Forward Industries
Operates a Solana-focused digital-asset treasury alongside hardware and software design services.
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Profile
Runs a Solana-focused digital-asset treasury while providing hardware and software design and engineering services. Its design segment combines Intelligent Product Solutions and Kablooe, with customers predominantly based in the United States.
Builds its current business around a Solana-focused digital-asset treasury and a design segment. Digital-assets operations hold, stake, trade, invest in, and seek to grow SOL and related assets, protocols, and businesses under its stated strategy; the business also operates a SOL validator and participates in Solana DeFi.
The design segment combines Intelligent Product Solutions and Kablooe, providing hardware and software design and engineering services to predominantly US-based customers. Kablooe added medical and consumer design and development capabilities.
Digital-asset market values, DeFi and collateral-liquidation mechanics, liquidity, and regulatory uncertainty shape the treasury operation.
Company facts
Key statistics
Year to date −19.6% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $7.90 | $8 |
| Jun 30, 2026 | Cantor Fitzgerald | Initiate | Overweight | $7.90 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q3 FY26 | $0.03 | −$0.80 | −2,500.2% | $12.6M | $10.8M | −14.3% | +2.90% |
| Aug 12, 2026Q3 FY26 | $0.03 | −$0.80 | −2,500.2% | $12.6M | $10.8M | −14.3% | −5.91% |
| May 14, 2026Q2 FY26 | $0.08 | −$2.98 | −3,825.0% | $16.6M | $13.0M | −21.8% | −11.64% |
| Feb 12, 2026Q1 FY26 | — | $0.08 | — | $21.4M | $21.2M | −0.9% | −0.41% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.1M | $2.5M | $7.9M | $21.4M | $13.0M | $10.8M | |
| Gross profit | −$178.8K | −$621.0K | $4.9M | $16.8M | $9.1M | $6.7M | |
| Operating income | −$1.8M | −$2.6M | −$1.3M | $9.6M | $2.4M | −$70.3M | |
| Net income | −$1.5M | −$850.0K | −$164.0M | −$585.7M | −$283.1M | −$69.0M | |
| Diluted EPS | −$0.13 | −$0.08 | −$2.19 | −$5.91 | −$2.98 | −$0.80 | |
| Gross margin | -5.7% | -24.9% | 61.1% | 78.6% | 70.0% | 62.2% | |
| Operating margin | -58.3% | -102.6% | -16.5% | 44.9% | 18.8% | -651.8% |
Fiscal years (4-quarter sums)FY21 $39.0M · FY22 $42.3M · FY23 $36.7M · FY24 $27.4M · FY25 $18.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $13.3M · Total debt $118.5M · Total assets $602.5M · Shareholders' equity $474.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 73.75M · Float 62.58M · 84.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Galaxy Digital Inc. | 8.11M | 10.99% | 13F | May 14, 2026 |
| William DiSomma | 7.95M | 9.60% | 13D | Mar 6, 2026 |
| J Digital 6 Cayman Ltd. · other: Director by deputization | 7.95M | 10.78% | Form 4 | Mar 13, 2026 |
| Alyeska Investment Group, L.P. | 3.79M | 5.08% | 13G | Aug 14, 2026 |
| Pyahm Samani · director | 3.13M | 4.25% | Form 4 | May 18, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 19, 2026 | Michael D. Pruitt | director, officer: Chief Executive Officer | +500 | $4.16 |
| Dec 19, 2025 | Ryan David Navi | officer: Chief Investment Officer | +10,000 | $7.08 |
| Dec 15, 2025 | Michael D. Pruitt | officer: Chief Executive Officer | +1,000 | $7.44 |
Peers
- Upexi
Solana treasury peer using staking and locked-token purchases
- DeFi Development
Solana treasury peer with validator and DeFi operations
- Solana Company
Listed SOL treasury focused on SOL per share and on-chain activity
- Sharps Technology
SOL treasury peer using capital raises and on-chain yield generation
- Jabil
Global product design, engineering, and healthcare manufacturing provider
- Flex
Medical-device design and engineering provider with manufacturing scale
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forward Industries | $5.99 | +1.87% | $434.4M | — | 35.6 | 8.2 | +332.1% |
| Upexi | $1.07 | −0.52% | $79.3M | — | — | 3.0 | +44.2% |
| DeFi Development | $4.91 | −1.21% | $150.0M | — | — | 9.9 | +66.9% |
| Solana Company | $2.30 | −1.27% | $136.6M | — | — | 11.3 | +5,774.4% |
| Sharps Technology | $1.27 | −2.31% | $53.7M | — | — | 21.5 | — |
| Jabil | $303.90 | +0.82% | $31.59B | 37.6 | 19.1 | 0.9 | +11.8% |
| Flex | $110.65 | +0.15% | $40.82B | 42.7 | 21.2 | 1.4 | +20.6% |
| Median | 40.1 | 20.2 | 6.5 | +44.2% |