Revenue growth remains highly erratic, oscillating between a 68.4% contraction in 2025Q3 and a 43.8% expansion in 2024Q4, while gross margins fluctuate wildly from -24.9% to 78.6%.
| 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 | 44.84M | 18.19M | 30.2M | 36.69M | 42.34M | 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 % | 95.28% | -39.77% | -17.7% | -13.34% | 8.5% | 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 | 14.68M | 13.21M | 23.99M | 28.32M | 33.97M | 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 | - | 72.63% | 79.44% | 77.2% | 80.23% | 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 | 30.16M | 4.98M | 6.21M | 8.36M | 8.37M | 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 % | 67.26% | 27.37% | 20.56% | 22.8% | 19.77% | 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 % | - | -19.82% | -25.77% | -0.05% | 2.87% | 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 | 21.97M | 11.34M | 8.14M | 8.2M | 9.61M | 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 | - | 62.37% | 26.96% | 22.36% | 22.69% | 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 | 15.13M | 10.63M | 7.94M | 8.2M | 9.61M | 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% | 22.69% | 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 | 2.92M | 710.29K | 200K | 0 | -12.61K | -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 | 8.19M | -6.37M | -1.93M | 159.66K | -1.24M | -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 % | 18.26% | -35% | -6.4% | 0.44% | -2.93% | -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% | 112.88% | -62.05% | 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 | 8.4M | -6.03M | -1.6M | 475.6K | -930.43K | -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 % | 18.74% | -33.18% | -5.3% | 1.3% | -2.2% | -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 % | 364.67% | -277.16% | -436.38% | 151.12% | -112.57% | 37.06% | 75.04% | -670% | -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) | 214.64K | 332.23K | 332.66K | 315.94K | 309.24K | 327.29K | 271.97K | 311K | 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 | -154.27M | -6.37M | -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 | 825.56K | 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 | 910.08K | 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 | 84.52K | 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 | 1.69M | 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 | -1.03B | -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 % | -2304.53% | -929.59% | -6.37% | 0.49% | 1.07% | 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 | 1.83M | 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 % | -0.18% | -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 | -1.03B | -167M | -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 % | -2305.15% | -918.23% | -6.46% | -10.18% | -3.26% | 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 % | -32169.84% | -8461.72% | 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) | -1.04B | -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 | 1000K | 2.11M | -3.04K | -3.9M | 0 | 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) | -10.89 | -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 % | -3745.86% | -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 | 94.92M | 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 | 94.92M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme Net Margin Volatility
As evidenced by the quarterly income statement data, FWDI's revenue trajectory remains highly inconsistent, oscillating between a 68.4% contraction in 2025Q3 and a 43.8% expansion in 2024Q4, suggesting that the company's reliance on project-based OEM contracts creates significant volatility in top-line performance across reporting periods.
The extreme fluctuations in quarterly revenue indicate that the business lacks a stable, recurring revenue base, likely due to the lumpy nature of medical device product cycles. Investors should monitor whether the recent revenue recovery in 2026Q2 represents a sustainable return to growth or merely a temporary spike from delayed order fulfillment.
Based on reported financial figures, FWDI has experienced wild swings in gross margin, ranging from a negative 24.9% in 2025Q3 to a peak of 78.6% in 2026Q1, which highlights the company's inability to maintain consistent pricing power or cost control within its distribution-heavy business model.
The dramatic variance in gross margins suggests that the company is highly susceptible to inventory write-downs and shifting product mix, which may be eroding the value of its OEM partnerships. Such instability makes it difficult to forecast future profitability and implies that the company acts as a price-taker in its competitive accessory markets.
According to the provided income statement, FWDI reported a staggering net loss of $585.7 million in 2026Q1, a figure that appears entirely disconnected from its $21.4 million in revenue, indicating that massive non-operating charges or valuation allowances are severely obscuring the firm's underlying operational performance.
The presence of such extreme net losses suggests that the company may be undergoing significant balance sheet restructuring or recognizing large, non-cash impairments that do not reflect day-to-day operations. Analysts should treat these bottom-line figures with extreme caution, as they likely mask the true cash-generating capability of the core business.
As reported in financial filings, the company's net margin of -918.23% and the recent surge in stock-based compensation to $797.9K in 2026Q2 raise serious questions about management's capital allocation efficiency and the long-term sustainability of the current operating model in the face of persistent losses.
Short-sellers would likely focus on the disconnect between the company's cash reserves and its inability to generate consistent operating income, suggesting that the business may be burning through capital to sustain non-profitable segments. The reliance on stock-based compensation during periods of deep net losses warrants further investigation into the alignment of management incentives with shareholder value.
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 $5.0M in gross profit for the year, representing a gross profit margin of 27.4%. This demonstrates the company's core pricing power and production efficiency.