Forward Industries (FWDI) Financial Statements & Analysis

Forward Industries (FWDI) Income Statement

Forward Industries reported revenue of $18.19M in fiscal 2025 (fiscal year ended Sep 30, 2025), down 9.0% from $19.99M a year earlier. Forward Industries posted a net loss of $166.97M, compared with a net loss of $1.95M a year earlier. Gross margin was 28.5% and operating margin -35.0%. In the most recent quarter, Q3 fiscal 2026 (ended Jun 30, 2026), revenue was $10.78M, up 332.1% from the same quarter a year earlier.

Forward Industries Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Forward Industries, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Revenue & Gross Profit
Revenue	18.19	19.99	36.69	38.21	39.02	34.48	37.41	34.50	24.76
Cost of Revenue	13.00	14.81	28.32	29.41	30.89	27.84	30.83	27.93	20.57
Gross Profit	5.19	5.18	8.36	8.80	8.13	6.64	6.58	6.57	4.19
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	10.63	7.13	8.20	8.21	8.90	7.61	9.68	6.31	3.59
Operating Expenses	11.56	7.33	8.20	8.21	8.90	7.61	9.68	6.31	3.59
Operating Income	-6.37	-2.15	0.16	0.59	-0.76	-0.97	-3.10	0.26	0.60
Other Income/Expense
Interest Income	0.07	0.08	0.02	0.00	0.09	0.06	0.00	0.00	0.00
Interest Expense	0.05	-0.06	-0.10	0.12	-0.17	0.17	0.20	0.12	0.00
Other Income/Expense	-162.72	0.02	-0.18	-0.14	-1.46	0.22	-0.51	0.37	-0.02
Income
Income Before Tax	-169.07	-2.14	0.18	0.45	0.52	-1.77	-3.61	0.63	0.58
Income Tax Expense	0.02	0.02	0.02	0.00	0.00	0.01	0.00	-0.75	0.00
Net Income	-166.97	-1.95	-3.74	-1.38	0.52	-1.78	-3.60	1.38	0.58
Net Income - Continuous Operations	-169.09	-1.95	-3.74	-1.38	0.52	-1.78	-3.60	1.38	0.58
Net Income - Discontinued Operations	2.11	0.22	-3.90	-1.83	-	-	-	-	-
EBITDA	-168.69	-1.62	0.48	0.89	-0.44	-1.32	-3.10	0.78	0.64
EBIT	-169.02	-1.95	0.16	0.59	-0.76	-	-	-	-
Depreciation & Amortization	0.33	0.33	0.32	0.31	0.33	0.27	0.31	0.23	0.02
Earnings Per Share
Basic EPS	-25.00	-2.00	-3.00	-	1.00	-	-	-	-
Diluted EPS	-25.00	-2.00	-3.00	-	1.00	-	-	-	-
Basic Shares Outstanding	6.79	1.10	1.10	10.06	1.00	9.58	9.53	9.26	8.73
Diluted Shares Outstanding	6.79	1.10	1.10	10.06	1.04	9.58	9.53	9.35	8.82

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Forward Industries Financial Statements

What was Forward Industries's revenue in fiscal 2025?

Forward Industries reported revenue of $18.19M in fiscal 2025 (fiscal year ended Sep 30, 2025). That was down 9.0% from $19.99M a year earlier.

Is Forward Industries profitable?

No. Forward Industries reported a net loss of $166.97M in fiscal 2025. In fiscal 2024 it lost $1.95M.

What is Forward Industries's operating margin?

Forward Industries's operating income was −$6.37M on revenue of $18.19M in fiscal 2025, an operating margin of -35.0%, compared with -10.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition