Forward Industries (FWDI), the largest corporate holder of Solana (SOL), reported a net loss of $283.1 million for the fiscal second quarter ending March 31, 2026. The loss was primarily driven by a decline in fair value of its SOL holdings, as Solana's price fell from about $124 to $83 during the period. The firm recorded $201.7 million in losses and $85.1 million in impairments on digital assets. Despite the headline loss, total revenue quadrupled year-over-year to $13 million, mainly from staking rewards on its SOL treasury, which generated a gross APY of 6.5%-7.2%. The company held 7,044,079 SOL and about $16.6 million in cash at quarter end. Chairman Kyle Samani highlighted strategic moves including a debt facility with Galaxy Digital and a share repurchase reducing outstanding shares by 7.4%. Separately, Upexi, another major SOL holder, posted a $109.3 million net loss with $92.3 million from unrealized digital asset losses.

Key facts

• Forward Industries reports $283.1M net loss for Q2 fiscal 2026 due to falling SOL prices.
• Solana price dropped from ~$124 to $83, causing $201.7M losses and $85.1M impairments.
• Revenue quadrupled to $13M, driven by staking rewards with 6.5%-7.2% APY.
• Company holds 7,044,079 SOL and $16.6M cash; operating expenses decreased.
• Upexi also posted $109.3M net loss with $92.3M from unrealized digital asset losses.

KeyAudit data perspective