季報
季度報告
10-Q
2026-05-14
FORWARD INDUSTRIES, INC. 2026財年第二季度10-Q摘要
AI 繁中摘要
FORWARD INDUSTRIES, INC. 2026財年第二季度10-Q摘要
Forward Industries（納斯達克：FWDI）呈報截至2026年3月31日止第二季度及上半年的10-Q報告，反映公司全面轉型為Solana生態系統的數字資產庫存企業。核心重點如下：
📊 **業績表現（未經審計）**
- **第二季度收入**：1,296萬美元（去年同期：312萬美元），主要受數字資產質押收益934萬美元帶動。
- **第二季度淨虧損**：2.83億美元（去年同期：虧損145萬美元），主因數字資產公允價值變動及減值損失（合共2.87億美元）。
- **上半年收入**：3,440萬美元（去年同期：775萬美元）。
- **上半年淨虧損**：8.687億美元（去年同期：虧損216萬美元）。
- **每股基本虧損**：第二季度 (2.98) 美元；上半年 (8.95) 美元（去年同期分別為 (1.32) 及 (1.96) 美元）。加權平均股數因ATM發行及預付認股權證大幅增加至約9,490萬股。
📦 **數字資產持倉（截至2026年3月31日）**
- **總數字資產（含抵押及限制性）**：約5.83億美元（2025年9月底：14.3億美元）。大幅減少主因SOL價格下跌及資產減值。
- **持有SOL數量**：528萬枚（歷史成本9.958億美元，賬面值4.387億美元）。
- **重大減值**：無活躍市場報價的包裝代幣（如fwdSOL）因持有期間最低公允價值觸發1.18億美元減值（上半年）。
- **質押資產**：約4.956億美元SOL已質押，大部分可在3日內解押。
🏢 **業務分部**
- **數字資產分部**：第二季度毛利851.7萬美元，但分部稅前虧損2.79億美元（因損失及減值）。
- **設計工程服務分部**：第二季度收入363萬美元，毛利55.5萬美元，分部稅前虧損25.9萬美元（去年同期虧損121.6萬美元）。
- **非持續經營**：OEM分銷業務已於2025年5月出售，上半年此部分無貢獻。
💰 **流動性及資本資源**
- **現金**：1,663萬美元（2025年9月底：3,817萬美元）。管理層估計現金、數字資產及ATM融資足以應付至2027年5月的流動資金需求。
- **流動負債淨額**：3,296萬美元（負營運資金），主因4,000萬美元關聯方貸款及1,002萬數字資產貸款。
- **股東權益**：5.515億美元（2025年9月底：14.7億美元），減少主因巨額虧損及股份回購。
- **股份回購**：董事會授權10億美元回購計劃（至2027年9月），期內已回
展開英文正文
FORWARD INDUSTRIES, INC. 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20549 FORM 10-Q þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34780 FORWARD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Texas 13-1950672 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 111 Congress Avenue, Suite 500, Austin, TX 78701 (Address of Principal Executive Office) (Zip Code) (512) 256-9040 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 FWDI The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer x Smaller reporting company x Emerging growth company ¨ If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x There were 74,679,699 shares of the registrant’s common stock outstanding as of April 30, 2026. FORWARD INDUSTRIES, INC. AND SUBSIDIARIES TABLE OF CONTENTS Page No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets at March 31, 2026 (Unaudited) and September 30, 2025 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended March 31, 2026 and 2025 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Six Months Ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures About Market Risk 35 Item 4. Controls and Procedures 35 PART II. OTHER INFORMATION Item 1. Legal Proceedings 36 Item 1A. Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38 Signatures 39 2 PART I. FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, September 30, 2026 2025 (Unaudited) (See Note 2) Assets Current assets: Cash $16,633,010 $38,166,973 Accounts receivable, net of allowances for credit losses of $92,358 as of March 31, 2026 and September 30, 2025 2,415,032 1,635,171 Contract assets 542,702 1,064,264 Prepaid expenses and other current assets 2,028,827 355,548 Total current assets 21,619,571 41,221,956 Digital assets 505,669,390 1,430,486,289 Digital assets - restricted 1,622,920 – Digital assets pledged as collateral with related party 75,847,614 – Property and equipment, net 78,785 124,331 Operating lease right-of-use assets, net 2,724,531 2,303,776 Other assets 949,915 806,137 Total assets $608,512,726 $1,474,942,489 Liabilities and shareholders' equity Current liabilities: Loans payable - related party $40,000,000 $– Loans payable - digital assets 10,024,188 – Accounts payable 274,521 433,044 Accounts payable - related party 551,782 923,513 Deferred income 612,108 292,525 Current portion of operating lease liability 481,205 450,949 Accrued expenses and other current liabilities 2,632,441 623,512 Total current liabilities 54,576,245 2,723,543 Other liabilities: Operating lease liability, less current portion 2,479,896 2,094,079 Total liabilities 57,056,141 4,817,622 Commitments and contingencies (See Note 9 and 10) – – Shareholders' equity: Common stock, $0.01 par value; 300,000,000 shares authorized; 87,069,465 and 76,314,617 shares issued and outstanding, respectively, at March 31, 2026; 86,145,514 shares issued and outstanding at September 30, 2025 870,695 861,455 Treasury Stock, at cost, 10,754,848 and 0 shares at March 31, 2026 and September 30, 2025, respectively (58,022,336 ) – Additional paid-in capital 1,663,952,928 1,655,874,892 Accumulated deficit (1,055,344,702) (186,611,480) Total shareholders' equity 551,456,585 1,470,124,867 Total liabilities and shareholders' equity $608,512,726 $1,474,942,489 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 3 