Forward Industries (FWDI) Financials
Ticker history: FORD became FWDI (Forward Industries, Inc.) on . Earlier news and filings retain their original names and dates. View FORD history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FWDI SEC filings page.
Forward Industries, Inc. (FWDI) reported $18.2M in revenue for fiscal year 2025, down 9.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
The reported balance sheet became enormous relative to operations, while the underlying business remains small, unprofitable, and cash-consuming.
In FY2025, gross profit held near$5.2M even as revenue fell9.0% , pointing to improved gross economics without business growth. But selling, general, and administrative expense rose49.0% , driving the operating margin down 35.4 percentage points to-46.1% ; the main deterioration occurred below gross profit.
The balance sheet is now asset-heavy and lightly encumbered: total assets were
Cash conversion is weak independently of reinvestment: operating cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Forward Industries, Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Forward Industries, Inc. scores 56.76, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $457.0M against total liabilities of $4.8M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Forward Industries, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Forward Industries, Inc. reported a net loss of $167.0M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Forward Industries, Inc. reported an operating loss of $8.4M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Forward Industries, Inc. generated $10.8M in revenue in Q3 2026. This represents an increase of 332.1% from the same quarter a year earlier. Against the prior quarter it is down 16.8%.
Forward Industries, Inc.'s EBITDA was -$70.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forward Industries, Inc. reported a net loss of $69.0M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forward Industries, Inc. earned -$0.80 per diluted share (EPS) in Q3 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Forward Industries, Inc. recorded an outflow of $3.4M in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forward Industries, Inc. held $11.0M in cash as of Q3 2026; no long-term debt figure is on record for that period.
Not reported for Q3 2026.
Margins & Returns
Forward Industries, Inc.'s gross margin was 62.2% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 87.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.8 percentage points.
Forward Industries, Inc.'s quarterly ROE was -14.5% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 10.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 36.8 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Forward Industries, Inc. spent $11.8M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 74.9%.
Forward Industries, Inc. reported no capital expenditure in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q3 2026.
FWDI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.8M+332.1% | $13.0M+315.0% | $21.4M+363.5% | $7.9M+67.6% | $2.5M-50.5% | $3.1M-38.4% | $4.6M-10.1% | $4.7M-6.9% |
| Cost of Revenue | $4.1M+30.8% | $3.9M+17.8% | $4.6M+31.3% | $3.1M-15.1% | $3.1M-16.4% | $3.3M-11.8% | $3.5M-5.6% | $3.6M+83.4% |
| Gross Profit | $6.7Mn/m | $9.1Mn/m | $16.8M+1387.1% | $4.9M+339.7% | -$621K-147.5% | -$179K-113.4% | $1.1M-21.4% | $1.1M-64.5% |
| SG&A Expenses | $6.4M+230.4% | $4.2M+152.8% | $3.8M+109.7% | $5.2M+225.6% | $1.9M+9.7% | $1.6M-15.8% | $1.8M0.0% | $1.6M |
| Operating Income | -$70.3Mn/m | -$284.1Mn/m | -$583.6Mn/m | -$3.1Mn/m | -$2.6Mn/m | -$1.8Mn/m | -$898Kn/m | -$706K-7001.3% |
| EBITDA | -$70.2Mn/m | -$284.1Mn/m | -$583.6Mn/m | -$3.0Mn/m | -$2.5Mn/m | -$1.7Mn/m | -$814Kn/m | -$623K |
| Interest Expense | $517K+4172.6% | $59K+400.0% | $0-100.0% | $13K+8.3% | $12K-16.3% | $12K-30.3% | $12K-37.0% | $12K |
| Income Tax | -$1.7Mn/m | -$875Kn/m | $2.7Mn/m | $20K-11.1% | $0n/m | $0n/m | $0n/m | $23K+14.7% |
| Net Income | -$69.0Mn/m | -$283.1Mn/m | -$585.7Mn/m | -$164.0Mn/m | -$850Kn/m | -$1.5Mn/m | -$708Kn/m | -$644Kn/m |
| EPS (Basic) | -$0.80 | -$2.98 | -$5.91 | N/A | -$0.77n/m | -$1.32 | -$0.64 | -$0.58 |
| EPS (Diluted) | -$0.80 | -$2.98 | -$5.91 | N/A | -$0.77n/m | -$1.32 | -$0.64 | -$0.58 |
| Diluted Shares (Avg) | 87M | 95M | 99M | N/A | 1M+1.1% | 1M | 1M | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
FWDI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $602.5M+7164.4% | $608.5M+4831.9% | $892.9M+6518.2% | $1.5B+9887.2% | $8.3M-45.5% | $12.3M-18.8% | $13.5M-17.4% | $14.8M-15.1% |
| Current Assets | $22.1M+520.4% | $21.6M+181.9% | $62.9M+629.4% | $41.2M+327.2% | $3.6M-63.4% | $7.7M-19.4% | $8.6M-17.8% | $9.6M-15.1% |
| Cash & Equivalents | $11.0M+768.1% | $16.6M+824.9% | $25.4M+986.2% | $38.2M+1274.3% | $1.3M-45.7% | $1.8M-12.2% | $2.3M-4.9% | $2.8M-1.6% |
| Short-Term Investments | N/A | $0n/m | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | $753K+85.8% | $490K+46.5% |
| Accounts Receivable | $1.9M+60.6% | $2.4M+35.9% | $3.0M+19.8% | $1.6M-29.2% | $1.2M-81.6% | $1.8M-72.6% | $2.5M-61.7% | $2.3M-40.0% |
| Long-Term Investments | N/A | $0n/m | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | N/A | N/A | N/A | $0-100.0% | $1.3M-24.2% | $1.3M-24.2% | $1.3M-24.2% | $1.6M-11.4% |
| Total Liabilities | $128.3M+2495.9% | $57.1M+551.4% | $12.1M+7.8% | $4.8M-59.2% | $4.9M-64.3% | $8.8M-34.7% | $11.2M-20.1% | $11.8M-20.1% |
| Current Liabilities | $127.8M+5326.6% | $54.6M+745.9% | $10.1M+14.8% | $2.7M-70.9% | $2.4M-79.2% | $6.5M-40.2% | $8.8M-22.3% | $9.4M-13.5% |
| Non-Current Liabilities | $549K-78.8% | $2.5M+7.5% | $2.0M-17.5% | $2.1M-13.8% | $2.6M+2.2% | $2.3M-12.0% | $2.4M-10.9% | $2.4M-38.2% |
| Total Equity | $474.2M+14051.5% | $551.5M+15309.0% | $880.9M+38546.2% | $1.5B+49448.6% | $3.4M+141.0% | $3.6M+102.2% | $2.3M-1.5% | $3.0M+13.4% |
| Retained Earnings | -$1.1Bn/m | -$1.1Bn/m | -$772.3Mn/m | -$186.6Mn/m | -$22.6Mn/m | -$21.8Mn/m | -$20.3Mn/m | -$19.6Mn/m |
Not reported in any period shown, so not listed: Long-Term Debt.
FWDI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.4Mn/m | -$4.8Mn/m | -$7.9Mn/m | -$2.3M-592.9% | -$1.2M-381.5% | -$538Kn/m | -$434Kn/m | $467K-2.4% |
| Depreciation & Amortization | $21K-74.9% | $23K-71.9% | $26K-69.4% | $83K-1.0% | $83K+0.6% | $83K-2.3% | $84K+3.1% | $84K+3.1% |
| Stock-Based Compensation | N/A | N/A | $17K-15.6% | N/A | N/A | N/A | $20K-60.0% | N/A |
| Capital Expenditures | $0-100.0% | $3K+134.8% | $0-100.0% | N/A | $19K+105.4% | $1K-93.3% | $5K-72.2% | $15K-22.9% |
| Free Cash Flow | -$3.4Mn/m | -$4.8Mn/m | -$7.9Mn/m | N/A | -$1.2M-392.0% | -$539Kn/m | -$440Kn/m | $452K-1.6% |
| Investing Cash Flow | -$55.8Mn/m | $3.2Mn/m | -$1.1Mn/m | -$901.2Mn/m | -$219Kn/m | -$1Kn/m | -$5Kn/m | -$15Kn/m |
| Financing Cash Flow | $53.5M+5770.1% | -$7.1Mn/m | -$3.8Mn/m | $940.4Mn/m | $911Kn/m | $0n/m | $0n/m | $0n/m |
| Share Buybacks | $11.8Mn/m | $47.1Mn/m | $10.9Mn/m | N/A | $0 | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
FWDI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.2%+87.1pp | 70.0%+75.7pp | 78.6%+54.1pp | 61.1%+37.8pp | -24.9%-50.9pp | -5.7%-31.9pp | 24.5%-3.5pp | 23.3%-37.8pp |
| Operating Margin | -651.8% | -2191.9% | -2722.8% | -39.2%-24.3pp | -102.6% | -58.3%-46.1pp | -19.4%-12.3pp | -14.9%-15.1pp |
| Net Margin | -639.7% | -2184.1% | -2732.2% | -2063.6% | -34.1%-26.1pp | -46.5%-35.6pp | -15.3%-8.4pp | -13.6%+23.7pp |
| Return on Equity | -14.5%+10.8pp | -51.3%-10.8pp | -66.5%-35.4pp | -11.2%+10.5pp | -25.4%+3.4pp | -40.6%-9.3pp | -31.1%-15.7pp | -21.7%+50.9pp |
| Return on Assets | -11.4%-1.2pp | -46.5%-34.8pp | -65.6%-60.3pp | -11.1%-6.8pp | -10.3%-7.6pp | -11.8%-8.1pp | -5.3%-3.1pp | -4.4%+6.6pp |
| Current Ratio | 0.17-1.3x | 0.40-0.8x | 6.24+5.3x | 15.14+14.1x | 1.51+0.7x | 1.19+0.3x | 0.98+0.1x | 1.030.0x |
| Liabilities-to-Equity | 0.27-1.2x | 0.10-2.3x | 0.01-4.9x | 0.00-4.0x | 1.48-8.5x | 2.45-5.1x | 4.92-1.1x | 3.98-1.7x |
| Asset Turnover | 0.02-0.3x | 0.02-0.2x | 0.02-0.3x | 0.01-0.3x | 0.300.0x | 0.25-0.1x | 0.340.0x | 0.320.0x |
| FCF Margin | -31.1%+18.9pp | -37.0%-19.8pp | -37.0%-27.5pp | N/A | -50.0%-58.4pp | -17.3%-11.1pp | -9.5%-7.3pp | 9.5%+0.5pp |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Forward Industries, Inc. FWDI | FY2025 | $18.2M | -$167.0M | N/A | $457.0M | — |
| Noah Holdings Limited NOAH | FY2025 | $373.3M | $79.9M | 21.4% | $475.7M | 70/100 |
| Nuveen Churchill Direct Lending Corp NCDL | FY2025 | N/A | $65.6M | N/A | $562.5M | — |
Where Forward Industries, Inc. Ranks
Frequently Asked Questions
Forward Industries, Inc. (FWDI) reported $18.2M in total revenue for fiscal year 2025. This represents a -9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Forward Industries, Inc. (FWDI) revenue declined by 9.0% year-over-year, from $20.0M to $18.2M in fiscal year 2025.
No, Forward Industries, Inc. (FWDI) reported a net loss of $167.0M in fiscal year 2025.
Forward Industries, Inc. (FWDI) had EBITDA of -$8.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Forward Industries, Inc. (FWDI) had a gross margin of 28.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Forward Industries, Inc. (FWDI) had an operating margin of -46.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Forward Industries, Inc. (FWDI) has a return on equity of -11.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Forward Industries, Inc. (FWDI) recorded an outflow of $4.5M in free cash flow during fiscal year 2025. This represents a -1096.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Forward Industries, Inc. (FWDI) recorded an outflow of $4.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Forward Industries, Inc. (FWDI) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.
Forward Industries, Inc. (FWDI) invested $26K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Forward Industries, Inc. (FWDI) had a current ratio of 15.14 as of fiscal year 2025, which is generally considered healthy.
Forward Industries, Inc. (FWDI) had a liabilities-to-equity ratio of 0.00 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Forward Industries, Inc. (FWDI) had a return on assets of -11.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Forward Industries, Inc. (FWDI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $457.0M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Forward Industries, Inc. (FWDI) trades at 8.6x sales, its market capitalization divided by $53.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $457.0M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Forward Industries, Inc. (FWDI) has an Altman Z-Score of 56.76, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Forward Industries, Inc. (FWDI) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Forward Industries, Inc. (FWDI) reported a net loss of $167.0M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Forward Industries, Inc. (FWDI) reported an operating loss of $8.4M against $49K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.