Forward Industries, Inc.

Listed Company

FWDICIK 0000038264NasdaqNon-AcceleratedSmaller ReportingFinance ServicesTexasFY ends Sep 30

Period

FY 2025

Revenue

$18.19M

Net Income

$-166.97M

Total Assets

$1.47B

Equity

$1.47B

Shares Out

83.14M

Op. Cash Flow

$-4.50M

Business

Forward Industries, Inc. is a design company that provides hardware and software product design and engineering services to medical and technology customers. It offers in‑house electrical, mechanical, software, optical, industrial and UX/UI engineering, IoT system architecture, program management and prototyping for products including medical devices, smart displays, vending systems, lighting, security/detection systems, cameras, wearables and vehicle controls, and it also acquires and holds digital assets, primarily Solana (SOL), as a treasury reserve. Key activities consist of its design segment and a digital asset treasury management operation supported by subsidiaries and external asset and services agreements. The company serves customers predominantly in the U.S. and uses regulated custodians, third‑party validators and capital markets channels for its digital asset activities.

Summary from filing dated 2025-12-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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	—	—	—

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