What is Forward Industries' operating income?

Forward Industries' total operating income in 2025 was -$8.39 million, based on the following breakdown: Total Gross Profit: $5.19 million Total Operating Expenses: $13.58 million

Forward Industries (FWDI) Financials

$7.19 0.00 (0.00%)

Closing price 10/13/2026 04:00 PM Eastern

Extended Trading

$6.88 -0.32 (-4.38%)

As of 09:21 AM Eastern

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Annual Income Statements for Forward Industries

This table shows Forward Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.91	0.61	0.58	1.38	-3.60	-1.78	0.52	-1.38	-3.74	-1.95	-167
Consolidated Net Income / (Loss)	-1.43	0.61	0.58	1.38	-3.60	-1.78	0.52	-1.38	-3.74	-1.95	-167
Net Income / (Loss) Continuing Operations	-1.63	0.61	0.58	1.38	-3.60	-1.78	0.52	0.45	0.16	-2.17	-169
Total Pre-Tax Income	-1.63	0.61	0.58	0.63	-3.61	-1.77	0.52	0.45	0.18	-2.14	-169
Total Operating Income	-1.51	0.62	0.60	0.26	-3.10	-1.98	-0.76	0.59	0.16	-2.15	-8.39
Total Gross Profit	5.79	5.08	4.19	6.57	6.58	6.64	8.13	8.80	8.36	5.18	5.19
Total Revenue	30	27	25	34	37	34	39	38	37	20	18
Operating Revenue	30	27	25	34	37	34	39	38	37	20	18
Total Cost of Revenue	24	22	21	28	31	28	31	29	28	15	13
Operating Cost of Revenue	24	22	21	28	31	28	31	29	28	15	13
Total Operating Expenses	7.31	4.46	3.59	6.31	9.68	8.62	8.90	8.21	8.20	7.33	14
Selling, General & Admin Expense	4.94	2.57	2.09	4.53	7.71	5.66	6.40	6.73	6.54	6.37	11
Marketing Expense	2.36	1.89	1.50	1.78	1.97	1.95	2.50	1.48	1.66	0.77	1.03
Impairment Charge	-	-	-	-	0.00	1.02	-	-	0.00	0.20	2.03
Total Other Income / (Expense), net	-0.12	-0.01	-0.02	0.37	-0.51	0.22	1.29	-0.14	0.02	0.01	-161
Interest Expense	-	-	0.00	0.12	0.20	0.17	-1.18	0.12	0.10	0.06	0.05
Interest & Investment Income	-0.11	-	-	-	0.00	0.06	0.09	0.00	0.02	0.08	0.07
Other Income / (Expense), net	-0.01	-0.01	-0.02	0.49	-0.31	0.33	0.02	-0.01	0.10	-0.01	-161
Income Tax Expense	-	0.00	0.00	-0.75	-0.00	0.01	0.00	0.00	0.02	0.02	0.02
Net Income / (Loss) Discontinued Operations	0.20	-	-	-	-	-	-	-1.83	-3.90	0.22	2.11
Preferred Stock Dividends Declared	0.48	-	-	-	-	-	-	-	-	0.00	0.03
Basic Earnings per Share	($0.23)	$0.07	$0.07	$0.15	($0.38)	($0.19)	$0.05	($0.14)	($3.39)	($1.77)	($24.59)
Weighted Average Basic Shares Outstanding	8.34M	8.52M	8.73M	9.26M	9.53M	9.58M	9.95M	10.06M	1.10M	1.10M	6.79M
Diluted Earnings per Share	($0.23)	$0.07	$0.07	$0.15	($0.38)	($0.19)	$0.05	($0.14)	($3.39)	($1.77)	($24.59)
Weighted Average Diluted Shares Outstanding	8.34M	8.68M	8.82M	9.35M	9.53M	9.58M	10.44M	10.20M	1.10M	1.10M	6.79M
Weighted Average Basic & Diluted Shares Outstanding	8.34M	8.78M	8.92M	9.53M	9.53M	9.89M	10.06M	10.06M	10.06M	1.10M	86.46M

This table shows Forward Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.86	-164	-586	-283	-69
Consolidated Net Income / (Loss)	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283	-69
Net Income / (Loss) Continuing Operations	-0.38	-0.63	-0.45	-0.70	-0.90	-1.82	-2.40	-164	-586	-283	-69
Total Pre-Tax Income	-0.38	-0.63	-0.45	-0.68	-0.90	-1.82	-2.40	-164	-583	-284	-71
Total Operating Income	-0.38	-0.62	-0.46	-0.69	-0.90	-1.82	-2.56	-3.30	-584	-284	-70
Total Gross Profit	1.64	1.33	1.31	0.90	1.13	-0.18	-0.62	4.49	17	9.07	6.70
Total Revenue	7.15	5.07	5.04	2.73	4.62	3.12	2.49	5.95	21	13	11
Operating Revenue	7.15	5.07	5.04	2.73	4.62	3.12	2.49	5.95	21	13	11
Total Cost of Revenue	5.51	3.74	3.73	1.83	3.49	3.30	3.12	1.46	4.59	3.89	4.08
Operating Cost of Revenue	5.51	3.74	3.73	1.83	3.49	3.30	3.12	1.46	4.59	3.89	4.08
Total Operating Expenses	2.02	1.95	1.77	1.59	2.03	1.64	1.94	7.79	600	293	77
Selling, General & Admin Expense	1.65	1.74	1.58	1.39	1.65	1.50	1.80	5.55	6.70	6.06	6.79
Marketing Expense	0.37	0.21	0.19	0.01	0.16	0.15	0.14	0.44	0.54	0.57	0.64
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	-	-	-0.27	4.56
Impairment Charge	0.00	0.00	0.00	0.20	0.23	0.00	0.00	1.80	33	85	15
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	0.00	-	560	202	50
Total Other Income / (Expense), net	-0.00	-0.01	0.00	0.01	0.00	-0.00	0.16	-161	0.68	0.13	-0.44
Interest Expense	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.06	0.52
Interest & Investment Income	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.04	0.68	0.19	0.07
Other Income / (Expense), net	0.00	-0.01	-0.00	0.00	-0.00	-0.00	0.16	-161	-0.00	0.00	0.00
Income Tax Expense	0.00	0.00	0.00	0.02	0.00	0.00	0.00	0.02	2.69	-0.88	-1.73
Net Income / (Loss) Discontinued Operations	0.03	0.07	0.06	0.06	0.19	0.37	1.55	0.19	0.00	0.00	0.00
Preferred Stock Dividends Declared	-	-	0.00	-	-	-	0.01	-	-	-	0.00
Basic Earnings per Share	($0.32)	($1.00)	($0.36)	($0.58)	($0.64)	($1.32)	($0.77)	($24.15)	($5.91)	($2.98)	($0.80)
Weighted Average Basic Shares Outstanding	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M	86.69M
Diluted Earnings per Share	($0.32)	($1.00)	($0.36)	($0.58)	($0.64)	($1.32)	($0.77)	($24.15)	($5.91)	($2.98)	($0.80)
Weighted Average Diluted Shares Outstanding	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M	86.69M
Weighted Average Basic & Diluted Shares Outstanding	10.06M	10.06M	1.10M	1.10M	1.10M	1.10M	1.72M	86.46M	83.14M	74.68M	73.85M

