Forward Inds Inc N Y Stock Price, News & Analysis

Intelligent CloudCare, a subsidiary of Intelligent Product Solutions, has launched a new Vulnerability Assessment/Penetration Testing (VA-PT) service aimed at helping small and medium-sized businesses enhance their cybersecurity. This service includes a comprehensive vulnerability scan of an organization’s internal IT network and risk analysis to identify potential threats. Managing Director Danny Aponte emphasized the importance of recognizing vulnerabilities to safeguard against cyberattacks. In addition to VA-PT, Intelligent CloudCare offers various IT services including desktop support, server management, and web hosting, ensuring optimal performance for businesses.

Forward Industries reported its financial results for the fiscal year ending September 30, 2022, showing revenues of $42.3 million, an increase of 8.5% from $39.0 million in 2021. However, the company faced challenges as gross margin fell to 19.8% from 20.8% the previous year, resulting in an operating loss of $1.2 million compared to $0.8 million in 2021. The net loss was reported at $1.4 million, down from net income of $0.5 million in 2021. The company ended the period with a cash balance of $2.6 million.

On September 13, 2022, Intelligent CloudCare, a subsidiary of Forward Industries, announced the addition of three key certifications: Security+, Certified Ethical Hacker (CEH), and Microsoft Azure Fundamentals. These certifications bolster the company's expertise in security and cloud services, ensuring that clients receive high-quality IT support. The certifications validate the team's ability to identify threats, manage risks, and leverage Microsoft Azure for cloud solutions. This move enhances Intelligent CloudCare’s offerings in IT management and cybersecurity, addressing the needs of small and medium-sized businesses.

Forward Industries, Inc. (NASDAQ:FORD) reported its third-quarter financial results for the period ending June 30, 2022, revealing a 6% increase in revenues to $10.6 million, up from $10.0 million in the same quarter of 2021.

However, gross margin decreased to 18.1% from 21.9% year-over-year.

The company experienced an operating loss of $0.4 million compared to an operating income of $0.3 million last year. Additionally, net loss was $0.4 million, contrasting with a net income of $0.2 million.

Basic and diluted EPS was $(0.04) versus $0.02 in the prior year. Cash reserves improved, totaling $2.3 million as of June 30, 2022, compared to $1.4 million in September 2021.

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.