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

$3.89 -0.37 (-8.69%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$3.92 +0.03 (+0.77%)

As of 07/24/2026 07:34 PM 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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-1.90	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.86	-164	-586	-283
Consolidated Net Income / (Loss)	-1.90	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283
Net Income / (Loss) Continuing Operations	0.24	-0.38	-0.63	-0.45	-0.70	-0.90	-1.82	-2.40	-164	-586	-283
Total Pre-Tax Income	0.26	-0.38	-0.63	-0.45	-0.68	-0.90	-1.82	-2.40	-164	-583	-284
Total Operating Income	0.23	-0.38	-0.62	-0.46	-0.69	-0.90	-1.82	-2.56	-3.30	-584	-284
Total Gross Profit	2.28	1.64	1.33	1.31	0.90	1.13	-0.18	-0.62	4.49	17	9.07
Total Revenue	8.49	7.15	5.07	5.04	2.73	4.62	3.12	2.49	5.95	21	13
Operating Revenue	8.49	7.15	5.07	5.04	2.73	4.62	3.12	2.49	5.95	21	13
Total Cost of Revenue	6.21	5.51	3.74	3.73	1.83	3.49	3.30	3.12	1.46	4.59	3.89
Operating Cost of Revenue	6.21	5.51	3.74	3.73	1.83	3.49	3.30	3.12	1.46	4.59	3.89
Total Operating Expenses	2.05	2.02	1.95	1.77	1.59	2.03	1.64	1.94	7.79	600	293
Selling, General & Admin Expense	1.65	1.65	1.74	1.58	1.39	1.65	1.50	1.80	5.55	6.70	6.06
Marketing Expense	0.40	0.37	0.21	0.19	0.01	0.16	0.15	0.14	0.44	0.54	0.57
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.00	-	-	-	-0.27
Impairment Charge	-	0.00	0.00	0.00	0.20	0.23	0.00	0.00	1.80	33	85
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-	-	560	202
Total Other Income / (Expense), net	0.02	-0.00	-0.01	0.00	0.01	0.00	-0.00	0.16	-161	0.68	0.13
Interest Expense	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.06
Interest & Investment Income	0.01	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.04	0.68	0.19
Other Income / (Expense), net	0.04	0.00	-0.01	-0.00	0.00	-0.00	-0.00	0.16	-161	-0.00	0.00
Income Tax Expense	0.02	0.00	0.00	0.00	0.02	0.00	0.00	0.00	0.02	2.69	-0.88
Net Income / (Loss) Discontinued Operations	-2.13	0.03	0.07	0.06	0.06	0.19	0.37	1.55	0.19	0.00	0.00
Basic Earnings per Share	($1.72)	($0.32)	($1.00)	($0.36)	($0.58)	($0.64)	($1.32)	($0.77)	($24.15)	($5.91)	($2.98)
Weighted Average Basic Shares Outstanding	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M
Diluted Earnings per Share	($1.72)	($0.32)	($1.00)	($0.36)	($0.58)	($0.64)	($1.32)	($0.77)	($24.15)	($5.91)	($2.98)
Weighted Average Diluted Shares Outstanding	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M
Weighted Average Basic & Diluted Shares Outstanding	10.06M	10.06M	10.06M	1.10M	1.10M	1.10M	1.10M	1.72M	86.46M	83.14M	74.68M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	0.36	-0.15	-0.62	0.28	0.45	-0.44	-0.54	-0.54	37	-13	-8.76
Net Cash From Operating Activities	0.48	0.12	-0.50	0.44	0.47	-0.43	-0.54	-1.23	-2.30	-7.93	-4.80
Net Cash From Continuing Operating Activities	0.48	0.12	-1.49	-0.04	0.26	-0.35	-0.53	-1.72	-2.30	-7.93	-4.80
Net Income / (Loss) Continuing Operations	-1.90	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283
Consolidated Net Income / (Loss)	-1.90	-0.35	-0.55	-0.40	-0.64	-0.71	-1.45	-0.85	-164	-586	-283
Depreciation Expense	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.03	0.02
Non-Cash Adjustments To Reconcile Net Income	0.09	0.41	-0.35	0.02	0.24	0.27	0.03	-1.52	161	577	279
Changes in Operating Assets and Liabilities, net	2.21	-0.02	-0.67	0.25	0.58	0.00	0.82	0.57	0.47	0.88	-0.71
Net Cash From Investing Activities	-0.02	-0.02	-0.02	-0.01	-0.02	-0.01	-0.00	-0.22	-901	-1.08	3.16
Net Cash From Continuing Investing Activities	-0.02	-0.02	-0.02	-0.01	-0.02	-0.01	-0.00	-0.22	-901	-1.08	3.16
Purchase of Property, Plant & Equipment	-0.02	-0.02	-0.02	-0.01	-0.02	-0.01	-0.00	-0.02	0.00	0.00	-0.00
Other Investing Activities, net	-	-	-	-	-	0.00	-	-	-901	-1.08	3.17
Net Cash From Financing Activities	-0.10	-0.25	-0.10	-0.15	-	0.00	-	0.91	940	-3.77	-7.12
Net Cash From Continuing Financing Activities	-0.10	-0.25	-0.10	-0.15	-	0.00	-	0.91	940	-3.77	-7.12
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-11	-47
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	937	0.03	40
Cash Income Taxes Paid	0.00	-	-	-	0.00	0.00	0.00	0.01	0.02	0.00	0.14

