Forward Industries FY2025 net loss $167M on $160M non-cash SOL impairment

Forward Industries, Inc.

Net revenue $18.2M (-9% YoY); operating expenses $13.6M (vs $7.3M prior year).
Net loss $167.0M, driven by $160.0M non-cash unrealized loss on SOL mark-to-market.
Generated ~$4.6M staking revenue in Q4; company expects segment to scale.
Cash flow and yield generation unaffected by non-cash SOL fair value adjustments.

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