Overview
- Forward Industries, which held its fiscal Q2 call on Thursday, reported $13 million in quarterly revenue driven mainly by staking income from its Solana holdings.
- The company said it cut its share count by 7.4% through buybacks to increase SOL per share for remaining investors.
- Management disclosed it secured $40 million in institutional debt to add balance‑sheet flexibility.
- Forward made a minority investment in Solana‑native reinsurance protocol Onre and continued rolling out fwdSOL, a liquid staking token, along with AMM testing with ecosystem partners.
- The firm still holds roughly 7 million SOL purchased at about $232 each, creating a near $1 billion unrealized loss under GAAP even as staking has produced more than 112,000 SOL in rewards at roughly 6.5% to 7.4% gross yields.