Forward Industries grows SOL holdings by 949K to 8.5M in fiscal Q4, SOL per share rises to 0.0806

Forward Industries Grows SOL Holdings by 949K to 8.5 Million SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806

Forward Industries Grows SOL Holdings by 949K to 8.5 Million SOL in Fiscal Fourth Quarter, Increasing SOL per Share to 0.0806

Forward Industries increased SOL per Share by 42% annualized, for the quarter.

AUSTIN, TX, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the "Company” or "Forward”), the leading Solana treasury company, today provided an update on its SOL treasury strategy for its fiscal fourth quarter ended September 30, 2026. During the quarter, Forward increased its SOL and SOL equivalent holdings by 948,601 SOL, or 13%, from 7,552,698 as of June 30, 2026 to 8,501,298 as of September 30, 2026, representing approximately 1.4% of Solana’s circulating supply.1 The SOL added during the quarter came at an average cost of $83 per SOL.2

SOL per share on a fully diluted basis increased to 0.0806 as of September 30, 2026, from 0.0730 as of June 30, 2026, representing quarterly growth of 10.4%, or approximately 42% on an annualized basis.3 While a portion of the quarter’s purchases was funded through the sale of FWDI shares, that issuance was accretive for shareholders, as the quarterly increase in SOL per share shows. The quarter also completes Forward’s first full fiscal year executing on its Solana focused strategy, over which SOL per share on a fully diluted basis grew 33% from 0.0604 as of September 30, 2025.

Forward’s investment in OnRe, the Solana-based tokenized reinsurance platform, continued to grow during the quarter. ONyc’s market capitalization increased 40.7% from approximately $203.4 million at the end of June 2026 to approximately $286.2 million as of September 30, 2026, and has grown approximately 100% since Forward’s investment in May 2026. Over the same period, the total tokenized real-world asset market capitalization on Solana grew from more than $3.3 billion to approximately $4.3 Billion.4

"This was a standout quarter for Forward, with record SOL additions far outpacing our peers and SOL per share growth of approximately 42% on an annualized basis,” said Ryan Navi, Chief Investment Officer of Forward Industries. "Our accelerating growth in both total SOL and SOL per share demonstrates the power of our disciplined capital allocation and differentiated ‘SOL++’ strategy. We are building the Berkshire Hathaway of Solana, combining access to best-in-class debt and equity capital terms with diversified yield sources and investments in high-growth ecosystem companies. Each milestone strengthens our ability to compound shareholder value.”

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The tables below present Forward’s net asset value and capitalization as of September 30, 2026. Figures are preliminary and unaudited.5

Net Asset Value Calculation Quantity Price Value ($) Total FV of SOL Treasury* 8,501,298 $ 118.06 $ 1,003,663,266 Other digital assets - FV 42,587,366 Various $ 26,927,436 Cash $ 7,292,000 $ 1.00 $ 7,292,000 Institutional debt ($ 167,500,000 ) $ 1.00 ($ 167,500,000 ) Total net asset value $ 870,382,702 * Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL

Capitalization Table Quantity Price Market Cap ($) NAV/Sh mNAV Common shares 76,288,215 $ 7.80 $ 595,048,077 $ 11.41 0.684x In-the-money warrants - vested 12,383,212 $ 0.06 In-the-money options - vested 481,497 $ 5.03 In-the-money options - unvested 256,667 $ 4.97 Restricted stock units - unvested 950,996 In-the-money fully diluted share count 90,360,587 $ 7.80 $ 704,812,579 $ 9.63 0.810x Advisor and lead investor warrants 13,376,388 $ 0.01 Out-of-the-money warrants - vested - Out-of-the-money options - vested 151,896 $ 18.14 Out-of-the-money options - unvested 921,606 $ 11.90 Performance stock units - unvested 725,324 Fully diluted share count 105,535,801 $ 7.80 $ 823,179,248 $ 8.25 0.946x Quarter-over-Quarter Summary

June 30, 2026 September 30, 2026 SOL and SOL equivalents 7,552,698 8,501,298 Percent of SOL circulating supply ~1.3% ~1.4% SOL per fully diluted share 0.0730 0.0806 Fully diluted shares outstanding 103,525,881 105,535,801 Common shares outstanding 73,846,883 76,288,215 Cash and cash equivalents $ 10,965,165 $ 7,292,000 Institutional debt outstanding $ 105,000,000 $ 167,500,000 Net asset value $ 481,328,023 $ 870,382,702 mNAV (fully diluted) 0.908x 0.946x Notes

1 "SOL Holdings” and "SOL and SOL equivalents” includes SOL, fwdSOL, and pledged SOL; and excludes borrowed SOL.

2 Average cost reflects purchased SOL and SOL earned through staking, and ascribes no cash cost to SOL earned through staking.

3 SOL per share on a fully diluted basis is total SOL and SOL equivalents divided by fully diluted shares outstanding. Annualized growth is the sequential percentage change multiplied by four.

4 Source: RWA.xyz (ONyc total asset value; Solana distributed real-world asset value, excluding stablecoins), as of September 30, 2026.

5 Figures are preliminary and unaudited and remain subject to completion of the Company’s annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com .

Cautionary Statement Regarding Forward-Looking Statements

This press release includes "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. These forward-looking statements generally can be identified by the use of words such as "anticipate,” "expect,” "plan,” "could,” "may,” "will,” "believe,” "estimate,” "forecast,” "goal,” "project,” "target,” "intend,” "potential,” "should,” "continue,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s SOL treasury strategy and its ability to grow SOL and SOL per Share, the Company’s plan for value creation and strategic advantages, the Company’s expectations regarding the Solana ecosystem and the market for tokenized real-world assets, the performance of the Company’s investments, including its investment in OnRe, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the failure to realize the anticipated benefits of the digital asset treasury strategy; the extreme volatility of the price of Solana and other digital assets, including the risk of rapid and substantial declines or increases in price; the risk that