Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz expressed concern Wednesday about the current state of cryptocurrency treasury companies, emphasizing the importance of creating shareholder value beyond just owning the underlying asset.Novogratz Questions Current LandscapeSpeaking to SkyBridge Capital founder Anthony Scaramucci, Novogratz said that these companies will continue to trade below their net asset value, between 80% and 95%, unless the management “turns them into companies.”“Remember the guy ...

Forward Industries (NASDAQ: FWDI), a Solana digital asset treasury company, announced that its SEC-registered shares are now live on the Solana blockchain through Superstate’s Opening Bell platform marking the first time a public company’s equity can be used directly within decentralized finance (DeFi). Via this integration, ex-US holders of Forward’s tokenized FWDI shares can now “post their equity as collateral on Kamino, one of Solana’s lending protocols.”Eligible investors can borrow stablecoins against ...

Financial Performance - Net revenue for Fiscal 2025 was $18.2 million, a decrease of 9% compared to $20.0 million in the prior year[5] - The company reported a net loss of $167.0 million for Fiscal 2025, compared to a net loss of $2.0 million in the prior year, primarily due to a $160.0 million non-cash, unrealized loss on SOL holdings[5] - Basic loss per share from continuing operations was $24.90 for Fiscal 2025, compared to $1.97 in the prior year, highlighting the impact of increased losses[11] Operating Expenses - Total operating expenses increased to $13.6 million, up from $7.3 million in the prior year, reflecting a significant rise in operational costs[5] Revenue Sources - In the fourth quarter of Fiscal 2025, Forward Industries generated approximately $4.6 million in staking revenue from its newly launched Solana treasury strategy[3] Asset Management - Total current assets increased to $41.2 million in Fiscal 2025, compared to $9.6 million in the prior year, driven by a significant increase in cash holdings[9] - Digital assets on the balance sheet amounted to $1.43 billion as of September 30, 2025, reflecting the company's investment in Solana[9] - The company’s total assets reached $1.47 billion in Fiscal 2025, a substantial increase from $14.8 million in the prior year, reflecting its growth in digital asset investments[9] Strategic Focus - Forward Industries is focused on expanding its treasury strategy to unlock additional on-chain yield opportunities, indicating a strategic shift towards digital asset management[3] - The company’s gross profit for Fiscal 2025 was $5.2 million, slightly up from $5.2 million in the previous year, indicating stable gross margins despite revenue decline[11]

Financial Performance - Net revenues for Fiscal 2025 were $18,188,000, a decrease of $1,803,000 or 9.0% compared to Fiscal 2024's $19,991,000[212] - The operating loss for Fiscal 2025 was $8,392,000, a substantial increase from the loss of $2,151,000 in Fiscal 2024[212] - The company incurred a loss from continuing operations before income taxes of $169,069,000 in Fiscal 2025, with an effective tax rate of 0%[219] - Consolidated basic and diluted loss per share from continuing operations was $24.90 for Fiscal 2025[220] Revenue Breakdown - The design segment revenue declined by $6,385,000, primarily due to the loss of a major design customer in December 2024[213] - Staking revenue from the digital assets segment contributed $4,582,000, partially offsetting the decline in design segment revenue[213] Profitability Metrics - Gross profit slightly increased to $5,191,000, with gross margin improving from 25.9% in Fiscal 2024 to 28.5% in Fiscal 2025[214] - The digital assets segment generated a gross profit of $4,412,000 with a gross margin of 96.3%[214] Expenses - General and administrative expenses rose significantly to $10,528,000, an increase of 65.4% from $6,366,000 in Fiscal 2024[212] - Sales and marketing expenses increased by $500,000 due to corporate marketing spend, partially offset by a $240,000 reduction in the design segment[215] - Corporate general and administrative expenses rose by $4,392,000, driven by higher share-based compensation and professional fees, while design segment expenses decreased by $769,000[216] - The company recorded goodwill impairment charges of $1,167,000 and intangible asset impairment charges of $271,000 related to the IPS reporting unit[217] Goodwill and Asset Impairment - Goodwill impairment increased to $2,026,000 in Fiscal 2025, compared to $200,000 in Fiscal 2024[212] - A $160,035,000 reduction in the fair value of digital assets was noted, primarily due to a decline in the market value of SOL[218] Cash Flow and Capital - Cash used in operating activities during Fiscal 2025 was $4,502,000, resulting from a net loss of $166,974,000[229] - Cash used for investing activities in Fiscal 2025 included $900,791,000 for purchasing digital assets[231] - As of September 30, 2025, the company's working capital was approximately $38.5 million, and cash balance was approximately $41.2 million[221] - The company raised approximately $1.65 billion through private placements and other financing transactions in September 2025[222] Digital Asset Strategy - As of November 30, 2025, digital asset holdings comprised more than 90% of the company's total assets[197] - The company launched a digital asset treasury strategy, acquiring 6,822,000 SOL at an average price of $232 per SOL, totaling approximately $1.58 billion[195]

