BlockBeats News, May 15th, Forward Industries, the treasury company of Solana, released its quarterly financial report for the period ending on March 31, 2026. The company announced a 319% year-on-year revenue growth to $13 million. However, due to a decrease in the fair value of crypto assets, the net loss expanded to $2.831 billion.

The company stated that the growth in this quarter was mainly driven by the increase in Solana (SOL) staking rewards. Nevertheless, there was a $2.017 billion digital asset loss and an $85.1 million asset impairment recorded during the same period, primarily due to the devaluation of holdings caused by SOL price fluctuation.

According to the financial report, the company held approximately 7.04 million SOL during the quarter and received around 201,200 SOL as staking rewards, with almost all SOL assets being staked.

Solana experienced a 33.7% decline during the reporting period, closing at $82.44. Price volatility was seen as a key factor dragging down the financial performance.

Furthermore, in March, Forward Industries entered into a loan agreement with Galaxy Digital and drew the first $40 million in financing, using fwdSOL as collateral, at a comprehensive annual interest rate of around 3.4%. The company stated that this financing was used to optimize the liquidity structure.

The company's management indicated that they had adjusted the balance sheet through cost reductions, debt instruments, and stock buybacks to address market fluctuations and enhance long-term value.

Despite the significant increase in quarterly losses, the company's stock price experienced a slight post-market drop after the financial report was released, but it still showed a monthly increase recently.