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
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	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
Total Assets	256,800	265,991	268,073	16	15	15	13	12	8.29	893	609
Total Current Assets	115,123	121,712	121,361	10	9.51	9.73	8.62	7.67	3.57	63	22
Cash & Equivalents	22,144	26,406	26,427	3.03	2.26	2.56	2.61	1.80	1.26	25	17
Accounts Receivable	14,920	14,482	15,129	6.53	6.48	6.49	4.86	1.78	1.19	34	2.42
Prepaid Expenses	-	-	-	0.39	0.46	0.44	0.40	0.32	0.38	2.15	2.03
Other Current Assets	4,128	4,149	4,219	-	-	-	-	0.87	0.72	1.07	0.54
Plant, Property, & Equipment, net	37,970	38,503	39,370	0.27	0.25	0.23	0.19	0.16	0.15	0.10	0.08
Total Noncurrent Assets	103,707	105,776	107,342	5.58	5.42	5.26	4.67	4.51	4.58	830	587
Other Noncurrent Operating Assets	11,595	12,109	12,428	2.99	2.88	2.77	2.71	2.60	2.72	830	587
Total Liabilities & Shareholders' Equity	256,800	265,991	268,073	16	15	15	13	12	8.29	893	609
Total Liabilities	214,603	222,385	223,797	14	13	14	11	8.76	4.94	12	57
Total Current Liabilities	95,905	101,015	100,268	11	11	11	8.79	6.45	2.35	10	55
Short-Term Debt	48,050	49,341	48,638	0.85	0.75	0.60	0.60	0.60	0.60	3.50	10
Accounts Payable	26,028	27,749	27,813	0.89	0.71	0.79	0.68	0.56	0.52	3.82	3.46
Current Deferred Revenue	-	-	-	0.25	0.23	0.20	0.28	0.36	0.31	0.72	0.61
Other Current Liabilities	21,827	23,925	23,817	9.32	9.11	9.71	7.23	0.46	0.92	2.04	40
Total Noncurrent Liabilities	118,698	121,370	123,529	2.72	2.62	2.53	2.43	2.31	2.59	2.00	2.48
Other Noncurrent Operating Liabilities	25,908	25,754	27,851	2.72	2.62	2.53	2.43	2.31	2.59	2.00	2.48
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	42,197	43,606	44,276	2.31	1.77	1.39	2.28	3.58	3.35	881	551
Total Preferred & Common Equity	42,366	43,677	44,263	2.31	1.77	1.39	2.28	3.58	3.35	881	551
Total Common Equity	42,366	43,677	44,263	2.31	1.77	1.39	0.08	-1.35	-1.58	881	551
Common Stock	22,931	23,071	23,074	20	20	20	20	20	21	1,664	1,665
Retained Earnings	30,270	31,577	32,169	-18	-19	-19	-20	-22	-23	-772	-1,055
Treasury Stock	-2,047	-2,047	-2,047	-	-	-	-	-	-	-11	-58

