FWDI

MKT CAP:$8M

Forward Industries, Inc.

Market Cap

$8M

Consumer Cyclical·Apparel - Footwear & Accessories·🇺🇸 United States·NASDAQ

Consumer Cyc.·Apparel·🇺🇸·NASDAQ

Stock Price

$4.55-$2.76 (-37.81%)

Apr 24, 2026

Company Details

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribut...

CEO

Michael D. Pruitt

IPO Date

Nov 17, 1994

Website

forwardindustries.com

Key Metrics TTM

Revenue

$34M

+11.5% YoY

Net Income

-$589M

EPS (Diluted)

-$8.64

Free Cash Flow

-$12M

Revenue / Share

$0.34

Gross Margin

52.1%

Operating Margin

13.4%

Net Margin

-1748.4%

FCF Margin

-36.7%

P/S

0.2x

P/E

—

Earnings Reports

Q2 2026

May 8, 2026

PENDING

Q1 2026

Feb 12, 2026

$21M+224.0%EPS -$5.91

FY 2025

Dec 11, 2025

$18M-39.8%EPS -$24.59

Q3 2025

Aug 14, 2025

$2M-68.4%EPS -$0.77

Q2 2025

May 14, 2025

$3M-60.1%EPS -$1.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$8M	$2M	-$816.2K
Q3 21	$10M	$2M	$268.4K
Q4 21	$11M	$2M	-$49.7K
Q1 22	$12M	$3M	$214.2K
Q4 22	$10M	$2M	-$745.3K
Q2 23	$11M	$2M	-$844.1K
Q3 23	$10M	$2M	-$522.0K
Q4 23	$5M	$3M	$2M
Q1 24	$7M	$2M	-$380.3K
Q2 24	$8M	$2M	-$539.6K
Q3 24	$8M	$2M	-$381.6K
Q4 24	$7M	$1M	-$631.0K
Q1 25	$7M	$2M	-$708.3K
Q2 25	$3M	-$178.8K	-$2M
Q3 25	$2M	-$621.0K	-$3M
Q1 26	$21M	$17M	$10M

Valuation

Quarter	P/S	P/E
Q2 21	0.2x	186.9x
Q3 21	0.2x	15.8x
Q4 21	0.2x	15.1x
Q1 22	0.2x	—
Q4 22	0.2x	—
Q2 23	0.2x	—
Q3 23	0.2x	—
Q4 23	0.2x	—
Q1 24	0.2x	—
Q2 24	0.3x	—
Q3 24	0.3x	—
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.4x	—
Q1 26	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$60.1K	$36.8K
Q4 21	-$190.5K	-$196.5K
Q1 22	$1M	$1M
Q4 22	$377.2K	$347.9K
Q2 23	$98.6K	$73.9K
Q3 23	$612.2K	$565.5K
Q4 23	$478.9K	$459.3K
Q1 24	$115.8K	$96.3K
Q2 24	-$644.0K	-$664.9K
Q3 24	$456.5K	$446.9K
Q4 24	$478.8K	$463.7K
Q1 25	-$410.1K	-$415.6K
Q2 25	-$469.5K	-$470.9K
Q3 25	-$1M	-$1M
Q4 25	-$3M	-$3M
Q1 26	-$8M	-$8M

