Forward Industries, Inc. (FWDI)

Forward Industries Income Statement

Financials in millions USD. Fiscal year is October - September.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2025	Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021
Revenue	18.19	19.99	36.69	38.21	39.02
Revenue Growth (YoY)	-9.02%	-45.51%	-3.98%	-2.09%	13.18%
Cost of Revenue	13	14.81	28.32	29.41	30.89
Gross Profit	5.19	5.18	8.36	8.8	8.13
Selling, General & Admin	10.63	7.13	8.2	8.21	8.9
Other Operating Expenses	0.92	-	-	-	-
Operating Expenses	11.56	7.13	8.2	8.21	8.9
Operating Income	-6.37	-1.95	0.16	0.59	-0.76
Interest Expense	-0.05	-0.06	-0.1	-0.12	-0.17
Interest & Investment Income	0.07	0.08	0.02	-	0.09
Currency Exchange Gain (Loss)	0.01	0.01	0	-0.01	-0.01
Other Non Operating Income (Expenses)	-160.7	-0.02	0.03	0	0
EBT Excluding Unusual Items	-167.04	-1.94	0.11	0.45	-0.85
Impairment of Goodwill	-2.03	-0.2	-	-	-
Other Unusual Items	-	-	0.07	-	1.38
Pretax Income	-169.07	-2.14	0.18	0.45	0.52
Income Tax Expense	0.02	0.02	0.02	0	-
Earnings From Continuing Operations	-169.09	-2.17	0.16	0.45	0.52
Earnings From Discontinued Operations	2.11	0.22	-3.9	-1.83	-
Net Income	-166.97	-1.95	-3.74	-1.38	0.52
Preferred Dividends & Other Adjustments	0.03	-	-	-	-
Net Income to Common	-167	-1.95	-3.74	-1.38	0.52
Shares Outstanding (Basic)	7	1	1	1	1
Shares Outstanding (Diluted)	7	1	1	1	1
Shares Change (YoY)	516.78%	-	7.94%	-2.32%	8.97%
EPS (Basic)	-24.59	-1.77	-3.39	-1.37	0.53
EPS (Diluted)	-24.59	-1.77	-3.40	-1.39	0.50
Free Cash Flow	-4.53	0.45	0.9	1.37	-0.6
Free Cash Flow Per Share	-0.67	0.41	0.82	1.34	-0.57
Gross Margin	28.54%	25.93%	22.80%	23.03%	20.85%
Operating Margin	-35.00%	-9.76%	0.43%	1.54%	-1.96%
Profit Margin	-918.23%	-9.76%	-10.18%	-3.61%	1.34%
Free Cash Flow Margin	-24.89%	2.27%	2.47%	3.57%	-1.53%
EBITDA	-6.03	-1.62	0.48	0.9	-0.44
EBITDA Margin	-33.18%	-8.10%	1.30%	2.35%	-1.12%
D&A For EBITDA	0.33	0.33	0.32	0.31	0.33
EBIT	-6.37	-1.95	0.16	0.59	-0.76
EBIT Margin	-35.00%	-9.76%	0.43%	1.54%	-1.96%
Effective Tax Rate	-	-	11.20%	0.56%	-
Revenue as Reported	-	-	36.69	-	-

Updated Dec 11, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.