F
Forward Industries, Inc.
Period
FY 2025
Revenue
$18.19M
Net Income
$-166.97M
Total Assets
$1.47B
Equity
$1.47B
Shares Out
74.68M
Op. Cash Flow
$-4.50M
Business
Forward Industries, Inc. provides hardware and software product design and engineering services to medical and technology customers. The company offers electrical engineering, mechanical engineering, software engineering, industrial design, UX/UI design, optical engineering, and program management. It serves consumer and industrial electronics markets including medical devices, smart displays, wearables, and vehicle controls. Forward also operates a digital asset treasury strategy holding and staking Solana tokens.
Summary from 10-K filed 2025-12-11
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Revenues, net | 18 | 20 | 37 | 38 | 39 | |
| Cost of sales | 13 | 15 | 28 | 29 | 31 | |
| Gross profit | 5 | 5 | 8 | 9 | 8 | |
| Sales and marketing expenses | 1 | 769,370 | 2 | 1 | 3 | |
| General and administrative expenses | 10 | 6 | 7 | 7 | 6 | |
| Related party expenses | 923,513 | 0 | — | — | — | |
| Goodwill and intangible asset impairment | 2 | 200,000 | 0 | — | — | |
| Operating loss | −8 | −2 | 159,658 | 588,470 | −764,999 | |
| Loss on change in fair value of digital assets | 160 | 0 | — | — | — | |
| Loss on change in fair value of warrant liability | 658,332 | 0 | — | — | — | |
| Interest income | −70,669 | −78,863 | −23,188 | 0 | −88,760 | |
| Interest expense - related party | 49,143 | 62,662 | 104,201 | 123,411 | 171,957 | |
| Other expense, net | 4,244 | 8,315 | −30,019 | 12,612 | 4,569 | |
| Loss from continuing operations before income taxes | −169 | −2 | 178,664 | 452,447 | 523,805 | |
| Provision for income taxes | 20,404 | 22,947 | 20,006 | 2,554 | 0 | |
| Loss from continuing operations | −169 | −2 | 158,658 | 449,893 | — | |
| Income from discontinued operations, net of tax | 2 | 215,592 | −4 | −2 | — | |
| Net loss | −167 | −2 | −4 | −1 | 523,805 | |
| Deemed dividend on Series B Convertible Preferred Stock | −29,444 | 0 | — | — | — | |
| Net loss attributable to common shareholders | −167 | −2 | — | — | — | |
| Basic loss per share from continuing operations | −24.9 | −1.97 | 0.14 | 0.04 | — | |
| Basic earnings per share from discontinued operations | 0.31 | 0.2 | −3.53 | −0.18 | — | |
| Basic loss per share | −24.59 | −1.77 | −3.39 | −0.14 | 0.05 | |
| Diluted loss per share from continuing operations | −24.9 | −1.97 | 0.14 | 0.04 | — | |
| Diluted earnings per share from discontinued operations | 0.31 | 0.2 | −3.53 | −0.18 | — | |
| Diluted loss per share | −24.59 | −1.77 | −3.39 | −0.14 | 0.05 | |
| Basic | 7 | 1 | 1 | 10 | 10 | |
| Diluted | 7 | 1 | 1 | 10 | 10 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Cash | 38 | 3 | 3 | 3 | 1 | |
| Accounts receivable, net of allowances for credit losses of $92,358 and $27,282 as of September 30, 2025 and 2024, respectively | 2 | 2 | 7 | 8 | 9 | |
| Contract assets | 1 | 1 | — | — | — | |
| Prepaid expenses and other current assets | 355,548 | 382,832 | 378,512 | 417,605 | 561,072 | |
| Assets held for sale | 0 | 3 | 508,077 | 3 | — | |
| Total current assets | 41 | 10 | 11 | 14 | 13 | |
| Digital assets | 1,430 | 0 | — | — | — | |
| Property and equipment, net | 124,331 | 218,025 | 274,046 | 241,146 | 167,997 | |
| Intangible assets, net | 0 | 680,386 | 893,143 | 1 | 1 | |
| Goodwill | 0 | 2 | 2 | 2 | 2 | |
| Operating lease right-of-use assets, net | 2 | 3 | 3 | 3 | 4 | |
| Other assets | 806,137 | 68,737 | 68,737 | 68,737 | 72,251 | |
| Total assets | 1,475 | 15 | 17 | 21 | 20 | |
| Note payable to Forward China (related party) | 0 | 600,000 | 0 | — | 0 | |
| Accounts payable | 433,044 | 103,581 | 518,892 | 268,160 | 391,992 | |
| Related party payables (Note 14) | 923,513 | 0 | 8 | 8 | — | |
| Deferred income | 292,525 | 399,439 | 297,407 | 438,878 | 187,695 | |
| Current portion of operating lease liability | 450,949 | 404,056 | 416,042 | 377,940 | 340,151 | |
| Accrued expenses and other current liabilities | 623,512 | 571,662 | 1 | 1 | 529,497 | |
| Liabilities held for sale | 0 | 7 | — | — | — | |
| Total current liabilities | 3 | 9 | 11 | 10 | 7 | |
| Operating lease liability, less current portion | 2 | 2 | 3 | 3 | 4 | |
| Total liabilities | 5 | 12 | 15 | 15 | 12 | |
| Commitments and contingencies (Note 12) | — | — | — | — | — | |
| Common stock, 300,000,000 shares authorized; par value $0.01 per share; 86,145,514 and 1,101,069 shares issued and outstanding at September 30, 2025 and 2024, respectively | 861,455 | 11,011 | 11,011 | 100,612 | 100,612 | |
