According to Woofun AI, Nasdaq-listed company Forward Industries (FWDI.US) released an interim business update for the first quarter of fiscal year 2027 on November 10, disclosing that its SOL and SOL equivalent holdings had increased to 8,727,694 units as of November 9, a net increase of 226,396 units compared to 8,501,298 units on September 30, an increase of 2.7%, accounting for about SOL circulation supply 1.5%
Since completing a private capital increase in September 2025, Forward Industries has established a strategy to hold SOL as a core financial asset, and has received endorsements from institutions such as Galaxy Digital (GLXY.US) and Jump Crypto.
According to data compiled by Woofun AI, the average cost of adding SOL during the reporting period was $75, and SOL obtained through staking was not included in the acquisition cost; based on complete dilution, SOL holdings per share rose from 0.0806 SOL to 0.0824 SOL, an increase of 2.3%. If the 40-day growth rate is simply converted to an adult growth rate, it is about 21%. Chief Investment Officer Ryan Navi described the six-week performance after the start of the quarter as a “strong start.”
In terms of capital operations, Forward Industries received a funding line of 50 million dollars. The loan period is 2 years, and the interest rate is 1.5% higher than the US short-term interest rate index SOFR; the SOL used as collateral can continue to be used as collateral, and the funds raised will be used to advance a strategy called “SOL++.”
In addition, the company added Barclays (BCS.US) as a sales agent for the capital increase (ATM) business at market price, and plans to invest up to $50 million in the tokenized index product “USHP” linked to US housing prices. The dollar revenue obtained through this revenue token will be used to further purchase SOL. Forward Industries plans to work with USHP to expand its business into the SOL field in 2027.
According to financial data, as of November 9, the company's net asset value (NAV) was about 600 million US dollars, down from about 870 million US dollars on September 30; at a valuation of 1 SOL = 86.61 US dollars, the assessed value of SOL held was about 756 million US dollars. Institutional borrowing increased from $167.5 million to $187.5 million; NAV consists of the assessed value of SOL, $26.6 million in other digital assets, and $5.25 million in cash and marketable securities, after deducting institutional loans. These are all preliminary figures before the audit. The mNaV (based on complete dilution) indicator obtained by dividing the stock price by NAV per share is 0.976 times, higher than 0.946 times at the end of September; when this value is less than 1, it means that the stock price is lower than the value of assets per share after deducting liabilities, and the stock price used to calculate the closing price of $5.53 on November 9.