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Financials · FWDI

Forward Industries Inc. (FWDI) financials

For the twelve months ended Jun 30, 2026, Forward Industries Inc. reported $53.12M of revenue and -$1.10B of net income.

Revenue, TTM
$53.12M
Revenue growth, YoY
+254.5%
Net income, TTM
-$1.10B
Net margin
-2073.8%
Free cash flow, TTM
-$18.38M
Cash
$10.97M
P/S
7.94
Market cap
$421.9M
Annual revenue$18.19M
FY2017FY2025
Annual net income-$166.97M
FY2016FY2025
Annual free cash flow-$4.53M
FY2016FY2025

FWDI revenue and earnings growth

FWDI revenueQ3 2026$10.78M

Quarter YoY
+332.1%
QoQ
-16.8%
FY YoY
-9.0%
5Y CAGR
-12.0%

FWDI revenue was $10.78M in fiscal Q3 2026 (ended Jun 30, 2026), up 332.1% from a year earlier and down 16.8% from the prior quarter. For the full fiscal 2025 it was $18.19M, down 9.0% from fiscal 2024. Compound annual growth was -12.0% over 5 years. It rose in 3 of the last 8 fiscal years.

FWDI net incomeQ3 2026-$68.96M

FWDI net income was -$68.96M in fiscal Q3 2026 (ended Jun 30, 2026), compared with -$850.0K a year earlier. For the full fiscal 2025 it was -$166.97M, compared with -$1.95M in fiscal 2024.

FWDI EPSQ3 2026-$0.80

FWDI diluted EPS was -$0.80 in fiscal Q3 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$24.59.

FWDI free cash flowQ3 2026-$3.35M

FWDI free cash flow was -$3.35M in fiscal Q3 2026 (ended Jun 30, 2026), compared with -$1.25M a year earlier. For the full fiscal 2025 it was -$4.53M, compared with $454.6K in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Sep 30, 2025
FY2024
Sep 30, 2024
FY2023
Sep 30, 2023
FY2022
Sep 30, 2022
FY2021
Sep 30, 2021
FY2020
Sep 30, 2020
FY2019
Sep 30, 2019
FY2018
Sep 30, 2018
FY2017
Sep 30, 2017
FY2016
Sep 30, 2016
Revenue$18.19M$19.99M$36.69M$38.21M$39.02M$34.48M$37.41M$34.50M$24.76M-
Cost of revenue$13.00M$14.81M$28.32M$29.41M$30.89M$27.84M$30.83M$27.93M$20.57M$22.40M
Gross profit$5.19M$5.18M$8.36M$8.80M$8.13M$6.64M$6.58M$6.57M$4.19M$5.08M
Selling, general and admin$9.60M$6.37M$6.54M$6.73M$6.40M$5.66M$7.71M$4.53M$2.09M$2.57M
Operating income-$8.39M-$2.15M$159.7K$588.5K-$765.0K-$1.98M-$3.10M$260.7K$598.5K$617.0K
Interest expense$49.1K$62.7K$104.2K$123.4K$172.0K$175.0K$201.0K$115.4K$0-
Pre-tax income-$169.07M-$2.14M$178.7K$452.4K$523.8K-$1.77M-$3.61M$632.3K$579.3K$606.6K
Income tax$20.4K$22.9K$20.0K$2.6K$0$9.2K-$4.2K-$747.0K$0$0
Net income-$166.97M-$1.95M-$3.74M-$1.38M$523.8K-$1.78M-$3.60M$1.38M$579.3K$606.6K
EPS, basic-$24.59-$1.77-$3.39-$0.14$0.05-$0.19-$0.38$0.15$0.07$0.07
EPS, diluted-$24.59-$1.77-$3.39-$0.14$0.05-$0.19-$0.38$0.15$0.07$0.07
Diluted shares6.8M1.1M1.1M10.2M10.4M9.6M9.5M9.4M8.8M8.7M

Balance sheet

Balance sheet
Line item
FY2025
Sep 30, 2025
FY2024
Sep 30, 2024
FY2023
Sep 30, 2023
FY2022
Sep 30, 2022
FY2021
Sep 30, 2021
FY2020
Sep 30, 2020
FY2019
Sep 30, 2019
FY2018
Sep 30, 2018
FY2017
Sep 30, 2017
FY2016
Sep 30, 2016
Cash and equivalents$38.17M$2.78M$2.82M$2.58M$1.41M$2.92M$3.09M$4.37M$4.62M$4.76M
Receivables$1.64M$2.31M$6.97M$7.54M$8.76M$7.60M$6.70M$9.02M$6.22M$4.86M
Inventory-$490.0K$334.4K$650.9K$2.06M$1.28M$1.61M$1.57M$2.12M$2.57M
Current assets$41.22M$9.65M$11.37M$14.34M$12.79M$12.22M$11.84M$15.21M$13.12M$12.34M
Goodwill$0$1.56M$1.76M$1.76M$1.76M$1.76M$2.18M$2.18M$0-
Total assets$1.47B$14.77M$17.39M$20.94M$19.86M$19.36M$16.09M$19.23M$13.15M$12.40M
Current liabilities$2.72M$9.37M$10.84M$9.98M$7.21M$8.83M$8.30M$7.62M$4.19M$4.17M
Long-term debt-----$530.0K$0$54.3K$0-
Total debt-----$530.0K$0$54.3K$0-
Total liabilities$4.82M$11.80M$14.77M$14.67M$12.41M$12.77M$8.38M$8.13M$4.22M$4.22M
Shareholders' equity$1.47B$2.97M$2.62M$6.27M$7.44M$6.58M$7.71M$11.10M$8.93M$8.17M

