Forward Industries, Inc. is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in September.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $53m, up 254.5% on a year earlier, faster than the 155.8% growth a quarter earlier.
Our model value for Forward Industries is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Forward Industries, Inc.'s trailing-twelve-month revenue grew 254.5% year on year, with a free-cash-flow margin of -34.6%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 254.5% (+98.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Forward Industries, Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
Weak moat
How hard Forward Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -5.0% of total assets over 10 years.
Gross margin has been a median 20.5%, moving by 15.8 percentage points (standard deviation) across 10 years.
Operating margin has been a median -3.0%; its worst year was -1771.6%.
Free cash flow was positive in 6 of 10 years, at a median 1.0% of revenue.
The diluted share count rose 15.7% over five years; stock-based pay has been a median 0.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$10.19 | — | $58m | — |
| Next | $0.26 | +103% | $56m | −3% |
In the last 30 days, 1 analyst raised Forward Industries, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 30 days ago | −$10.21 | $0.22 |
| 7 days ago | −$10.21 | $0.20 |
| Now | −$10.19 | $0.08 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.04 | −$0.01 | −137.1% |
| Mar 2026 | $0.03 | $0.03 | +8.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FWDI | −14% | −31% | −32% | −32% | +34% | −9% |
| Industry peers (median) | +35% | −39% | +33% | +14% | +3% | +4% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FWDI | 33% | 33% | 25% | 17% | 42% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FWDI | −69% | −46% | −54% | −57% | −83% | −60% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 93% from February 16, 2021 to September 24, 2024. Getting back needed a 1379% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 12, 2026 | −3.3% | +0.9% | +15.4% | +53.0% |
| December 11, 2025 | −2.5% | −0.8% | −11.1% | +6.8% |
| May 10, 2024 | −3.8% | +0.1% | −1.9% | −1.9% |
| February 14, 2024 | −6.7% | +1.6% | −12.0% | −38.7% |
| December 20, 2023 | +2.9% | −0.5% | 0.0% | 0.0% |
| August 14, 2023 | −3.4% | −0.6% | −6.9% | −8.0% |
| May 12, 2023 | −2.0% | +0.2% | −2.0% | −2.0% |
| February 14, 2023 | −2.9% | +0.3% | −16.2% | −22.1% |
| August 10, 2022 | +2.9% | +2.1% | 0.0% | −14.6% |
| May 12, 2022 | 0.0% | +2.3% | +3.4% | +0.7% |
| February 10, 2022 | −1.3% | −3.7% | +6.9% | −8.8% |
| December 16, 2021 | −7.0% | −1.9% | −7.0% | −11.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $36.7M |
| FY24 Q1 | $34.1M |
| FY24 Q2 | $29.4M |
| FY24 Q3 | $25.7M |
| FY24 Q4 | $22M |
| FY25 Q1 | $19.5M |
| FY25 Q2 | $17.5M |
| FY25 Q3 | $15M |
| FY25 Q4 | $18.2M |
| FY26 Q1 | $35M |
| FY26 Q2 | $44.8M |
| FY26 Q3 | $53.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | -4.0% |
| FY24 Q1 | -6.2% |
| FY24 Q2 | -17.8% |
| FY24 Q3 | -24.0% |
| FY24 Q4 | -40.0% |
| FY25 Q1 | -42.9% |
| FY25 Q2 | -40.4% |
| FY25 Q3 | -41.8% |
| FY25 Q4 | -17.3% |
| FY26 Q1 | 79.7% |
| FY26 Q2 | 155.8% |
| FY26 Q3 | 254.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 0.4% |
| FY24 Q1 | -0.3% |
| FY24 Q2 | -2.1% |
| FY24 Q3 | -4.8% |
| FY24 Q4 | -9.8% |
| FY25 Q1 | -13.8% |
| FY25 Q2 | -22.2% |
| FY25 Q3 | -39.9% |
| FY25 Q4 | -46.1% |
| FY26 Q1 | -1689.0% |
| FY26 Q2 | -1948.0% |
| FY26 Q3 | -1771.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 2.5% |
| FY24 Q1 | 3.5% |
| FY24 Q2 | 2.0% |