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, For the Six Months Ended March 31, 2026 2025 2026 2025 Revenues, net $12,961,114 $3,122,933 $34,396,365 $7,747,382 Cost of sales 3,889,302 3,301,694 8,474,940 6,793,123 Gross profit 9,071,812 (178,761) 25,921,425 954,259 Sales and marketing expenses 569,522 147,855 1,104,885 307,925 General and administrative expenses 3,584,012 1,495,142 6,836,641 3,141,123 General and administrative expenses - related party 2,477,777 – 5,922,420 – Loss on digital assets 201,706,226 – 761,918,457 – Impairment of digital assets 85,093,048 – 118,137,369 – Derivative gain, net (269,027) – (269,027) – Goodwill impairment – – – 225,000 Operating loss (284,089,746) (1,821,758) (867,729,320) (2,719,789) Interest income (77,256) (12,947) (274,170) (28,542) Interest income - related party (114,179) – (593,779) – Interest expense - related party 59,178 11,836 59,416 23,803 Other expense, net – 1,562 – 4,934 Loss from continuing operations before income taxes (283,957,489) (1,822,209) (866,920,787) (2,719,984) (Benefit from) / provision for income taxes (875,353) – 1,812,435 – Loss from continuing operations (283,082,136) (1,822,209) (868,733,222) (2,719,984) Income from discontinued operations, net of tax – 370,598 560,308 Net loss $(283,082,136) $(1,451,611) $(868,733,222) $(2,159,676) Basic (loss)/earnings per share : Basic loss per share from continuing operations $(2.98) $(1.65) $(8.95) $(2.47) Basic earnings per share from discontinued operations – 0.33 – 0.51 Basic loss per share $(2.98) $(1.32) $(8.95) $(1.96) Diluted (loss)/earnings per share: Diluted loss per share from continuing operations $(2.98) $(1.65) $(8.95) $(2.47) Diluted earnings per share from discontinued operations – 0.33 – 0.51 Diluted loss per share $(2.98) $(1.32) $(8.95) $(1.96) Weighted average common shares outstanding: Basic 94,924,520 1,101,069 97,034,832 1,101,069 Diluted 94,924,520 1,101,069 97,034,832 1,101,069 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) For the Six Months Ended March 31, 2026 Series A-1 Convertible Additional Preferred Stock Common Stock Treasury Stock Paid-In Accumulated Shares Amount Shares Amount Shares Amount Capital Deficit Total Balance at September 30, 2025 – $– 86,145,514 $861,455 – – $1,655,874,892 $(186,611,480) $1,470,124,867 Share-based compensation – – – – – – 17,159 – 17,159 Proceeds from ATM, net – – 311,951 3,120 – – 7,454,066 – 7,457,186 Proceeds from stock options exercised – – 7,000 70 – – 26,040 – 26,110 Share repurchases – – – – (1,540,193) (10,882,955) – – (10,882,955) Fees related to Securities Purchase Agreement – – – – – – (229,699) – (229,699) Net loss – – – – – – – (585,651,086) (585,651,086) Balance at December 31, 2025 – – 86,464,465 864,645 (1,540,193) (10,882,955) 1,663,142,458 (772,262,566) 880,861,582 Share-based compensation – – – – – – 797,864 – 797,864 Proceeds from stock options exercised – – 5,000 50 – – 18,600 – 18,650 Share repurchases – – – – (9,214,655) (47,139,381) – – (47,139,381) Exercise of Pre-Funded Warrants – – 600,000 6,000 – – (5,994) – 6 Net loss – – – – – – – (283,082,136) (283,082,136) Balance at March 31, 2026 – $– 87,069,465 $870,695 (10,754,848) $(58,022,336) $1,663,952,928 $(1,055,344,702) $551,456,585 For the Six Months Ended March 31, 2025 Series A-1 Convertible Additional Preferred Stock Common Stock Treasury Stock Paid-In Accumulated Shares Amount Shares Amount Shares Amount Capital Deficit Total Balance at September 30, 2024 2,200 $2,200,000 1,101,069 $11,011 – $ – $20,393,163 $(19,637,140) $2,967,034 Share-based compensation – – – – – – 20,328 – 20,328 Net loss – – – – – – – (708,065) (708,065) Balance at December 31, 2024 2,200 $2,200,000 1,101,069 $11,011 – $ – $20,413,491 $(20,345,205) $2,279,297 Share-based compensation – – – – – – 26,121 – 26,121 Net loss – – – – – – – (1,451,611) (1,451,611) Preferred stock issued in connection with conversion of accounts payable to Forward China 2,725 2,725,000 – – – – – – 2,725,000 Balance at March 31, 2025 4,925 $4,925,000 1,101,069 $11,011 – $– $20,439,612 $(21,796,816) $3,578,807 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 5 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Six Months Ended March 31, 2026 2025 Operating Activities: Net loss $(868,733,222) $(2,159,676) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation 815,023 46,449 Depreciation and amortization 48,910 166,495 Credit loss expense – 24,059 Loss on digital assets 761,918,457 – Impairment of digital assets 118,137,369 – Non-cash digital asset revenue, net (25,092,570) – Goodwill