
Total
FV of 7,552,6… $ 73.53 $ 555,349…
SOL
Treasu…
Other
digital 36,874,… Various 20,013,…
assets
- FV
Cash
and 10,965,… $ 1.00 10,965,…
cash
equiva…
Instit… (105,00… ) $ 1.00 (105,00… )
debt
Total
net $ 481,328…
asset
value
Mark…
Ca… Cap
Ta… Qua… Price ($) NAY/… mNAV
──────────────────────────────────────────────────────────────────────────────
Co… 73,… $ 4.22 $ 311… $ 6.52 0.6…
sh…
In…
wa… 12,… 0.0…
-
ve…
In…
op… 24,… 3.73
-
ve…
In…
op… –
-
un…
Re…
st…
un… 950…
-
un…
In…
fu…
di… 87,… 4.22 367… 5.53 0.7…
sh…
co…
Ad…
and
le… 13,… 0.01
in…
wa…
Ou…
wa… 111… 6.50
-
ve…
Ou…
op… 446… 9.59
-
ve…
Ou…
op… 1,3… 9.73
-
un…
Pe…
st…
un… 1,1…
-
un…
Fu…
di… 103… $ 4.22 $ 436… $ 4.65 0.9…
sh…
co…
* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL
7