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	10,061,185.00	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
DEI Adjusted Shares Outstanding	1,006,118.00	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
DEI Earnings Per Adjusted Shares Outstanding	-1.89	-0.35	-0.55	-0.40	-0.58	-0.64	-1.32	-0.78	-95.44	-	-3.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	49.21%	-26.67%	-47.93%	-42.16%	-67.82%	-35.34%	-38.41%	-50.46%	117.97%	363.52%	315.03%
EBITDA Growth	-69.80%	-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%
EBIT Growth	-75.19%	-499.21%	-577.66%	-409.71%	-358.50%	-137.44%	-189.98%	-421.08%	-23,670.07%	-64,648.01%	-15,480.90%
NOPAT Growth	-80.29%	-197.32%	-576.23%	-316.65%	-327.08%	-136.12%	-193.39%	-457.43%	-378.17%	-64,891.10%	-15,494.26%
Net Income Growth	-142.48%	17.68%	36.48%	25.55%	66.10%	-99.89%	-162.40%	-112.73%	-25,377.44%	-82,611.49%	-19,401.24%
EPS Growth	-142.48%	17.68%	36.48%	26.53%	66.28%	-100.00%	-32.00%	-113.89%	-4,063.79%	-823.44%	-125.76%
Operating Cash Flow Growth	26.96%	177.95%	-606.31%	-28.77%	-2.43%	-474.92%	-7.68%	-381.51%	-592.88%	-1,725.80%	-792.59%
Free Cash Flow Firm Growth	-68.61%	154.47%	-1.89%	-9.98%	-364.85%	-119.53%	-252.51%	-262.33%	-25,281.43%	-140,615.16%	-14,798.88%
Invested Capital Growth	-98.57%	-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%
Revenue Q/Q Growth	-2.50%	-15.76%	-29.10%	-0.68%	-45.76%	69.29%	-32.47%	-20.11%	138.67%	260.00%	-39.53%
EBITDA Q/Q Growth	53.07%	-185.66%	-82.50%	30.57%	-60.64%	-34.69%	-112.87%	-33.06%	-6,983.73%	-255.70%	51.33%
EBIT Q/Q Growth	79.71%	-242.10%	-65.63%	26.77%	-49.99%	-30.52%	-102.28%	-31.59%	-6,742.06%	-255.54%	51.32%
NOPAT Q/Q Growth	43.49%	-225.05%	-63.26%	26.04%	-50.40%	-30.02%	-102.86%	-40.51%	-29.02%	-17,572.33%	51.32%
Net Income Q/Q Growth	-253.74%	81.34%	-56.18%	27.77%	-61.06%	-10.02%	-105.01%	41.44%	-19,189.46%	-257.18%	51.66%
EPS Q/Q Growth	-253.74%	81.34%	-56.18%	64.00%	-61.11%	-10.34%	-106.25%	70.83%	-3,036.36%	75.53%	49.58%
Operating Cash Flow Q/Q Growth	-21.77%	-75.81%	-531.04%	187.33%	7.15%	-192.95%	-23.79%	-118.50%	-87.61%	-244.33%	39.48%
Free Cash Flow Firm Q/Q Growth	-38.46%	116.92%	-29.40%	-4.49%	-281.07%	84.01%	-451.34%	-1.66%	-28,211.18%	11.33%	41.62%
Invested Capital Q/Q Growth	-99.03%	-98.33%	55,747.19%	-320.21%	1,010.78%	-94.74%	1,349.25%	-31.92%	53,176.15%	-40.01%	-36.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.90%	22.97%	26.22%	25.97%	33.10%	24.50%	-5.72%	-24.89%	75.41%	78.61%	69.99%
EBITDA Margin	4.10%	-4.17%	-10.73%	-7.50%	-22.22%	-17.68%	-55.74%	-92.84%	-2,755.58%	-2,722.68%	-2,191.68%
Operating Margin	2.72%	-5.32%	-12.24%	-9.12%	-25.28%	-19.42%	-58.33%	-102.61%	-55.47%	-2,722.80%	-2,191.86%
EBIT Margin	3.15%	-5.31%	-12.40%	-9.14%	-25.28%	-19.49%	-58.38%	-96.17%	-2,756.97%	-2,722.80%	-2,191.86%
Profit (Net Income) Margin	-22.36%	-4.95%	-10.91%	-7.93%	-23.56%	-15.31%	-46.48%	-34.07%	-2,753.76%	-2,732.19%	-2,184.09%
Tax Burden Percent	-744.55%	92.93%	88.23%	87.88%	94.60%	78.87%	79.66%	35.35%	99.90%	100.46%	99.69%
Interest Burden Percent	95.45%	100.41%	99.72%	98.76%	98.51%	99.60%	99.94%	100.21%	99.99%	99.88%	99.95%
