Forward Industries, Inc. (FWDI) financials
NASDAQ · Financial Services · Asset Management - Cryptocurrency · 60 employees · CEO Michael D. Pruitt
- Price
- $6.35 -8.50%
- Market cap
- $484M
- Enterprise value
- $592M
- Last report
- Q3 '26 filed 2026-08-12
- Next report
- 2026-12-10 EPS est. $0.02
Revenue (TTM)$53.1M+202.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-112.0%-79.7 pp vs a year agoOperating income -$59.5M
Net income (TTM)-$1.1B-30,055.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$18.4M-958.3% vs a year agoCapex $3.36K
Diluted EPS (TTM)-$11.88-3,487.9% vs a year agoSum of the last 4 quarters
Net cash-$105M-5,167.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $484M EV $592M
- Revenue
- $53.1M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -2,073.8% Net income / revenue, TTM
- P/E
- -0.5×
- P/S
- 9.1× Price / sales, TTM
- EV / EBITDA
- -1.2× TTM
- Free cash flow
- -$18.4M Trailing 12 months
- Net income
- -$1.1B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-12-10 Revenue est. $12.5M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-13): revenue missed by 14.3%, EPS missed by 2,500.2%Revenue $10.8M vs $12.6M expected (-14.3%); EPS -$0.80 vs $0.03 (-2,500.2%).
- Revenue growth accelerating: 332.1% year on yearQ3 '26 revenue $10.8M, against an average of 154.7% over the four quarters before.
- Operating margin -112.0% (TTM), -79.7 pp on a year agoOperating income grew -946.8% while revenue grew 202.4%.
- Capex 0.0% of revenue (a year ago 0.2%)$3.36K invested in the last 4 quarters (-91.8% on a year earlier). Free cash flow -$18.4M.
- Diluted share count up 678.5% in a year86.7M diluted shares in Q3 '26, 11.1M a year earlier.
- Net debt $105MCash + short-term investments $13.3M, debt incl. leases $119M; a year ago net debt $2M.
Last quarter: Q3 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $10.8M | $2.49M | +332.1% |
| Gross margin | 62.2% | -24.9% | +87.1 pp |
| Operating income | -$70.3M | -$2.56M | -2,644.9% |
| Operating margin | -651.8% | -102.6% | -549.2 pp |
| Net income | -$69M | -$850K | -8,012.6% |
| Diluted EPS | -$0.80 | -$0.08 | -939.0% |
| Operating cash flow | -$3.35M | -$1.23M | -173.0% |
| Capex | $0 | $18.9K | -100.0% |
| Free cash flow | -$3.35M | -$1.25M | -168.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $3.13M | $39.3K | +7,854.5% |
Reported vs consensus
2026-08-13| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $10.8M | $12.6M | -14.3% |
| EPS (as estimated) | -$0.80 | $0.03 | -2,500.2% |
From the report of 2026-08-13 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Design | $4.63M | -10.1% | 69.9% | $19.5M | -13.3% | |
| OEM Distribution | $1.99M | -0.9% | 30.1% | $10.2M | -12.5% |
Revenue by region
share of total| Segment | Q1 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Segment Geographical Groups Of Countries, One | – | – | – | – | – | |
| Europe | $7M | +84.2% | 44.9% | – | – | |
| Segment Geographical Groups Of Countries, Two | – | – | – | – | – | |
| Asia Pacific | $5.4M | – | 34.6% | – | – | |
| Americas | $3.2M | – | 20.5% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$18.4M
- Capex
- -$3.36K
- Buybacks
- -$69.9M
- Dividends
- $0
- Acquisitions
- -$450K
- Net debt issued
- $107M
- Stock-based compensation
- $6.73M
- Free cash flow
- -$18.4M
- Returned to shareholders / FCF
- -380.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -0.5× | 454.4× 1 of 5 years | 454.4× – 454.4× |
| EV / EBITDA | -1.2× | 173.4× 3 of 5 years | 129.6× – 236.4× |
| EV / Sales | 11.1× | 21.4× | 1.4× – 93.5× |
| Price / FCF | -26.3× | 91.0× 3 of 5 years | 84.5× – 98.0× |
| Price / Book | 1.2× | 19.5× | 1.2× – 31.9× |
| FCF yield | -3.8% | 0.6% | -0.3% – 1.2% |
| Return on invested capital | -10.0% | -5.9% | -30.2% – 5.2% |
| Return on equity | -130.5% | -47.0% | -142.8% – 7.0% |
Analysts
Consensus target $16.00 (+152.0%)
range $16.00 – $16.00 · rating Buy
Strong buy0
Buy2
Hold0
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 234 figures Forward Industries, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| -$78K | $0 | – | – | – | – | |
| Accounts and Financing Receivable, Allowance for Credit Loss | $98K | $15.9K | +515.5% | $92.4K | $27.3K | +238.5% |
| Accounts and Other Receivables, Net, Current | $31.3M2025-12-31 | – | – | – | – | – |
| Accounts Payable and Other Accrued Liabilities, Current | $1.13M | $311K | +263.6% | $624K | $572K | +9.1% |
| Accounts Payable, Current | $284K | $209K | +35.8% | $433K | $104K | +318.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.92M | $1.19M | +60.6% | $1.64M | $2.31M | -29.2% |
