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Forward Industries reports $585.6M Q1 loss due to Solana price drop despite higher staking revenue

Protocol Fundamentals
14 May 2026
Crypto news
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Bearish
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Forward Industries, the largest Solana treasury company, posted a $585.6 million net loss in Q1 2026, mainly from a $560.2 million digital asset markdown and a $33 million impairment on its Solana holdings. The company holds nearly 7 million SOL tokens, mostly staked with a 6.73% gross annual yield, generating staking revenue that boosted quarterly income to $21.4 million, up from $4.6 million a year earlier. Despite the revenue growth, the treasury's value fell sharply due to Solana's price drop, creating an unrealized paper loss of about $1 billion. Forward continues to develop its Solana treasury strategy, including launching liquid staking tokens and automated market makers, with the next earnings update scheduled for May 14, 2026.

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