Solana Writedowns Push Forward Industries to $69 Million Q3 Loss
Forward Industries (FWDI) booked a $69 million net loss for its fiscal third quarter, or $0.80 per share, after writedowns on its Solana (SOL) treasury.
The Nasdaq-listed company still grew the asset behind the loss. Its Solana stack grew to more than 7.55 million SOL by June 30, and SOL per share climbed 9% from the prior quarter to 0.0730.
Writedowns Drive Forward Industries Q3 Loss
Two line items account for most of the damage. Forward recorded a $49.8 million loss on digital assets and a further $15.2 million impairment, against an operating loss of $70.3 million.
The losses stem from US GAAP rules that force treasury firms to mark digital assets to fair value. They do not reflect realized sales or cash outflows, according to the company's release.
The quarter closed with SOL marked at $73.53. This left the deficit well below the prior quarter's steeper loss, which reached $283.1 million as the token slid.
Revenue moved the other way. It climbed more than 4x to $10.8 million from $2.5 million a year earlier. The gain came mainly from SOL staking and other treasury income.
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