FWDI

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Forward Industries, Inc.

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Key Metrics

Previous Close: $4.94
52-Week Range: $3.48 – $46.00
Market Cap: $370.71M
P/E (TTM): —
EPS (TTM): -30.27
Dividend Yield: —

Advanced Metrics

Price/Book: 0.69
PEG Ratio: 2.53
Return on Equity: -461.37%
Return on Assets: 2.05%
Gross Margin: 70.56%
Operating Margin: -6.75%
Profit Margin: 0.00%
Current Ratio: 0.17
Debt/Equity: 0.25
Total Debt: $118.51M
Free Cash Flow: $14.77M
Revenue Growth: 332.10%
Earnings Growth: —
Enterprise Value: $470.03M

FWDI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$38.21M	$36.69M	$19.99M	$18.19M
Cost of Revenue	$29.41M	$28.32M	$14.81M	$13.00M
Gross Profit	$8.80M	$8.36M	$5.18M	$5.19M
Selling, General & Admin	$8.21M	$8.20M	$7.13M	$10.63M
Operating Expenses	$8.21M	$8.20M	$7.13M	$11.56M
Operating Income	$588.47K	$159.66K	-$1.95M	-$6.37M
EBITDA	$885.10K	$598.80K	-$1.75M	-$168.69M
Pretax Income	$452.45K	$178.66K	-$2.14M	-$169.07M
Income Tax	$2.55K	$20.01K	$22.95K	$20.40K
Net Income	-$1.38M	-$3.74M	-$1.95M	-$166.97M
Diluted EPS	-1.40	-3.70	-1.77	-24.59
Diluted Shares	1.02M	1.01M	1.10M	6.79M

FWDI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$2.58M	$3.18M	$2.78M	$38.17M
Receivables	$7.54M	$6.97M	$3.58M	$2.70M
Inventory	$650.85K	$334.38K	$490.00K	—
Current Assets	$14.34M	$11.37M	$9.65M	$41.22M
Total Assets	$20.94M	$17.39M	$14.77M	$1.47B
Current Liabilities	$9.98M	$10.84M	$9.37M	$2.72M
Long-Term Debt	$1.40M	$1.10M	—	—
Total Debt	$5.03M	$4.35M	$3.43M	$2.55M
Total Liabilities	$14.67M	$14.77M	$11.80M	$4.82M
Retained Earnings	-$13.95M	-$17.69M	-$19.64M	-$186.61M
Shareholders' Equity	$6.27M	$2.62M	$2.97M	$1.47B
Working Capital	$4.36M	$534.12K	$277.82K	$38.50M

FWDI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.53M	$1.04M	$519.77K	-$4.50M
Capital Expenditure	-$169.63K	-$136.08K	-$65.15K	-$25.77K
Free Cash Flow	$1.37M	$904.95K	$454.62K	-$4.53M
Depreciation & Amortisation	$309.24K	$315.94K	$331.93K	$332.23K
Stock-Based Compensation	$201.24K	$86.49K	$101.36K	$2.87M
Investing Cash Flow	-$169.63K	-$136.08K	-$65.15K	-$901.47M
Financing Cash Flow	-$200.00K	-$300.00K	-$500.00K	$941.36M
Net Change in Cash	$1.17M	$604.95K	-$45.38K	$35.39M

FWDI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$3.12M	$2.49M	$7.95M	$21.44M	$12.96M
Cost of Revenue	$3.30M	$3.12M	$3.09M	$4.59M	$3.89M
Gross Profit	-$178.76K	-$620.96K	$4.86M	$16.85M	$9.07M
Selling, General & Admin	$1.64M	$1.94M	$5.25M	$3.79M	$6.63M
Operating Expenses	$1.64M	$1.94M	$6.17M	$7.23M	$6.63M
Operating Income	-$1.82M	-$2.56M	-$1.31M	$9.62M	$2.44M
EBITDA	-$1.73M	-$2.31M	-$163.85M	$9.64M	-$283.88M
Pretax Income	-$1.82M	-$2.40M	-$163.94M	-$582.96M	-$283.96M
Income Tax	$0.00	$0.00	$20.40K	$2.69M	-$875.35K
Net Income	-$1.45M	-$850.02K	-$163.96M	-$585.65M	-$283.08M
Diluted EPS	-1.32	-0.77	—	-5.91	-2.98
Diluted Shares	1.10M	1.11M	—	99.10M	94.92M

FWDI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$1.80M	$1.26M	$38.17M	$25.39M	$16.63M
Receivables	$2.64M	$1.92M	$2.70M	$35.41M	$2.96M
Current Assets	$7.67M	$3.57M	$41.22M	$62.95M	$21.62M
Total Assets	$12.34M	$8.29M	$1.47B	$892.95M	$608.51M
Current Liabilities	$6.45M	$2.35M	$2.72M	$10.08M	$54.58M
Total Debt	$3.37M	$3.26M	$2.55M	$5.93M	$52.99M
Total Liabilities	$8.76M	$4.94M	$4.82M	$12.08M	$57.06M
Retained Earnings	-$21.80M	-$22.65M	-$186.61M	-$772.26M	-$1.06B
Shareholders' Equity	$3.58M	$3.35M	$1.47B	$880.86M	$551.46M
Working Capital	$1.22M	$1.21M	$38.50M	$52.86M	-$32.96M
Net Debt	—	—	—	—	$33.39M

FWDI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$537.61K	-$1.23M	-$2.30M	-$7.93M	-$4.80M
Capital Expenditure	-$1.43K	-$18.93K	—	—	—
Free Cash Flow	-$539.05K	-$1.25M	-$2.30M	-$7.93M	-$4.80M
Depreciation & Amortisation	$82.75K	$83.02K	$82.71K	$25.64K	$23.27K
Stock-Based Compensation	$26.12K	$39.34K	$2.79M	$17.16K	$797.86K
Investing Cash Flow	-$1.43K	-$218.93K	-$901.24M	-$1.08M	$3.16M
Financing Cash Flow	$0.00	$911.14K	$940.45M	-$3.77M	-$7.12M
Share Repurchases	$0.00	—	—	-$10.88M	-$47.14M
Net Change in Cash	-$539.05K	-$535.22K	$36.90M	-$12.78M	-$8.76M

Market Snapshot

About

Forward Industries, Inc. designs and distributes carry and protective solutions for mobile devices, consumer electronics, and other portable products. The company manufactures cases, bags, holsters, and other accessories for smartphones, tablets, medical devices, and industrial equipment. Forward Industries serves both branded and private-label markets through OEM relationships and direct distribution channels. The company operates manufacturing and distribution facilities globally to serve consumer electronics brands and retailers.