Monitor the upcoming 10-K for audited financials and any changes to preliminary NAV figures. The continued SOL accumulation funded partly by equity issuance and increased debt warrants watching for leverage trends.
Price Chart
Executive Summary
Forward Industries disclosed a 13% increase in SOL holdings to 8.5 million SOL as of September 30, 2026, with SOL per share growing 10.4% sequentially to 0.0806. Net asset value rose 81% to $870.4 million, though institutional debt increased to $167.5 million and cash declined to $7.3 million. The filing is a routine quarterly treasury update with no earnings or guidance data.
Key Facts
- SOL holdings grew 13% from 7,552,698 to 8,501,298 during fiscal Q4 2026
- SOL per fully diluted share increased to 0.0806 from 0.0730 (10.4% quarterly growth)
- Net asset value rose to $870,382,702 from $481,328,023 (81% increase)
- Institutional debt increased to $167,500,000 from $105,000,000
- Cash and cash equivalents declined to $7,292,000 from $10,965,165
- Common shares outstanding increased to 76,288,215 from 73,846,883
- Fully diluted shares outstanding increased to 105,535,801 from 103,525,881
- mNAV (fully diluted) improved to 0.946x from 0.908x
- ONyc market cap grew 40.7% to approximately $286.2 million
Financial Impact
Net asset value increased by $389 million QoQ; SOL holdings valued at $1.004 billion at $118.06/SOL
Risk Factors
- SOL price volatility directly impacts NAV and stock price correlation
- Increased institutional debt ($167.5M) raises financial leverage risk
- Cash burn from SOL purchases at $83 average cost vs. current $118.06 price
- Preliminary figures subject to audit adjustment
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001683168-26-007543 |
| Document: forward_8k.htm | 0001683168-26-007543 |
| Document: 0001683168-26-007543-index-headers.html | 0001683168-26-007543 |
| Document: 0001683168-26-007543-index.html | 0001683168-26-007543 |
| Document: 0001683168-26-007543.txt | 0001683168-26-007543 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 25d ago | 8-K | $8.16 | awaiting T+20 | — | $6.61 (−19.00%) |
Oct 1, 2026 25d ago | Press Release | $8.16 | awaiting T+20 | — | $6.61 (−19.00%) |
Sep 24, 2026 4w ago | 424B5 | $8.35 $6.99 | ▲ +16.29% | ▲ +15.87% | $6.61 (+20.84%) |
Sep 23, 2026 4w ago | Press Release | $8.06 $7.55 | ▲ +6.33% | ▲ +7.02% | $6.61 (+17.99%) |
Sep 15, 2026 5w ago | 8-K | $6.01 $6.79 | ▲ +12.98% | ▲ +10.92% | $6.61 (+9.98%) |
Jul 29, 2026 12w ago | Press Release | $3.80 $5.93 | ▲ +56.05% | ▲ +51.03% | $6.61 (+73.95%) |
Jul 1, 2026 16w ago | Press Release | $4.70 $3.80 | ▼ −19.15% | ▼ −16.96% | $6.61 (+40.64%) |
Jun 16, 2026 18w ago | 8-K | $4.83 $4.54 | ▼ −6.00% | ▼ −6.20% | $6.61 (+36.85%) |
Jun 15, 2026 19w ago | Press Release | $4.83 $4.54 | ▼ −6.00% | ▼ −6.20% | $6.61 (+36.85%) |
Jun 15, 2026 19w ago | Press Release | $4.83 $4.54 | ▼ −6.00% | ▼ −6.20% | $6.61 (+36.85%) |
US Market Status
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