Revenue: As of FY2026 Q1, the actual value is USD 21.44 M.EPS: As of FY2026 Q1, the actual value is USD -5.91.EBIT: As of FY2026 Q1, the actual value is USD -584.32 M.<h4>Consolidated Financial Performance (Three Months Ended December 31)</h4><ul><li>Revenues, net: Increased to $21,435,000 in 2025 from $4,624,000 in 2024, representing a 364% increase, primarily due to the new digital asset treasury strategy.</li><li>Cost of sales: Rose to $4,586,000 in 2025 from $3,491,000 in 2024, a 31% increase.</li><li>Gross profit: Jumped to $16,849,000 in 2025 from $1,133,000 in 2024, an increase of over 100%.</li><li>Gross margin: Improved from 24.5% in 2024 to 78.6% in 2025, driven by high-margin staking revenue.</li><li>Sales and marketing expenses: Increased to $535,000 in 2025 from $160,000 in 2024, an increase of over 100%.</li><li>General and administrative expenses: Rose to $6,697,000 in 2025 from $1,646,000 in 2024, an increase of over 100%.</li><li>Loss on digital assets: A substantial loss of -$560,212,000 was recorded in 2025, with no comparable loss in 2024.</li><li>Impairment of digital assets: An impairment charge of $33,044,000 was incurred in 2025, with no comparable charge in 2024.</li><li>Goodwill impairment: $0 was reported in 2025, compared to $225,000 in 2024.</li><li>Operating loss: Significantly widened to -$583,639,000 in 2025 from -$898,000 in 2024.</li><li>Interest income, net: Increased to -$676,000 in 2025 from -$4,000 in 2024.</li><li>Provision for income taxes: $2,688,000 in 2025 compared to $0 in 2024.</li><li>Loss from continuing operations: Increased to -$585,651,000 in 2025 from -$897,000 in 2024.</li></ul><h4>Digital Assets Segment (Three Months Ended December 31)</h4><ul><li>Revenues: Generated $17,381,000 in 2025, with no comparable revenue in 2024.</li><li>Cost of revenues: $1,398,000 in 2025, with no comparable cost in 2024.</li><li>Gross profit: $15,983,000 in 2025, with no comparable profit in 2024.</li><li>Gross margin: 92.0% in 2025.</li><li>Asset management fees: $1,739,000 in 2025.</li><li>Impairment of digital assets: $33,044,000 in 2025.</li><li>Loss on digital assets: -$560,212,000 in 2025.</li><li>Interest income: -$479,000 in 2025.</li><li>Loss from continuing operations before income taxes: -$578,533,000 in 2025.</li></ul><h4>Design Segment (Three Months Ended December 31)</h4><ul><li>Revenues: Decreased to $4,054,000 in 2025 from $4,625,000 in 2024, primarily due to the loss of a major customer.</li><li>Cost of revenues: Decreased to $3,161,000 in 2025 from $3,462,000 in 2024.</li><li>Gross profit: Decreased to $867,000 in 2025 from $1,133,000 in 2024.</li><li>Gross margin: Decreased from 24.5% in 2024 to 21.4% in 2025, due to changes in revenue mix and higher labor costs.</li><li>Sales and marketing personnel costs: Decreased to $31,000 in 2025 from $101,000 in 2024 due to cost reduction efforts.</li><li>General and administrative personnel costs: Decreased to $279,000 in 2025 from $584,000 in 2024 due to staff reductions and cost-cutting measures.</li><li>Income/(loss) from continuing operations before income taxes: Improved to $185,000 in 2025 from -$244,000 in 2024.</li></ul><h4>Segment Assets (as of December 31, 2025, and September 30, 2025)</h4><ul><li>Digital assets segment: $858,324,000 as of December 31, 2025, and $1,430,486,000 as of September 30, 2025.</li><li>Design segment: $2,778,000 as of December 31, 2025, and $3,380,000 as of September 30, 2025.</li><li>Total segment assets: $861,102,000 as of December 31, 2025, and $1,433,866,000 as of September 30, 2025.</li></ul><h4>Cash Flow (Three Months Ended December 31)</h4><ul><li>Net cash used in operating activities: -$7,929,151 in 2025 compared to -$434,283 in 2024.</li><li>Net cash used in investing activities: -$1,076,607 in 2025, primarily due to purchases of digital assets ($335,050,009) and sales of digital assets ($333,973,402), compared to -$5,418 in 2024.</li><li>Net cash used in financing activities: -$3,773,136 in 2025, including share repurchases of $10,882,955, partially offset by net proceeds from ATM of $7,457,186. No cash was used in or provided by financing activities in 2024.</li><li>Net decrease in cash: -$12,778,894 in 2025 compared to -$439,701 in 2024.</li><li>Cash at end of period: $25,388,079 as of December 31, 2025, and $2,337,424 as of December 31, 2024.</li></ul><h4>Other Key Metrics</h4><ul><li>Staked Digital Assets: $820.8 million as of December 31, 2025, and $1,430.5 million as of September 30, 2025.</li><li>Staking Rewards: $17,381,000 generated from proprietary staking activities for the three months ended December 31, 2025.</li><li>Tokenized Common Stock: 1,489,896 shares tokenized on the Solana blockchain as of December 31, 2025.</li><li>Share Repurchases: Forward Industries, Inc. repurchased 1,540,000 shares for $10,883,000 during the three months ended December 31, 2025.</li><li>Digital Asset Loan Receivable: A loan of 250,000 SOL to Galaxy Digital LLC was initiated in November 2025, bearing an 8% annual interest rate.</li></ul><h4>Future Outlook and Strategy</h4>Forward Industries, Inc. has shifted its focus to a Solana-centric digital asset treasury strategy, aiming to acquire, hold, stake, trade, and invest in SOL and related assets to expand the Solana ecosystem. The company plans to become the largest Solana asset treasury operator through strategies like acquiring and staking SOL, deploying SOL into DeFi protocols, and lending SOL. Forward Industries, Inc. also continues its engineering services business, providing hardware and software product design and engineering services. The company anticipates that its existing cash balance and working capital will provide sufficient liquidity through at least February 2027, assuming it can liquidate digital assets as needed.

Forward Industries | 10-Q: FY2026 Q1 Revenue: USD 21.44 M