TechFlow News, May 15: According to The Block, Solana’s treasury company Forward Industries released its Q1 2026 financial report, reporting quarterly revenue of $13 million—a 319% year-on-year increase—primarily driven by SOL staking rewards. However, the company recorded a $201.7 million digital asset loss and an $85.1 million cryptocurrency impairment, both stemming from a decline in the fair value of its SOL holdings (SOL fell 33.7% during the quarter), resulting in a net loss of $283.1 million—significantly higher than the $1.5 million net loss reported in the same period last year.
As of the end of March, the company held approximately 7.04 million SOL and had accumulated 201,200 SOL in staking rewards, nearly all of which remained staked. Additionally, in March, the company signed a loan agreement with Galaxy Digital, drawing an initial $40 million, while simultaneously advancing cost-cutting initiatives and share buybacks (reducing basic share capital by 7.4%).
