Forward Industries, Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Ford Industries' financial and operating results for the first quarter of fiscal 2026, ended December 31, 2025. By now, everyone should have access to the first quarter of fiscal 2026 earnings press release, which was issued today at approximately 4.05 p.m. Eastern Time. The release will be available on the investor relations section of Ford Industries' Thank you, Operator.

Before we begin, I'd like to remind everyone that today's call may include forward-looking statements within the meaning of the federal securities laws. All forward-looking statements made by the board or management on this call are based on their assumptions and beliefs as of today. You should not rely on forward-looking statements as predictions of future events, as these statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. More information about these risks, uncertainties, and other factors can be found in Forward Industries filings with the Securities and Exchange Commission. During today's discussion, we will reference certain metrics related to our Solana Digital Asset Treasury, including sole holdings, staking performance, validator operations, and deployments. These metrics are core to evaluating the execution and progress of our strategy. With that, I will turn the call over to Forward Industries Chairman of the Board, Kyle Simani. Kyle, please go ahead.

Thank you, Georgia, and good afternoon, everyone. 2025 represented an important inflection point for the evolution of Solana and Forward Industries. Over the last year, Solana has continued to grow into real financial infrastructure that's being used by companies around the world, including the most recent partnerships, including Revolut, Western Union, Calchi, Tigger, PayPal, and many others. For Forward, Q1 marked our first full reporting period operating as a Solana Treasury company, and more importantly, a quarter that demonstrated strong execution amidst volatility in the market. We've moved from launching the strategy to actively putting its work, building the foundation to compound Sol for Share over time. Our mindset remains long-term, as we're not managing forward around short-term market moves, and we're focused on building a permanent capital vehicle that's designed to participate directly in the growth of the salon ecosystem and to evolve beyond simply a treasury and into an active, value-generating business. On the topic of thinking long-term, I'm sure some of you may have seen the news around my departure from Multicoin Capital. I won't go into the details, which are publicly available, but I do want to take a moment to reaffirm my commitment to forward industries and its mission. I will continue to serve as chairman of Forward and I intend to significantly increase my personal holdings in Forward. Looking ahead, we believe the opportunity in front of Solana and by extension for Forward is increasingly clear. While the markets are volatile in both Solana and Forward are assets not immune to wider market volatility, Solana is no longer being evaluated on theoretical scalability or future potential. It's being used today at scale across payments, trading, DeFi, emerging market applications and more. This shift from promise to performance is critical. Forward industry strategy is intentionally aligned with this phase of Solana's life cycle. We are focused on compounding solar per share by participating directly in the economic activity occurring on-chain rather than relying on passive exposure alone. At the network level, Solana continues to demonstrate resilience, performance, and reliability. The network has maintained high throughput, low transaction costs, and consistent uptime even during periods of elevated activity. Thank you for joining us. Momentum across the Solana ecosystem accelerated throughout 2025 and is carried into early 2026. We've seen continued growth in stablecoins, payments, DeFi, and real-world asset experimentation, all enabled by Solana's ability to deliver speed, cost efficiency, and composability at scale. Thank you very much. We're also seeing new consumer-facing financial use cases emerge, such as CalSTRS-regulated prediction markets becoming available through Solana wallets via Jupyter, extending regulated financial products to a broader crypto-native user base. Taken together, these trends reinforce our belief that Solana is becoming the execution layer for what we often describe as internet capital markets. Central to Ford's strategy to deliver solar per share growth for shareholders is to be an active participant in the Solana ecosystem. And during the quarter, Ford became one of the first public companies to have its own SEC-registered shares live on a public blockchain, with FWDI now issued on Solana through Superstate's opening bell platform. These are actual Forward Industries common shares, not synthetic or derivative representations, recorded and updated on-chain in real-time by Superstate, an SEC-registered transfer agent. In addition to self-custodying their shares, eligible non-US holders can now use tokenized FWDIs, collateral, and DeFi, including on Camino, enabling stablecoin borrowing while maintaining exposure to the underlying equity. We view this as an important step in bridging public equities with programmable on-chain financial infrastructure and as a foundation for future functionality as regulatory frameworks evolve. In December, we announced our collaboration with Sanctum, the leading infrastructure powering Solana's largest liquid staking tokens, validators, and apps, to launch FWD Sol, Forward's proprietary liquid staking token. Through this partnership, approximately 25% of our Sol holdings are represented by FWD Sol, allowing us to continue earning native staking yield while maintaining liquidity. FWD Sol enables Forward to deploy staked Sol more efficiently, including using the token as collateral for borrowing and selectively participating in on-chain strategies alongside institutional partners. We view liquid staking as a core component of our treasury strategy, one that allows us to move beyond passive staking and responsibly capture incremental sources of yield while preserving flexibility and risk discipline. We also began testing our proprietary automated market maker, or PropAMM, developed with Galaxy and infrastructure expertise from Jump Crypto. The PropAMM deploys proprietary capital into on-chain trading strategy and is integrated into Jupyter and other Solana aggregators and positions forward to participate in Solana's growing trading activity. With that, I'd like to now turn the call over to Ryan Navi, Forward's newly appointed Chief Investment Officer, to dive into our Solana Treasury operations.