Forward Industries, Inc. (FORD) Financial Statements
Industry: Finance Services
In fiscal 2025, Forward Industries reported revenue of $18.2M, down 39.8% from $30.2M the year before. Net income was -$167.0M (a -918.1% net margin), or -$24.59 per diluted share. Gross margin was 28.5% and operating margin was -46.1%. Operating activities generated -$4.5M of cash, leaving -$4.5M of free cash flow. At fiscal year end, Forward Industries held $1.47B in total assets against $4.8M in total liabilities.
Open the full interactive Forward Industries financials → Quarterly statements, key ratios, valuation history and price charts.
Forward Industries Key Stats
| Share Price | $7.19 |
|---|---|
| Market Cap | $623.3M |
| Revenue YoY Growth | -39.8% |
| 52-Week Range | $3.54 – $24.69 |
| Shares Outstanding | 86.7 million (basic, 2026 Q3) |
Forward Industries Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $34.5M | $39.0M | $42.3M | $36.7M | $30.2M | $18.2M |
| Cost of Goods Sold | — | — | — | — | $14.8M | — |
| Gross Profit | $6.6M | $8.1M | $8.4M | $8.4M | $6.2M | $5.2M |
| Operating Income | -$2.0M | -$764,999 | -$1.2M | $159,658 | -$1.9M | -$8.4M |
| Pre-Tax Income | -$1.8M | $523,805 | -$1.4M | $178,664 | -$1.9M | -$169.1M |
| Income Tax | $9,167 | $0 | $2,554 | $20,006 | $22,947 | $20,404 |
| Net Income | -$1.8M | $523,805 | -$1.4M | -$3.7M | -$2.0M | -$167.0M |
| Diluted EPS | -$1.90 | $0.50 | -$1.40 | -$3.70 | -$1.77 | -$24.59 |
Forward Industries Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $6.0M | $21.4M | $13.0M | $10.8M |
| Net Income | -$164.0M | -$585.7M | -$283.1M | -$69.0M |
| Diluted EPS | -$24.14 | -$5.91 | -$2.98 | -$0.80 |
Forward Industries Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Current Assets | $12.2M | $12.8M | $14.3M | $11.4M | $9.6M | $41.2M |
| Total Assets | $19.4M | $19.9M | $20.9M | $17.4M | $14.8M | $1.47B |
| Current Liabilities | $8.8M | $7.2M | $10.0M | $10.8M | $9.4M | $2.7M |
| Total Long-Term Debt | $1.5M | — | $1.4M | $1.1M | — | — |
| Total Liabilities | $12.8M | $12.4M | $14.7M | $14.8M | $11.8M | $4.8M |
| Shareholders' Equity | $6.6M | $7.4M | $6.3M | $2.6M | $3.0M | $1.47B |
Forward Industries Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$262,946 | -$528,311 | $1.5M | $1.0M | $407,122 | -$4.5M |
| Cash From Investing | -$390,060 | -$67,207 | -$169,631 | -$136,082 | -$65,154 | -$901.5M |
| Cash From Financing | $484,820 | -$918,744 | -$200,000 | -$300,000 | -$500,000 | $941.4M |
| Free Cash Flow | -$331,402 | -$595,518 | $1.4M | $904,946 | $341,968 | -$4.5M |
Figures from Forward Industries' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Forward Industries financials page for every line item.
Forward Industries Company Profile
| Ticker | FORD |
|---|---|
| Exchange | Nasdaq |
| Industry | Finance Services |
| Headquarters | Austin, Texas |
| Incorporated in | Texas |
| Fiscal Year End | September 30 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000038264 |
Frequently Asked Questions
What was Forward Industries' revenue in fiscal 2025?
Forward Industries (FORD) reported revenue of $18.2M for fiscal 2025.
What is Forward Industries' annual revenue history?
Forward Industries' annual revenue by fiscal year: 2020: $34.5M; 2021: $39.0M; 2022: $42.3M; 2023: $36.7M; 2024: $30.2M; 2025: $18.2M.
What was Forward Industries' net income in fiscal 2025?
Forward Industries reported net income of -$167.0M for fiscal 2025.
What was Forward Industries' earnings per share (EPS) in fiscal 2025?
Forward Industries' diluted EPS was -$24.59 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Forward Industries generate in fiscal 2025?
Forward Industries generated -$4.5M of free cash flow in fiscal 2025.
What was Forward Industries' revenue last quarter?
In its most recent reported quarter (2026 Q3), Forward Industries reported revenue of $10.8M.
How many shares of Forward Industries are outstanding?
Forward Industries reported a weighted average of 86.7 million basic shares outstanding in 2026 Q3.
What is Forward Industries' market cap?
Based on its latest closing price, Forward Industries (FORD) has a market capitalization of about $623.3M.
When does Forward Industries' fiscal year end?
Forward Industries' fiscal year end, as registered with the SEC, is September 30.
Where is Forward Industries headquartered?
Forward Industries lists its business address in Austin, Texas in its SEC filings.