| FY24 Q3 | 1.8% |
| FY24 Q4 | 2.1% |
| FY25 Q1 | -0.4% |
| FY25 Q2 | -0.6% |
| FY25 Q3 | -11.8% |
| FY25 Q4 | -24.9% |
| FY26 Q1 | -34.3% |
| FY26 Q2 | -36.3% |
| FY26 Q3 | -34.6% |
| Fiscal year | 2011 Sept 2011 | 2012 Sept 2012 | 2013 Sept 2013 | 2017 Sept 2017 | 2018 Sept 2018 | 2019 Sept 2019 | 2020 Sept 2020 | 2021 Sept 2021 | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||
| Revenue | 0 | 0 | 31 | 25 | 34 | 37 | 34 | 39 | 38 | 37 | 20 | 18 | 53 |
| Gross profit | 5 | 4 | 6 | 4 | 7 | 7 | 7 | 8 | 9 | 8 | 5 | 5 | 37 |
| EBITDA | −2 | −3 | 1 | 1 | 0 | −3 | −2 | −0 | 1 | 0 | −2 | −8 | −941 |
| Operating income | −2 | −3 | 1 | 1 | 0 | −3 | −2 | −1 | 1 | 0 | −2 | −8 | −941 |
| Net income | −3 | −10 | −0 | 1 | 1 | −4 | −2 | 1 | −1 | −4 | −2 | −167 | −1,102 |
| Diluted EPS | −$3.60 | −$1.19 | −$0.09 | $0.07 | $0.15 | −$0.38 | −$0.19 | $0.05 | −$0.14 | −$3.39 | −$1.77 | −$24.59 | — |
| Growth (year on year) | |||||||||||||
| Revenue | — | +29.2% | +>999% | −19.9% | +39.3% | +8.4% | −7.8% | +13.2% | −2.1% | −4.0% | −45.5% | −9.0% | +254.5% |
| EBITDA | — | — | — | −20.5% | −21.3% | — | — | — | — | −47.0% | — | — | — |
| Operating income | — | — | — | −15.2% | −56.4% | — | — | — | — | — | — | — | — |
| Net income | — | — | — | — | +138.1% | −361.3% | — | — | — | — | — | — | — |
| Diluted EPS | — | — | — | — | +114.3% | −353.3% | — | — | — | — | — | — | — |
| Margins | |||||||||||||
| Gross margin | — | — | 20.6% | 16.9% | 19.0% | 17.6% | 19.3% | 20.8% | 23.0% | 22.8% | 25.9% | 28.5% | 70.6% |
| EBITDA margin | <−999% | <−999% | 2.5% | 2.5% | 1.4% | −7.4% | −5.0% | −1.1% | 2.3% | 1.3% | −9.1% | −44.3% | <−999% |
| Operating margin | <−999% | <−999% | 2.3% | 2.4% | 0.8% | −8.3% | −5.7% | −2.0% | 1.5% | 0.4% | −10.8% | −46.1% | <−999% |
| Net margin | <−999% | <−999% | −0.7% | 2.3% | 4.0% | −9.6% | −5.1% | 1.3% | −3.6% | −10.2% | −9.8% | −918.1% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | 7.0% | −0.6% | 2.6% | −5.4% | −1.0% | −1.5% | 3.6% | 2.5% | 2.3% | −24.9% | −34.6% |
| Cash flow | |||||||||||||
| Cash from operations | −2 | −11 | 2 | −0 | 1 | −2 | −0 | −1 | 2 | 1 | 1 | −5 | −18 |
| Capital spending | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −2 | −11 | 2 | −0 | 1 | −2 | −0 | −1 | 1 | 1 | 0 | −5 | −18 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 7 |
| Free cash flow after stock pay | −2 | −11 | 2 | −0 | 1 | −2 | −1 | −1 | 1 | 1 | 0 | −7 | −25 |
| Balance sheet | |||||||||||||
| Cash | 15 | 5 | 7 | — | — | — | 3 | 1 | 3 | 3 | 3 | 38 | 11 |
| Total debt | 0 | 0 | 0 | 0 | 2 | 1 | 3 | 2 | 1 | 1 | 1 | — | 0 |
| Net debt (negative = net cash) | −15 | −5 | −7 | — | — | — | −0 | 0 | −1 | −2 | −2 | −38 | −11 |
| Diluted shares | — | — | — | — | — | — | — | 1m | 1m | 1m | 1m | 7m | — |
| Returned to shareholders | |||||||||||||
| Dividends | — | — | 0 | — | — | — | — | — | — | — | — | — | — |
| Buybacks | — | — | — | 0 | — | — | — | — | — | — | — | — | — |
| Total returned | — | — | 0 | 0 | — | — | — | — | — | — | — | — | — |
| Quarter | 2024 Q4 Sept 2024 | 2025 Q1 Dec 2024 | 2025 Q2 Mar 2025 | 2025 Q3 Jun 2025 | 2025 Q4 Sept 2025 | 2026 Q1 Dec 2025 | 2026 Q2 Mar 2026 | 2026 Q3 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 5 | 5 | 3 | 2 | 8 | 21 | 13 | 11 |
| Gross profit | 1 | 1 | −0 | −1 | 5 | 17 | 9 | 7 |
| EBITDA | −1 | −1 | −2 | −2 | −3 | −584 | −284 | −70 |
| Operating income | −1 | −1 | −2 | −3 | −3 | −584 | −284 | −70 |
| Net income | −1 | −1 | −1 | −1 | −164 | −586 | −283 | −69 |
| Diluted EPS | −$0.58 | −$0.64 | −$1.32 | −$0.77 | −$21.86 | −$5.91 | −$2.98 | −$0.80 |
| Growth (year on year) | ||||||||