This table details how cash moves in and out of Forward Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	-2.44	0.72	-0.14	-0.25	-1.28	-0.17	-1.51	1.17	0.60	-0.05	35
Net Cash From Operating Activities	-2.02	0.77	-0.14	0.96	-1.97	-0.26	-0.53	1.53	1.04	0.52	-4.50
Net Cash From Continuing Operating Activities	-2.02	0.77	-0.14	0.96	-1.97	-0.26	-0.53	1.53	1.04	-1.15	-4.90
Net Income / (Loss) Continuing Operations	-1.43	0.61	0.58	1.38	-3.60	-1.78	0.52	-1.38	-3.74	-1.95	-167
Consolidated Net Income / (Loss)	-1.43	0.61	0.58	1.38	-3.60	-1.78	0.52	-1.38	-3.74	-1.95	-167
Depreciation Expense	0.05	0.05	0.02	0.23	0.31	0.27	0.33	0.31	0.32	0.33	0.33
Non-Cash Adjustments To Reconcile Net Income	0.17	0.25	0.16	0.42	2.21	1.51	-0.80	-1.38	0.17	0.32	160
Changes in Operating Assets and Liabilities, net	-0.81	-0.14	-0.89	-1.07	-0.89	-0.27	-0.58	3.98	4.30	0.15	1.86
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	-	1.67	0.40
Net Cash From Investing Activities	0.91	-0.05	0.00	-1.39	-0.03	-0.39	-0.07	-0.17	-0.14	-0.07	-901
Net Cash From Continuing Investing Activities	0.91	-0.05	0.00	-1.39	-0.03	-0.39	-0.07	-0.17	-0.14	-0.07	-901
Purchase of Property, Plant & Equipment	-0.03	-0.05	0.00	-0.06	-0.03	-0.07	-0.07	-0.17	-0.14	-0.07	-0.03
Acquisitions	-	-	0.00	-1.93	0.00	-0.35	-	-	-	0.00	-0.65
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	0.00	-901
Net Cash From Financing Activities	-1.32	-0.00	0.00	0.18	0.73	0.48	-0.92	-0.20	-0.30	-0.50	941
Net Cash From Continuing Financing Activities	-1.32	-0.00	0.00	0.18	0.73	0.48	-0.92	-0.20	-0.30	-0.50	941
Repayment of Debt	-	-	0.00	-1.82	-0.82	-1.30	-1.34	-0.20	-0.30	-0.50	-0.60
Repurchase of Common Equity	-	-0.00	-	-	-	-	-	-	-	0.00	-0.74
Issuance of Debt	-	-	0.00	2.50	1.55	2.26	0.15	-	-	0.00	2.36
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	-	0.00	0.97
Issuance of Common Equity	-	-	-	-	-	-	-	-	-	0.00	2.24
Other Financing Activities, net	-	-	0.00	-0.50	0.00	-0.47	0.27	-	-	0.00	937
Cash Interest Paid	-	0.00	0.00	0.12	0.20	0.18	0.15	0.12	0.10	0.06	0.05
Cash Income Taxes Paid	-	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.03

This table details how cash moves in and out of Forward Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.15	-0.62	0.28	0.45	-0.44	-0.54	-0.54	37	-13	-8.76	-5.67
Net Cash From Operating Activities	0.12	-0.50	0.44	0.47	-0.43	-0.54	-1.23	-2.30	-7.93	-4.80	-3.35
Net Cash From Continuing Operating Activities	0.12	-1.49	-0.04	0.26	-0.35	-0.53	-1.72	-2.30	-7.93	-4.80	-3.35
Net Income / (Loss) Continuing Operations	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283	-69
Consolidated Net Income / (Loss)	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283	-69
Depreciation Expense	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.03	0.02	0.02
Non-Cash Adjustments To Reconcile Net Income	0.41	-0.35	0.02	0.24	0.27	0.03	-1.52	161	577	279	62
Changes in Operating Assets and Liabilities, net	-0.02	-0.67	0.25	0.58	0.00	0.82	0.57	0.47	0.88	-0.71	3.51
Net Cash From Investing Activities	-0.02	-0.02	-0.01	-0.02	-0.01	-0.00	-0.22	-901	-1.08	3.16	-56
Net Cash From Continuing Investing Activities	-0.02	-0.02	-0.01	-0.02	-0.01	-0.00	-0.22	-901	-1.08	3.16	-56
Other Investing Activities, net	-	-	-	-	0.00	-	-	-901	-1.08	3.17	-60
Net Cash From Financing Activities	-0.25	-0.10	-0.15	-	0.00	-	0.91	940	-3.77	-7.12	53
Net Cash From Continuing Financing Activities	-0.25	-0.10	-0.15	-	0.00	-	0.91	940	-3.77	-7.12	53
Repayment of Debt	-0.25	-0.10	-0.15	-	0.00	-	-	-0.60	-0.14	-	-7.60
Repurchase of Common Equity	-	-	-	-	0.00	-	-	-	-11	-47	-12
Issuance of Common Equity	-	-	-	-	0.00	-	-	-	7.46	-	0.42
Other Financing Activities, net	-	-	-	-	0.00	-	-	937	0.03	40	-40
Cash Interest Paid	0.02	0.02	-	0.03	0.01	0.01	0.01	0.01	0.00	-	0.37

This table presents Forward Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	13	12	13	19	16	19	20	21	17	15	1,475
Total Current Assets	13	12	13	15	12	12	13	14	11	9.65	41
Cash & Equivalents	4.04	4.76	4.62	4.37	3.09	2.92	1.41	2.58	3.18	2.78	38
Short-Term Investments	-	-	-	-	-	-	-	-	-	-	0.00
Accounts Receivable	5.45	4.86	6.22	9.02	6.70	7.60	8.76	7.54	6.97	2.31	1.64
Prepaid Expenses	0.30	0.14	0.16	0.25	0.44	0.42	0.56	0.42	0.38	0.38	0.36
Other Current Assets	-	-	-	-	-	-	-	-	-	1.27	1.06
Plant, Property, & Equipment, net	0.08	0.04	0.02	0.36	0.24	0.22	0.17	0.24	0.27	0.22	0.12
Total Noncurrent Assets	0.04	0.01	0.01	3.66	4.01	6.92	6.89	6.36	5.74	4.90	1,434
Other Noncurrent Operating Assets	0.04	0.01	0.01	0.06	0.58	3.63	3.82	3.50	3.09	2.66	1,434
Total Liabilities & Shareholders' Equity	13	12	13	19	16	19	20	21	17	15	1,475
Total Liabilities	5.45	4.22	4.22	8.13	8.38	13	12	15	15	12	4.82
Total Current Liabilities	5.33	4.17	4.19	7.62	8.30	8.83	7.21	9.98	11	9.37	2.72
Short-Term Debt	-	-	0.00	2.18	2.99	3.60	-	-	0.00	0.60	0.00
Accounts Payable	1.16	0.65	0.28	0.92	1.01	0.81	0.92	1.42	1.88	0.68	1.98
Current Deferred Revenue	-	-	0.17	0.13	0.22	0.49	0.19	0.44	0.30	0.40	0.29
Other Current Liabilities	4.17	3.52	3.74	4.20	3.24	3.88	6.07	8.12	8.66	0.40	0.45
Total Noncurrent Liabilities	0.12	0.05	0.04	0.50	0.09	3.95	5.20	4.69	3.93	2.43	2.09
Other Noncurrent Operating Liabilities	0.12	0.05	-	-	0.00	3.36	3.56	3.29	2.83	2.43	2.09
Commitments & Contingencies	0.00	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7.33	8.17	8.93	11	7.71	6.58	7.44	6.27	2.62	2.97	1,470
Total Preferred & Common Equity	7.33	8.17	8.93	11	7.71	6.58	7.44	6.27	2.62	2.97	1,470
Total Common Equity	7.33	8.17	8.93	11	7.71	6.58	7.44	6.27	2.62	0.77	1,470
Common Stock	18	18	18	19	19	20	20	20	20	20	1,657
Retained Earnings	-10	-9.67	-9.10	-7.72	-11	-13	-13	-14	-18	-20	-187
Treasury Stock	-	-	-	-	-	-	-	-	-	-	0.00

