Revenue growth has re-accelerated to 3.3% YoY in 2026Q3, but the sparse cost structure (SG&A of $1.7M) and volatile gross margins (swinging from -24.9% to 78.6%) suggest the business model lacks stability and pricing power.
Forward Industries, Inc. (FWDI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 53.12M | 18.19M | 30.2M | 36.69M | 38.21M | 39.02M | 34.48M | 37.41M | 34.5M | 24.76M | 27.48M | 30.01M | 33.36M | 30.91M | 29.4M | 22.78M | 19M | 17.44M | 19.97M | 22.15M | 30.61M | 51.87M | 20.07M | 18.9M | 16.36M | 13.18M | 14.41M | 20.6M | 13M | 12.7M | 17.9M |
| Revenue Growth % | 202.37% | -39.77% | -17.7% | -3.97% | -2.09% | 13.18% | -7.83% | 8.43% | 39.31% | -9.88% | -8.44% | -10.03% | 7.92% | 5.13% | 29.09% | 19.9% | 8.92% | -12.68% | -9.83% | -27.63% | -40.99% | 158.4% | 6.21% | 15.5% | 24.18% | -8.56% | -30.05% | 58.46% | 2.36% | -29.05% | 15.48% |
| Cost of Goods Sold | 15.64M | 13M | 23.99M | 28.32M | 29.41M | 30.89M | 27.84M | 30.83M | 27.93M | 20.57M | 22.4M | 24.22M | 26.81M | 24.53M | 25.43M | 17.71M | 14.76M | 13.86M | 15.95M | 17.35M | 22.77M | 33.28M | 13.29M | 12.78M | 10.73M | 9.04M | 9.78M | 14.2M | 9.1M | 8.1M | 14.6M |
| COGS % of Revenue | - | 71.46% | 79.44% | 77.2% | 76.97% | 79.15% | 80.75% | 82.41% | 80.96% | 83.07% | 81.51% | 80.7% | 80.35% | 79.37% | 86.48% | 77.76% | 77.72% | 79.46% | 79.83% | 78.31% | 74.4% | 64.17% | 66.22% | 67.61% | 65.59% | 68.64% | 67.88% | 68.93% | 70% | 63.78% | 81.56% |
| Gross Profit | 37.48M | 5.19M | 6.21M | 8.36M | 8.8M | 8.13M | 6.64M | 6.58M | 6.57M | 4.19M | 5.08M | 5.79M | 6.55M | 6.38M | 3.97M | 5.06M | 4.23M | 3.58M | 4.03M | 4.8M | 7.83M | 18.59M | 6.78M | 6.12M | 5.63M | 4.13M | 4.63M | 6.4M | 3.9M | 4.6M | 3.3M |
| Gross Margin % | 70.56% | 28.54% | 20.56% | 22.8% | 23.03% | 20.85% | 19.25% | 17.59% | 19.04% | 16.93% | 18.49% | 19.3% | 19.65% | 20.63% | 13.52% | 22.24% | 22.28% | 20.54% | 20.17% | 21.69% | 25.6% | 35.83% | 33.78% | 32.39% | 34.41% | 31.36% | 32.12% | 31.07% | 30% | 36.22% | 18.44% |
| Gross Profit Growth % | - | -16.39% | -25.77% | -4.95% | 8.18% | 22.53% | 0.88% | 0.19% | 56.69% | -17.49% | -12.31% | -11.62% | 2.78% | 60.48% | -21.54% | 19.67% | 18.14% | -11.06% | -16.15% | -38.69% | -57.85% | 174.13% | 10.76% | 8.73% | 36.24% | -10.71% | -27.68% | 64.1% | -15.22% | 39.39% | -8.33% |
| Operating Expenses | 97M | 11.56M | 8.14M | 8.2M | 8.21M | 8.9M | 7.61M | 9.68M | 6.31M | 3.59M | 4.46M | 7.31M | 6.65M | 5.67M | 7.24M | 8.08M | 5.8M | 4.93M | 5.69M | 6.62M | 6.11M | 6.25M | 5.12M | 4.98M | 4.93M | 4.51M | 4.25M | 1.9M | 3.9M | 3.6M | 5.1M |
