Forward Industries, Inc. (FWDI) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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FWDI Revenue Growth
Revenue Breakdown (FY 2024)
FWDI's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
FWDI Revenue Analysis (2014–2025)
As of May 8, 2026, Forward Industries, Inc. (FWDI) generated trailing twelve-month (TTM) revenue of $33.0 million, reflecting explosive growth of +224.0% year-over-year. The most recent quarter (Q1 2026) recorded $21.4 million in revenue, up 260.0% sequentially.
Looking at the longer-term picture, FWDI's 5-year compound annual growth rate (CAGR) stands at -12.0%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $42.3 million in 2022.
Revenue diversification analysis shows FWDI's business is primarily driven by Design (66%), and OEM Distribution (34%). With over half of revenue concentrated in Design, the company maintains significant focus in this area while developing other growth vectors.
When compared to Consumer Cyclical sector peers including KOSS (+4.1% YoY), LIQT (+11.0% YoY), and CLFD (-21.0% YoY), FWDI has outperformed the peer group in terms of revenue growth. Compare FWDI vs KOSS →
FWDI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FWDICurrent | $33M | +224.0% | -12.0% | -929.7% | |
 KOSS | $13M | +4.1% | -7.2% | -13.8% | |
 LIQT | $17M | +11.0% | -6.0% | -50.3% | |
 CLFD | $150M | -21.0% | +10.0% | 1.4% | |
 PCYO | $26M | +1.2% | +0.2% | 29.4% | |
 JAKK | $571M | -17.4% | +2.0% | 2.5% |
FWDI Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $18.2M | -39.8% | $5.2M | 28.5% | $-169,088,979 | -929.7% |
| 2024 | $30.2M | -17.7% | $6.2M | 20.6% | $-1,932,485 | -6.4% |
| 2023 | $36.7M | -13.3% | $8.4M | 22.8% | $160K | 0.4% |
| 2022 | $42.3M | +8.5% | $8.4M | 19.8% | $-1,239,674 | -2.9% |
| 2021 | $39.0M | +13.2% | $8.1M | 20.8% | $-765,000 | -2.0% |
| 2020 | $34.5M | -7.8% | $6.6M | 19.3% | $-967,383 | -2.8% |
| 2019 | $37.4M | +8.4% | $6.6M | 17.6% | $-3,097,383 | -8.3% |
| 2018 | $34.5M | +39.3% | $6.6M | 19.0% | $261K | 0.8% |
| 2017 | $24.8M | -9.9% | $4.2M | 16.9% | $598K | 2.4% |
| 2016 | $27.5M | -8.4% | $5.1M | 18.5% | $617K | 2.2% |
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Start ComparisonFWDI — Frequently Asked Questions
Quick answers to the most common questions about buying FWDI stock.
Is FWDI's revenue growth accelerating or slowing?
FWDI revenue is accelerating at +224.0% year-over-year, exceeding the 5-year CAGR of -12.0%. TTM revenue reached $33M. Growth momentum has increased versus prior periods.
What is FWDI's long-term revenue growth rate?
Forward Industries, Inc.'s 5-year revenue CAGR of -12.0% reflects the sustained expansion pattern. Current YoY growth of +224.0% is above this long-term average.
How is FWDI's revenue distributed by segment?
FWDI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.