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FWDIForward Industries, Inc.
$4.82$360M
Overview & Verdict
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FWDI logoForward Industries, Inc.(FWDI)Earnings, Financials & Key Ratios

FWDI•NASDAQ
$4.82
Price updated Jul 6, 2026
SectorConsumer CyclicalIndustryFootwear & AccessoriesSub-IndustrySpecialty carry, protection and custom goods
AboutForward 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 Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms. The Retail Distribution segment sources and sells smart-enabled furniture and a range of other products through agreements with various retailers, including in stores and online retailer websites. The Design segment provides hardware and software product design and engineering services. The company sells its products to original equipment manufacturers in the Asia-Pacific, the Americas, Europe, the Middle East, and Africa. Forward Industries, Inc. was incorporated in 1961 and is headquartered in Hauppauge, New York.Show more
  • Revenue$18M-39.8%
  • EBITDA-$6M-277.2%
  • Net Income-$167M-8461.7%
  • EPS (Diluted)-2.46-1289.3%
  • Gross Margin27.37%+33.1%
  • EBITDA Margin-33.18%-526.2%
  • Operating Margin-35%-446.9%
  • Net Margin-918.23%-14114.3%
  • ROE-22.67%+67.5%

FWDI Price & Volume

Forward Industries, Inc. (FWDI) stock price & volume — 10-year historical chart

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Persistent Operational Losses Mask Structural Asset Volatility

Investment Thesis • Updated 2026Q2

VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Mixed
Cash Flow:Burning
Primary Risk:Structural asset impairment risk

Key Thesis Takeaways

  • Forward Industries faces a precarious fundamental outlook characterized by extreme revenue volatility and a reliance on intangible assets, with goodwill representing $507.3 million of the $608.5 million total asset base as of 2026Q2.
  • The company's history of massive net losses, including a $585.7 million deficit in 2026Q1, suggests significant underlying operational instability that is further complicated by aggressive capital allocation, such as $47.1 million in share repurchases despite negative free cash flow.
  • Investors should monitor the rapid deterioration of the current ratio to 0.40, which may indicate mounting liquidity pressures that threaten the firm's long-term solvency.

Verdict Logic

the company's inability to generate positive free cash flow, combined with a current ratio that has plummeted to 0.40, suggests that the firm's capital allocation strategy is disconnected from its underlying operational performance.

FWDI Growth Metrics

Forward Industries, Inc. (FWDI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-4.89%
5 Years-12.01%
3 Years-24.55%
TTM95.28%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-32169.84%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-3745.86%

Return on Capital

10 Years-7.36%
5 Years-9.7%
3 Years-10.46%
Last Year-0.86%

FWDI Recent Earnings

Forward Industries, Inc. (FWDI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 0/12 qtrs (0%)●Beat Revenue 0/12 qtrs (0%)
Q2 2026Latest
May 14, 2026
Metric
Actual
Est
EPS
$2.98-3825.0%
$0.08
Rev
$13M-21.8%
$17M
Q1 2026
Feb 12, 2026
Metric
Actual
Est
EPS
$0.08
—
Rev
$21M-0.9%
$21M
Q4 2025
Dec 26, 2025
Metric
Actual
Est
EPS
$24.15
—
Rev
$6M-72.2%
$21M
Q3 2025
Aug 14, 2025
Metric
Actual
Est
EPS
$2.17
—
Rev
$2M
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 14, 2026
$2.98vs $0.08-3825.0%
$13Mvs $17M-21.8%
Q1 2026Feb 12, 2026
$0.08
$21Mvs $21M-0.9%
Q4 2025Dec 26, 2025
$24.15
$6Mvs $21M-72.2%
Q3 2025Aug 14, 2025
$2.17
$2M
Based on last 12 quarters of dataView full earnings history →

Latest FWDI News

Recent stock market news and headlines for Forward Industries, Inc. (FWDI)

GlobeNewsWire·6 days ago
Forward Industries Expands Solana Treasury by Over 500k SOL in Fiscal Q3 2026; Now Holds Over 7.5M SOL

The Company increased SOL-per-fully diluted share by 36% annualized to 0.0729 vs. 0.0669 prior quarter  AUSTIN, TX, July 01, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward Industries”), the leading Solana treasury company, today announced that it acquired over 500,000 SOL during fiscal Q3 of 2026 at an average purchase price of approximately $79 per SOL, increasing its total Solana treasury to 7.55M SOL as of June 30, 2026.