| OpEx % of Revenue | - | 63.55% | 26.96% | 22.36% | 21.49% | 22.81% | 22.06% | 25.87% | 18.28% | 14.51% | 16.24% | 24.34% | 19.94% | 18.35% | 24.62% | 35.47% | 30.55% | 28.28% | 28.5% | 29.88% | 19.96% | 12.05% | 25.5% | 26.37% | 30.1% | 34.21% | 29.46% | 9.22% | 30% | 28.35% | 28.49% |
| Selling, General & Admin | 14.85M | 10.63M | 7.94M | 8.2M | 8.21M | 8.9M | 7.61M | 9.68M | 6.31M | 3.59M | 4.46M | 7.31M | 6.65M | 5.67M | 7.24M | 8.08M | 5.8M | 4.93M | 5.69M | 6.62M | 6.11M | 6.25M | 5.12M | 4.98M | 4.93M | 4.51M | 4.09M | 1.8M | 3.7M | 3.4M | 4.9M |
| SG&A % of Revenue | - | 58.47% | 26.3% | 22.36% | 21.49% | 22.81% | 22.06% | 25.87% | 18.28% | 14.51% | 16.24% | 24.34% | 19.94% | 18.35% | 24.62% | 35.47% | 30.55% | 28.28% | 28.5% | 29.88% | 19.96% | 12.05% | 25.5% | 26.37% | 30.1% | 34.21% | 28.39% | 8.74% | 28.46% | 26.77% | 27.37% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.92M | 923.51K | 200K | 0 | 0 | -4.57K | -19.7K | -49.8K | -22.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -59.52M | -6.37M | -1.93M | 159.66K | 588.47K | -765K | -967.38K | -3.1M | 260.65K | 598.47K | 616.95K | -1.51M | -98.68K | 705.82K | -3.26M | -3.02M | -1.57M | -1.35M | -1.67M | -1.82M | 1.73M | 12.34M | 1.66M | 1.14M | 704.36K | -374.82K | 382.84K | 4.5M | 400K | 1M | -1.8M |
| Operating Margin % | -112.04% | -35% | -6.4% | 0.44% | 1.54% | -1.96% | -2.81% | -8.28% | 0.76% | 2.42% | 2.25% | -5.04% | -0.3% | 2.28% | -11.1% | -13.24% | -8.27% | -7.74% | -8.34% | -8.19% | 5.64% | 23.79% | 8.28% | 6.02% | 4.3% | -2.84% | 2.66% | 21.84% | 3.08% | 7.87% | -10.06% |
| Operating Income Growth % | - | -229.43% | -1310.39% | -72.87% | 176.92% | 20.92% | 68.77% | -1288.32% | -56.45% | -3% | 140.79% | -1432.82% | -113.98% | 121.63% | -8.25% | -91.93% | -16.41% | 18.96% | 8.26% | -205.19% | -86.02% | 642.44% | 46.13% | 61.46% | 287.92% | -197.91% | -91.49% | 1025% | -60% | 155.56% | -800% |
| EBITDA | -59.37M | -6.03M | -1.6M | 475.6K | 897.71K | -437.71K | -695.41K | -2.79M | 488.84K | 620.84K | 669.71K | -1.46M | -34.2K | 781K | -3.16M | -2.94M | -1.52M | -1.27M | -1.6M | -1.73M | 1.83M | 12.46M | 1.78M | 1.27M | 832.45K | -238.83K | 537.39K | 4.6M | 600K | 1.2M | -1.6M |
| EBITDA Margin % | -111.75% | -33.18% | -5.3% | 1.3% | 2.35% | -1.12% | -2.02% | -7.45% | 1.42% | 2.51% | 2.44% | -4.86% | -0.1% | 2.53% | -10.75% | -12.91% | -7.99% | -7.3% | -8.01% | -7.79% | 5.97% | 24.03% | 8.87% | 6.72% | 5.09% | -1.81% | 3.73% | 22.33% | 4.62% | 9.45% | -8.94% |
| EBITDA Growth % | -1009.18% | -277.16% | -436.38% | -47.02% | 305.09% | 37.06% | 75.04% | -669.88% | -21.26% | -7.3% | 145.9% | -4167% | -104.38% | 124.72% | -7.45% | -93.82% | -19.11% | 20.4% | 7.23% | -194.36% | -85.33% | 600.02% | 40.12% | 52.63% | 448.56% | -144.44% | -88.32% | 666.67% | -50% | 175% | -1700% |
