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Forward Industries reports developments tied to its Solana-focused digital asset treasury strategy. Company news covers SOL acquisitions and staking, validator infrastructure on the Solana blockchain, advisory support from digital asset and capital markets participants, resale registration activity related to private-placement shares, share repurchase authorization, and the completed Nasdaq ticker change from FORD to FWDI.
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.
Intelligent Product Solutions, a subsidiary of Forward Industries (NASDAQ: FORD), has secured a group purchasing agreement with Premier, granting access to over 200,000 healthcare organizations to its software development services.
This agreement allows Premier’s members to benefit from pre-negotiated pricing and terms. CEO Terry Wise expressed satisfaction with the appointment, highlighting it as part of the company’s strategy to diversify its customer base amid uncertain times.
Forward Industries (NASDAQ:FORD) reported first-quarter revenues of $9.7 million, a 15.5% increase from $8.4 million a year ago. The gross margin improved to 23.3% from 20.5% year-over-year. The operating loss was $0.2 million, larger than a $0.03 million loss in the same quarter last year. However, the company recorded a net income of $1.2 million, significantly up from a $0.08 million loss in 2019, mainly due to a $1.4 million gain from PPP loan forgiveness. Basic earnings per share stood at $0.12 versus $(0.01) last year.
Forward Industries (NASDAQ:FORD) reported fiscal year 2020 revenues of $34.5 million, down 7.8% from $37.4 million in 2019. The company experienced a loss from operations of $2.0 million, improved from $3.1 million in the prior year. Gross margin increased to 19.3%, compared to 17.6% a year earlier. The net loss decreased to $1.8 million from $3.6 million in 2019, with net loss per share at $0.19, down from $0.38. Cash and equivalents stood at $2.9 million as of September 30, 2020.
Forward Industries (NASDAQ: FORD) has relocated its corporate headquarters from West Palm Beach, Florida, to Hauppauge, New York, to enhance synergy with its subsidiary, Intelligent Product Solutions (IPS). This strategic move aims to grow its design division and improve operational efficiency. The company has also expanded IPS with a new manufacturing facility in Ronkonkoma. Additionally, Forward Industries acquired Kablooe Design, which will now operate from Hauppauge, aligning with its focus on the Northeast market for medical clients.
Forward Industries (NASDAQ: FORD) has acquired substantially all assets of Kablooe Design, a prominent medical and consumer design firm based in Minneapolis, for a combination of cash, equity, assumed debt, and contingent earn outs. This strategic acquisition positions Forward in one of the largest medical device development hubs in the U.S., enhancing its portfolio and market reach. Kablooe's client base includes major brands like Medtronic and Boston Scientific. The deal aims to maximize synergies with Forward's subsidiary, Intelligent Product Solutions, fostering growth opportunities.
Forward Industries (NASDAQ:FORD) announced its Q3 2020 financial results, revealing revenues of $9.5 million, down 3.6% from $9.9 million in Q3 2019. The gross margin decreased to 18.6% from 19.1% year-over-year. The net loss widened to $215,000 compared to $104,000 in Q3 2019, translating to a net loss per share of $0.02. Cash and cash equivalents stood at $3.1 million as of June 30, 2020. The CEO acknowledged challenges due to delays in the retail sector but expressed confidence in the company's resilience.