impairment – 225,000 Changes in operating assets and liabilities: Accounts receivable (463,653) 507,533 Contract assets 521,562 404,899 Prepaid expenses and other current assets (1,673,279) 67,771 Accounts payable (158,523) 33,825 Accounts payable-related party (371,731) – Deferred income 319,583 (44,401) Net changes in operating lease liabilities (4,682) 1,240 Accrued expenses and other current liabilities 2,008,929 (152,849) Net cash used in operating activities-continuing operations (12,727,827) (879,655) Net cash used in operating activities-discontinued operations – (92,242) Net cash used in operating activities (12,727,827) (971,897) Investing Activities: Purchases of property and equipment (3,364) (6,851) Purchases of digital assets (335,976,760) – Sales of digital assets 338,067,849 – Net cash provided by / (used in) investing activities 2,087,725 (6,851) Financing Activities: Fees associated with Securities Purchase Agreement (229,699) – Proceeds from ATM, net 7,457,186 – Proceeds from loans payable-related party 40,000,000 – Proceeds from stock options exercised 44,760 – Treasury stock purchases (58,022,336) – Exercise of pre-funded warrants 6 – Deferred financing costs associated with ATM (143,778) – Net cash used in financing activities (10,893,861) – Net decrease in cash (21,533,963) (978,748) Cash at beginning of period 38,166,973 2,777,125 Cash at end of period $16,633,010 $1,798,377 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $– $23,803 Cash paid for taxes $ 136,775 $ 4,225 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Operating lease assets obtained in exchange for operating lease liabilities $ 653,310 $ 157,424 Conversion of accounts payable to convertible preferred stock $– $ 2,725,000 Digital assets pledged as collateral $85,595,354 $ – Digital assets received in exchange for loan payable $ 10,024,188 $ – The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 6 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 OVERVIEW Background and Nature of Business Forward Industries, Inc. (“Forward”, “we”, “our” or the “Company”) is a Solana (“SOL”) focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Our mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana protocol, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, we launched our digital asset treasury strategy, which we have been executing to date by holding SOL, staking SOL, operating a SOL validator, engaging in the SOL decentralized finance (“DeFi”) ecosystem and actively repurchasing shares of our common stock. Under our new treasury policy and strategy, the principal holding in our treasury reserve on the balance sheet will be allocated to digital assets, primarily SOL, fwdSOL (a Liquid Staking Token, or “LST”, developed by the Company in collaboration with Socean Labs Inc., doing business as Sanctum, on the Solana blockchain) and similar assets. Our planned approach involves acquiring SOL, staking our holdings via our own validator, deploying SOL into various DeFi protocols to earn yield, fees or rewards, lending SOL to earn interest, pledging SOL as collateral to borrow other assets and generating revenue through strategic acquisitions, partnerships and deployments within the Solana ecosystem. Forward also operates an engineering services business, which provides hardware and software product design and engineering services to customers predominantly located in the U.S. Discontinued Operations In March 2025, the Company committed to a plan to sell the original equipment manufacturer (“OEM”) distribution segment of the business (“OEM Plan”). In May 2025, the Company completed the sale of this line of business and is presenting its results of operations within discontinued operations in the prior period presented herein. The OEM distribution segment sourced and sold carrying cases and other accessories for medical monitoring and diagnostic kits as well as a variety of other portable electronic and non-electronic devices to OEMs or their contract manufacturers worldwide, that either packaged our products as accessories “in box” together with their branded product offerings or sold them through their retail distribution channels. The Company did not manufacture any of its OEM products and sourced substantially all of these products from independent suppliers in China, through Forward Industries Asia-Pacific Corporation, a British Virgin Islands corporation (“Forward China”), a former related party owned by the Company’s former CEO (see Note 8). Unless otherwise