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
6.31
2026-09-04
Market cap
$466.0M
2026-06-30 share count
52-week range
3.48 - 9.43
Valuation FY2025 figures against the last close
P/S25.6x
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.
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