Forward Industries (FWDI) Investor presentation summary

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.