According to the report, Forward and DeFi Development posted Q1 2026 revenue of $13 million and $2.66 million, while SOL price declines drove larger unrealized losses and markdowns that weighed on earnings.
Forward Industries and DeFi Development, described as Solana treasury companies, reported Q1 2026 revenue of $13 million and $2.66 million, respectively. Forward’s results indicate revenue growth of more than 300%, but the company also reported a wider net loss as SOL-related markdowns and unrealized losses weighed on earnings. The newer report says Forward posted $283.1 million in unrealized losses as SOL, the native token of Solana, fell during the quarter, while DeFi Development also recorded unrealized losses, though its full figure is not available in the provided source text. The updates show how companies holding large crypto treasuries can generate operating revenue while also reporting significant non-cash valuation losses when token prices decline.