Forward Industries Funds $27M Buyback With Galaxy Loan

TLDR

• Forward Industries will repurchase about $27.4 million of its shares in a private transaction with an institutional investor.
• The company will fund the buyback through a $40 million digital asset-backed loan from Galaxy Digital.
• The loan carries an average interest rate of about 3.4% and will mature in less than five months.
• Forward Industries pledged staked SOL as collateral while continuing to earn roughly 6.2% annual staking yield.
• The repurchase will reduce the company’s share count by about 7% and increase its SOL per share metric.

Forward Industries will repurchase about $27.4 million of its stock through a private transaction. The company will fund the buyback with a $40 million loan from Galaxy Digital. The move comes as its SOL holdings and share price remain below prior levels.

Forward Industries Funds a $27 Million Buyback with  Galaxy Loan

Forward Industries agreed to buy back about 6.16 million shares from an institutional investor. The private deal will reduce its total share count by roughly 7%. The company said the reduction will increase its SOL-per-share metric.

The firm secured a $40 million digital asset-backed loan from Galaxy Digital to fund the purchase. The loan carries an average interest rate of about 3.4% and matures in under five months. Forward Industries pledged staked SOL as collateral for the facility.

The company said the pledged SOL generates about 6.2% annual staking yield. It will continue earning staking rewards while it uses the borrowed funds. The firm stated that this structure allows it to access liquidity without selling tokens.

Forward Industries confirmed that it structured the transaction as a short-term financing arrangement. It expects to complete the share repurchase under the agreed private terms. The company disclosed the details in a Thursday release.

SOL Price Decline Pressures Treasury Holdings

SOL has declined about 30% year to date, according to company figures. Forward Industries shares have also fallen about 25% during the same period. The company began accumulating SOL in September 2025 when prices were near $240.

SOL now trades around $88, which reflects a drop of more than 60% from those levels. The company has continued to increase its holdings despite the decline. It now holds just over 7 million SOL.

The current holdings are worth about $616 million at recent prices. Forward Industries said it is the largest known corporate holder of SOL. The next largest treasury, Solana Company, holds about 2.3 million SOL.

The firm said it measures shareholder value using its SOL-per-share metric. It expects the reduced share count to lift that figure. The company linked the buyback directly to this internal performance measure.

Forward Industries also addressed its operating cost outlook. It projects that core SG&A expenses will decline by about 45% between its fiscal first and third quarters. The company attributed the expected decline to lower service fees, legal costs, and vendor spending.

The company stated that it will report further updates in upcoming earnings releases. It confirmed that the loan will mature in less than five months. The firm continues to hold just over 7 million SOL at current prices.