Forward Industries (FWDI)
Operates a Solana-focused digital-asset treasury alongside hardware and software design services.
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Runs a Solana-focused digital-asset treasury while providing hardware and software design and engineering services. Its design segment combines Intelligent Product Solutions and Kablooe, with customers predominantly based in the United States.
Builds its current business around a Solana-focused digital-asset treasury and a design segment. Digital-assets operations hold, stake, trade, invest in, and seek to grow SOL and related assets, protocols, and businesses under its stated strategy; the business also operates a SOL validator and participates in Solana DeFi.
The design segment combines Intelligent Product Solutions and Kablooe, providing hardware and software design and engineering services to predominantly US-based customers. Kablooe added medical and consumer design and development capabilities.
Digital-asset market values, DeFi and collateral-liquidation mechanics, liquidity, and regulatory uncertainty shape the treasury operation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $8 | Target: $16 |
| Aug 13, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $7.90 | Target: $8 |
| Jun 30, 2026 | Cantor Fitzgerald | Initiate | Rating: —Target: — | Target: $7.90 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $13.3M · Total debt $118.5M · Total assets $602.5M · Shareholders' equity $474.2M
- Revenue
- $10.8M
- Operating income
- −$70.3M
- Net income
- −$69.0M
No dividends on record.
| Institutions | 41.35% | 30.54M shares | |
|---|---|---|---|
| 94 holders · as of Jun 30, 2026 | |||
| Insiders | 23.02% | 17.00M shares | |
| 7 holders · as of Aug 17, 2026 | |||
| Strategic holders | 2.42% | 1.78M shares | |
| 2 holders · as of Apr 8, 2026 | |||
| Other | 33.21% | 24.53M shares | |
| remainder | |||
73.85M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Pyahm Samani1Insiderdirector | 21.05% | 13.76M | filed May 18, 2026 |
Galaxy Digital Inc.Institution | 10.98% | 8.11M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.03% | 3.71M | as of Jun 30, 2026 |
Alyeska Investment Group, L.P.Institution | 4.40% | 3.25M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.63% | 2.68M | as of Jun 30, 2026 |
- Pyahm Samani's transaction reports restate only vehicles that traded; the 2025 ownership statement (13.76M) plus the 1.78M net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 19, 2026 | Michael D. Pruitt | director, officer: Chief Executive Officer | +500 | $4.16 |
| Dec 19, 2025 | Ryan David Navi | officer: Chief Investment Officer | +10,000 | $7.08 |
| Dec 15, 2025 | Michael D. Pruitt | officer: Chief Executive Officer | +1,000 | $7.44 |
- Upexi
Solana treasury peer using staking and locked-token purchases
- DeFi Development
Solana treasury peer with validator and DeFi operations
- Solana Company
Listed SOL treasury focused on SOL per share and on-chain activity
- Sharps Technology
SOL treasury peer using capital raises and on-chain yield generation
- Jabil
Global product design, engineering, and healthcare manufacturing provider
- Flex
Medical-device design and engineering provider with manufacturing scale
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forward Industries | $8.65 | +5.81% | $602.6M | — | 42.2 | 11.3 | +332.1% |
| Upexi | $1.25 | −1.19% | $92.5M | — | — | 3.7 | −4.6% |
| DeFi Development | $6.33 | −2.76% | $196.1M | — | — | 13.0 | +66.9% |
| Solana Company | $3.29 | +5.63% | $181.6M | — | — | 15.0 | +5,774.4% |
| Sharps Technology | $1.27 | −2.31% | $53.7M | — | — | 21.5 | — |
| Jabil | $306.39 | +0.90% | $31.82B | 37.9 | 19.5 | 0.9 | +11.8% |
| Flex | $113.12 | +1.35% | $41.23B | 43.1 | 21.7 | 1.4 | +20.6% |
| Median | 40.5 | 20.6 | 8.3 | +20.6% |