Forward Industries revenue jumps 4x to $13M as SOL markdowns drive $283M quarterly loss

Globenewswire •

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Forward Industries said fiscal Q2 revenue rose more than 4x YoY to $13.0M, mostly from staking its Solana treasury, while net loss blew out to $283.1M after $201.7M of digital asset losses and $85.1M of impairments. The company held 7.04M SOL as of March 31, had generated 201,201 SOL in staking rewards, and had $40M of Galaxy Digital debt backed by fwdSOL. The quarter reads like a pure-play SOL treasury trade: operating revenue is real, but GAAP earnings are dominated by mark-to-market pain.

TLDR by @Benthic

Forward Industries revenue jumps 4x to $13M as SOL markdowns drive $283M quarterly loss

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Forward Industries revenue jumps 4x to $13M as SOL markdowns drive $283M quarterly loss

More coverage

Explore the topic

More on $SOL

Staked doesn’t have to mean stuck. Borrow up to $100k in USDC against your staked SOL via jitoSOL and continue earning your staking rewards. Plus, access your borrowed funds instantly.

MagicBlock launches BUILD initiative to support developers and creators on Solana

Raydium introduces Permissioned AMMs, enabling issuers to launch KYC-gated and regulated assets on Solana while retaining full control over participant access

Solana's user experience challenges hinder its path to mainstream adoption

Metamask begins covering gas fees on Solana swaps exceeding $200

Delphi says JTX could become Solana's trading hub by leveraging Jito's infrastructure, BAM block builder and DFlow routing to deliver tighter spreads and better execution

Staked doesn’t have to mean stuck. Borrow up to $100k in USDC against your staked SOL via jitoSOL and continue earning your staking rewards. Plus, access your borrowed funds instantly.

MagicBlock launches BUILD initiative to support developers and creators on Solana

Raydium introduces Permissioned AMMs, enabling issuers to launch KYC-gated and regulated assets on Solana while retaining full control over participant access

Solana's user experience challenges hinder its path to mainstream adoption

Metamask begins covering gas fees on Solana swaps exceeding $200

Delphi says JTX could become Solana's trading hub by leveraging Jito's infrastructure, BAM block builder and DFlow routing to deliver tighter spreads and better execution

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