Forward Industries Funds $27.4M Stock Buyback with Galaxy Digital Loan

Forward Industries, a publicly traded company, has announced that it will be purchasing approximately 6.16 million of its own shares as part of its $1 billion repurchase program. The buyback is being funded by a $40 million loan from Galaxy Digital at an interest rate of 3.4%, which is collateralized by Forward's staked Solana (SOL) holdings.

The loan, which matures in under five months, is backed by Forward's SOL treasury, which currently holds approximately 7.01 million tokens worth around $616 million. This move allows Forward to access cash without selling any of its crypto holdings, while earning a 6.2% annual staking reward on the collateral.

Forward Industries has been actively accumulating SOL since September 2025, when the token was near its highs. However, this timing has resulted in significant unrealized losses on its treasury position, with around $972 million in losses as of February. Forward's SOL-per-share metric is expected to improve due to the reduction in shares outstanding.

The company also announced that it expects core operating costs to fall by approximately 45% between fiscal Q1 and Q3, driven primarily by lower service fees, legal costs, and vendor spending.