Forward Industries Cash Flow Statement

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

Millions USD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	-751.92	-166.97	-1.95	-3.74	-1.38	0.52
Depreciation & Amortization	0.27	0.33	0.33	0.32	0.31	0.33
Loss (Gain) From Sale of Assets	-1.41	-1.41	-	-	-	-
Asset Writedown & Restructuring Costs	1.8	2.03	0.2	-	-	-
Stock-Based Compensation	2.87	2.87	0.1	0.09	0.2	0.07
Provision & Write-off of Bad Debts	0.08	0.11	0.02	0.08	0.26	0.51
Other Operating Activities	733.08	156.28	-	-0.07	-	-1.38
Change in Accounts Receivable	-0.54	0.83	1.22	0.5	0.95	-1.66
Change in Inventory	-	-	-	0.32	0.11	-0.79
Change in Accounts Payable	0.83	0.23	-0.39	0.25	1.86	2.31
Change in Unearned Revenue	0.44	-0.11	0.1	-0.14	0.25	-0.3
Change in Other Net Operating Assets	2.02	0.91	-0.79	0.8	0.82	-0.14
Operating Cash Flow	-12	-4.5	0.52	1.04	1.53	-0.53
Operating Cash Flow Growth	-	-	-50.07%	-32.17%	-	-
Capital Expenditures	-0.02	-0.03	-0.07	-0.14	-0.17	-0.07
Divestitures	-0.65	-0.65	-	-	-	-
Other Investing Activities	-901.87	-900.79	-	-	-	-
Investing Cash Flow	-902.54	-901.47	-0.07	-0.14	-0.17	-0.07
Short-Term Debt Issued	-	2.36	-	-	-	0.15
Total Debt Issued	2.36	2.36	-	-	-	0.15
Short-Term Debt Repaid	-	-	-	-	-	-1.15
Long-Term Debt Repaid	-	-0.6	-0.5	-0.3	-0.2	-0.19
Total Debt Repaid	-0.6	-0.6	-0.5	-0.3	-0.2	-1.34
Net Debt Issued (Repaid)	1.76	1.76	-0.5	-0.3	-0.2	-1.19
Issuance of Common Stock	11.51	4.02	-	-	-	0.27
Repurchase of Common Stock	-10.88	-	-	-	-	-
Other Financing Activities	934.23	934.6	-	-	-	-
Financing Cash Flow	937.59	941.36	-0.5	-0.3	-0.2	-0.92
Net Cash Flow	23.05	35.39	-0.05	0.6	1.17	-1.51
Free Cash Flow	-12.02	-4.53	0.45	0.9	1.37	-0.6
Free Cash Flow Growth	-	-	-49.76%	-33.71%	-	-
Free Cash Flow Margin	-34.34%	-24.89%	2.27%	2.47%	3.57%	-1.53%
Free Cash Flow Per Share	-0.38	-0.67	0.41	0.82	1.34	-0.57
Cash Interest Paid	0.04	0.05	0.06	0.1	0.12	0.15
Cash Income Tax Paid	0.03	0.03	0.01	0.01	0.01	0.01
Levered Free Cash Flow	-27.56	-3.11	-1.63	4.69	2.99	-0.44
Unlevered Free Cash Flow	-27.54	-3.08	-1.59	4.76	3.06	-0.33
Change in Working Capital	2.75	1.86	0.15	1.72	3.98	-0.58

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.