Forward Industries (FWDI) financial statements
Forward Industries reported revenue of $18M in fiscal 2025, down 4.5% a year over 9 years.
Net income was -$167M and the operating margin -46.1%, against 2.2% in 2016.
Free cash flow was -$5M.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Forward Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $25M | $34M | $37M | $34M | $39M | $38M | $36M | $30M | $18M |
| Cost of revenue | $22M | $21M | $28M | $31M | $28M | $31M | $29M | $28M | $15M | $13M |
| Gross profit | $5M | $4M | $7M | $7M | $7M | $8M | $9M | $8M | $5M | $5M |
| Selling, general and admin | $4M | $4M | $6M | $10M | $8M | $9M | $8M | $8M | $7M | $11M |
| Operating income | $616,954 | $598,470 | $260,652 | -$3M | -$2M | -$764,999 | $588,470 | $159,658 | -$2M | -$8M |
| Interest expense | — | $0 | $115,447 | $201,004 | $174,962 | $171,957 | $123,411 | $104,201 | $62,662 | $49,143 |
| Pre-tax income | $606,562 | $579,346 | $632,320 | -$4M | -$2M | $523,805 | $452,447 | $178,664 | -$2M | -$169M |
| Income tax | $0 | $0 | -$747,000 | -$4,162 | $9,167 | $0 | $2,554 | $20,006 | $22,947 | $20,404 |
| Net income | $606,562 | $579,346 | $1M | -$4M | -$2M | $523,805 | -$1M | -$4M | -$2M | -$167M |
| EPS (diluted) | $0.07 | $0.07 | $0.15 | -$0.38 | -$0.19 | $0.05 | -$0.14 | -$3.39 | -$1.77 | -$24.59 |
| Diluted shares | 9M | 9M | 9M | 10M | 10M | 10M | 10M | 1M | 1M | 7M |
| Gross margin | 18.5% | 16.9% | 19.0% | 17.6% | 19.3% | 20.8% | 23.0% | 23.2% | 17.5% | 28.5% |
| Operating margin | 2.2% | 2.4% | 0.8% | -8.3% | -5.7% | -2.0% | 1.5% | 0.4% | -7.3% | -46.1% |
| Net margin | 2.2% | 2.3% | 4.0% | -9.6% | -5.1% | 1.3% | -3.6% | -10.4% | -6.6% | -918.1% |
Balance sheet
Fiscal years, from Forward Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $5M | $4M | $3M | $3M | $1M | $3M | $3M | $3M | $38M |
| Receivables | $5M | $6M | $9M | $7M | $8M | $9M | $8M | $7M | $2M | $2M |
| Inventory | $3M | $2M | $2M | $2M | $1M | $2M | $650,853 | $334,384 | $489,996 | — |
| Total current assets | $12M | $13M | $15M | $12M | $12M | $13M | $14M | $11M | $10M | $41M |
| Property, plant and equipment | $43,030 | $20,658 | $358,975 | $243,002 | $215,323 | $167,997 | $241,146 | $274,046 | $218,025 | $124,331 |
| Goodwill | — | $0 | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $0 |
| Total assets | $12M | $13M | $19M | $16M | $19M | $20M | $21M | $17M | $15M | $1.5B |
| Total current liabilities | $4M | $4M | $8M | $8M | $9M | $7M | $10M | $11M | $9M | $3M |
| Long-term debt | — | $0 | $54,335 | $0 | $529,973 | — | — | — | — | — |
| Total liabilities | $4M | $4M | $8M | $8M | $13M | $12M | $15M | $15M | $12M | $5M |
| Shareholders' equity | $8M | $9M | $11M | $8M | $7M | $7M | $6M | $3M | $3M | $1.5B |
| Net debt | -$5M | -$5M | -$4M | -$3M | -$2M | -$1M | -$3M | -$3M | -$3M | -$38M |
Cash flow
Fiscal years, from Forward Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $768,284 | -$137,639 | $956,485 | -$2M | -$262,946 | -$528,311 | $2M | $1M | $519,770 | -$5M |
| Capital spending | $48,121 | $0 | $55,881 | $33,138 | $68,456 | $67,207 | $169,631 | $136,082 | $65,154 | $25,774 |
| Free cash flow | $720,163 | -$137,639 | $900,604 | -$2M | -$331,402 | -$595,518 | $1M | $904,946 | $454,616 | -$5M |
| Stock-based compensation | $236,070 | $155,013 | $289,853 | $215,734 | $245,154 | $68,855 | $201,235 | $86,491 | $101,360 | $3M |
| Dividends paid | $0 | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 2.6% | -0.6% | 2.6% | -5.4% | -1.0% | -1.5% | 3.6% | 2.5% | 1.5% | -24.9% |
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Open FWDI in InvestinglyQuestions
What was Forward Industries's revenue in 2025?
$18M in fiscal 2025, from its 10-K filing.
How much free cash flow does Forward Industries generate?
-$5M in fiscal 2025 (operating cash flow minus capital spending).
From Forward Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.