| D&A (Non-Cash Add-back) | 152.45K | 332.23K | 332.66K | 315.94K | 309.24K | 327.29K | 271.97K | 311.58K | 228.19K | 22.37K | 52.75K | 53.45K | 64.48K | 75.19K | 103.97K | 74.31K | 53.6K | 75.58K | 64.78K | 89.95K | 102.66K | 123.85K | 118.38K | 133.28K | 128.09K | 136K | 154.56K | 100K | 200K | 200K | 200K |
| EBIT | -508.9M | -169.02M | -1.86M | 282.87K | 575.86K | 695.76K | -1.59M | -3.41M | 747.77K | 579.35K | 616.95K | -1.51M | -98.68K | 705.82K | -3.26M | -2.14M | -1.57M | -1.35M | -1.67M | -1.82M | 1.73M | 12.34M | 1.66M | 1.14M | 704.36K | -374.82K | -239.21K | 4.5M | -100K | 1M | -1.9M |
| Net Interest Income | 385.96K | 21.53K | 16.2K | -81.01K | -123.41K | -83.2K | -114.03K | -201K | -115.45K | 0 | 0 | 3.02K | 33.92K | 4.63K | 61.88K | 109.74K | 42.94K | 284.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 975.32K | 70.67K | 78.86K | 23.19K | 0 | 88.76K | 60.93K | 0 | 0 | 0 | 0 | 3.02K | 33.92K | 4.63K | 61.88K | 107.69K | 42.94K | 284.48K | 625.96M | 1B | 0 | 130.72M | 18.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 589.36K | 49.14K | 62.66K | 104.2K | 123.41K | 171.96K | 174.96K | 201K | 115.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.04B | -162.7M | 7.88K | 19.01K | -136.02K | 1.29M | 216.27K | -510.81K | 371.67K | -19.12K | -10.39K | -120.4K | -375.19K | -699.87K | -34.19K | 58.43K | 10.07K | 255.83K | 620.34K | 1.01M | 767.68K | 150.67K | 35.27K | 113.96K | -28.77K | -260.11K | 15.51K | -3M | -700K | -400K | -200K |
| Pretax Income | -1.1B | -169.07M | -1.92M | 178.66K | 452.45K | 523.8K | -1.77M | -3.61M | 632.32K | 579.35K | 606.56K | -1.63M | -473.87K | 5.94K | -3.3M | -2.96M | -1.56M | -1.09M | -1.04M | -802.84K | 2.49M | 12.49M | 1.7M | 1.25M | 675.59K | -634.93K | 147.22K | 1.5M | -800K | 600K | -2M |
| Pretax Margin % | -2073.66% | -929.59% | -6.37% | 0.49% | 1.18% | 1.34% | -5.12% | -9.65% | 1.83% | 2.34% | 2.21% | -5.44% | -1.42% | 0.02% | -11.22% | -12.98% | -8.22% | -6.27% | -5.23% | -3.62% | 8.15% | 24.08% | 8.45% | 6.62% | 4.13% | -4.82% | 1.02% | 7.28% | -6.15% | 4.72% | -11.17% |
| Income Tax | 100.74K | 20.4K | 22.95K | 20.01K | 2.55K | 0 | 9.17K | -4.16K | -747K | 0 | 0 | 0 | 0 | 507 | 15.11K | -56.05K | 124.03K | 300.5K | -155.62K | -249.38K | 952K | 3.05M | -241.98K | -194.2K | -180K | 1.34M | 55.13K | 400K | 300K | 200K | -900K |
| Effective Tax Rate % | -0.01% | -0.01% | -1.19% | 11.2% | 0.56% | 0% | -0.52% | 0.12% | -118.14% | 0% | 0% | 0% | 0% | 8.53% | -0.46% | 1.9% | -7.95% | -27.48% | 14.89% | 31.06% | 38.18% | 24.46% | -14.26% | -15.52% | -26.64% | -211.68% | 37.45% | 26.67% | -37.5% | 33.33% | 45% |