| Accounts Receivable, Allowance for Credit Loss | $98K | $16K | +512.5% | $92K | $27K | +240.7% |
| Accrued Income Taxes | $2.69M2025-12-31 | – | – | – | – | – |
| Accrued Liabilities, Current | $3.44M2025-12-31 | – | – | $624K | $572K | +9.1% |
| Accrued Professional Fees, Current | $86K2025-12-31 | – | – | $270K | $12K | +2,150.0% |
| Accrued Sales Commission, Current | $233K2025-12-31 | – | – | $21K | $109K | -80.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $493K2025-09-30 | $394K | +25.1% | $493K | $394K | +25.1% |
| Additional Paid in Capital, Common Stock | $1.67B | $21.1M | +7,821.1% | $1.66B | $20.4M | +8,019.8% |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $230K2025-12-31 | – | – | – | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | – | – | – | $223M | – | – |
| Amortization of Intangible Assets | – | – | – | $213K | $213K | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16.3M | 1.23M | +1,217.5% | 13.8M | 88.9K | +15,447.4% |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | $3.13M | $39.3K | +7,854.5% | $2.87M | $101K | +2,733.2% |
| Asset Impairment Charges | $85.1M2026-03-31 | – | – | $1.02M2020-09-30 | – | – |
| Assets | $603M | $8.29M | +7,164.4% | $1.47B | $14.8M | +9,887.2% |
| Assets, Current | $22.1M | $3.57M | +520.4% | $41.2M | $9.65M | +327.2% |
| Cash | $11M | $1.26M | +768.1% | $38.2M | $2.78M | +1,274.3% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $0 | $488K | -100.0% | $396K | $1.67M | -76.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $11M | $1.26M | +768.1% | $38.2M | $2.78M | +1,274.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -$5.67M | -$535K | -959.0% | $35.4M | -$45.4K | +78,078.7% |
| Cash, Uninsured Amount | $37.5M2025-09-30 | $2.33M | +1,505.4% | $37.5M | $2.33M | +1,505.4% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $0 | $160K | -100.0% | -$36K2019-09-30 | -$12K | -200.0% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.032025-09-30 | $7.50 | -99.6% | $0.03 | $7.50 | -99.6% |
| Class of Warrant or Right, Outstanding | 26.4M2025-09-30 | 7,500 | +351,361.3% | 26.4M | 7,500 | +351,361.3% |
| Common Stock, Capital Shares Reserved for Future Issuance | 128M | – | – | 129M | – | – |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 300M | 40M | +650.0% | 300M | 300M | 0.0% |
| Common Stock, Shares, Issued | 87.2M | 1.13M | +7,641.0% | 86.1M | 1.1M | +7,723.8% |
| Common Stock, Shares, Outstanding | 73.8M | 1.13M | +6,458.3% | 86.1M | 1.1M | +7,723.8% |
| Common Stock, Value, Issued | – | – | – | $88.2K2013-09-30 | $88.1K | +0.1% |
| Common Stock, Value, Outstanding | $872K | $11.3K | +7,641.0% | $861K | $11K | +7,723.6% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $476K | $725K | -34.3% | $1.06M | $1.27M | -16.4% |
| Cost of Revenue | $4.08M | $3.12M | +30.8% | $13M | $14.8M | -12.2% |
| CryptoAssetAddition | – | – | – | $1.59B | – | – |
| CryptoAssetCost | $544M | – | – | $1.59B | – | – |
| CryptoAssetCostRestricted | $1.22M | – | – | – | – | – |
| CryptoAssetCostUnrestricted | $336M | – | – | – | – | – |
| CryptoAssetFairValue | $337M | – | – | $1.43B | $0 | – |
| CryptoAssetNumberOfUnits | 6,854,000 Integer2025-09-30 | – | – | 6,854,000 Integer | – | – |
| CryptoAssetRealizedAndUnrealizedGainLossOperating | – | – | – | -$160M | $0 | – |
| CryptoAssetRealizedGainLossOperating | -$49.8M | $0 | – | – | – | – |
| CryptoAssetUnrealizedGainLossOperating | – | – | – | -$160M | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $20K | $23K | -13.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$34.9M | -$141K | -24,619.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $337K | -$16K | +2,206.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$41.3M | -$205K | -20,054.1% |
| Deferred Revenue, Current | $505K | $310K | +62.9% | $293K | $399K | -26.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$6.82M | -$71K | -9,504.2% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $117K2025-09-30 | $0 | – | $117K | $0 | – |
| Deferred Tax Assets, Gross | $46.4M2025-09-30 | $5.07M | +815.4% | $46.4M | $5.07M | +815.4% |
| Deferred Tax Assets, Net | $02025-09-30 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Operating Loss Carryforwards | $4.03M2025-09-30 | $3.59M | +12.3% | $4.03M | $3.59M | +12.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $976K2025-09-30 | $269K | +262.8% | $976K | $269K | +262.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02