Effective Tax Rate	7.85%	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)	93.48%	-52.02%	-119.90%	-143.24%	-136.01%	-1,739.86%	-301.26%	-1,705.74%	-0.98%	-155.27%	-250.70%
ROIC Less NNEP Spread (ROIC-NNEP)	154.56%	-46.67%	-110.66%	-138.87%	-51.93%	-1,736.18%	-270.39%	-1,777.58%	898.11%	1,327.06%	2,448.80%
Return on Net Nonoperating Assets (RNNOA)	-120.31%	18.81%	41.95%	84.63%	3.54%	1,633.01%	57.76%	982.93%	-21.92%	-35.91%	-27.53%
Return on Equity (ROE)	-26.83%	-33.20%	-77.95%	-58.61%	-132.47%	-106.85%	-243.50%	-722.81%	-22.91%	-191.17%	-278.23%
Cash Return on Invested Capital (CROIC)	208.77%	197.30%	154.77%	0.00%	-255.76%	-1,568.55%	-304.27%	-265.99%	-199.38%	-296.19%	-419.93%
Operating Return on Assets (OROA)	6.02%	-9.47%	-20.56%	-13.66%	-31.43%	-22.82%	-65.81%	-205.82%	-67.32%	-210.26%	-316.58%
Return on Assets (ROA)	-42.82%	-8.84%	-18.09%	-11.85%	-29.29%	-17.92%	-52.39%	-72.92%	-67.24%	-210.98%	-315.46%
Return on Common Equity (ROCE)	-26.83%	-33.20%	-77.95%	-58.61%	-80.27%	-55.66%	-19.29%	29.50%	-22.87%	-190.70%	-275.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-158.27%	-188.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.21	-0.27	-0.43	-0.32	-0.48	-0.63	-1.28	-1.79	-2.31	-409	-199
NOPAT Margin	2.51%	-3.72%	-8.57%	-6.38%	-17.70%	-13.59%	-40.83%	-71.82%	-38.83%	-1,905.96%	-1,534.30%
Net Nonoperating Expense Percent (NNEP)	-61.08%	-5.34%	-9.24%	-4.37%	-84.08%	-3.68%	-30.87%	71.84%	-899.09%	-1,482.32%	-2,699.50%
Return On Investment Capital (ROIC_SIMPLE)	5.73%	-8.42%	-17.25%	-16.15%	-13.55%	-21.83%	-30.52%	-45.35%	-0.16%	-46.20%	-35.42%
Cost of Revenue to Revenue	73.10%	77.03%	73.78%	74.03%	66.90%	75.50%	105.72%	124.89%	24.59%	21.39%	30.01%
SG&A Expenses to Revenue	19.42%	23.13%	34.40%	31.35%	50.83%	35.59%	47.88%	72.12%	93.28%	31.24%	46.77%
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	24.18%	28.28%	38.46%	35.08%	58.38%	43.92%	52.61%	77.72%	130.87%	2,801.41%	2,261.85%
Earnings before Interest and Taxes (EBIT)	0.27	-0.38	-0.63	-0.46	-0.69	-0.90	-1.82	-2.40	-164	-584	-284
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.35	-0.30	-0.54	-0.38	-0.61	-0.82	-1.74	-2.32	-164	-584	-284
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	3.17	3.45	3.44	5.35	68.73	0.00	0.00	0.03	0.65	0.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.65	0.67
Price to Revenue (P/Rev)	0.21	0.22	0.21	0.19	0.21	0.31	0.29	0.26	2.42	16.33	8.21
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)	200.97	11,172.82	17.83	0.00	0.80	20.72	2.10	3.98	0.00	0.64	0.66
Enterprise Value to Revenue (EV/Rev)	0.15	0.15	0.16	0.11	0.21	0.32	0.53	0.43	0.32	15.70	8.07
Enterprise Value to EBITDA (EV/EBITDA)	9.68	19.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	21.45	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)	39.29	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)	5.35	3.95	6.50	5.33	7.95	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	2.71	1.07	1.41	1.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.37	0.42	0.43	0.20	0.26	0.17	0.18	0.00	0.00	0.02
Long-Term Debt to Equity	0.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.78	-0.40	-0.38	-0.61	-0.07	-0.94	-0.21	-0.55	-0.02	-0.03	-0.01