Capital Expenditures

Quarter	CapEx
Q3 21	$23.3K
Q4 21	$6.0K
Q1 22	$66.0K
Q4 22	$29.3K
Q2 23	$24.7K
Q3 23	$46.7K
Q4 23	$19.6K
Q1 24	$19.5K
Q2 24	$20.9K
Q3 24	$9.6K
Q4 24	$15.1K
Q1 25	$5.4K
Q2 25	$1.4K
Q3 25	$18.9K
Q4 25	$3
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+5.9%	-4.0%
Q3 21	+4.4%	-0.3%
Q4 21	+27.2%	+26.1%
Q1 22	+19.5%	+15.3%
Q4 22	+17.0%	+14.7%
Q2 23	+7.0%	+18.6%
Q3 23	-7.5%	-3.1%
Q4 23	-56.1%	-72.8%
Q1 24	-27.2%	-28.7%
Q2 24	-26.5%	-27.2%
Q3 24	-22.1%	-22.4%
Q4 24	+43.8%	+156.6%
Q1 25	-7.5%	-2.8%
Q2 25	-60.1%	-40.9%
Q3 25	-68.4%	-38.9%
Q1 26	+192.6%	+48.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$3.7K	0.0%
Q4 21	$2.4K	0.0%
Q1 22	$38.8K	0.3%
Q4 22	$52.8K	0.5%
Q2 23	$14.9K	0.1%
Q3 23	$16.8K	0.2%
Q4 23	$30.9K	0.6%
Q1 24	$50.8K	0.7%
Q2 24	$10.0K	0.1%
Q3 24	$20.3K	0.3%
Q4 24	$20.1K	0.3%
Q1 25	$20.3K	0.3%
Q2 25	$26.1K	0.8%
Q3 25	$39.3K	1.6%
Q4 25	$3M	—
Q1 26	$17.2K	0.1%

OpEx Breakdown

Quarter	G&A	S&M
Q2 21	$2M	$578.4K
Q3 21	$1M	$620.7K
Q4 21	$1M	$701.4K
Q1 22	$2M	$737.7K
Q4 22	$2M	$748.4K
Q2 23	$2M	$773.3K
Q3 23	$2M	$711.5K
Q4 23	$2M	—
Q1 24	$2M	$368.7K
Q2 24	$2M	$206.2K
Q3 24	$2M	$349.6K
Q4 24	$1M	$335.6K
Q1 25	$2M	$304.7K
Q2 25	$1M	$147.9K
Q3 25	$2M	$139.7K
Q1 26	$3M	$535.4K

Revenue Segments

Quarter	Design	OEM Distribution	Retail Distribution
Q4 22	$5M	$3M	$1M
Q2 23	$6M	$4M	$919.0K
Q3 23	$6M	$3M	$1M
Q1 24	$5M	$2M	—
Q2 24	$5M	$3M	—
Q3 24	$5M	$3M	—
Q4 24	$5M	$3M	—
Q1 25	$5M	$2M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$1M	$0	$1M
Q1 22	$2M	$0	$2M
Q2 22	$2M	$0	$2M
Q3 22	$2M	$0	$2M
Q4 22	$3M	$0	$3M
Q1 23	$2M	$0	$2M
Q2 23	$2M	$0	$2M
Q3 23	$3M	$0	$3M
Q4 23	$3M	$0	$3M
Q1 24	$3M	$0	$3M
Q2 24	$2M	$0	$2M
Q3 24	$3M	$0	$3M
Q4 24	$3M	$0	$3M
Q1 25	$3M	$0	$3M
Q2 25	$2M	$0	$2M
Q3 25	$1M	$0	$1M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	991K	-1.3%	+3.9%
Q3 21	1M	+6.1%	+10.3%
Q4 21	1M	0.0%	+10.3%
Q1 22	1M	-1.7%	+3.0%
Q4 22	1M	-2.7%	+1.5%
Q2 23	1M	0.0%	-4.3%
Q3 23	1M	0.0%	-4.3%
Q4 23	1M	0.0%	-2.7%
Q1 24	1M	0.0%	0.0%
Q2 24	1M	0.0%	0.0%
Q3 24	1M	+9.4%	+9.4%
Q4 24	1M	0.0%	+9.4%
Q1 25	1M	0.0%	+9.4%
Q2 25	1M	0.0%	+9.4%
Q3 25	1M	+1.1%	+1.1%
Q1 26	99M	+8798.4%	+8900.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$98.8K	85
Q3 21	$117.2K	85
Q4 21	$121.6K	90
Q1 22	$129.0K	90
Q4 22	$98.2K	100
Q2 23	$106.6K	100
Q3 23	$101.3K	100
Q4 23	$50.9K	100
Q1 24	$71.5K	100
Q2 24	$78.3K	100
Q3 24	$78.9K	100
Q4 24	$73.3K	100
Q1 25	$66.2K	100
Q2 25	$31.2K	100
Q3 25	$24.9K	100
Q1 26	$357.3K	60

Revenue / Employee