This table presents Forward Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Assets	265,991	268,073	16	15	15	13	12	8.29	893	609	603
Total Current Assets	121,712	121,361	10	9.51	9.73	8.62	7.67	3.57	63	22	22
Cash & Equivalents	26,406	26,427	3.03	2.26	2.56	2.61	1.80	1.26	25	17	11
Short-Term Investments	16,415	14,688	-	-	-	-	-	-	-	-	2.32
Accounts Receivable	14,482	15,129	6.53	6.48	6.49	4.86	1.78	1.19	34	2.42	1.92
Prepaid Expenses	-	-	0.39	0.46	0.44	0.40	0.32	0.38	2.15	2.03	1.38
Other Current Assets	4,149	4,219	-	-	-	-	0.87	0.72	1.07	0.54	5.54
Plant, Property, & Equipment, net	38,503	39,370	0.27	0.25	0.23	0.19	0.16	0.15	0.10	0.08	0.06
Total Noncurrent Assets	105,776	107,342	5.58	5.42	5.26	4.67	4.51	4.58	830	587	580
Other Noncurrent Operating Assets	12,109	12,428	2.99	2.88	2.77	2.71	2.60	2.72	830	587	580
Total Liabilities & Shareholders' Equity	265,991	268,073	16	15	15	13	12	8.29	893	609	603
Total Liabilities	222,385	223,797	14	13	14	11	8.76	4.94	12	57	128
Total Current Liabilities	101,015	100,268	11	11	11	8.79	6.45	2.35	10	55	128
Short-Term Debt	49,341	48,638	0.85	0.75	0.60	0.60	0.60	0.60	3.50	10	13
Accounts Payable	27,749	27,813	0.89	0.71	0.79	0.68	0.56	0.52	3.82	3.46	1.97
Current Deferred Revenue	-	-	0.25	0.23	0.20	0.28	0.36	0.31	0.72	0.61	0.50
Other Current Liabilities	23,925	23,817	9.32	9.11	9.71	7.23	0.46	0.92	2.04	40	113
Total Noncurrent Liabilities	121,370	123,529	2.72	2.62	2.53	2.43	2.31	2.59	2.00	2.48	0.55
Other Noncurrent Operating Liabilities	25,754	27,851	2.72	2.62	2.53	2.43	2.31	2.59	2.00	2.48	0.55
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	43,606	44,276	2.31	1.77	1.39	2.28	3.58	3.35	881	551	474
Total Preferred & Common Equity	43,677	44,263	2.31	1.77	1.39	2.28	3.58	3.35	881	551	474
Total Common Equity	43,677	44,263	2.31	1.77	1.39	0.08	-1.35	-1.58	881	551	474
Common Stock	23,071	23,074	20	20	20	20	20	21	1,664	1,665	1,668
Retained Earnings	31,577	32,169	-18	-19	-19	-20	-22	-23	-772	-1,055	-1,124
Treasury Stock	-2,047	-2,047	-	-	-	-	-	-	-11	-58	-70

