Forward Industries Reports Fiscal Year 2025 Financial Results

About this update from Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward Industries”), the leading Solana treasury company, today reported financial results for the twelve months ended September 30, 2025 (“Fiscal 2025”). “Our Fiscal 2025 results reflect less than one month of activity from our recently launched Solana treasury strategy, yet we continued to execute with discipline throughout the quarter to build the foundation for long-term SOL-per-share growth,” said Kyle Samani, Chairman of Forward Industries. “While we are still early in our operational buildout, in the fourth quarter of Fiscal 2025 we generated approximately $4.6 million in staking revenue, and we expect this segment to scale meaningfully as we expand our treasury and unlock additional on-chain yield opportunities.” “It's also important to highlight the accounting treatment of our SOL holdings. Current accounting standards for digital assets require non-cash changes in the fair value of SOL to be recorded as a component of other non-operating income/loss. These fluctuations do not impact our cash balance, yield generation, or ability to continue compounding SOL-per-share. We believe this distinction is essential in evaluating our financial performance, which is driven by strategy execution—not short-term market volatility.” FY 2025 Financial Summary (vs. FY 2024) Highlights from the Company’s results for Fiscal 2025 from its Solana treasury, as well as its global design company serving medical and technology companies, were as follows: Net revenue for Fiscal 2025 was $18.2 million compared to $20.0 million in the prior year. Total operating expenses were $13.6 million compared to $7.3 million in the prior year. Forward Industries’ Fiscal 2025 results include a $160.0 million non-cash, unrealized loss related to mark-to-market accounting adjustments on its SOL holdings. This U.S. GAAP-required treatment reflects changes in estimated fair value and does not represent an actual outflow of cash. Net loss for Fiscal 2025 was $167.0 million compared to $2.0 million in the prior year. The increase in net loss was driven largely by the non-cash, unrealized loss related to the Company’s SOL holdings. About Forward Industries, Inc. Forward Industries, Inc. (NASDAQ: FWDI) is a design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com . 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, 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 proposed digital asset treasury strategy (including the share repurchase program); 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; 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 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. FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS     September 30, September 30, 2025 2024 Assets Current assets: Cash  $          38,166,973    $       2,777,125   Accounts receivable, net of allowances for credit losses of $92,358 and $27,282 as of September 30, 2025 and 2024, respectively                 1,635,171              2,308,425   Contract assets                 1,064,264              1,272,993   Prepaid expenses and other current assets                    355,548                 382,832   Assets held for sale                              -              2,908,039   Total current assets               41,221,956              9,649,414   Digital assets          1,430,486,289                           -   Property and equipment, net                    124,331                 218,025   Intangible assets, net                              -                 680,386   Goodwill                              -              1,558,682   Operating lease right-of-use assets, net                 2,303,776              2,593,112   Other assets                    806,137                   68,737   Total assets  $     1,474,942,489    $     14,768,356   Liabilities and shareholders' equity    Current liabilities: Note payable to Forward China (related party)  $                         -    $          600,000   Accounts payable                    433,044                 103,581   Related party payables (Note 14)                    923,513                           -   Deferred income                    292,525                 399,439   Current portion of operating lease liability                    450,949                 404,056   Accrued expenses and other current liabilities                    623,512                 571,662   Liabilities held for sale                              -              7,292,858   Total current liabilities                 2,723,543              9,371,596   Other liabilities:     Operating lease liability, less current portion                 2,094,079              2,429,726   Total liabilities                 4,817,622            11,801,322   Commitments and contingencies  (Note 12) Shareholders' equity: Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $1,000 per share; 6,700 shares authorized, 0 and 2,200 shares issued and outstanding at September 30, 2025 and 2024, respectively                              -              2,200,000   Series B Convertible Preferred Stock, par value $0.01 per share; stated value of $1 per share; 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and 2024                              -                           -   Common stock, 300,000,000 shares authorized; par value $0.01 per share; 86,145,514 and 1,101,069 shares issued and outstanding at September 30, 2025 and 2024, respectively                    861,455                   11,011   Additional paid-in capital          1,655,874,892            20,393,163   Accumulated deficit            (186,611,480 )        (19,637,140 ) Total shareholders' equity          1,470,124,867              2,967,034   Total liabilities and shareholders' equity  $     1,474,942,489    $     14,768,356   FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS    For the Fiscal Years Ended September 30,  2025 2024   Revenues, net  $               18,187,525    $             19,990,833   Cost of sales                    12,996,281                    14,807,117    Gross profit                      5,191,244                      5,183,716     Sales and marketing expenses                      1,029,350                         769,370   General and administrative expenses                      9,604,490                      6,365,464   Related party expenses                          923,513                                  -   Goodwill and intangible asset impairment                      2,026,311                         200,000          Operating loss                    (8,392,420 )                  (2,151,118 )   Loss on change in fair value of digital assets                  160,035,105                                  -   Loss on change in fair value of warrant liability                         658,332                                  -   Interest income                         (70,669 )                       (78,863 ) Interest expense - related party                           49,143                           62,662   Other expense, net                             4,244                             8,315        Loss from continuing operations before income taxes                (169,068,575 )                  (2,143,232 )   Provision for income taxes                           20,404                           22,947        Loss from continuing operations                (169,088,979 )                  (2,166,179 ) Income from discontinued operations, net of tax                      2,114,639                         215,592        Net loss                (166,974,340 )                  (1,950,587 ) Deemed dividend on Series B Convertible Preferred Stock                                   -                                  -       Net loss attributable to common shareholders  $           (166,974,340 )  $             (1,950,587 )   Basic loss per share : Basic loss per share from continuing operations  $                      (24.90 )  $                      (1.97 ) Basic earnings per share from discontinued operations                               0.31                               0.20   Basic loss per share  $                      (24.59 )  $                      (1.77 )   Diluted loss per share: Diluted loss per share from continuing operations  $                      (24.90 )  $                      (1.97 ) Diluted earnings per share from discontinued operations                               0.31                               0.20   Diluted loss per share    $                      (24.59 )  $                      (1.77 )   Weighted average common shares outstanding:      Basic                      6,791,173                      1,101,069        Diluted                      6,791,173                      1,101,069     View source version on businesswire.com: https://www.businesswire.com/news/home/20251211350265/en/

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