Leverage Ratio	4.31	4.67	5.24	5.87	5.76	6.50	5.15	4.96	1.01	1.03	1.12
Compound Leverage Factor	4.12	4.69	5.22	5.79	5.67	6.47	5.14	4.97	1.01	1.03	1.12
Debt to Total Capital	29.60%	26.87%	29.76%	30.14%	16.82%	20.84%	14.36%	15.19%	0.00%	0.40%	1.79%
Short-Term Debt to Total Capital	0.00%	26.87%	29.76%	30.14%	16.82%	20.84%	14.36%	15.19%	0.00%	0.40%	1.79%
Long-Term Debt to Total Capital	29.60%	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%	0.00%	61.68%	76.41%	117.86%	124.91%	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	70.40%	73.13%	70.24%	69.86%	21.50%	2.75%	-32.21%	-40.09%	100.00%	99.60%	98.21%
Debt to EBITDA	1.91	3.23	-2.81	-0.69	-0.33	-0.26	-0.17	-0.12	0.00	0.00	-0.01
Net Debt to EBITDA	-3.61	-8.27	5.66	2.25	1.19	0.86	0.34	0.13	0.00	0.03	0.01
Long-Term Debt to EBITDA	1.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	7.76	-13.09	-1.72	-0.70	-0.40	-0.32	-0.22	-0.15	0.00	-0.01	-0.02
Net Debt to NOPAT	-14.67	33.53	3.47	2.28	1.45	1.07	0.44	0.17	0.00	0.05	0.01
Long-Term Debt to NOPAT	7.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.08	0.72	0.26	-0.07	-0.43	-0.76	-1.27	-0.79	4.97	25.12	-0.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	39.40%	47.91%	92.08%	104.08%	0.15%	0.25%	0.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	0.93	0.88	0.86	1.03	0.98	1.19	1.51	15.14	6.24	0.40
Quick Ratio	0.94	0.85	0.81	0.80	0.54	0.85	0.55	1.04	14.61	5.92	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.13	4.61	3.26	3.11	-5.63	-0.90	-4.97	-5.05	-1,429	-1,267	-740
Operating Cash Flow to CapEx	2,448.19%	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%
Free Cash Flow to Firm to Interest Expense	88.63	242.59	191.83	215.18	-460.38	-75.26	-419.50	-417.21	-107,929.53	0.00	-12,500.64
Operating Cash Flow to Interest Expense	19.96	6.09	-29.42	30.17	38.20	-36.29	-45.42	-101.45	-173.91	0.00	-81.09
Operating Cash Flow Less CapEx to Interest Expense	19.15	5.07	-30.68	29.53	36.97	-36.74	-45.54	-103.01	-173.91	0.00	-81.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.91	1.78	1.66	1.49	1.24	1.17	1.13	2.14	0.02	0.08	0.14
Accounts Receivable Turnover	5.06	4.53	4.01	3.64	4.31	3.06	3.76	6.55	9.22	1.79	21.39
Inventory Turnover	57.50	11.46	13.61	17.96	0.00	22.08	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	142.43	129.30	113.99	99.60	81.25	76.03	73.93	129.55	106.25	239.12	368.20
Accounts Payable Turnover	17.17	24.14	21.19	13.93	11.60	16.30	19.54	34.49	15.01	6.26	7.31
Days Sales Outstanding (DSO)	72.18	80.62	91.00	100.26	84.69	119.10	97.17	55.68	39.57	204.42	17.06
Days Inventory Outstanding (DIO)	6.35	31.84	26.82	20.32	0.00	16.53	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.25	15.12	17.23	26.21	31.45	22.39	18.68	10.58	24.32	58.33	49.92
Cash Conversion Cycle (CCC)	57.28	97.34	100.59	94.37	53.24	113.24	78.49	45.10	15.25	146.09	-32.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.03	0.00	0.26	-0.57	5.17	0.27	3.95	2.69	1,432	859	545
Invested Capital Turnover	37.28	13.97	13.99	22.44	7.69	127.99	7.38	23.75	0.03	0.08	0.16
Increase / (Decrease) in Invested Capital	-1.91	-4.88	-3.69	-3.43	5.15	0.27	3.69	3.26	1,427	859	541
Enterprise Value (EV)	5.57	5.16	4.60	2.83	4.13	5.64	8.30	11	5.77	550	362