noted, amounts related to these discontinued operations are excluded from the disclosures presented herein. See Note 3 for more information on these discontinued operations. Liquidity The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company had an accumulated deficit of $1,055,345,000 and a negative working capital of $32,957,000 at March 31, 2026, incurred a net loss of $868,733,000 and used $12,728,000 of cash in operating activities during the six months ended March 31, 2026. The Company had a cash balance of approximately $20,000,000 at April 30, 2026. Based on our forecasted cash flows, we believe our existing cash balance, digital asset holdings, and access to our ATM facility will be sufficient to meet our liquidity needs through at least May 2027. 7 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Forward Industries, Inc. and all of its wholly-owned subsidiaries: Forward Industries (IN), Inc. (“Forward US”), DE Sub 1 LLC (“Forward Delaware”), Forward Industries (Switzerland) GmbH (“Forward Switzerland”), Forward Industries UK Limited (“Forward UK”), Intelligent Product Solutions, Inc. (“IPS”) and Kablooe, Inc. (“Kablooe”). In May 2025, the Company sold all of its equity interests in Forward Switzerland and Forward UK. As a result, our operating results for the three and six months ended March 31, 2026 do not include operating results of either of these entities. The terms “Forward”, “we”, “our” or the “Company” as used throughout this document are used to indicate Forward Industries, Inc. and all of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In March 2026, the Company’s shareholders approved a proposal to change the Company’s state of incorporation from New York to Texas. This reincorporation was carried out by means of merger of Forward with and into a wholly-owned Texas subsidiary. In the opinion of management, the accompanying condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q reflect all normal recurring adjustments necessary to present fairly the financial position and results of operations and cash flows for the interim periods presented herein but are not necessarily indicative of the results of operations for the year ending September 30, 2026. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2025, and with the disclosures and risk factors presented therein. The September 30, 2025 condensed consolidated balance sheet has been derived from the audited consolidated financial statements. Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Within this report, certain dollar amounts and percentages have been rounded to their approximate values. Segment Reporting As a result of the Company’s digital asset treasury strategy and the OEM Plan, the Company now has two reportable segments: digital assets and design. The digital assets segment captures SOL-based yield generated by participating in the Solana network’s staking protocol, which currently comprises rewards received from native staking. The design segment consists of two operating segments (IPS and Kablooe, which have been aggregated into one reportable segment) that provide a full spectrum of hardware and software product design and engineering services to customers predominantly located in the U.S. See Note 5 for additional information on our segments. Digital Assets The Company accounts for its holdings of digital assets, including cryptocurrencies such as Solana, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350-60, “Intangibles – Goodwill and Other – Crypto Assets (“ASC 350-60”). Digital assets under ASC 350-60 are initially measured at cost and subsequently measured at fair value, with changes in fair value recognized in net income/(loss) each reporting period. Digital assets are classified as current assets if the Company intends to sell them or otherwise realize their value within twelve months after the reporting date, or as noncurrent assets if the Company intends to hold them for longer than twelve months. The Company evaluates its intent and ability to hold digital assets at each reporting date. Upon disposal of a digital asset (e.g., by sale, exchange or transfer) the Company derecognizes the asset and recognizes a realized gain or loss in net income/(loss), calculated as the difference between the sale proceeds and the asset’s carrying amount, which is determined using a first in-first out method. 