A Business at a Glance
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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”), and Kablooe, Inc. (“Kablooe”), is a design company serving top tier medical and technology customers. The Company provides hardware and software product design and engineering services to customers predominantly located in the U.S. The Company also acquires and holds Solana (“SOL”) and other digital assets and has adopted SOL as its primary treasury reserve asset. On November 17, 2025, the Company changed its ticker symbol on the Nasdaq Capital Market from FORD to FWDI.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 33M | - | 20M | 37M | 38M | 39M |
| Net Income | -752M | -167M | -2.0M | -3.7M | -1.4M | 524K |
| EPS | $-29.86 | $-24.59 | $-1.77 | $-33.90 | $-1.40 | $0.50 |
| Free Cash Flow | -12M | -4.5M | 455K | 905K | 1.4M | -596K |
| ROIC | -56.0% | -0.6% | -11.5% | 5.4% | -15.6% | -12.7% |
| Gross Margin | 62.2% | - | 25.9% | 22.8% | 23.0% | 20.8% |
| Debt/Equity | 0.00 | - | 0.40 | 5.65 | 2.34 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -591M | -8.4M | -2.2M | 179K | -1.2M | -765K |
| Operating Margin | -1791.5% | - | -10.8% | 0.5% | -3.2% | -2.0% |
| ROE | -85.4% | - | -65.7% | -84.1% | -20.1% | 7.5% |
| Shares Outstanding | 83M | 86M | 86M | 1M | 1M | 1M |
Forward Industries, Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 23.2%. At current prices, the estimated annualized return to fair value is +62.9%.
Forward Industries, Inc. (FWDI) has a 5-year average return on invested capital (ROIC) of -7.0%. This is below average and may indicate limited pricing power.
Forward Industries, Inc. (FWDI) has a market capitalization of $378M. It is classified as a small-cap stock.
Forward Industries, Inc. (FWDI) does not currently pay a regular dividend.
Forward Industries, Inc. (FWDI) operates in the Finance Services industry, within the Financials sector.
Forward Industries, Inc. (FWDI) generated $-5 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Forward Industries, Inc. (FWDI) reported earnings per share (EPS) of $-24.59 in its most recent fiscal year.
Forward Industries, Inc. (FWDI) has a 5-year average gross margin of 23.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Forward Industries, Inc. (FWDI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.