Forward Industries Shares Fall on New Debt as Solana Value Drops
By Katherine Hamilton
Forward Industries shares fell after the crypto-stockpiling company said it had taken on more debt during the fiscal second quarter.
The stock fell 12% to $4.47 on Friday, at one point touching a 52-week low. Shares have lost about a third of their value this year.
Forward, which is a treasury for Solana cryptocurrency, said Thursday evening it had secured a debt facility during the quarter amid market volatility. It is also executing a share-buyback program to reduce basic shares outstanding by 7.4%, it said.
Solana's price has dropped 36% over the past six months.
The company's net loss widened to $283.1 million in the quarter ended March 31, compared with a loss of $1.45 million the year before. Forward recorded a loss on digital assets of $201.7 million and an impairment of digital assets of $85.1 million.
Forward also implemented a cost-reduction plan in March that is expected to lower operating expenses, the company said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 15, 2026 12:02 ET (16:02 GMT)
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