This table displays calculated financial ratios and metrics derived from Forward Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
DEI Shares Outstanding	8,641,755.00	8,782,496.00	8,920,830.00	9,533,850.00	9,533,851.00	9,583,851.00	10,031,185.00	10,061,185.00	10,061,185.00	1,101,069.00	1,718,181.00
DEI Adjusted Shares Outstanding	864,175.00	878,250.00	892,083.00	953,385.00	953,385.00	958,385.00	1,003,118.00	1,006,118.00	1,006,118.00	1,101,069.00	1,718,181.00
DEI Earnings Per Adjusted Shares Outstanding	-2.21	0.69	0.65	1.45	-3.78	-1.85	0.52	-1.37	-3.71	-1.77	-97.20
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.03%	-8.44%	-9.88%	39.31%	8.43%	-7.83%	13.18%	-2.09%	-3.97%	-45.51%	-9.02%
EBITDA Growth	-648.92%	144.77%	-8.74%	62.19%	-417.19%	55.42%	69.40%	309.60%	-34.97%	-417.49%	-9,134.33%
EBIT Growth	-484.43%	139.75%	-4.49%	29.07%	-555.65%	51.51%	54.63%	176.83%	-54.91%	-931.58%	-7,730.30%
NOPAT Growth	-1,432.82%	158.27%	-3.00%	-4.99%	-481.33%	36.00%	44.87%	176.49%	-75.77%	-1,162.05%	-290.14%
Net Income Growth	-79.27%	142.30%	-4.49%	138.08%	-361.29%	50.74%	129.51%	-363.12%	-171.12%	47.80%	-8,460.21%
EPS Growth	-91.67%	130.43%	0.00%	114.29%	-353.33%	50.00%	126.32%	-380.00%	-171.12%	47.79%	-1,289.27%
Operating Cash Flow Growth	-962.33%	138.00%	-117.92%	794.92%	-305.93%	86.65%	-100.92%	390.51%	-32.17%	-50.07%	-966.17%
Free Cash Flow Firm Growth	-302.67%	126.61%	-159.72%	-1,304.98%	81.13%	-98.15%	61.63%	1,154.89%	-67.27%	-423.77%	-21,434.68%
Invested Capital Growth	32.09%	3.72%	26.18%	109.52%	-15.35%	2.14%	-2.18%	-74.57%	-98.57%	18,570.54%	27,572.14%
Revenue Q/Q Growth	-5.02%	-3.31%	-1.37%	10.59%	-1.23%	-1.54%	6.38%	-12.09%	8.26%	-22.36%	-27.74%
EBITDA Q/Q Growth	38.67%	-13.70%	-4.81%	16.50%	-176.05%	54.77%	14.15%	463.24%	-58.29%	-109.51%	-3,226.97%
EBIT Q/Q Growth	37.94%	-14.42%	-4.42%	10.87%	-138.86%	50.39%	7.96%	204.29%	-75.72%	-79.70%	-3,027.71%
NOPAT Q/Q Growth	29.51%	-16.94%	-0.11%	19.69%	-118.52%	41.05%	5.80%	253.66%	-85.95%	-74.97%	-50.89%
Net Income Q/Q Growth	44.09%	-16.54%	-4.42%	2.62%	-122.91%	49.38%	4.53%	-102.89%	-42.57%	39.15%	-4,470.55%
EPS Q/Q Growth	37.84%	-12.50%	16.67%	0.00%	-123.53%	47.22%	0.00%	-100.00%	-42.57%	39.18%	-647.42%
Operating Cash Flow Q/Q Growth	8.88%	-23.00%	88.28%	-18.92%	-5.74%	50.25%	-431.92%	58.69%	10.83%	-2.19%	-144.05%
Free Cash Flow Firm Q/Q Growth	-1.11%	-30.82%	77.77%	-4.17%	48.85%	-793.41%	51.93%	547.17%	-52.38%	-358.82%	-19,939.17%
Invested Capital Q/Q Growth	21.01%	24.23%	-7.87%	-1.19%	-21.01%	9.99%	1.51%	-68.54%	-99.03%	1,010.78%	53,176.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.30%	18.49%	16.93%	19.04%	17.59%	19.25%	20.85%	23.03%	22.80%	25.93%	28.54%
EBITDA Margin	-4.91%	2.40%	2.43%	2.83%	-8.28%	-4.00%	-1.08%	2.32%	1.57%	-9.14%	-927.88%
Operating Margin	-5.04%	2.25%	2.42%	0.76%	-8.28%	-5.75%	-1.96%	1.54%	0.44%	-10.76%	-46.14%
EBIT Margin	-5.08%	2.21%	2.34%	2.17%	-9.11%	-4.79%	-1.92%	1.51%	0.71%	-10.80%	-929.70%
Profit (Net Income) Margin	-4.78%	2.21%	2.34%	4.00%	-9.63%	-5.15%	1.34%	-3.61%	-10.18%	-9.76%	-918.07%
Tax Burden Percent	87.82%	100.00%	100.00%	218.14%	99.88%	100.52%	100.00%	-304.62%	-2,091.44%	91.01%	98.76%
Interest Burden Percent	107.01%	100.00%	100.00%	84.56%	105.90%	106.90%	-69.88%	78.57%	68.80%	99.25%	99.99%
Effective Tax Rate	0.00%	0.00%	0.00%	-118.14%	0.00%	0.00%	0.00%	0.56%	11.20%	0.00%	0.00%
Return on Invested Capital (ROIC)	-36.62%	18.40%	15.50%	8.53%	-26.02%	-17.97%	-9.91%	12.22%	14.41%	-57.89%	-0.82%
ROIC Less NNEP Spread (ROIC-NNEP)	-30.13%	18.64%	15.91%	-15.68%	107.79%	-85.48%	172.95%	107.16%	126.59%	175.70%	895.19%
Return on Net Nonoperating Assets (RNNOA)	20.09%	-10.58%	-8.73%	5.24%	-12.30%	-6.87%	17.38%	-32.33%	-98.54%	-11.98%	-21.85%
Return on Equity (ROE)	-16.53%	7.82%	6.77%	13.77%	-38.32%	-24.84%	7.47%	-20.11%	-84.13%	-69.87%	-22.67%
Cash Return on Invested Capital (CROIC)	-64.27%	14.75%	-7.65%	-62.24%	-9.39%	-20.09%	-7.71%	131.14%	208.77%	-255.76%	-199.38%
Operating Return on Assets (OROA)	-10.40%	4.82%	4.54%	4.62%	-19.29%	-9.32%	-3.82%	2.82%	1.36%	-13.43%	-22.70%
Return on Assets (ROA)	-9.77%	4.82%	4.54%	8.52%	-20.41%	-10.02%	2.67%	-6.76%	-19.50%	-12.13%	-22.42%
Return on Common Equity (ROCE)	-15.73%	7.82%	6.77%	13.77%	-38.32%	-24.84%	7.47%	-20.11%	-84.13%	-42.34%	-22.64%
Return on Equity Simple (ROE_SIMPLE)	-19.55%	7.42%	6.49%	12.43%	-46.74%	-26.97%	7.04%	-21.99%	-142.82%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.06	0.62	0.60	0.57	-2.17	-1.39	-0.76	0.59	0.14	-1.51	-5.87
NOPAT Margin	-3.53%	2.25%	2.42%	1.65%	-5.80%	-4.02%	-1.96%	1.53%	0.39%	-7.53%	-32.30%
Net Nonoperating Expense Percent (NNEP)	-6.49%	-0.24%	-0.41%	24.21%	-133.81%	67.51%	-182.87%	-94.94%	-112.19%	-233.58%	-896.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.82%	-42.21%	-0.40%
Cost of Revenue to Revenue	80.70%	81.51%	83.07%	80.96%	82.41%	80.75%	79.15%	76.97%	77.20%	74.07%	71.46%
SG&A Expenses to Revenue	16.47%	9.36%	8.44%	13.12%	20.62%	16.40%	16.39%	17.62%	17.83%	31.84%	57.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.34%	16.24%	14.51%	18.28%	25.87%	25.00%	22.81%	21.49%	22.36%	36.69%	74.69%
Earnings before Interest and Taxes (EBIT)	-1.53	0.61	0.58	0.75	-3.41	-1.65	-0.75	0.58	0.26	-2.16	-169
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.47	0.66	0.60	0.98	-3.10	-1.38	-0.42	0.89	0.58	-1.83	-169
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.60	1.60	1.23	1.31	1.20	2.02	3.22	2.14	2.92	5.35	0.03
Price to Tangible Book Value (P/TBV)	1.60	1.60	1.23	1.94	2.16	4.05	5.49	3.93	0.00	0.00	0.03
Price to Revenue (P/Rev)	0.39	0.48	0.44	0.42	0.25	0.39	0.61	0.35	0.21	0.21	2.42
Price to Earnings (P/E)	0.00	21.57	18.92	10.58	0.00	0.00	45.77	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	4.64%	5.28%	9.46%	0.00%	0.00%	2.18%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.33	2.44	1.47	1.39	1.20	1.86	3.17	6.29	200.97	0.80	0.00
Enterprise Value to Revenue (EV/Rev)	0.26	0.30	0.26	0.36	0.25	0.42	0.62	0.32	0.15	0.21	0.32
Enterprise Value to EBITDA (EV/EBITDA)	0.00	12.63	10.54	12.82	0.00	0.00	0.00	13.79	9.68	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	13.73	10.94	16.73	0.00	0.00	0.00	21.20	21.45	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.49	10.59	22.01	0.00	0.00	0.00	20.86	39.29	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	10.84	0.00	13.08	0.00	0.00	0.00	7.95	5.35	7.95	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.84	0.00	0.00	0.00	0.00	0.00	1.94	2.71	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.21	0.39	0.63	0.22	0.22	0.42	0.20	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.01	0.00	0.08	0.22	0.22	0.42	0.00	0.00
