Forward Industries Inc's Business Segments

Forward Industries, Inc. is a design company serving medical and technology clients primarily in the United States. Through its wholly-owned subsidiaries, the company provides hardware and software product design and engineering services. Its design offerings include electrical, mechanical, software, and optical engineering; industrial and UX/UI design; program management; IoT system architecture; and IT support. Forward Industries designs and develops consumer and industrial electronics products such as medical devices, smart displays, beverage vending machines, enterprise and mobile software applications, lighting, security and detection systems, cameras, wearables, and vehicle controls. The design process covers product concept, prototype development, and final manufacturing design. The company procures supplies and equipment mainly for prototype development, with suppliers primarily located in the U.S. In addition to its design operations, Forward Industries has implemented a digital asset treasury strategy focused on acquiring and holding Solana (SOL) and other digital assets as its primary treasury reserve. The company plans to acquire SOL through market purchases, staking, and strategic partnerships within the Solana ecosystem to generate incremental revenue. This strategy includes capital markets issuances, staking to earn yield, participation in decentralized finance protocols, and potential sales of SOL holdings for value creation. The company's assets are highly concentrated in digital assets, particularly SOL, which may affect its financial condition depending on developments in the Solana ecosystem.

The registrant operates a design segment that provides comprehensive capabilities under one roof, competing with various design and engineering companies in specific industries or specialized skills. In September 2025, the registrant initiated a digital asset treasury strategy primarily focused on acquiring Solana (SOL) and other digital assets. This strategy includes market purchases of SOL, staking holdings through validators, and generating revenue via partnerships within the Solana ecosystem. The Treasury Policy allocates a significant portion of the balance sheet to digital assets, mainly SOL and Solana ecosystem tokens, resulting in a high concentration of these assets. The digital asset treasury sector is competitive and evolving, with companies expanding holdings beyond Bitcoin to include assets such as Ethereum and SOL. Market volatility may create consolidation opportunities for larger, stable companies. The registrant's treasury business specifically concentrates on SOL and the Solana ecosystem.