Forward Industries repurchased approximately $27.4 million of its own stock through a Galaxy loan.

Forward Industries (NASDAQ: FWDI) announced a share buyback of approximately $27.4 million, funded by a short-term loan from Galaxy Digital, as it continues to advance its treasury strategy centered on Solana. The company stated it will repurchase approximately 6.16 million shares from an institutional investor through a private transaction, reducing its outstanding shares by about 7%, which is expected to improve its SOL per share metric. Forward secured a $40 million digital asset-backed loan from Galaxy Digital at an average interest rate of approximately 3.4%, with a term of less than five months, secured by pledged SOL, which yields an annualized return of approximately 6.2%. This buyback comes at a time when both the company's share price and its underlying assets have declined. FWDI's share price is down approximately 25% year-to-date, and SOL is down approximately 30% over the same period. Forward began accumulating SOL shares in September 2025 when the price was around $240; currently, the price is around $88, representing a decline of over 60% from its initial investment. Despite facing shrinkage, Forward continues to expand its holdings, currently holding over 7 million SOL tokens, worth approximately $616 million at current prices, making it the largest known corporate SOL holder. Solana Company ranks second with approximately 2.3 million SOL tokens. Furthermore, Forward expects operating expenses to decline in the coming quarters, with core SG&A costs projected to decrease by approximately 45% between the first and third fiscal quarters.