Forward Industries 2025 Q4 Earnings Net Loss Widens 25377.4% Amid SOL Strategy Shift

Forward Industries (FWDI) reported fiscal 2025 Q4 earnings on Dec 11th, 2025, revealing a 67.6% revenue surge to $7.95 million, yet net losses expanded dramatically to $163.96 million. The stock price has plummeted 72.49% month-to-date, underscoring investor skepticism toward the company’s strategic pivot to Solana-based treasury management.

Revenue

The total revenue of Forward Industries increased by 67.6% to $7.95 million in 2025 Q4, up from $4.74 million in 2024 Q4. This growth reflects operational scaling, though it contrasts sharply with the company’s $167 million net loss, primarily driven by $160 million in non-cash mark-to-market losses on SOL holdings.

Earnings/Net Income

Forward Industries’s losses deepened to $1.90 per share in 2025 Q4 from a loss of $0.58 per share in 2024 Q4 (225.7% wider loss). Meanwhile, the company’s net loss widened to $-163.96 million in 2025 Q4, representing a 25377.4% increase from the $-643568 loss recorded in 2024 Q4. These figures indicate a significant deterioration in financial health, with the EPS and net loss underscoring the challenges of the company’s high-risk Solana treasury strategy.

Price Action

The stock price of Forward Industries has edged down 1.43% during the latest trading day, has tumbled 11.96% during the most recent full trading week, and has plummeted 72.49% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Forward Industries (FWDI) shares after its revenue drop quarter-over-quarter on the financial report release date and holding for 30 days shows poor performance over the past three years. The cumulative return is -92.2%, significantly underperforming the S&P 500's 31.6% return over the same period. This indicates a detrimental effect on the investment, highlighting the risk of such a tactical approach.

CEO Commentary

The CEO of Forward Industries emphasized the company’s strategic shift toward a Solana (SOL) treasury model, which aims to leverage on-chain activities like staking and lending to create shareholder value. Despite the Q4 2025 net loss of $163.96 million, the CEO highlighted progress in scaling the SOL treasury, including reaching 6.9 million SOL holdings and forming a crypto advisory board. Leadership remains optimistic about the long-term potential of the Solana ecosystem, though short-term volatility and mark-to-market losses remain challenges.

Guidance

The CEO did not provide specific quantitative guidance for 2026, but expressed confidence in the scalability of the SOL treasury strategy as the market matures.

Additional News

Forward Industries recently rebranded its ticker from FORD to FWDI to reflect its focus on the Solana treasury strategy, which involves acquiring and deploying SOL through staking and DeFi. The company also announced a $1 billion share repurchase program and formed a 25-member crypto advisory board with expertise in Solana and capital markets. Additionally, it launched a $1 billion share repurchase program and filed a Resale Prospectus Supplement to bolster shareholder value.