The Path Forward: Initiating Coverage of Forward Industries (FWDI) at Overweight

Research evidence excerpt

The Path Forward: Initiating Coverage of Forward Industries (FWDI) at Overweight

Crypto & Blockchain

Forward Industries, Inc. (FWDI)

EQUITY RESEARCH Initiating Coverage

June 30, 2026

The Path Forward: Initiating Coverage of Forward Price: 4.25

Price Target: $7.90 Industries (FWDI) at Overweight

Rating: Overweight

We are initiating coverage of Forward Industries (FWDI) with an OW rating and a 12-

Key Statistics: month PT of $7.90.

Symbol NASDAQ: FWDI

52-Week Range 3.48 - 46.00 Our Thesis:

Market Cap 317.4

●Size Matters. FWDI's ~7m SOL position (1.23% of total supply) puts its validator ADV (3 mo) 1,099,392

Shares Out (M) 105.2 among the Top 10 globally (1.6-1.8% of all staked SOL), which is above the

threshold where third-party delegation flywheels kick in. Staking rewards scale

Research Analysts: with delegated stake, and top-tier scale gives validators a leg up compared to

Gareth Gacetta smaller validators who cannot economically compete on commission rates and

212-915-1251 yield performance.

Gareth.Gacetta@cantor.com

●Solana Price has Disconnected from Broader Ecosystem Momentum. SOL has Nathan Frankovitz

929-706-2050 been one of the worst performers of 2026, despite seeing continued growth in

Nathan.Frankovitz@cantor.com underlying network fundamentals (DEX volumes, stablecoin supply, tokenized

Brett Knoblauch, CFA RWA's), which we believe creates an attractive entry point in a vehicle that gives

212-610-2221 leveraged exposure to a potential re-rating of Solana. Brett.Knoblauch@cantor.com

●Playing The Overhaul of Financial Infrastructure. Pillar 3 of FWDI's shareholder

REV ($M) value framework positions it as an operating platform that supports the

FYE Sep 2025A 2026E 2027E deployment of Solana-native financial infrastructure rather than a passive holder