Financial Leverage	-0.67	-0.57	-0.55	-0.33	-0.11	0.08	0.10	-0.30	-0.78	-0.07	-0.02
Leverage Ratio	1.69	1.62	1.49	1.62	1.88	2.48	2.80	2.98	4.31	5.76	1.01
Compound Leverage Factor	1.81	1.62	1.49	1.37	1.99	2.65	-1.95	2.34	2.97	5.72	1.01
Debt to Total Capital	0.00%	0.00%	0.00%	17.14%	28.15%	38.63%	17.69%	18.26%	29.60%	16.82%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	16.25%	27.90%	33.58%	0.00%	0.00%	0.00%	16.82%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.88%	0.25%	5.06%	17.69%	18.26%	29.60%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	61.68%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	82.86%	71.85%	61.37%	82.31%	81.74%	70.40%	21.50%	100.00%
Debt to EBITDA	0.00	0.00	0.00	2.35	-0.98	-3.00	-3.79	1.58	1.91	-0.33	0.00
Net Debt to EBITDA	0.00	0.00	0.00	-2.13	0.02	-0.88	-0.45	-1.33	-3.61	1.19	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.12	-0.01	-0.39	-3.79	1.58	1.91	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	4.04	-1.39	-2.99	-2.09	2.39	7.76	-0.40	0.00
Net Debt to NOPAT	0.00	0.00	0.00	-3.65	0.03	-0.88	-0.25	-2.01	-14.67	1.45	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.21	-0.01	-0.39	-2.09	2.39	7.76	0.00	0.00
Altman Z-Score	2.81	3.94	3.43	2.91	1.57	1.39	2.45	1.78	1.08	-0.76	4.96
Noncontrolling Interest Sharing Ratio	4.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	39.40%	0.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.38	2.96	3.13	2.00	1.43	1.38	1.78	1.44	1.05	1.03	15.14
Quick Ratio	1.78	2.31	2.59	1.76	1.18	1.19	1.41	1.01	0.94	0.54	14.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.86	0.49	-0.30	-4.15	-0.78	-1.55	-0.60	6.28	2.05	-6.65	-1,433
Operating Cash Flow to CapEx	-6,092.09%	1,596.57%	0.00%	1,711.65%	-5,944.02%	-384.11%	-786.10%	904.78%	765.00%	797.76%	-17,467.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-35.94	-3.89	-8.86	0.00	50.87	19.72	-106.17	-29,152.84
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	8.29	-9.80	-1.50	0.00	12.44	9.99	8.29	-91.61
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	7.80	-9.96	-1.89	0.00	11.06	8.68	7.26	-92.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.05	2.18	1.94	2.13	2.12	1.95	1.99	1.87	1.91	1.24	0.02
Accounts Receivable Turnover	5.18	5.33	4.47	4.53	4.76	4.82	4.77	4.69	5.06	4.31	9.22
Inventory Turnover	9.24	8.24	8.77	15.14	19.40	19.30	18.51	21.68	57.50	0.00	0.00
Fixed Asset Turnover	337.76	451.37	777.69	181.75	124.29	150.45	203.60	186.77	142.43	81.25	106.25
Accounts Payable Turnover	6.88	24.73	44.23	46.35	31.86	30.55	35.63	25.10	17.17	11.60	15.01
Days Sales Outstanding (DSO)	70.41	68.53	81.67	80.63	76.69	75.68	76.53	77.88	72.18	84.69	39.57
Days Inventory Outstanding (DIO)	39.49	44.32	41.64	24.11	18.81	18.91	19.72	16.84	6.35	0.00	0.00
Days Payable Outstanding (DPO)	53.08	14.76	8.25	7.88	11.46	11.95	10.24	14.54	21.25	31.45	24.32
Cash Conversion Cycle (CCC)	56.82	98.08	115.06	96.87	84.04	82.64	86.01	80.17	57.28	53.24	15.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3.29	3.41	4.31	9.03	7.64	7.80	7.63	1.94	0.03	5.17	1,432
Invested Capital Turnover	10.38	8.20	6.41	5.18	4.49	4.47	5.06	7.98	37.28	7.69	0.03
Increase / (Decrease) in Invested Capital	0.80	0.12	0.89	4.72	-1.39	0.16	-0.17	-5.69	-1.91	5.15	1,427
Enterprise Value (EV)	7.67	8.33	6.34	13	9.18	15	24	12	5.57	4.13	5.77
Market Capitalization	12	13	11	15	9.25	13	24	13	7.65	4.11	44
Book Value per Share	$0.85	$0.93	$1.00	$1.16	$0.81	$0.69	$0.74	$0.62	$0.26	$0.70	$855.63
Tangible Book Value per Share	$0.85	$0.93	$1.00	$0.79	$0.45	$0.34	$0.44	$0.34	$0.00	($1.34)	$855.63
Total Capital	7.33	8.17	8.93	13	11	11	9.04	7.67	3.72	3.57	1,470
Total Debt	0.00	0.00	0.00	2.30	3.02	4.14	1.60	1.40	1.10	0.60	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.12	0.03	0.54	1.60	1.40	1.10	0.00	0.00
Net Debt	-4.04	-4.76	-4.62	-2.07	-0.07	1.22	0.19	-1.18	-2.08	-2.18	-38
Capital Expenditures (CapEx)	0.03	0.05	0.00	0.06	0.03	0.07	0.07	0.17	0.14	0.07	0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.29	3.41	4.31	5.39	3.44	4.07	4.18	1.78	-2.65	-1.90	0.33
Debt-free Net Working Capital (DFNWC)	7.33	8.17	8.93	9.76	6.54	7.00	5.59	4.36	0.53	0.88	38
Net Working Capital (NWC)	7.33	8.17	8.93	7.59	3.54	3.40	5.59	4.36	0.53	0.28	38
Net Nonoperating Expense (NNE)	0.38	0.01	0.02	-0.81	1.44	0.39	-1.29	1.96	3.88	0.44	161
Net Nonoperating Obligations (NNO)	-4.04	-4.76	-4.62	-2.07	-0.07	1.22	0.19	-4.33	-2.59	2.21	-38
Total Depreciation and Amortization (D&A)	0.05	0.05	0.02	0.23	0.31	0.27	0.33	0.31	0.32	0.33	0.33
Debt-free, Cash-free Net Working Capital to Revenue	10.95%	12.41%	17.41%	15.64%	9.21%	11.81%	10.70%	4.67%	-7.21%	-9.50%	1.82%
Debt-free Net Working Capital to Revenue	24.42%	29.73%	36.08%	28.30%	17.48%	20.30%	14.32%	11.41%	1.46%	4.39%	211.67%
Net Working Capital to Revenue	24.42%	29.73%	36.08%	21.99%	9.47%	9.85%	14.32%	11.41%	1.46%	1.39%	211.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.30)	$0.70	$0.70	$1.50	($3.80)	($1.90)	$0.50	($1.40)	($3.70)	($1.77)	($24.59)
Adjusted Weighted Average Basic Shares Outstanding	865.80K	852.12K	872.73K	926.47K	953.20K	958.34K	995.01K	1.01M	1.01M	1.10M	6.79M
Adjusted Diluted Earnings per Share	($2.30)	$0.70	$0.70	$1.50	($3.80)	($1.90)	$0.50	($1.40)	($3.70)	($1.77)	($24.59)
Adjusted Weighted Average Diluted Shares Outstanding	865.80K	867.56K	882.31K	935.47K	953.20K	958.34K	1.04M	1.01M	1.01M	1.10M	6.79M
Adjusted Basic & Diluted Earnings per Share	($2.30)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	834.22K	878.08K	892.08K	953.39K	953.39K	988.64K	1.01M	1.01M	1.01M	1.10M	86.46M
Normalized Net Operating Profit after Tax (NOPAT)	-1.06	0.43	0.42	0.18	-2.17	-0.68	-0.54	0.59	0.14	-1.37	-4.46
Normalized NOPAT Margin	-3.53%	1.57%	1.69%	0.53%	-5.80%	-1.96%	-1.37%	1.53%	0.39%	-6.83%	-24.50%
Pre Tax Income Margin	-5.44%	2.21%	2.34%	1.83%	-9.65%	-5.12%	1.34%	1.18%	0.49%	-10.72%	-929.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	6.48	-16.95	-9.44	0.00	4.67	2.49	-34.46	-3,440.78
NOPAT to Interest Expense	0.00	0.00	0.00	4.93	-10.79	-7.93	0.00	4.74	1.36	-24.03	-119.54
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	5.99	-17.12	-9.83	0.00	3.29	1.19	-35.50	-3,441.30
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	4.44	-10.95	-8.32	0.00	3.37	0.05	-25.07	-120.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.48%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.44%

