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FWDI

Forward Industries, Inc.

FWDI

Forward Industries, Inc. • NASDAQ
$8.11 ▲ 3.18% (+0.25)
Market Cap $13.51 M
52w High $46.00
52w Low $3.32
Dividend Yield 0%
P/E -1.59
Volume 622.41K
Outstanding Shares 1.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.495M ▼ $1.939M ▲ $-850.022K ▲ -34.072% ▲ $-0.77 ▲ $-2.309M ▼
Q2-2025 $3.123M ▼ $1.643M ▼ $-1.452M ▼ -46.482% ▼ $-1.32 ▼ $-1.728M ▼
Q1-2025 $6.616M ▼ $2.209M ▲ $-708.065K ▼ -10.703% ▼ $-0.64 ▼ $-612.221K ▼
Q4-2024 $7.326M ▼ $1.983M ▼ $-643.568K ▼ -8.784% ▼ $-0.58 ▼ $-524.709K ▼
Q3-2024 $7.887M $1.987M $-399.585K -5.067% $-0.36 $-279.528K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.263M ▼ $8.294M ▼ $4.943M ▼ $3.351M ▼
Q2-2025 $1.798M ▼ $12.338M ▼ $8.759M ▼ $3.579M ▲
Q1-2025 $2.607M ▼ $13.492M ▼ $11.213M ▼ $2.279M ▼
Q4-2024 $3.022M ▲ $14.768M ▼ $11.801M ▼ $2.967M ▲
Q3-2024 $2.559M $15.226M $13.836M $1.391M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-850.022K ▲ $-1.227M ▼ $-218.926K ▼ $911.144K ▲ $-535.215K ▲ $-1.246M ▼
Q2-2025 $-1.452M ▼ $-561.758K ▼ $-1.433K ▲ $0 $-808.502K ▼ $-470.949K ▼
Q1-2025 $-708.065K ▼ $-410.139K ▼ $-5.418K ▲ $0 $-415.557K ▼ $-415.557K ▼
Q4-2024 $-643.568K ▼ $478.813K ▲ $-15.08K ▼ $0 ▲ $463.733K ▲ $463.733K ▲
Q3-2024 $-399.585K $456.489K $-9.639K $-150K $296.85K $446.85K

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Design
Design
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
OEM Distribution
OEM Distribution
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Historically, Forward Industries has been a very small, low-growth business with modest sales and thin margins. Revenue has been fairly flat, and the legacy operations did not generate strong or consistent profits, with earnings swinging from slightly positive to clearly negative in recent years. The recent strategic pivot to a Solana-focused treasury means that, going forward, reported profits or losses will likely be driven far more by movements in cryptocurrency prices and treasury activities than by traditional product or design work. That will make the income statement much more volatile and harder to predict, even if headline profit figures sometimes look large in either direction.

Balance Sheet

Balance Sheet Until recently, the company ran with a very small asset base, limited cash, and minimal debt, reflecting its modest scale. The huge capital raise tied to the Solana strategy radically changes that picture: the balance sheet is now expected to be dominated by digital assets rather than factories, equipment, or large receivables. This creates a highly concentrated balance sheet that is heavily exposed to the value of Solana. On the positive side, traditional financial leverage appears low; on the risk side, balance-sheet strength will move up and down with crypto markets rather than with typical operating assets.

Cash Flow

Cash Flow Historically, cash generation from the underlying business has been weak and fairly limited, with little in the way of heavy investment spending. The new model centers on managing a large pool of Solana tokens, so cash flow will come mainly from crypto-related activities such as staking rewards, any trading gains, and occasional conversions of tokens into cash. This can create periods of strong inflows when markets are favorable, but also dry spells or outflows when prices fall or when the company chooses to reposition its holdings. Liquidity will depend less on underlying customers and more on how quickly and at what price Solana can be sold if needed.

Competitive Edge

Competitive Edge The legacy business—a niche provider of design and engineering services, especially in medical devices and connected products—has some specialist know‑how and a decent reputation but operates in a crowded, service-heavy market with many competitors and limited scale advantages. The new Solana treasury strategy gives Forward a very unusual position: it acts as a publicly listed gateway to the Solana ecosystem, with backing from well-known crypto-focused firms. That first‑mover status and its high-profile partners are clear strengths. However, the moat is unproven: other vehicles can emerge, crypto funds and ETFs compete for the same investors, and the company’s fortunes are tied closely to one blockchain ecosystem, increasing strategic concentration risk.

Innovation and R&D

Innovation and R&D On the design side, Forward has long focused on end‑to‑end product development—concept, engineering, prototyping, and support—particularly in regulated and technically demanding fields like medical devices and IoT hardware. This integrated capability, plus experience across several industries, gives it some differentiation despite its small size. The real novelty now is in financial and blockchain innovation: building a large, actively managed Solana treasury; using on‑chain strategies like staking to boost returns; exploring tokenization of its own shares; and potentially investing directly into Solana-based projects. These are forward-thinking moves, but they are also experimental, exposed to fast-changing technology, regulation, and market sentiment.

Summary

Forward Industries is undergoing a fundamental transformation from a small, specialized design and manufacturing company into something closer to a crypto-asset holding and management vehicle centered on Solana. Historical financials reflect a tiny, low-margin business that struggled to scale, while the new model introduces much larger capital, far greater volatility, and a heavy dependence on the value and adoption of a single cryptocurrency ecosystem. The company’s appeal now rests on its unique position as a listed Solana proxy, its crypto-native partners, and its willingness to innovate with tokenization and on‑chain strategies, offset by substantial risks around concentration, regulation, and market swings. The legacy design and engineering operations provide some diversification and technical depth, but the company’s future profile will be dominated by how well it executes its Solana treasury strategy and how the broader crypto market evolves.

NEWS

December 1, 2025 · 8:30 AM UTC

Forward Industries Appoints Ryan Navi as Chief Investment Officer

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November 25, 2025 · 8:30 AM UTC

Forward Industries Appoints Georgia Quinn as General Counsel

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November 21, 2025 · 10:07 AM UTC

Forward Industries Schedules Shareholder Update Conference Call for December 2, 2025 at 5:00 p.m. ET

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November 17, 2025 · 8:00 AM UTC

Forward Industries' Total Holdings Rise to 6.9 Million SOL as of November 15, 2025

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November 14, 2025 · 11:30 AM UTC

Forward Industries Announces NASDAQ Ticker Symbol Change to ‘FWDI' Effective November 17, 2025

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