Cash flow

Cash flow
Line item
FY2025
Sep 30, 2025
FY2024
Sep 30, 2024
FY2023
Sep 30, 2023
FY2022
Sep 30, 2022
FY2021
Sep 30, 2021
FY2020
Sep 30, 2020
FY2019
Sep 30, 2019
FY2018
Sep 30, 2018
FY2017
Sep 30, 2017
FY2016
Sep 30, 2016
Operating cash flow-$4.50M$519.8K$1.04M$1.53M-$528.3K-$262.9K-$1.97M$956.5K-$137.6K$768.3K
Capital expenditures$25.8K$65.2K$136.1K$169.6K$67.2K$68.5K$33.1K$55.9K$0$48.1K
Free cash flow-$4.53M$454.6K$904.9K$1.37M-$595.5K-$331.4K-$2.00M$900.6K-$137.6K$720.2K
Investing cash flow-$901.47M-$65.2K-$136.1K-$169.6K-$67.2K-$390.1K-$33.1K-$1.39M$0-$48.1K
Financing cash flow$941.36M-$500.0K-$300.0K-$200.0K-$918.7K$484.8K$725.8K$175.8K$0-$1.7K
Dividends paid---------$0
Stock-based compensation$2.87M$101.4K$86.5K$201.2K$68.9K$245.2K$215.7K$289.9K$155.0K$236.1K
Depreciation and amortization$332.2K$331.9K$315.9K$309.2K$327.3K$272.0K$311.6K$228.2K$22.4K$52.8K

Key ratios

Key ratios
Line item
FY2025
Sep 30, 2025
FY2024
Sep 30, 2024
FY2023
Sep 30, 2023
FY2022
Sep 30, 2022
FY2021
Sep 30, 2021
FY2020
Sep 30, 2020
FY2019
Sep 30, 2019
FY2018
Sep 30, 2018
FY2017
Sep 30, 2017
FY2016
Sep 30, 2016
Revenue growth, YoY-9.0%-45.5%-4.0%-2.1%13.2%-7.8%8.4%39.3%--
Net income growth, YoY-------138.1%-4.5%-
EPS growth, YoY-------114.3%0.0%-
Gross margin28.5%25.9%22.8%23.0%20.8%19.3%17.6%19.0%16.9%-
Operating margin-46.1%-10.8%0.4%1.5%-2.0%-5.7%-8.3%0.8%2.4%-
Net margin-918.1%-9.8%-10.2%-3.6%1.3%-5.1%-9.6%4.0%2.3%-
Free cash flow margin-24.9%2.3%2.5%3.6%-1.5%-1.0%-5.4%2.6%-0.6%-
Return on equity-11.4%-65.7%-142.8%-22.0%7.0%-27.0%-46.7%12.4%6.5%7.4%
Return on assets-11.3%-13.2%-21.5%-6.6%2.6%-9.2%-22.4%7.2%4.4%4.9%
Current ratio15.141.031.051.441.781.381.432.003.132.96
Debt to equity-----0.080.000.000.00-

Source: XBRL data Forward Industries Inc. files with the SEC, latest filing dated Aug 12, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FWDI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FWDI$53.12M+254.5%-$1.10B-2073.8%$421.9M
AXP$77.59B+10.2%$12.26B15.8%$217.47B
SPGI$17.21B+18.2%$4.99B29.0%$136.57B
MCO$8.18B+9.0%$2.88B35.3%$88.11B
NU$15.77B+37.0%$2.87B18.2%$60.02B
RKT$11.46B+90.4%$1.30B11.4%$43.11B
COIN$5.63B-26.6%-$701.62M-12.5%$36.03B
AFRM$4.59B+32.7%$2.01B43.9%$23.06B
SYF$19.31B+2.6%$3.33B17.3%$22.80B

FWDI FAQ

8 questions
  • What is FWDI revenue?
    Forward Industries Inc. (FWDI) reported $53.12M of revenue for the twelve months ended Jun 30, 2026. That is up 254.5% from the year before. Revenue for fiscal 2025 was $18.19M.
  • Is FWDI profitable?
    No. Forward Industries Inc. reported a net loss of $1.10B for the twelve months ended Jun 30, 2026.
  • How much cash and debt does FWDI have?
    Forward Industries Inc. reported $10.97M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is FWDI revenue growing?
    Forward Industries Inc.'s revenue changed -9.0% in fiscal 2025, to $18.19M. Its compound annual growth rate was -12.0% over 5 years.
  • What is FWDI gross margin?
    Forward Industries Inc.'s gross profit was $37.48M on $53.12M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 70.6%.
  • What is FWDI free cash flow?
    Forward Industries Inc. generated -$18.38M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$18.38M less capital expenditures.
  • When did FWDI last report financial results?
    The latest statements here come from Forward Industries Inc.'s 10-Q filed on Aug 12, 2026, covering the period ended Jun 30, 2026.
  • Where does this FWDI financial data come from?
    Quantisnow builds these statements from the structured XBRL data Forward Industries Inc. files with the SEC. It is provided for information only and is not investment advice.