Market Capitalization	7.65	7.34	6.11	4.79	4.11	5.45	4.57	6.43	44	571	368
Book Value per Share	$0.26	$2.10	$0.18	$0.14	$0.70	$0.07	($1.22)	($1.44)	$855.63	$10.19	$6.63
Tangible Book Value per Share	$0.00	($0.26)	($0.08)	($0.11)	($1.34)	($1.71)	($2.96)	($3.12)	$855.63	$10.19	$6.63
Total Capital	3.72	3.16	2.52	1.99	3.57	2.88	4.18	3.95	1,470	884	561
Total Debt	1.10	0.85	0.75	0.60	0.60	0.60	0.60	0.60	0.00	3.50	10
Total Long-Term Debt	1.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-2.08	-2.18	-1.51	-1.96	-2.18	-2.01	-1.20	-0.66	-38	-22	-6.61
Capital Expenditures (CapEx)	0.02	0.02	0.02	0.01	0.02	0.01	0.00	0.02	-0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.65	-2.99	-2.80	-3.53	-1.90	-2.17	0.02	0.55	0.33	31	-40
Debt-free Net Working Capital (DFNWC)	0.53	0.04	-0.54	-0.98	0.88	0.44	1.82	1.81	38	56	-23
Net Working Capital (NWC)	0.53	-0.81	-1.29	-1.58	0.28	-0.16	1.22	1.21	38	53	-33
Net Nonoperating Expense (NNE)	2.11	0.09	0.12	0.08	0.16	0.08	0.18	-0.94	162	177	84
Net Nonoperating Obligations (NNO)	-2.59	-2.31	-1.51	-1.96	2.21	-2.01	0.37	-0.66	-38	-22	-6.61
Total Depreciation and Amortization (D&A)	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.03	0.02
Debt-free, Cash-free Net Working Capital to Revenue	-7.21%	-8.77%	-9.51%	-13.73%	-9.50%	-12.42%	0.12%	2.17%	1.82%	88.50%	-88.24%
Debt-free Net Working Capital to Revenue	1.46%	0.11%	-1.82%	-3.79%	4.39%	2.51%	11.71%	7.19%	211.67%	161.04%	-51.15%
Net Working Capital to Revenue	1.46%	-2.38%	-4.37%	-6.12%	1.39%	-0.93%	7.84%	4.81%	211.67%	151.04%	-73.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($17.20)	($0.40)	($0.50)	($0.36)	($0.58)	($0.64)	($2.64)	($0.77)	($24.15)	($5.91)	($2.98)
Adjusted Weighted Average Basic Shares Outstanding	110.11K	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M
Adjusted Diluted Earnings per Share	($17.20)	($0.40)	($0.50)	($0.36)	($0.58)	($0.64)	($2.64)	($0.77)	($24.15)	($5.91)	($2.98)
Adjusted Weighted Average Diluted Shares Outstanding	110.11K	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.11M	6.79M	99.10M	94.92M
Adjusted Basic & Diluted Earnings per Share	($17.20)	$0.00	$0.00	$0.00	($0.58)	$0.00	$0.00	$0.00	($24.15)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.01M	1.01M	1.01M	1.10M	1.10M	1.10M	1.10M	1.72M	86.46M	83.14M	74.68M
Normalized Net Operating Profit after Tax (NOPAT)	0.21	-0.27	-0.43	-0.32	-0.34	-0.47	-1.28	-1.79	-1.05	6.73	1.90
Normalized NOPAT Margin	2.51%	-3.72%	-8.57%	-6.38%	-12.57%	-10.19%	-40.83%	-71.82%	-17.65%	31.41%	14.63%
Pre Tax Income Margin	3.00%	-5.33%	-12.37%	-9.03%	-24.90%	-19.41%	-58.35%	-96.38%	-2,756.60%	-2,719.65%	-2,190.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.14	-19.97	-37.05	-31.86	-56.47	-75.32	-154.05	-198.30	-12,397.54	0.00	-4,800.60
NOPAT to Interest Expense	8.88	-14.00	-25.61	-22.24	-39.53	-52.53	-107.74	-148.10	-174.59	0.00	-3,360.42
EBIT Less CapEx to Interest Expense	10.32	-21.00	-38.31	-32.50	-57.70	-75.78	-154.17	-199.86	-12,397.54	0.00	-4,800.65
NOPAT Less CapEx to Interest Expense	8.06	-15.03	-26.87	-22.88	-40.76	-52.98	-107.86	-149.66	-174.59	0.00	-3,360.47
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%	0.00%	-0.44%	-1.58%	-5.71%

