Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 1
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 work. Customer specifications and scope of services are laid out in project
contracts and we work closely with the customer to identify and correct any quality issues that arise.

The depth and breadth of services
offered, and industries served by our design segment are unique. Our management team is aware that there are very few competitive firms
that have the full set of capabilities that our design segment has under one roof. There are, however, numerous design and engineering
companies that compete with us in specific industries and/or with specific targeted skills or have competitive advantages.

 1 

New Digital Asset Treasury Strategy

In September 2025, we announced
the launch of our digital asset treasury strategy, pursuant to which we plan to pursue a number of strategic initiatives to acquire Solana
(“SOL”) and other digital assets. We entered into asset management and services agreements to guide us through the implementation
of our new digital assets treasury business. On September 15, 2025, we announced our initial liquid SOL purchases of 6,822,000 at an average
price of $232 per SOL, or approximately $1.58 billion in the aggregate.

Under our new treasury policy
and strategy (the “Treasury Policy”), the principal holding in our treasury reserve on the balance sheet will be allocated
to digital assets, primarily SOL, by applying a public-market treasury model to an asset that we believe is earlier in its lifecycle,
structurally reflexive, and underexposed as compared to Bitcoin. Our planned approach involves acquiring SOL directly through market purchases
and staking our holdings via our own or third-party operated validators and generating incremental revenue through strategic partnerships
and deployments within the Solana ecosystem.

In addition to operating our
hardware and software product design and engineering services business, our management will focus its resources on our new Treasury Policy
and a significant portion of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.

Currently, our new Treasury Policy
is primarily dedicated to SOL and other Solana ecosystem tokens. As a result, our assets are highly concentrated in digital assets, particularly
SOL. Adverse developments specific to SOL, its protocol, or its ecosystem could have a materially disproportionate impact on our financial
condition and results of operations. We may utilize a range of capital markets and onchain strategies, including staking, lending, and
participation in decentralized finance (“DeFi”) protocols, as well as pursuing accretive partnerships and acquisitions
within the Solana ecosystem.

Competitive