Core Insights - Solana continues to lead in blockchain usage, particularly in decentralized exchange (DEX) activity, marking its 16th consecutive week as the leader in DEX volume [2] - Cardano experienced a 5% price increase, but this is viewed as a temporary relief rather than a sign of recovery, with underlying structural weaknesses still present [12][14] Group 1: Solana's Performance - Solana's dominance in DEX activity is highlighted, with significant investor interest following Forward Industries Inc.'s update on its Solana-focused treasury strategy [2] - Forward Industries holds over 6.9 million SOL, making it the largest corporate Solana treasury, with accumulation supported by a $1.65 billion private placement [3] - The company's validator operations generate a gross annual percentage yield (APY) between 6.82% and 7.01% before fees [5] Group 2: Solana's Price Action - Despite a 3% rebound, Solana's price struggles with heavy resistance, failing to break the $137–$141 resistance band, which is reinforced by the 0.382 Fibonacci retracement [8] - The broader trend remains defined by a falling diagonal from November's highs, with price movements lacking volume and quickly reversing [8] - A hold above $133 is crucial for a potential breakout, while a drop below this level could expose lower price points of $128 and possibly $122 [11] Group 3: Cardano's Price Action - Cardano's recent 5% rise towards $0.43 is seen as a temporary bounce, halting a steep downtrend but lacking structural strength for a sustained recovery [14] - The price remains below key moving averages, with resistance levels at $0.44 and $0.51, indicating ongoing challenges in breaking these zones [15] - Without a weekly close above $0.51, the market structure continues to favor sellers, with potential declines towards $0.34 and $0.28 if the $0.40 support is lost [16][17]

Forward Industries (NasdaqCM:FORD) Update / Briefing December 02, 2025 05:00 PM ET Company ParticipantsRyan Navi - CIOGeorgia Quinn - General CounselKyle Samani - Chairman of the BoardConference Call ParticipantsDevin Ryan - Managing Director and Equity Research AnalystJacob Steffen - Senior Research AnalystFedor Shabalin - Senior Research AnalystOperatorGood afternoon, everyone, and thank you for participating in today's conference call to discuss Forward Industries' strategic shift to Solana Digital Asset ...

Group 1 - The company has launched a digital asset treasury strategy focused on Solana in September 2025 [1] - Forward Industries has rapidly built the largest Solana treasury in the world [1] - The company has established an institutional-grade foundation for its treasury operations [1]

Financial Performance - Forward Industries' SOL holdings decreased by $56 million since November 23rd [1]

Core Insights - Forward Industries, Inc. is set to host a conference call on December 2, 2025, at 5:00 p.m. Eastern Time to discuss its newly launched Solana digital asset treasury strategy [1] - The call will cover operational milestones and ongoing initiatives aimed at increasing SOL-per-share [1] - Kyle Samani, the Chairman of the Board, will lead the conference call [1]

Core Viewpoint - Forward Industries, Inc. has changed its ticker symbol from "FORD" to "FWDI" on the Nasdaq Stock Exchange, effective November 17, 2025, reflecting its strategic focus on the Solana treasury strategy [1] Group 1 - The company is recognized as the leading Solana treasury company [1] - The ticker change is part of a strategy dedicated to acquiring SOL and increasing SOL-per-share through active management [1]