Forward Industries Taps New CFO, Secures $40M Facility and Repurchases $27.4M
Forward Industries secured a $40 million institutional debt facility and repurchased 6.16 million shares worth $27.4 million, reducing its share count by 7.4%. The company also appointed Mark Brazier as CFO, implemented cost cuts to achieve a $4.8 million SG&A run rate, and holds 7.04 million SOL.
1. Fiscal Second Quarter Execution
In the fiscal second quarter ended March 31, 2026, Forward Industries sharpened its cost structure and strengthened its balance sheet while deepening engagement within the Solana ecosystem.
2. Strategic Financial Measures
On March 16, the company secured a $40.0 million institutional debt facility at a 3.4% weighted average interest rate maturing in five months. It repurchased 6,164,324 shares for $27.4 million—reducing basic shares outstanding by 7.4%—and launched a cost reduction plan targeting a $4.8 million SG&A run rate per quarter.
3. Leadership Appointment
Forward appointed Mark Brazier as Chief Financial Officer effective April 13, 2026. Brazier has over 25 years of experience in digital assets and traditional finance, previously serving as CFO and Head of Regulatory at XBTO Global and CFO at Stablehouse.
4. Treasury and Investment Activities
As of March 31, the treasury held 7,044,079 SOL, nearly all staked at a gross APY between 6.5% and 7.2%, generating 201,201 SOL in staking rewards. Approximately 25% of SOL is represented as fwdSOL, serving as collateral for the debt facility. The company co-led a $5 million Series A in OnRe and plans to deploy up to $25 million into OnRe’s ONyc token to add USD-denominated revenue.