| Additional paid-in capital | 1,656 | 20 | 20 | 20 | 20 | |
| Accumulated deficit | −187 | −20 | −18 | −14 | −13 | |
| Total shareholders' equity | 1,470 | 3 | 3 | 6 | 7 | |
| Total liabilities and shareholders' equity | 1,475 | 15 | 17 | 21 | 20 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Share-based compensation | 3 | 101,360 | 86,491 | 201,235 | 68,855 | |
| Depreciation and amortization | 332,225 | 331,927 | 315,940 | 309,239 | 327,290 | |
| Credit loss expense | 105,516 | 19,505 | 78,786 | — | — | |
| Non-cash digital asset revenue, net | −4 | 0 | — | — | — | |
| Gain on sale of OEM segment | −1 | 0 | — | — | — | |
| Accounts receivable | 624,359 | 2 | 495,102 | 953,137 | −2 | |
| Contract assets | 208,729 | −297,248 | — | — | — | |
| Prepaid expenses and other current assets | 27,284 | −60,851 | 39,093 | 143,467 | −141,600 | |
| Accounts payable | 229,463 | −391,868 | — | — | — | |
| Related party payables | 923,513 | 0 | 782,867 | 2 | 2 | |
| Deferred income | −106,914 | 102,032 | −141,471 | 251,183 | −297,383 | |
| Net changes in operating lease liabilities | 582 | 12,161 | 28,471 | 44,076 | 49,258 | |
| Accrued expenses and other current liabilities | −42,330 | −739,283 | 203,837 | 624,409 | −87,427 | |
| Net cash used in operating activities-continuing operations | −5 | −1 | — | — | — | |
| Net cash provided by operating activities-discontinued operations | 396,153 | 2 | — | — | — | |
| Net cash (used in)/provided by operating activities | −5 | 519,770 | 1 | 2 | −528,311 | |
| Purchases of digital assets | −901 | 0 | — | — | — | |
| Cash paid for sale of OEM segment | −650,000 | 0 | — | — | — | |
| Purchases of property and equipment | −25,774 | −65,154 | −136,082 | −169,631 | −67,207 | |
| Net cash used in investing activities | −901 | −65,154 | −136,082 | −169,631 | −67,207 | |
| Proceeds from Securities Purchase Agreement, net | 900 | 0 | — | — | — | |
| Proceeds from Equity Line of Credit, net | 2 | 0 | — | — | — | |
| Proceeds from Registered Direct Offering | 2 | 0 | — | — | — | |
| Proceeds from Waiver and Leak-out Agreement | 33 | 0 | — | — | — | |
| Proceeds from ATM, net | 4 | 0 | — | — | — | |
| Proceeds from issuance of Series B preferred stock and warrants, net | 970,946 | 0 | — | — | — | |
| Deferred financing costs associated with ATM | −737,400 | 0 | — | — | — | |
| Proceeds from stock options exercised | 60,739 | 0 | — | 0 | 267,711 | |
| Repayment of note payable to Forward China (related party) | −600,000 | −500,000 | −300,000 | 0 | −156,798 | |
| Net cash provided by/(used in) financing activities | 941 | −500,000 | −300,000 | −200,000 | −918,744 | |
| Net increase/(decrease) in cash | 35 | −45,384 | 604,946 | 1 | −2 | |
| Cash paid for interest | 48,921 | 62,662 | 104,201 | 123,411 | 154,510 | |
| Cash paid for taxes | 32,071 | 7,069 | 10,271 | 10,856 | 8,389 | |
| Operating lease assets obtained in exchange for operating lease liabilities | 157,424 | 0 | 0 | 204,881 | 565,590 | |
| Conversion of accounts payable to convertible preferred stock | 3 | 2 | 0 | — | — | |
| Fair value of commitment shares issued under equity line of credit | 191,447 | 0 | — | — | — | |
| Digital assets received in Securities Purchase Agreement | 685 | 0 | — | — | — | |
| Digital assets used in investing activities | 685 | 0 | — | — | — | |
| Unpaid portion of Securities Purchase Agreement fees | 194,180 | 0 | — | — | — | |
| Reclass of warrant liability to equity | 1 | 0 | — | — | — |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro
Frequently asked questions
What is Forward Industries, Inc.'s CIK number?
Forward Industries, Inc.'s SEC CIK number is 0000038264 (38264). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Forward Industries, Inc.'s SEC filings?
All of Forward Industries, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Forward Industries, Inc. last report earnings?
Forward Industries, Inc. (FWDI) most recently filed an earnings 8-K with the SEC on Dec 11, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001683168-25-009073). This is Forward Industries, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Forward Industries, Inc.'s most recent earnings 8-K?
Forward Industries, Inc.'s latest earnings 8-K (Item 2.02) was filed Dec 11, 2025 under accession 0001683168-25-009073. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Forward Industries, Inc.'s latest earnings 8-K →
Look up any company's CIK number →