Overview

• US Solana treasury firm's fiscal Q2 revenue rose more than 4x yr/yr, driven by staking revenue

• Company posted wider net loss of $283 mln, mainly from non-cash charges on SOL fair value decline

• Forward repurchased $27.4 mln in shares and secured $40 mln institutional debt facility

Outlook

• Company expects SG&A (excluding stock-based compensation) to average $4.8 mln per quarter

• Forward intends to deploy up to $25 mln into ONyc, a yield-bearing token on Solana

• Company says it will remain disciplined in risk management and pursue strategic transactions to grow SOL-per-share

Result Drivers

• STAKING REVENUE - Revenue growth was primarily driven by staking income from the company's Solana treasury strategy

• COST REDUCTION PLAN - SG&A expenses declined sequentially due to initial execution of a cost reduction plan announced in March

• SOL FAIR VALUE DECLINE - Net loss was largely due to non-cash charges from the decline in fair value of SOL holdings

Company press release: ID:nGNX7nGKNt

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$13 mln	$11 mln (1 Analyst)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the NOT AVAILABLE peer group is "buy"

• Wall Street's median 12-month price target for Forward Industries Inc is $7.00, about 50.9% above its May 13 closing price of $4.64

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.