Forward Industries, Inc. FWDI
Forward Industries, Inc.
("Forward", "we", "our" or the "Company"), through 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"),
Last close
6.80
2026-10-23
Market cap
$502.2M
2026-06-30 share count
52-week range
3.48 - 9.43
Valuation FY2025 figures against the last close
P/S27.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-24.59
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.2M | $20.0M | $22.7M | $38.2M | $39.0M | $34.5M | $37.4M | $34.5M | $24.8M | $27.5M |
| Cost of revenue | $13.0M | $14.8M | $15.5M | $29.4M | $30.9M | $27.8M | $30.8M | $27.9M | $20.6M | $22.4M |
| Gross profit | $5.2M | $5.2M | $7.1M | $8.8M | $8.1M | $6.6M | $6.6M | $6.6M | $4.2M | $5.1M |
| SG&A | $9.6M | $6.4M | $6.3M | $6.7M | $6.4M | $5.7M | $7.7M | $4.5M | $2.1M | $2.6M |
| Total operating expenses | — | — | — | — | — | — | $9.7M | $6.3M | $3.6M | $4.5M |
| Operating income | -$8.4M | -$2.2M | -$61.1K | $588.5K | -$765.0K | -$2.0M | -$3.1M | $260.7K | $598.5K | $617.0K |
| Interest expense | $49.1K | $62.7K | $104.2K | $123.4K | $172.0K | $175.0K | $201.0K | $115.4K | $0 | — |
| Pre-tax income | -$169.1M | -$2.1M | -$42.1K | $452.4K | $523.8K | -$1.8M | -$3.6M | $632.3K | $579.3K | $606.6K |
| Income tax | $20.4K | $22.9K | $20.0K | $2.6K | $0 | $9.2K | $4.2K | $747.0K | $0 | $0 |
| Net income | -$167.0M | -$2.0M | -$3.7M | -$1.4M | $523.8K | -$1.8M | -$3.6M | $1.4M | $579.3K | $606.6K |
| EPS, basic | -24.59 | -1.77 | -3.39 | -0.14 | 0.05 | -0.19 | -0.38 | 0.15 | 0.07 | 0.07 |
| EPS, diluted | -24.59 | -1.77 | -3.39 | -0.14 | 0.05 | -0.19 | -0.38 | 0.15 | 0.07 | 0.07 |
| Shares, diluted (wtd. avg.) | 6.8M | 1.1M | 1.1M | 10.2M | 10.4M | 9.6M | 9.5M | 9.4M | 8.8M | 8.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.2M | $2.8M | $2.8M | $2.6M | $1.4M | $2.9M | — | — | — | $4.8M |
| Receivables | $1.6M | $2.3M | $7.0M | $7.5M | $8.8M | $7.6M | $6.7M | $9.0M | $6.2M | $4.9M |
| Inventory | — | $490.0K | $334.4K | $650.9K | $2.1M | $1.3M | $1.6M | $1.6M | $2.1M | $2.6M |
| Total current assets | $41.2M | $9.6M | $11.4M | $14.3M | $12.8M | $12.2M | $11.8M | $15.2M | $13.1M | $12.3M |
| Property, plant and equipment | $124.3K | $218.0K | $274.0K | $241.1K | $168.0K | $215.3K | $243.0K | $359.0K | $20.7K | $43.0K |
| Goodwill | $0 | $1.6M | $1.8M | $1.8M | $1.8M | $1.8M | $2.2M | $2.2M | $0 | — |
| Other intangibles | $0 | $680.4K | $893.1K | $1.1M | $1.3M | $1.5M | $1.2M | $1.4M | $0 | — |
| Total assets | $1.47B | $14.8M | $17.4M | $20.9M | $19.9M | $19.4M | $16.1M | $19.2M | $13.2M | $12.4M |
| Accounts payable | $433.0K | $103.6K | $518.9K | $268.2K | $392.0K | $197.0K | $315.4K | $330.0K | $67.4K | $62.1K |
| Total current liabilities | $2.7M | $9.4M | $10.8M | $10.0M | $7.2M | $8.8M | $8.3M | $7.6M | $4.2M | $4.2M |
| Long-term debt | — | — | — | — | — | $530.0K | $0 | $54.3K | $0 | — |
| Total liabilities | $4.8M | $11.8M | $14.8M | $14.7M | $12.4M | $12.8M | $8.4M | $8.1M | $4.2M | $4.2M |
| Retained earnings | -$186.6M | -$19.6M | -$17.7M | -$13.9M | -$12.6M | -$13.1M | -$11.3M | -$7.7M | -$9.1M | -$9.7M |
| Total equity | $1.47B | $3.0M | $2.6M | $6.3M | $7.4M | $6.6M | $7.7M | $11.1M | $8.9M | $8.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.5M | $519.8K | $1.2M | $1.5M | -$528.3K | -$262.9K | -$2.0M | $956.5K | -$137.6K | $768.3K |
| Depreciation and amortisation | $332.2K | $331.9K | $315.0K | $309.2K | $327.3K | $272.0K | $311.6K | $228.2K | $22.4K | $52.8K |
| Stock-based compensation | $2.9M | $101.4K | $86.5K | $201.2K | $68.9K | $245.2K | $215.7K | $289.9K | $155.0K | $236.1K |
| Capital expenditure | $25.8K | $65.2K | $136.1K | $169.6K | $67.2K | $68.5K | $33.1K | $55.9K | $0 | $48.1K |
| Investing cash flow | -$901.5M | -$65.2K | -$136.1K | -$169.6K | -$67.2K | -$390.1K | -$33.1K | -$1.4M | $0 | -$48.1K |
| Financing cash flow | $941.4M | -$500.0K | -$300.0K | -$200.0K | -$918.7K | $484.8K | $725.8K | $175.8K | $0 | -$1.7K |
| Dividends paid | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001683168-25-009068.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.5M | $24.8M | $34.5M | $37.4M | $34.5M | $39.0M | $38.2M | $22.7M | $20.0M | $18.2M |
| Gross profit | $5.1M | $4.2M | $6.6M | $6.6M | $6.6M | $8.1M | $8.8M | $7.1M | $5.2M | $5.2M |
| Net income | $606.6K | $579.3K | $1.4M | -$3.6M | -$1.8M | $523.8K | -$1.4M | -$3.7M | -$2.0M | -$167.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |