Forward Industries Inc (NASDAQ: FWDI) is a design and digital asset company that provides hardware and software product design and engineering services to medical and technology customers, while also holding Solana (SOL) and other digital assets as its primary treasury reserve. Revenue from design services is transactional and project-based, concentrated among several customers predominantly located in the U.S. The company adopted SOL as its primary treasury reserve asset in September 2025, purchasing an initial 6,822,000 SOL at an average price of $232 per SOL, totaling approximately $1.58 billion in aggregate, guided by Galaxy Digital Capital Management LP under an Asset Management and Services Agreement. The company discontinued its OEM distribution segment, which sourced carrying cases and accessories for medical and electronic OEMs, completing the sale in May 2025 (FY2025). The retail distribution segment, which sold smart-enabled furniture, hot tubs, and saunas online, was exited in July 2023. As of the 10-K filed December 11, 2025, the continuing business consists of the design services segment and the digital asset treasury strategy.

Revenue model

Project-based and fixed-fee design and engineering services contracts with medical and technology customers. The company does not manufacture products. Digital asset holdings generate no recurring revenue but may produce staking yield from SOL holdings on the Solana network.

Products and services

Hardware and software product design and engineering services for medical and technology customers. SOL and other digital assets held as treasury reserve assets. Discontinued operations included OEM-sourced carrying cases and accessories for medical monitoring and diagnostic kits and portable electronic devices (sold May 2025), and online retail of smart-enabled furniture, hot tubs, and saunas (exited July 2023).

Customers and end markets

Medical device and technology OEM customers, predominantly located in the U.S. A significant portion of design segment revenue is concentrated among several customers, per the FY2025 10-K filing.

Value-chain role

Design and engineering services provider sitting upstream of manufacturing. The company does not manufacture its own products. Digital asset treasury operations are managed with assistance from Galaxy Digital Capital Management LP under agreements entered September 10, 2025.

Geographic exposure

Design services customers are predominantly located in the U.S. The discontinued OEM distribution segment sourced products from independent suppliers in China through Forward Industries Asia-Pacific Corporation, a British Virgin Islands corporation.

Source: SEC 10-K, filed 2025-12-11

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