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Here are two brief analogies for Forward Industries (FWDI):

• OtterBox for B2B Carrying Cases: Imagine an OtterBox, but specialized in designing and supplying custom protective carrying cases and bags for other businesses, particularly for medical devices and consumer electronics.
• 4imprint for Corporate Merchandise: Think of them as a high-end 4imprint, providing corporate promotional merchandise, branded apparel, and gifting solutions to businesses.

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• Custom Carrying Cases and Bags: Forward Industries designs and manufactures custom soft good cases, bags, and accessories primarily for medical devices, but also for consumer electronics and industrial applications, to protect and transport sensitive equipment.
• Fitness and Wellness Products: The company offers a range of consumer goods including fitness accessories, massage products, and other health-related items, often sold under various brands.

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Forward Industries (FWDI) primarily sells to other companies (B2B) rather than directly to individuals. The company focuses on serving original equipment manufacturers (OEMs) and major retailers with custom-designed and manufactured soft-sided cases, bags, and other accessories.

Its major customer categories include:

• Medical device companies
• Consumer electronics companies
• Major retailers (general merchandise industries)

While Forward Industries' public filings (e.g., 10-K and 10-Q reports) indicate that one customer accounted for approximately 18% to 21% of its net sales in recent fiscal periods, the name of this specific customer, or any other customer, is not disclosed in these public documents. Therefore, specific customer company names and their symbols cannot be provided.

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Michael Pruitt, Interim Chief Executive Officer and Director

Mr. Pruitt has served as the Interim Chief Executive Officer and Director of Forward Industries since May 2025. He founded Avenel Financial Group in 1999. Mr. Pruitt previously held the positions of Chairman of the Board and Chief Executive Officer at Chanticleer Holdings and Amergent Hospitality Group, Inc. He also served as the Interim Chief Executive Officer of Amaze Holdings, Inc. and has been a director of Amaze since December 2021.

Kathleen Weisberg, Chief Financial Officer

Ms. Weisberg has been the Chief Financial Officer of Forward Industries since July 2023. Before this role, she was the Corporate Controller at the company from June 2020 to June 2023. Her prior experience includes serving as Controller for Jungle Bob Enterprises, Inc. from June 2017 to June 2020, Senior Manager for SEC Reporting at WW International, Inc. from December 2003 to March 2010, and Senior Auditor and Corporate Accounting Manager for Symbol Technologies, Inc. from October 1998 to November 2003. She began her career as an auditor at Ernst & Young LLP from January 1992 to October 1998.

Kyle Samani, Chairman of the Board

Mr. Samani was appointed Chairman of Forward Industries' Board of Directors in September 2025, concurrent with a significant private placement. He is also the Co-founder and Managing Partner of Multicoin Capital. Mr. Samani is focused on expanding the Solana ecosystem and launched Forward Industries as a publicly traded capital vehicle, backed by Jump Crypto and Galaxy Digital, aiming to offer enhanced returns beyond holding Solana tokens.

Robert Wild, Chief Executive Officer - IPS

Mr. Wild serves as the Chief Executive Officer of Intelligent Product Solutions (IPS), a segment of Forward Industries.

Paul Jean Severino, President, Intelligent Product Solutions, Inc.

Mr. Severino holds the position of President of Intelligent Product Solutions, Inc., a subsidiary of Forward Industries.

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The key risks to Forward Industries' (FWDI) business are primarily associated with its recent strategic pivot towards becoming a "Solana treasury company" and the ongoing challenges in its legacy operations.

1. High Volatility of Cryptocurrency Prices
   Forward Industries has significantly shifted its focus to accumulating and managing Solana (SOL) cryptocurrency, making its financial performance highly susceptible to the volatile nature of SOL and other digital assets. The company's fiscal year 2025 saw a substantial net loss of $167.0 million, largely driven by a $160.0 million non-cash, unrealized loss related to its SOL holdings due to mark-to-market accounting adjustments. The risk that the price of FWDI's common stock may be highly correlated to the price of the digital assets it holds is a significant concern.
2. Financial Challenges and Ongoing Losses from Continuing Operations
   Prior to its cryptocurrency pivot, Forward Industries' traditional design and distribution business was experiencing significant financial difficulties. The company faced a 38.4% decline in net revenues from continuing operations and deepened losses in Q2 2025, with a negative gross profit. As of March 31, 2025, the company had an accumulated deficit of over $21.7 million. Although the company is pursuing a new crypto-focused strategy, the underlying legacy business continues to be a source of financial strain and unprofitability, marked by a deeply negative equity position.
3. Uncertainty in Realizing Benefits from Digital Asset Treasury Strategy
   The success of Forward Industries' new strategy hinges on its ability to effectively manage its Solana treasury, including generating cash flow through staking and decentralized finance (DeFi) activities. There is a risk that the anticipated benefits of this digital asset strategy may not be fully realized due to various factors, including adverse changes in market, financial, political, and regulatory conditions. Furthermore, the digital asset landscape is subject to significant legal, commercial, regulatory, and technical uncertainties, which include complexities related to the tax treatment of cryptocurrencies.

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The most clear emerging threat for Forward Industries (FWDI) stems from its venture into the health and wellness consumer packaged goods (CPG) market with the acquisition of the Kate's Real Food intellectual property. The emerging threat is the **rapid proliferation and increasing sophistication of agile, direct-to-consumer (DTC) food and snack brands.** These digitally native companies leverage efficient online distribution, targeted digital marketing, and direct customer engagement to quickly capture niche market segments and respond to evolving dietary trends.