Globe News Wire·Jun 24, 2026
OPENING POSITION DISCLOSURE UNDER RULE 8.1(a) AND (b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY AN OFFEROR OR AN OFFEREE

FORM 8. 1(a) and (b)(Opening Position Disclosure) IRISH TAKEOVER PANEL AUSTIN, TX, June 24, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) 1. KEY INFORMATION (a) Full name of discloser:Forward Industries, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a):The naming of nominee or vehicle companies is insufficient.

GlobeNewsWire·Jun 24, 2026
OPENING POSITION DISCLOSURE UNDER RULE 8.1(a) AND (b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY AN OFFEROR OR AN OFFEREE

FORM 8.1(a) & (b) (Opening Position Disclosure) IRISH TAKEOVER PANEL AUSTIN, TX, June 24, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) 1.    KEY INFORMATION (a)   Full name of discloser: Forward Industries, Inc. (b)   Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient.

GlobeNewsWire·Jun 15, 2026
UPDATED: Forward Industries Announces Letter of Intent to Acquire Solana Company (HSDT)

AUSTIN, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) today confirms that it made a non-binding proposal to the Board of Directors of Solana Company regarding an all-stock business combination. On June 12th, HSDT responded that its board voted to decline Forward's offer and chose to not engage in further discussion. We are disappointed and surprised that the HSDT board has chosen to reject Forward's offer without any discussion or communication. We believe that opening up a dialogue is in the best interest of both companies and their respective shareholders.

Globe News Wire·Jun 15, 2026
UPDATED: Forward Industries Announces Letter of Intent to Acquire Solana Company (HSDT)

AUSTIN, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) today confirms that it made a non-binding proposal to the Board of Directors of Solana Company regarding an all-stock business combination. On June 12th, HSDT responded that its board voted to decline Forward's offer and chose to not engage in further discussion.

Peers Comparison

Key metrics vs top competitors for Forward Industries, Inc. (FWDI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FWDI logoFWDIForward Industries, Inc.Current
$4.82$359.96M-1.96-39.77%-918.23%-22.67%—
KOSS logoKOSSKoss Corporation
$4.09$38.72M-43.792.93%-8.57%-3.62%—
LIQT logoLIQTLiqTech International, Inc.
$0.81$8.06M-0.9113.03%-55.45%-79.65%—
CLFD logoCLFDClearfield, Inc.
$34.96$478.44M-60.2819.56%-6.32%-3.4%—
PCYO logoPCYOPure Cycle Corporation
$10.55$254.3M19.54-9.25%45.8%9.75%—
JAKK logoJAKKJAKKS Pacific, Inc.
$22.79$260.82M26.50-17.42%1.41%3.24%—

Compare FWDI vs Peers

Forward Industries, Inc. (FWDI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs KOSS

Most directly comparable listed peer for FWDI.

Scale Benchmark

vs APH

Larger-name benchmark to compare FWDI against a more recognizable public peer.

Peer Set

Compare Top 5

vs KOSS, LIQT, CLFD, PCYO

FWDI SEC Filings & Documents

Forward Industries, Inc. (FWDI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 17, 2026·SEC

Material company update

Apr 8, 2026·SEC

Material company update

Mar 19, 2026·SEC

10-K Annual Reports

1
FY 2025

Dec 11, 2025·SEC

10-Q Quarterly Reports

3
FY 2026

May 14, 2026·SEC

FY 2026

Feb 12, 2026·SEC

FY 2025

Aug 14, 2025·SEC

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FWDI Frequently Asked Questions

Forward Industries, Inc. (FWDI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Forward Industries, Inc.'s revenue?

Forward Industries, Inc. (FWDI) reported $44.8M in revenue for fiscal year 2025. This represents a 150% increase from $17.9M in 1996.

How fast is Forward Industries, Inc. growing?

Forward Industries, Inc. (FWDI) saw revenue decline by 39.8% over the past year.

Is FWDI profitable?

Forward Industries, Inc. (FWDI) reported a net loss of $1.03B for fiscal year 2025.

Dividend & Returns
What is FWDI's return on equity?

Forward Industries, Inc. (FWDI) has a return on equity (ROE) of -22.7%. Negative ROE indicates the company is unprofitable.

What is Forward Industries, Inc.'s free cash flow?

Forward Industries, Inc. (FWDI) had negative free cash flow of $16.3M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in FWDI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →