Forward Inds Inc N Y Stock Price, News & Analysis

Forward Industries, Inc. (NASDAQ:FORD) reported a significant revenue increase of 22.6% for Q2 FY2022, achieving $10.3 million, compared to $8.4 million a year prior. Gross margin improved to 21.8% from 20.8%. Operating loss decreased to $0.3 million from $0.8 million, while the net loss was $0.4 million, down from $0.8 million. Loss per share also improved to $0.04 versus $0.08. The cash balance stood at $1.5 million as of March 31, 2022. CEO Terry Wise expressed cautious optimism for the remainder of the fiscal year, highlighting the design division's strong performance.

Forward Industries (NASDAQ: FORD) announced the launch of the IPS Risk Management Consulting practice, designed to integrate product safety into product design. This initiative, led by Intelligent Product Solutions (IPS), aims to enhance the product development process through risk management planning, assessment, and mitigation, guided by recognized ISO standards. Ed Lanzilotta highlighted that incorporating early risk management can significantly reduce development timelines while improving product quality. IPS aims to assist various industries, ensuring product safety throughout the design process.

Forward Industries, Inc. (NASDAQ:FORD) reported a 19.6% increase in revenues for Q1 FY2022, rising to $11.6 million from $9.7 million in Q1 FY2021. However, gross margin decreased to 22.5% from 23.3%. Operating income was $0.2 million, a $0.4 million improvement from the previous year. Net income dropped to $0.2 million compared to $1.2 million in Q1 FY2021, which included a $1.4 million PPP loan forgiveness. The cash balance improved to $2.4 million. CEO Terry Wise expressed cautious optimism about the year, highlighting growth in the design division despite market challenges.

Forward Industries (NASDAQ:FORD) reported financial results for the year ending September 30, 2021, showcasing a revenue increase of 13.0% to $39.0 million, up from $34.5 million in 2020. The gross margin improved to 20.8% from 19.3% in the prior year. The company achieved a net income of $0.5 million, which included a $1.4 million gain due to PPP loan forgiveness, reversing a net loss of $1.8 million in 2020. The earnings per share improved to $0.05, compared to ($0.19) in 2020, while cash stood at $1.4 million as of September 30, 2021.

Forward Industries (NASDAQ: FORD) announced the promotion of Paul Severino to President of Intelligent Product Solutions (IPS), effective January 1, 2022. Severino, a co-founder of IPS, has been with the firm since its inception in 2007. Mitch Maiman, the current President, will transition to a strategic consulting role. Bob Wild has been promoted to COO. The leadership changes are expected to support the continued growth of IPS, which specializes in product design and engineering services across various industries.

Forward Industries, Inc. (NASDAQ:FORD) reported financial results for its third fiscal quarter ended June 30, 2021, achieving revenues of $10.0 million, a 5.3% increase from $9.5 million year-over-year. The operating income improved to $0.3 million, reversing a loss of $0.2 million in Q3 2020. Gross margin rose to 21.9% from 18.6%. Net income reached $0.2 million, compared to a net loss of $0.2 million a year prior. CEO Terry Wise expressed optimism about performance improvements despite challenging trading conditions.

On June 23, 2021, Forward Industries announced the launch of its new IT services division, Intelligent CloudCare, aimed at supporting small and medium businesses in the New York City region. This division provides IT services such as infrastructure analysis, desktop support, server management, and cybersecurity, which are essential for companies navigating post-COVID workplace adjustments. The initiative, led by Danny Aponte, aims to tackle IT challenges associated with the hybrid-remote work environment, supported by a team of experienced professionals.

Forward Industries (NASDAQ:FORD) has announced a distribution agreement with Chipolo Inc. to market its tracking products in the U.S. This partnership allows Chipolo to leverage Forward's relationships with major retailers. Notable products include Chipolo ONE Spot, which integrates with Apple's Find My network, enabling users to locate lost items via a smartphone app. With features like a replaceable battery and water resistance, Chipolo aims to enhance consumer convenience and security in item tracking.

Forward Industries (NASDAQ: FORD) reported second-quarter 2021 revenues of $8.4 million, up 6.3% from $7.9 million in Q2 2020. The company achieved a gross margin of 20.8%, improving from 18.3% year-over-year. Operating loss decreased to $0.8 million from $1.7 million a year ago, while net loss also fell to $0.8 million, down from $1.4 million.

Basic and diluted loss per share improved to $0.08 compared to $0.14 in the previous year. Cash and cash equivalents totaled $1.5 million as of March 31, 2021.