Forward Industries Adds 948,601 SOL in Fiscal Q4, Treasury Reaches 8.5 Million SOL

Forward Industries (NASDAQ: FWDI) ended its fiscal fourth quarter on 30 September 2026 holding 8,501,298 SOL and SOL equivalents, after adding 948,601 SOL over the three months, according to the company's preliminary, unaudited treasury update published on 1 October 2026. Forward Industries' holdings rose 13% from 7,552,698 SOL on 30 June, and the company says the position equals roughly 1.4% of Solana's circulating supply.

The quarter-end figure updates the 8.16 million SOL mid-quarter count we covered on 22 September and closes out Forward Industries' fiscal year. The figures remain subject to the company's annual audit.

FWDI SOL per share rises to 0.0806 from 0.0730

The number Forward Industries leads with is SOL per share: the SOL in its treasury divided by its fully diluted share count. It works like a fund's net asset value per unit. A treasury company can grow its total SOL by issuing stock and spending the proceeds, so the per-share figure only rises when the SOL bought outpaces the new shares created.

Forward Industries reported SOL per fully diluted share of 0.0806 on 30 September 2026, up from 0.0730 on 30 June. The company calculates that as 10.4% quarterly growth, or about 42% annualized. A year earlier, on 30 September 2025, the figure was 0.0604, which the release puts at 33% growth over 12 months. The count rests on 105,535,801 fully diluted shares, of which 76,288,215 are common shares outstanding.

Chief Investment Officer Ryan Navi called it "a standout quarter for Forward, with record SOL additions far outpacing our peers," and credited "our disciplined capital allocation and differentiated 'SOL++' strategy." The comparison with peers is Forward's own; the release does not publish other treasury companies' figures.

Forward's Q4 balance sheet: $167.5 million in debt and FWDI share sales

Forward Industries paid an average of $83 per SOL during the quarter, per the release. Its institutional debt rose to $167.5 million on 30 September from $105.0 million on 30 June, while cash and cash equivalents fell to $7.29 million from $10.97 million.

On Solana Compass's daily SOL price data, SOL closed at about $77 on 1 July, spent most of July and early August between $72 and $78, then climbed from late August to close at about $118 on 30 September.

Forward names share sales as one funding source, stating that "a portion of the quarter's purchases was funded through the sale of FWDI shares" and that the issuance "was accretive for shareholders, as the quarterly increase in SOL per share shows." It does not split the 948,601 SOL by funding source, which matters for reading the headline metric: borrowed money adds SOL without adding shares, so debt-funded buying lifts SOL per share on its own, while the effect of the share sales depends on the price the stock was sold at.

The company put its net asset value at $870,382,702 at quarter end and its mNAV, the multiple it uses to compare its market value with that net asset value, at 0.946x. A reading below 1x means the market valued Forward Industries slightly below its stated net assets on 30 September.

OnRe's ONyc market cap grew 40.7% in Forward's fiscal Q4

Beyond SOL, Forward Industries holds a position in OnRe ONyc$1.15-0.1%, the on-chain reinsurance protocol it backed in the spring. According to the release, the market capitalization of OnRe's ONyc token rose 40.7%, from about $203.4 million at the end of June to about $286.2 million on 30 September, and has roughly doubled since Forward's investment in May 2026. The release reports ONyc's total market cap, not the value of Forward's own stake.

OnRe has kept building through the quarter, most recently launching a liquidity engine for ONyc with routing through Titan. Forward's release puts Solana's tokenized real-world asset market at about $4.3 billion on 30 September.

Forward Industries' Solana treasury across fiscal 2026

Forward Industries entered the quarter with 7,552,698 SOL, the fiscal Q3 close we reported on 1 July. Its fiscal Q3 10-Q filing showed how SOL price swings flow through the company's GAAP results. Alongside the buying, Forward has pursued acquisitions of other Solana treasury companies, including its bid for SkyAI.

For Solana, the update puts a single Nasdaq-listed company at about 1.4% of SOL's circulating supply, built with a mix of borrowing and stock sales and measured by how much SOL sits behind each FWDI share.