| Revenue | −44.1% | −35.3% | −38.4% | −50.5% | +67.6% | +363.5% | +315.0% | +332.1% |
| EBITDA | −299.6% | — | — | — | — | — | — | — |
| Operating income | −405.8% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 23.3% | 24.5% | −5.7% | −24.9% | 61.1% | 78.6% | 70.0% | 62.2% |
| EBITDA margin | −13.1% | −17.6% | −55.7% | −99.3% | −38.1% | <−999% | <−999% | −651.6% |
| Operating margin | −14.9% | −19.4% | −58.3% | −102.6% | −39.2% | <−999% | <−999% | −651.8% |
| Net margin | −13.6% | −15.3% | −46.5% | −34.1% | <−999% | <−999% | <−999% | −639.7% |
| Free-cash-flow margin | 9.5% | −9.5% | −17.3% | −50.0% | −29.0% | −37.0% | −37.0% | −31.1% |
| Cash flow | ||||||||
| Cash from operations | 0 | −0 | −1 | −1 | −2 | −8 | −5 | −3 |
| Capital spending | 0 | 0 | 0 | 0 | −0 | 0 | 0 | 0 |
| Free cash flow | 0 | −0 | −1 | −1 | −2 | −8 | −5 | −3 |
| Stock-based pay | 0 | 0 | 0 | 0 | 3 | 0 | 1 | 3 |
| Free cash flow after stock pay | 0 | −0 | −1 | −1 | −5 | −8 | −6 | −6 |
| Last 12 months unless stated | FWDI | TACT | OSS | ICG | INVE | MITQ | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $53m | $53m | $42m | $31m | $24m | $17m | $2.7bn |
| Revenue growth, last 12 months | 254.5% | 10.5% | 702.1% | −21.5% | 3.1% | −4.6% | 11.3% |
| Revenue growth, 3-year average | 16.2% | −12.1% | −14.0% | — | −37.1% | −5.0% | 3.0% |
| Revenue growth, latest quarter | 332.1% | 1.1% | 35.9% | — | 12.7% | −22.7% | 23.8% |
| Gross margin | 70.6% | 49.6% | 48.1% | 7.2% | 15.9% | 29.1% | 37.8% |
| Operating margin | <−999% | −0.8% | −17.3% | −47.4% | −82.4% | −2.9% | 2.9% |
| Operating margin, 3-year average | −605.4% | −2.4% | −80.7% | — | −84.1% | −5.5% | 3.8% |
| Net margin | <−999% | −0.8% | 1.0% | −21.5% | −62.9% | −1.7% | 1.5% |
| Cash from operations / revenue | −34.6% | 10.3% | −33.5% | −42.1% | −29.0% | −14.2% | 5.6% |
| Free-cash-flow margin | −34.6% | 9.9% | −34.0% | −44.2% | −37.9% | −14.2% | 3.0% |
| Free-cash-flow margin, 3-year average | −14.9% | 7.8% | −56.8% | — | −43.4% | −5.3% | 4.6% |
| Stock pay / revenue | 12.7% | 3.8% | 6.6% | 3.9% | 11.7% | 0.2% | 1.9% |
| Change in share count | −0.7% | 1.4% | 12.0% | 0.7% | 1.2% | 0.3% | 1.4% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Design | $13.6M | 74.8% | ▼ 31.9% |
| Digital Assets | $4.6M | 25.2% | — |
From Forward Industries, Inc.'s 10-K filed December 11, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Galaxy Digital Inc. | $34.2M | 8.1M | 25.4% | 0.0% |
| Blackrock, Inc. | $15.7M | 3.7M | 11.6% | ▲ 1650.7% |
| Geode Capital Management, LLC | $14.3M | 1.9M | 10.6% | ▲ 80.8% |
| Alyeska Investment Group, L.P. | $13.7M | 3.3M | 10.2% | 0.0% |
| Vanguard Capital Management LLC | $11.3M | 2.7M | 8.4% | ▲ 262.2% |
| Ghisallo Capital Management LLC | $4.2M | 1.0M | 3.2% | 0.0% |
| Long Corridor Asset Management Ltd | $4.2M | 994K | 3.1% | 0.0% |
| State Street Corp | $4.2M | 989K | 3.1% | ▲ 211.8% |
| Weiss Asset Management LP | $3.8M | 905K | 2.8% | — |
| Polar Asset Management Partners Inc. | $3.7M | 875K | 2.7% | ▼ 7.5% |
| Citadel Advisors LLC | $3.3M | 786K | 2.5% | ▲ 31.3% |
| Northern Trust Corp | $2M | 475K | 1.5% | ▲ 226.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forward Industries, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Pruitt Michael D Chief Executive Officer | May 19, 2026 | Buy | 500 | $4.16 | $2,080 |
| Navi Ryan David Chief Investment Officer | December 19, 2025 | Buy | 10,000 | $7.08 | $70,800 |
| Pruitt Michael D Chief Executive Officer | December 15, 2025 | Buy | 1,000 | $7.44 | $7,440 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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