This table displays calculated financial ratios and metrics derived from Forward Industries' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	10,061,185.00	10,061,185.00	10,061,185.00	1,101,069.00	1,101,069.00	1,101,069.00	1,101,069.00	1,718,181.00	-	83,139,037.00	74,679,699.00
DEI Adjusted Shares Outstanding	1,006,118.00	1,006,118.00	1,006,118.00	1,101,069.00	1,101,069.00	1,101,069.00	1,101,069.00	1,718,181.00	-	83,139,037.00	74,679,699.00
DEI Earnings Per Adjusted Shares Outstanding	-0.35	-0.55	-0.40	-0.58	-0.64	-1.32	-0.78	-95.44	-	-3.40	-0.92
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.67%	-47.93%	-42.16%	-67.82%	-35.34%	-38.41%	-50.46%	117.97%	363.52%	315.03%	332.09%
EBITDA Growth	-2,204.07%	-3,737.05%	-266.15%	-274.36%	-174.17%	-219.79%	-512.89%	-26,926.97%	-71,276.67%	-16,220.29%	-2,932.69%
EBIT Growth	-499.21%	-577.66%	-409.71%	-358.50%	-137.44%	-189.98%	-421.08%	-23,670.07%	-64,648.01%	-15,480.90%	-2,828.62%
NOPAT Growth	-197.32%	-576.23%	-316.65%	-327.08%	-136.12%	-193.39%	-457.43%	-378.17%	-64,891.10%	-15,494.26%	-2,644.92%
Net Income Growth	17.68%	36.48%	25.55%	66.10%	-99.89%	-162.40%	-112.73%	-25,377.44%	-82,611.49%	-19,401.24%	-8,012.63%
EPS Growth	17.68%	36.48%	26.53%	66.28%	-100.00%	-32.00%	-113.89%	-4,063.79%	-823.44%	-125.76%	-3.90%
Operating Cash Flow Growth	177.95%	-606.31%	-28.77%	-2.43%	-474.92%	-7.68%	-381.51%	-592.88%	-1,725.80%	-792.59%	-172.99%
Free Cash Flow Firm Growth	154.47%	-1.89%	-9.98%	-364.85%	-119.53%	-252.51%	-262.33%	-25,281.43%	-140,615.16%	-14,798.88%	-10,200.40%
Invested Capital Growth	-99.99%	-93.47%	-119.85%	18,570.54%	58,864.94%	1,430.15%	573.07%	27,572.14%	315,214.35%	13,700.58%	17,514.68%
Revenue Q/Q Growth	-15.76%	-29.10%	-0.68%	-45.76%	69.29%	-32.47%	-20.11%	138.67%	260.00%	-39.53%	-16.83%
EBITDA Q/Q Growth	-185.66%	-82.50%	30.57%	-60.64%	-34.69%	-112.87%	-33.06%	-6,983.73%	-255.70%	51.33%	75.27%
EBIT Q/Q Growth	-242.10%	-65.63%	26.77%	-49.99%	-30.52%	-102.28%	-31.59%	-6,742.06%	-255.54%	51.32%	75.27%
NOPAT Q/Q Growth	-225.05%	-63.26%	26.04%	-50.40%	-30.02%	-102.86%	-40.51%	-29.02%	-17,572.33%	51.32%	75.27%
Net Income Q/Q Growth	81.34%	-56.18%	27.77%	-61.06%	-10.02%	-105.01%	41.44%	-19,189.46%	-257.18%	51.66%	75.64%
EPS Q/Q Growth	81.34%	-56.18%	64.00%	-61.11%	-10.34%	-106.25%	70.83%	-3,036.36%	75.53%	49.58%	73.15%
Operating Cash Flow Q/Q Growth	-75.81%	-531.04%	187.33%	7.15%	-192.95%	-23.79%	-118.50%	-87.61%	-244.33%	39.48%	30.17%
Free Cash Flow Firm Q/Q Growth	116.92%	-29.40%	-4.49%	-281.07%	84.01%	-451.34%	-1.66%	-28,211.18%	11.33%	41.62%	29.71%
Invested Capital Q/Q Growth	-98.33%	55,747.19%	-320.21%	1,010.78%	-94.74%	1,349.25%	-31.92%	53,176.15%	-40.01%	-36.57%	-13.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.97%	26.22%	25.97%	33.10%	24.50%	-5.72%	-24.89%	75.41%	78.61%	69.99%	62.19%
EBITDA Margin	-4.17%	-10.73%	-7.50%	-22.22%	-17.68%	-55.74%	-92.84%	-2,755.58%	-2,722.68%	-2,191.68%	-651.62%
Operating Margin	-5.32%	-12.24%	-9.12%	-25.28%	-19.42%	-58.33%	-102.61%	-55.47%	-2,722.80%	-2,191.86%	-651.82%
EBIT Margin	-5.31%	-12.40%	-9.14%	-25.28%	-19.49%	-58.38%	-96.17%	-2,756.97%	-2,722.80%	-2,191.86%	-651.82%
Profit (Net Income) Margin	-4.95%	-10.91%	-7.93%	-23.56%	-15.31%	-46.48%	-34.07%	-2,753.76%	-2,732.19%	-2,184.09%	-639.71%
Tax Burden Percent	92.93%	88.23%	87.88%	94.60%	78.87%	79.66%	35.35%	99.90%	100.46%	99.69%	97.55%
Interest Burden Percent	100.41%	99.72%	98.76%	98.51%	99.60%	99.94%	100.21%	99.99%	99.88%	99.95%	100.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-52.02%	-119.90%	-143.24%	-136.01%	-1,739.86%	-301.26%	-1,705.74%	-0.98%	-155.27%	-250.70%	-101.81%
ROIC Less NNEP Spread (ROIC-NNEP)	-46.67%	-110.66%	-138.87%	-51.93%	-1,736.18%	-270.39%	-1,777.58%	898.11%	1,327.06%	2,448.80%	2,670.79%
Return on Net Nonoperating Assets (RNNOA)	18.81%	41.95%	84.63%	3.54%	1,633.01%	57.76%	982.93%	-21.92%	-35.91%	-27.53%	-7.98%
Return on Equity (ROE)	-33.20%	-77.95%	-58.61%	-132.47%	-106.85%	-243.50%	-722.81%	-22.91%	-191.17%	-278.23%	-109.79%
Cash Return on Invested Capital (CROIC)	197.30%	154.77%	0.00%	-255.76%	-1,568.55%	-304.27%	-265.99%	-199.38%	-296.19%	-419.93%	-474.46%
Operating Return on Assets (OROA)	-9.47%	-20.56%	-13.66%	-31.43%	-22.82%	-65.81%	-205.82%	-67.32%	-210.26%	-316.58%	-113.37%
Return on Assets (ROA)	-8.84%	-18.09%	-11.85%	-29.29%	-17.92%	-52.39%	-72.92%	-67.24%	-210.98%	-315.46%	-111.27%
Return on Common Equity (ROCE)	-33.20%	-77.95%	-58.61%	-80.27%	-55.66%	-19.29%	29.50%	-22.87%	-190.70%	-275.76%	-108.65%
Return on Equity Simple (ROE_SIMPLE)	-158.27%	-188.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.27	-0.43	-0.32	-0.48	-0.63	-1.28	-1.79	-2.31	-409	-199	-49
NOPAT Margin	-3.72%	-8.57%	-6.38%	-17.70%	-13.59%	-40.83%	-71.82%	-38.83%	-1,905.96%	-1,534.30%	-456.27%
Net Nonoperating Expense Percent (NNEP)	-5.34%	-9.24%	-4.37%	-84.08%	-3.68%	-30.87%	71.84%	-899.09%	-1,482.32%	-2,699.50%	-2,772.60%
Return On Investment Capital (ROIC_SIMPLE)	-8.42%	-17.25%	-16.15%	-13.55%	-21.83%	-30.52%	-45.35%	-0.16%	-46.20%	-35.42%	-10.11%
Cost of Revenue to Revenue	77.03%	73.78%	74.03%	66.90%	75.50%	105.72%	124.89%	24.59%	21.39%	30.01%	37.81%
SG&A Expenses to Revenue	23.13%	34.40%	31.35%	50.83%	35.59%	47.88%	72.12%	93.28%	31.24%	46.77%	63.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.28%	38.46%	35.08%	58.38%	43.92%	52.61%	77.72%	130.87%	2,801.41%	2,261.85%	714.01%
Earnings before Interest and Taxes (EBIT)	-0.38	-0.63	-0.46	-0.69	-0.90	-1.82	-2.40	-164	-584	-284	-70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.30	-0.54	-0.38	-0.61	-0.82	-1.74	-2.32	-164	-584	-284	-70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.17	3.45	3.44	5.35	68.73	0.00	0.00	0.03	0.65	0.67	0.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.65	0.67	0.66
Price to Revenue (P/Rev)	0.22	0.21	0.19	0.21	0.31	0.29	0.26	2.42	16.33	8.21	5.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	11,172.82	17.83	0.00	0.80	20.72	2.10	3.98	0.00	0.64	0.66	0.66
Enterprise Value to Revenue (EV/Rev)	0.15	0.16	0.11	0.21	0.32	0.53	0.43	0.32	15.70	8.07	5.92
Enterprise Value to EBITDA (EV/EBITDA)	19.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.95	6.50	5.33	7.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	1.07	1.41	1.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.42	0.43	0.20	0.26	0.17	0.18	0.00	0.00	0.02	0.03
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.40	-0.38	-0.61	-0.07	-0.94	-0.21	-0.55	-0.02	-0.03	-0.01	0.00
Leverage Ratio	4.67	5.24	5.87	5.76	6.50	5.15	4.96	1.01	1.03	1.12	1.28
Compound Leverage Factor	4.69	5.22	5.79	5.67	6.47	5.14	4.97	1.01	1.03	1.12	1.29
Debt to Total Capital	26.87%	29.76%	30.14%	16.82%	20.84%	14.36%	15.19%	0.00%	0.40%	1.79%	2.57%
Short-Term Debt to Total Capital	26.87%	29.76%	30.14%	16.82%	20.84%	14.36%	15.19%	0.00%	0.40%	1.79%	2.57%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	61.68%	76.41%	117.86%	124.91%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	73.13%	70.24%	69.86%	21.50%	2.75%	-32.21%	-40.09%	100.00%	99.60%	98.21%	97.43%
Debt to EBITDA	3.23	-2.81	-0.69	-0.33	-0.26	-0.17	-0.12	0.00	0.00	-0.01	-0.01
Net Debt to EBITDA	-8.27	5.66	2.25	1.19	0.86	0.34	0.13	0.00	0.03	0.01	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-13.09	-1.72	-0.70	-0.40	-0.32	-0.22	-0.15	0.00	-0.01	-0.02	-0.02
Net Debt to NOPAT	33.53	3.47	2.28	1.45	1.07	0.44	0.17	0.00	0.05	0.01	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.72	0.26	-0.07	-0.43	-0.76	-1.27	-0.79	4.97	25.12	-0.09	-1.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	39.40%	47.91%	92.08%	104.08%	0.15%	0.25%	0.89%	1.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.93	0.88	0.86	1.03	0.98	1.19	1.51	15.14	6.24	0.40	0.17
Quick Ratio	0.85	0.81	0.80	0.54	0.85	0.55	1.04	14.61	5.92	0.35	0.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4.61	3.26	3.11	-5.63	-0.90	-4.97	-5.05	-1,429	-1,267	-740	-520
Operating Cash Flow to CapEx	593.58%	-2,339.22%	4,731.04%	3,098.20%	-8,015.56%	-37,516.68%	-6,485.43%	0.00%	0.00%	-142,647.92%	0.00%
Free Cash Flow to Firm to Interest Expense	242.59	191.83	215.18	-460.38	-75.26	-419.50	-417.21	-107,929.53	0.00	-12,500.64	-1,005.82
Operating Cash Flow to Interest Expense	6.09	-29.42	30.17	38.20	-36.29	-45.42	-101.45	-173.91	0.00	-81.09	-6.48
Operating Cash Flow Less CapEx to Interest Expense	5.07	-30.68	29.53	36.97	-36.74	-45.54	-103.01	-173.91	0.00	-81.15	-6.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.78	1.66	1.49	1.24	1.17	1.13	2.14	0.02	0.08	0.14	0.17
Accounts Receivable Turnover	4.53	4.01	3.64	4.31	3.06	3.76	6.55	9.22	1.79	21.39	34.16
Inventory Turnover	11.46	13.61	17.96	0.00	22.08	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	129.30	113.99	99.60	81.25	76.03	73.93	129.55	106.25	239.12	368.20	501.60
Accounts Payable Turnover	24.14	21.19	13.93	11.60	16.30	19.54	34.49	15.01	6.26	7.31	12.57
Days Sales Outstanding (DSO)	80.62	91.00	100.26	84.69	119.10	97.17	55.68	39.57	204.42	17.06	10.69
Days Inventory Outstanding (DIO)	31.84	26.82	20.32	0.00	16.53	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	15.12	17.23	26.21	31.45	22.39	18.68	10.58	24.32	58.33	49.92	29.03
Cash Conversion Cycle (CCC)	97.34	100.59	94.37	53.24	113.24	78.49	45.10	15.25	146.09	-32.86	-18.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.26	-0.57	5.17	0.27	3.95	2.69	1,432	859	545	473
Invested Capital Turnover	13.97	13.99	22.44	7.69	127.99	7.38	23.75	0.03	0.08	0.16	0.22
Increase / (Decrease) in Invested Capital	-4.88	-3.69	-3.43	5.15	0.27	3.69	3.26	1,427	859	541	471
Enterprise Value (EV)	5.16	4.60	2.83	4.13	5.64	8.30	11	5.77	550	362	314
Market Capitalization	7.34	6.11	4.79	4.11	5.45	4.57	6.43	44	571	368	315
Book Value per Share	$2.10	$0.18	$0.14	$0.70	$0.07	($1.22)	($1.44)	$855.63	$10.19	$6.63	$6.35
Tangible Book Value per Share	($0.26)	($0.08)	($0.11)	($1.34)	($1.71)	($2.96)	($3.12)	$855.63	$10.19	$6.63	$6.35
Total Capital	3.16	2.52	1.99	3.57	2.88	4.18	3.95	1,470	884	561	487
Total Debt	0.85	0.75	0.60	0.60	0.60	0.60	0.60	0.00	3.50	10	13
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-2.18	-1.51	-1.96	-2.18	-2.01	-1.20	-0.66	-38	-22	-6.61	-0.76
Capital Expenditures (CapEx)	0.02	0.02	0.01	0.02	0.01	0.00	0.02	-0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.99	-2.80	-3.53	-1.90	-2.17	0.02	0.55	0.33	31	-40	-106
Debt-free Net Working Capital (DFNWC)	0.04	-0.54	-0.98	0.88	0.44	1.82	1.81	38	56	-23	-93
Net Working Capital (NWC)	-0.81	-1.29	-1.58	0.28	-0.16	1.22	1.21	38	53	-33	-106
Net Nonoperating Expense (NNE)	0.09	0.12	0.08	0.16	0.08	0.18	-0.94	162	177	84	20
Net Nonoperating Obligations (NNO)	-2.31	-1.51	-1.96	2.21	-2.01	0.37	-0.66	-38	-22	-6.61	-0.76
Total Depreciation and Amortization (D&A)	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.03	0.02	0.02
Debt-free, Cash-free Net Working Capital to Revenue	-8.77%	-9.51%	-13.73%	-9.50%	-12.42%	0.12%	2.17%	1.82%	88.50%	-88.24%	-200.33%
Debt-free Net Working Capital to Revenue	0.11%	-1.82%	-3.79%	4.39%	2.51%	11.71%	7.19%	211.67%	161.04%	-51.15%	-175.33%
Net Working Capital to Revenue	-2.38%	-4.37%	-6.12%	1.39%	-0.93%	7.84%	4.81%	211.67%	151.04%	-73.50%	-198.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	($0.50)	($0.36)	($0.58)	($0.64)	($2.64)	($0.77)	($24.15)	($5.91)	($2.98)	($0.80)
Adjusted Weighted Average Basic Shares Outstanding	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M	86.69M
Adjusted Diluted Earnings per Share	($0.40)	($0.50)	($0.36)	($0.58)	($0.64)	($2.64)	($0.77)	($24.15)	($5.91)	($2.98)	($0.80)
Adjusted Weighted Average Diluted Shares Outstanding	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M	86.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.58)	$0.00	$0.00	$0.00	($24.15)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.72M	86.46M	83.14M	74.68M	73.85M
Normalized Net Operating Profit after Tax (NOPAT)	-0.27	-0.43	-0.32	-0.34	-0.47	-1.28	-1.79	-1.05	6.73	1.90	-3.70
Normalized NOPAT Margin	-3.72%	-8.57%	-6.38%	-12.57%	-10.19%	-40.83%	-71.82%	-17.65%	31.41%	14.63%	-34.34%
Pre Tax Income Margin	-5.33%	-12.37%	-9.03%	-24.90%	-19.41%	-58.35%	-96.38%	-2,756.60%	-2,719.65%	-2,190.84%	-655.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-19.97	-37.05	-31.86	-56.47	-75.32	-154.05	-198.30	-12,397.54	0.00	-4,800.60	-135.92
NOPAT to Interest Expense	-14.00	-25.61	-22.24	-39.53	-52.53	-107.74	-148.10	-174.59	0.00	-3,360.42	-95.15
EBIT Less CapEx to Interest Expense	-21.00	-38.31	-32.50	-57.70	-75.78	-154.17	-199.86	-12,397.54	0.00	-4,800.65	-135.92
NOPAT Less CapEx to Interest Expense	-15.03	-26.87	-22.88	-40.76	-52.98	-107.86	-149.66	-174.59	0.00	-3,360.47	-95.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.44%	-1.58%	-5.71%	-6.43%

Financials Breakdown Chart

Key Financial Trends

Forward Industries’ Q3 2026 statements show improving revenue from the prior-year period and a smaller quarterly loss, but the company remains financially pressured by large special charges, negative operating cash flow and a weak current-liability position. The available FWDI data covers quarterly results from Q3 2024 through Q3 2026, with some earlier periods restated or calculated rather than directly reported.

Revenue remains substantially above 2025 levels. Q3 2026 revenue was $10.8 million, compared with $2.5 million in the restated Q3 2025 period. Revenue has moderated from $21.4 million in Q1 2026 and $13.0 million in Q2, but it is still well above the company’s 2024 and early-2025 quarterly run rate.
Gross profitability has improved materially from the prior year. Gross profit was $6.7 million in Q3 2026, producing a gross margin of approximately 62%. This compares with a negative gross margin in restated Q3 2025, when cost of revenue exceeded sales.
The quarterly net loss narrowed sharply on a sequential basis. Net loss attributable to common shareholders declined to $69.0 million in Q3 2026 from $283.1 million in Q2 and $585.7 million in Q1. The improvement partly reflects the reduction in impairment and special charges.
Cash and short-term investments provide some liquidity. FWDI reported $11.0 million of cash and $2.3 million of short-term investments at June 30, 2026. The company also generated $53.5 million of net financing cash during the quarter, helping offset operating and investing cash outflows.

Reported earnings are heavily affected by unusual items. Q3 2026 included a $15.2 million impairment charge and $49.8 million of other special charges. These items were lower than Q1 and Q2 2026 charges, but investors should separate recurring operating performance from accounting adjustments when evaluating the results.
Asset composition has changed dramatically. Total assets declined from $892.9 million in Q1 2026 to $602.5 million in Q3, while other noncurrent operating assets still accounted for approximately $580.4 million. The size and nature of this balance makes future impairments and valuation changes important areas to monitor.

FWDI remains deeply unprofitable. Q3 operating loss was $70.3 million and net loss was $69.0 million, despite the much higher revenue base. Selling, general and administrative expense was $6.8 million, slightly greater than gross profit, before including marketing and other operating charges.
Operating cash flow is consistently negative. FWDI used $3.4 million of cash in operating activities in Q3 2026, following outflows of $4.8 million in Q2 and $7.9 million in Q1. Persistent operating cash burn increases the company’s dependence on financing or asset sales.
Cash balances have deteriorated during fiscal 2026. Cash fell from $25.4 million at the end of Q1 to $16.6 million in Q2 and $11.0 million in Q3. Net cash declined by $5.7 million during Q3 even after receiving substantial financing cash.
Short-term liquidity is weak. Total current assets of $22.1 million were far below total current liabilities of $127.8 million, implying a current ratio of roughly 0.17. Other current liabilities alone totaled $112.8 million, creating a significant near-term funding risk.
Capital allocation has increased cash pressure. Q3 financing activity included approximately $11.8 million of share repurchases and $7.6 million of debt repayments, while investing activities used $55.8 million. These outflows occurred despite negative operating cash flow and declining cash reserves.
Accumulated losses remain substantial. Retained earnings were negative $1.12 billion at June 30, 2026. Although total reported equity was $474.2 million, the balance sheet reflects a long history of losses and substantial reliance on contributed capital and other equity adjustments.

Overall, the statements show a business with a much larger revenue base and improved gross margins compared with 2025, but not yet a sustainable earnings or cash-flow model. The key signals for investors are whether revenue can stabilize above the 2024–2025 range, whether recurring expenses can be reduced below gross profit, and whether FWDI can stop using financing to cover operating and investing cash needs.

10/14/26 08:48 AM ETAI Generated. May Contain Errors.

Forward Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forward Industries' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Forward Industries' net income appears to be on a downward trend, with a most recent value of -$166.97 million in 2025, falling from -$1.43 million in 2015. The previous period was -$1.95 million in 2024. See where experts think Forward Industries is headed by visiting Forward Industries' forecast page.

Forward Industries' total operating income in 2025 was -$8.39 million, based on the following breakdown:

Total Gross Profit: $5.19 million
Total Operating Expenses: $13.58 million

Over the last 10 years, Forward Industries' total revenue changed from $30.01 million in 2015 to $18.19 million in 2025, a change of -39.4%.

In the past 13 quarters, Forward Industries' cash and equivalents has ranged from $1.26 million in Q3 2025 to $26.43 billion in Q3 2023, and is currently $10.97 million as of their latest financial filing in Q3 2026.

Forward Industries had total debt of $0.00 at the end of 2025, a 100.0% decrease from 2024, and none in 2015.

Over the last 10 years, Forward Industries' book value per share changed from 0.85 in 2015 to 855.63 in 2025, a change of 100,728.3%.

Related Companies

Financial statements for NASDAQ:FWDI last updated on 8/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Forward Industries (FWDI) Financials

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Forward Industries (FWDI) Financials

Annual Income Statements for Forward Industries

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Quarterly Cash Flow Statements for Forward Industries

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Quarterly Balance Sheets for Forward Industries

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Quarterly Metrics And Ratios for Forward Industries

Financials Breakdown Chart

Key Financial Trends

Forward Industries Financials - Frequently Asked Questions

When does Forward Industries' financial year end?

How has Forward Industries' net income changed over the last 10 years?

What is Forward Industries' operating income?

How has Forward Industries' revenue changed over the last 10 years?

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