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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Forward Industries
Forward Industries (FWDI) investor relations material
Forward Industries Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary1 Oct, 2026
Solana market and adoption
Solana recorded $356M in onchain application revenue over the 90 days ended Sep. 30, 2026, versus $165M for Ethereum, $154M for Hyperliquid and $145M for Robinhood Chain.
Solana had $16B+ in stablecoin supply, 1.2M tokenized real-world asset holders and $3.3B in tokenized-equity trading volume; tokenized RWA value grew 4.8x from Jan. to Sep. 2026.
Network metrics cited include ~0.3-second block time, 2,000+ observed user TPS, sub-cent typical fees and ~5.7% native staking yield.
Institutional developments included nine U.S. spot SOL ETFs with ~$1.37B cumulative net inflows, Visa USDC settlement, Mastercard/Worldpay/Western Union developer efforts, and BlackRock BUIDL reaching ~$615M on Solana.
Treasury position and performance
SOL is the primary treasury asset, with a stated objective of growing SOL per share through SOL holdings, yield, USD revenue and ecosystem investments.
Holdings exceeded 8.50M SOL and SOL equivalents at Sep. 30, 2026, equal to 1.4%+ of circulating SOL; the validator ranked #11 of 673 by activated stake.
SOL per fully diluted share reached 0.0806 at Sep. 30, 2026, up 33.4% from 0.0604 at Sep. 30, 2025; FY Q4 growth was 10.4% QoQ.
Holdings increased by 1.67M SOL from the initial Sep. 2025 purchase of 6.83M SOL.
Capital allocation and yield
Capital allocation is tied to mNAV: repurchase shares or acquire discounted treasuries below 1.0x, compound through staking and yield near 1.0x, and consider equity issuance above 1.0x when accretive.
The strategy launched with a $1.65B PIPE led by Galaxy Digital and Jump Crypto; a $4.0B ATM program and $1B share-buyback authorization support capital actions.
Institutional debt had a ~3.4% weighted-average rate at Sep. 30, 2026; 7.4% of basic shares were repurchased in Mar. 2026 at $4.44.
Yield sources include validator staking, priority fees, MEV, fwdSOL deployments and risk-adjusted USD-denominated strategies; stated validator gross APY since inception was 6.5–7.2% before fees.
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Latest events from Forward Industries
- SOL per share and revenue surged, but digital asset losses drove a $69M net loss in Q3.FWDI
Q3 2026 - Q2 FY2026 revenue up 4x to $13M, but digital asset losses drove a $283M net loss.FWDIQ2 2026
- Largest SOL treasury, major share buyback, and expanding yield strategies on Solana.FWDIInvestor presentation
- All proposals, including director elections and state move to Texas, were approved.FWDIAGM 2026
- Revenue soared on Solana staking, but digital asset losses drove a $585.7M net loss.FWDIQ1 2026
- 2026 meeting seeks approval for director slate, auditor, equity plan, and Texas reincorporation.FWDIProxy Filing
- Proxy covers director elections, equity plan, auditor, and Texas reincorporation.FWDIProxy Filing
- Flexible $50M shelf registration supports working capital amid going concern risk.FWDIRegistration Filing
- Shelf registration enables up to $50M in securities offerings amid going concern risk.FWDIRegistration Filing
Next Forward Industries earnings date
Q4 202618 Dec, 2026
Forward Industries
Next Forward Industries earnings date
Q4 202618 Dec, 2026
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