8 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Digital assets that are not in scope of ASC 350-60, primarily wrapped tokens that provide the holder with an enforceable right to redeem the underlying digital assets, such as fwdSOL, are accounted for as indefinite-lived intangible assets subject to impairment testing, or as financial assets if they are redeemable for cash. These digital assets are accounted for as intangible assets and measured at the lower of cost or market value. The Company determines market value using the lowest observed transaction price of the asset during the holding period. The Company elected to apply the fair value option to digital assets that meet the definition of financial assets. The Company has developed fwdSOL, a Liquid Staking Token (“LST”) in collaboration with Socean Labs Inc. on the Solana blockchain. fwdSOL allows Forward and other SOL holders to stake native SOL and continue earning staking rewards while receiving and using fwdSOL elsewhere in the Solana ecosystem. fwdSOL is backed by SOL staked on Forward Industries' institutional grade validator infrastructure which automatically accrues staking rewards. Digital Asset Loan Receivable and Payable The Company engages in digital asset lending and borrowing activities. Digital asset loans receivable are typically fixed short-term loans or loans with no specified maturity dates that are callable or prepayable with a short notice period and no penalties. The borrower has the ability to use the loaned digital assets at its discretion for the duration of the loan. The Company derecognizes the underlying digital assets upon loan origination and recognizes a digital asset loan receivable that represents the Company’s right to receive the loaned digital asset upon settlement of the loan. The digital asset loan receivable is measured at the fair value of the underlying digital assets that the Company expects to receive under the arrangement. The Company evaluates its digital asset loan receivables for possible credit losses using the current expected credit loss framework outlined in ASC Topic 326, “Financial Instruments—Credit Losses”, (“ASC 326”). Digital asset loan interest is denominated in the same underlying digital asset that is loaned out. The Company recognizes interest income over the life of the loan using the effective rate method. The Company also borrows digital assets from counterparties. As borrower, the Company has the ability to use the borrowed digital assets at its discretion. The Company pays interest on borrowed digital assets that is denominated in the borrowed digital assets and recognizes interest expense over the term of the loan. The borrowed digital assets are recognized as digital assets in accordance with the Company’s accounting policies for digital assets. The obligation to repay digital assets in the future is recorded as a Loan Payable - Digital Assets and is remeasured at fair value. The Company may pledge or receive digital assets as collateral associated with its digital asset lending and borrowing activities. The Company evaluates the nature of the arrangement with counterparties to determine whether it obtains or loses control of the collateral assets. Where control of the collateral assets transfers to or from the Company, it is accounted for in the same manner as digital asset loans receivable or payable. Accounts Receivable Accounts receivable consists of unsecured trade accounts with customers net of an allowance for credit losses. Collectability of accounts receivable is estimated by evaluating the number of days accounts are outstanding, customer payment history, recent payment trends and perceived creditworthiness, adjusted as necessary based on specific customer situations. At March 31, 2026, September 30, 2025 and September 30, 2024, the Company had allowances for credit losses of $92,000, $92,000 and $27,000 respectively. Derivatives The Company may enter into over-the-counter (“OTC”) derivative contracts, including written options referencing the price of digital assets such as SOL. These contracts are accounted for in accordance with ASC 815, “Derivatives and Hedging.” Derivative instruments are recognized on the balance sheet at fair value on the trade date and are subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in earnings within “Derivative gain/(loss).” The Company does not designate any derivative instruments as hedging instruments under ASC 815. 9 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Written options represent obligations of the Company and are recorded as derivative liabilities. The Company receives an upfront premium at inception, which generally represents th