Forward Industries posts Q3 net loss as analysts raise price targets

Forward Industries (NASDAQ: FWDI ) on Wednesday reported a net loss for the third quarter.

The company posted a $69 million net loss for the quarter but grew Solana (CRYPTO: SOL) per share 9% quarter-over-quarter.

The company recorded $49.8 million in unrealized digital asset losses and $15.2 million in impairments, both non-cash charges required under US GAAP that do not reflect real cash outflows.

However, revenue grew more than 4x year-over-year to $10.8 million, driven by staking income and treasury-related returns. “Fiscal Q3 was another strong period of execution for Forward as we expanded our Solana treasury while delivering meaningful growth in SOL per share,” said Kyle Samani, Chairman of Forward Industries. “During the quarter, we acquired, through purchases and staking, more than 500,000 SOL and increased SOL per share on a fully diluted basis by 9% quarter over quarter.

We also repurchased more than 2.5 million shares of Forward common stock, reflecting our disciplined approach to capital allocation and focus on driving per-share value.” Forward Industries shares fell 3.9% to $4.23 in pre-market trading.

These analysts made changes to their price targets on Forward Industries following earnings announcement.

Cantor Fitzgerald analyst Gareth Gacetta maintained the stock with an Overweight rating and raised the price target from $7.9 to $8.

B.

Riley Securities analyst Fedor Shabalin maintained the stock with a Buy and lowered the price target from $8 to $7.

Considering buying FWDI stock? Here’s what analysts think: Photo via Shutterstock