Forward Industries (FWDI) Investor Update summary

Strategic transformation and Solana treasury focus

• Transitioned to a Solana Digital Asset Treasury strategy, becoming the largest SOL treasury company globally, backed by leading crypto institutions Galaxy Digital, Jump Crypto, and Multicoin Capital.

• Acquired over 6.8 million SOL tokens post-strategy launch, with nearly all holdings staked and deployed across validator infrastructure.

• Institutional-grade validator infrastructure launched, achieving top network performance and net yields between 6.82% and 7.01% APY.

• No debt, fully unencumbered SOL treasury, and approximately $30 million in operating capital.

• $1 billion share repurchase authorization announced, providing flexibility to buy back shares below intrinsic value.

On-chain strategy and yield generation

• Actively participates in on-chain Solana DeFi, staking, and liquid staking, aiming to outperform passive benchmarks.

• Launched FWD SOL, a liquid staking token, enabling simultaneous staking yield and use as collateral for borrowing or trading strategies.

• PropAMM launched to leverage market expertise for efficient execution and value capture from Solana trading activity.

• Executed tax optimization, resetting over $300 million in notional value at minimal cost.

• Approximately 25% of the balance sheet is in liquid staking tokens, with plans to increase over time.

Ecosystem engagement and innovation

• Established a 25-member crypto advisory board for insight into protocol growth, governance, and deal flow.

• Tokenized equity (FWDI) on Solana via Superstate, enabling global investor access and on-chain capital market functions.

• Partnerships with Kamino, Drift, and Jupiter to make FWDI eligible as DeFi collateral and facilitate on-chain governance and fundraising.

• Engaged with SEC and regulatory bodies to pioneer on-chain securities and support broader adoption.