FWDI: Fiscal 2025 net loss surged to $167M due to SOL mark-to-market losses, with treasury scaling ahead

Fiscal 2025 saw a net loss of $167 million, driven by a $160 million non-cash, unrealized loss on SOL holdings, despite $4.6 million in Q4 staking revenue and a strong cash position. Management expects the Solana treasury segment to scale as the strategy matures.

Original document: Forward Industries, Inc. [FWDI] SEC 8-K Current Report — Dec. 11 2025