This phenomenon fundamentally alters the competitive landscape for CPG brands. Unlike traditional models reliant on extensive retail shelf space and mass advertising, DTC brands can achieve significant scale with lower overheads, faster product development cycles, and stronger brand loyalty through direct relationships with consumers. This makes it significantly harder for a re-launched brand like Kate's Real Food, which FWDI is preparing to reintroduce, to gain or maintain market share using conventional multi-channel strategies that might include traditional retail. The agility and direct connection of these emerging DTC competitors pose a disruptive challenge similar to how streaming services challenged physical media rentals, by offering a more direct, adaptable, and often more cost-efficient pathway to market and customer.

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Forward Industries (FWDI) primarily operates in two main segments: OEM Distribution and Design, with a smaller Retail Distribution segment. The addressable markets for their main products and services are substantial and globally distributed.

OEM Distribution (Carrying and Protective Solutions):

• The global carry cases market, which includes protective solutions for medical monitoring and diagnostic kits, and other portable electronic and non-electronic products, was estimated at approximately USD 9.0 billion in 2024 and is projected to reach USD 13.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.9% during this period.
• Specifically, the U.S. market for carry cases was estimated at USD 2.3 billion in 2024.
• The global laptop carry case market alone was valued at USD 9.3 billion in 2025 and is expected to grow to USD 18.2 billion by 2035, with the USA projected to grow at a 6.5% CAGR.

Design Segment (Hardware and Software Product Design and Engineering Services):

• The global medical device design and development services market was valued at approximately USD 10.4 billion in 2023 and is estimated to grow at a 12.1% CAGR from 2024 to 2032.
• The U.S. medical device design and development services market generated USD 2.8 billion in 2023 and is expected to reach USD 7.9 billion by 2032.
• More broadly, the global medical device contract manufacturing market, which includes design and manufacturing services for Original Equipment Manufacturers (OEMs), was estimated at USD 95.81 billion in 2025 and is projected to reach USD 156.63 billion by 2030, reflecting a 10.33% CAGR. North America held a significant share of this market, commanding 39.1% in 2025.
• The global healthcare Original Equipment Manufacturer (OEM) market, which involves providing critical components and solutions to medical technology companies, was valued at USD 273.96 billion in 2024 and is expected to reach USD 850.37 billion by 2032, growing at a CAGR of 15.21%. North America accounted for the largest revenue share of 39.4% in 2024 within this market.

Retail Distribution (Smart-enabled furniture and other products):

• The global retail displays market was valued at USD 16.5 billion in 2023 and is anticipated to grow at a CAGR of over 6% between 2024 and 2032.
• North America dominated the global retail displays market in 2023, accounting for a share of over 38%, with a valuation of USD 15.0 billion, projected to rise to USD 18.5 billion by 2032.
• The North America Point of Purchase (PoP) display market, a component of retail displays, is projected to grow from USD 4.09 billion in 2023 to an estimated USD 7.17 billion by 2032, with a CAGR of 6.0%. The United States dominates this market.

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• Growth in Solana (SOL) Holdings and Value: Forward Industries has initiated a strategic focus on acquiring and actively managing Solana (SOL) cryptocurrency, aiming to increase its SOL-per-share. The appreciation in the market value of these digital assets, combined with continued accumulation, is a primary driver for the company's financial growth. As of November 15, 2025, the company's Solana holdings totaled 6,910,568 SOL, acquired at an average cost of $232.08 per SOL.
• Yield Generation from Solana Staking: The company is actively staking nearly all of its Solana holdings, which generates a gross annual percentage yield (APY) through its validator infrastructure. This staking activity provides a consistent source of income from its digital asset treasury. Since its inception, the validator infrastructure has achieved a 6.82% gross annual percentage yield before fees.
• Strategic and Active Management of Digital Assets: Forward Industries employs "bespoke strategies" and actively manages its Solana treasury. This includes measures such as tax loss harvesting operations, which aim to optimize the value of its holdings and offset future tax burdens, thereby contributing to net income and overall shareholder value. Between October 16 and November 15, 2025, the company reset $334 million in notional value and spent approximately $51,600 in value through tax loss harvesting.

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Share Repurchases

• On November 3, 2025, Forward Industries' Board authorized a new share repurchase program, allowing the company to repurchase up to $1 billion of its common stock.
• This authorization is set to expire on September 30, 2027.

Share Issuance

• In September 2025, Forward Industries completed a $1.65 billion Private Investment in Public Equity (PIPE) offering.
• The company also filed for a $4 billion at-the-market (ATM) offering to fund future SOL acquisitions and for general corporate purposes.
• In May 2025, Forward Industries issued Series B preferred stock, raising $1 million, and established a $35 million equity line of credit.

Inbound Investments

• Forward Industries received a $1.65 billion private investment in public equity (PIPE) in September 2025 from leading digital asset firms including Galaxy Digital, Jump Crypto, and Multicoin Capital, along with existing shareholder C/M Capital Partners.
• This investment was central to the company's pivot to a Solana-focused digital asset treasury strategy.

Outbound Investments

• In September 2025, Forward Industries deployed approximately $1.58 billion from the PIPE proceeds to acquire over 6.8 million SOL tokens, establishing itself as the largest publicly traded Solana treasury.
• Nearly all of the company's SOL holdings are actively staked, generating a gross annual percentage yield of 6.82% before fees.
• The company plans to acquire an equity interest in Superstate to expand access to on-chain capital markets.

Capital Expenditures

• In the last 12 months leading up to November 17, 2025, capital expenditures were reported at -$40,857.
• The $4 billion ATM plan is also intended to support future capital expenditures, including the acquisition of revenue-generating assets.