| Net Income | -1.1B | -166.97M | -1.95M | -3.74M | -1.38M | 523.8K | -1.78M | -3.6M | 1.38M | 579.35K | 606.56K | -1.43M | -799.91K | -206.89K | -9.63M | -2.9M | -1.68M | -1.39M | -889.25K | -553.46K | 1.54M | 9.43M | 1.94M | 1.45M | 855.59K | -1.98M | 92.09K | 800K | -1.1M | 200K | -1.1M |
| Net Margin % | -2073.85% | -918.07% | -6.46% | -10.18% | -3.61% | 1.34% | -5.15% | -9.63% | 4% | 2.34% | 2.21% | -4.78% | -2.4% | -0.67% | -32.77% | -12.73% | -8.87% | -7.99% | -4.45% | -2.5% | 5.04% | 18.19% | 9.66% | 7.65% | 5.23% | -15.02% | 0.64% | 3.88% | -8.46% | 1.57% | -6.15% |
| Net Income Growth % | -30055.4% | -8460.21% | 47.8% | -171.12% | -363.12% | 129.51% | 50.74% | -361.29% | 138.08% | -4.49% | 142.3% | -79.27% | -286.64% | 97.85% | -232.15% | -72.16% | -20.85% | -56.78% | -60.67% | -135.91% | -83.66% | 386.53% | 34.16% | 68.94% | 143.24% | -2248.91% | -88.49% | 172.73% | -650% | 118.18% | -22.22% |
| Net Income (Continuing) | -1.1B | -169.09M | -1.95M | 158.66K | 449.89K | 523.8K | -1.78M | -3.6M | 1.38M | 579.35K | 606.56K | -1.63M | -473.87K | 5.43K | -3.31M | -2.03M | -1.68M | -1.39M | -889.25K | -553.46K | 1.54M | 9.43M | 1.94M | 1.45M | 855.59K | -1.98M | -278.83K | 1.1M | -1.1M | 400K | -1.1M |
| Discontinued Operations | 0 | 2.11M | -3.04K | -3.9M | -1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 198.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.71 | -2.46 | -0.18 | -0.37 | -0.14 | 0.05 | -0.19 | -0.38 | 0.15 | 0.07 | 0.07 | -0.17 | -0.10 | -0.03 | -1.19 | -0.36 | -0.21 | -0.18 | -0.11 | -0.07 | 0.19 | 1.26 | 0.30 | 0.24 | 0.15 | -0.33 | -0.05 | 0.14 | -0.23 | 0.04 | -0.48 |
| EPS Growth % | -3487.92% | -1289.27% | 52.16% | -164.29% | -378.88% | 126.42% | 50% | -353.33% | 114.29% | 0% | 141.18% | -74% | -283.14% | 97.86% | -230.56% | -71.43% | -16.67% | -63.64% | -55.81% | -137.16% | -84.92% | 320% | 25% | 60% | 145.45% | -560% | -135.71% | 160.87% | -675% | 108.33% | 14.29% |
| EPS (Basic) | - | -2.46 | -0.18 | -0.37 | -0.14 | 0.05 | -0.19 | -0.38 | 0.15 | 0.07 | 0.07 | -0.17 | -0.10 | -0.03 | -1.19 | -0.36 | -0.21 | -0.18 | -0.11 | -0.07 | 0.20 | 1.37 | 0.32 | 0.25 | 0.15 | -0.33 | -0.05 | 0.14 | -0.23 | 0.04 | -0.48 |
| Diluted Shares Outstanding | 86.69M | 67.91M | 11.01M | 10.06M | 10.06M | 10.44M | 9.58M | 9.53M | 9.35M | 8.82M | 8.68M | 8.34M | 8.19M | 8.11M | 8.1M | 8.08M | 7.98M | 7.93M | 7.89M | 7.84M | 8.01M | 7.48M | 6.44M | 5.95M | 5.83M | 5.91M | 6.09M | 5.71M | 4.78M | 3.81M | 2.29M |
| Basic Shares Outstanding | 86.69M | 67.91M | 11.01M | 10.06M | 10.06M | 9.95M | 9.58M | 9.53M | 9.26M | 8.73M | 8.52M | 8.34M | 8.19M | 7.74M | 8.08M | 8.08M | 7.98M | 7.93M | 7.89M | 7.84M | 7.86M | 6.87M | 6.14M | 5.82M | 5.83M | 5.91M | 6.09M | 5.71M | 4.78M | 3.81M | 2.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FWDI stock.
