Forward Industries (FWDI) investor relations material

Strategic positioning and market context

• Holds over 6.9 million SOL, more than the next three largest SOL treasury companies combined, with no debt as of December 31, 2025.

• Recognized as the 7th largest Solana validator and actively testing new products like PropAMM and fwdSOL liquid staking token.

• Maintains a strong presence in Solana's ecosystem, leveraging high-throughput infrastructure and expanding tokenized asset offerings.

Recent transaction and capital structure

• On March 18, 2026, repurchased 6.16 million shares for $27.4 million, reducing basic shares outstanding by 7.4%.

• Institutional debt increased to $40 million at a 3.4% average interest rate, with a 4.9-month average maturity.

• Cash and equivalents rose to $21.1 million, enhancing liquidity.

• SOL treasury holdings remained stable at about 7 million SOL, valued at $674.8 million.

• Net asset value per share increased from $8.22 to $8.52 post-transaction.

Shareholder value and business model

• Pursues accretive share buybacks, strategic M&A, and a full range of financial instruments.

• Generates yield through SOL staking and DeFi, with fwdSOL aiming to boost returns above base staking rates.

• Developing business units for revenue not tied to the balance sheet, with PropAMM as the first revenue-generating initiative.