Financials Breakdown Chart

Key Financial Trends

Forward Industries (NASDAQ:FWDI) showed a sharp deterioration in profitability over the last year, despite a rebound in revenue in the most recent quarter. The company generated $12.96 million of revenue in Q2 2026, up from $5.95 million in Q4 2025, but heavy impairment and special charges drove a large loss. Balance sheet and cash flow trends also point to meaningful volatility, with cash declining and liabilities rising again after a brief improvement in late 2025.

Q2 2026 revenue rose to $12.96 million, more than double Q4 2025 revenue of $5.95 million.
Gross profit improved to $9.07 million in Q2 2026, showing the core business still produced positive gross margin.
Cash on hand remained solid at $16.63 million at the end of Q2 2026.
The company generated positive investing cash flow in Q2 2026, helped by $3.17 million of other investing activities.
Debt was not the main issue in the latest quarter, with short-term debt at $10.02 million and no long-term debt shown on the Q2 2026 balance sheet.
The balance sheet structure changed significantly in 2026, with a very large jump in “other noncurrent operating assets,” which makes quarter-to-quarter comparisons harder to interpret.
Shares outstanding have been volatile across periods, suggesting dilution or capital actions have been part of the story.
Q4 2025 included a large financing inflow that temporarily boosted cash, but that did not appear to be sustained into Q2 2026.
Q2 2026 net loss was $283.1 million, driven by $85.1 million of impairment charges and $201.7 million of special charges.
Operating loss widened dramatically to $284.1 million in Q2 2026, compared with a smaller operating loss in prior quarters.
Operating cash flow was negative $4.8 million in Q2 2026, and cash and equivalents fell from $25.39 million in Q1 2026 to $16.63 million.
Total current liabilities jumped to $54.58 million in Q2 2026 from $10.08 million in Q1 2026, while current assets fell to $21.62 million from $62.95 million.
Retained earnings remained deeply negative at $1.06 billion, reflecting a long history of accumulated losses.

Longer-term trend: FWDI’s last four years show repeated quarterly losses, inconsistent operating cash generation, and recurring one-time charges. Revenue has not followed a steady growth path, and the latest quarter’s revenue improvement was overwhelmed by special items. For retail investors, the key takeaway is that the company’s reported results remain highly volatile and dependent on non-recurring items rather than stable underlying profitability.

07/25/26 10:45 PM ETAI Generated. May Contain Errors.

Forward Industries Financials - Frequently Asked Questions

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

Forward Industries' net income appears to be on an upward trend, with a most recent value of -$166.97 million in 2025, rising from -$1.43 million in 2015. The previous period was -$1.95 million in 2024. View Forward Industries' forecast to see where analysts expect Forward Industries to go next.

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%.

Forward Industries' total liabilities were at $4.82 million at the end of 2025, a 59.2% decrease from 2024, and a 11.5% decrease since 2015.

In the past 10 years, Forward Industries' cash and equivalents has ranged from $1.41 million in 2021 to $38.17 million in 2025, and is currently $38.17 million as of their latest financial filing in 2025.

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%.

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Financial statements for NASDAQ:FWDI last updated on 7/9/2026 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

Quarterly Income Statements for Forward Industries

Annual Cash Flow Statements for Forward Industries

Quarterly Cash Flow Statements for Forward Industries

Annual Balance Sheets for Forward Industries

Quarterly Balance Sheets for Forward Industries

Annual Metrics And Ratios for Forward Industries

Quarterly Metrics And Ratios for Forward Industries

Financials Breakdown Chart

Key Financial Trends

Forward Industries Financials - Frequently Asked Questions

When does Forward Industries' fiscal 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?

How much debt does Forward Industries have?

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How has Forward Industries' book value per share changed over the last 10 years?

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