For fiscal year 2025, Forward Industries, Inc. (FWDI) reported total revenue of $18.2M. This represents a 1.6% increase compared to $17.9M in 1996.
Forward Industries, Inc. (FWDI) reported a net loss of $167.0M for the fiscal year ending 2025.
Forward Industries, Inc. (FWDI) reported an operating income of $-6.4M, resulting in an operating profit margin of -35.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Forward Industries, Inc. (FWDI) generated $5.2M in gross profit for the year, representing a gross profit margin of 28.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Massive Non-Operating Losses Mask Core Business
Metrics are mathematically derived from official filings.
Revenue Growth Reversal After Steep Decline
After severe year-over-year revenue declines in mid-2025, Forward Industries has posted three consecutive quarters of positive growth, with the latest 2026Q3 revenue of $10.8M representing a 3.3% increase, as shown in the provided income statement data.
The growth trajectory appears to be stabilizing from a deep trough, with the positive growth driven by a recovery in quarterly revenue to a $10-13M run-rate, up from the $2.5-4.6M lows seen in 2025. This suggests a potential operational turnaround in the core business, though the growth rate remains modest and warrants monitoring for sustainability.
Volatile Gross Margins Signal Pricing Power Issues
Gross margins have been extremely volatile, swinging from negative 24.9% in 2025Q3 to a high of 78.6% in 2026Q1, before settling at 62.2% in the latest quarter, according to the company's reported financials.
This extreme margin volatility suggests the company may lack consistent pricing power or faces significant fluctuations in its cost of goods sold, potentially due to input costs or product mix. The recent high margins are not yet supported by a stable operating profit, indicating they may be less sustainable than they initially appear.
Sparse Cost Structure Amplifies Bottom-Line Swings
With R&D at zero for all periods and SG&A ranging from $1.7M to $4.2M, the company's minimal fixed cost base means that changes in revenue and gross profit flow almost directly to volatile operating income results.
The lack of R&D spend and relatively low SG&A suggest a lean operational model, but it also means the company has little buffer against revenue shocks. This cost structure explains why operating income can swing from positive to deeply negative in sequential quarters.
Net Losses Driven by Massive Non-Operating Items
Reported net losses are dramatically larger than operating losses, with 2026Q1 showing a $585.7M net loss on just $9.6M of operating income, a disparity that heavily distorts traditional profitability metrics.
The huge discrepancy between operating and net income strongly suggests significant non-operating charges, likely write-downs or impairments, are the primary driver of headline losses. Investors should focus on operating results to assess the core business, as the net income figure appears to reflect non-recurring or non-cash events.
Sequential Operating Profitability Achieved
The company achieved positive operating income of $2.4M and $9.6M in 2026Q2 and Q1 respectively, a stark reversal from the consistent operating losses throughout 2024 and 2025, marking a key inflection point.
This inflection appears to be driven by a combination of recovering revenue and vastly improved gross margins, which surged above 70% in those quarters. The lasting impact depends on whether this operational performance can be sustained, as the company immediately returned to a small operating loss in 2026Q3.
Profitability is an Illusion of Non-Operating Noise
A skeptical analyst would note that despite recent positive operating income, the company has reported cumulative net losses exceeding $1.1 billion over the last ten quarters, indicating a deeply troubled entity.
The core challenge to the income statement narrative is that the massive non-operating losses dwarf any operational improvements, raising serious questions about the company's asset base and long-term viability. This pattern suggests the operational turnaround may be insufficient to offset underlying structural issues reflected in the non-operating line items.