Forward Industries, Inc. (FWDI) Income Statement
FWDI FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsFWDI revenue and net income
Where FWDI's revenue goes
FY2025Each bar shows an amount and its share of revenue. FWDI kept −918.1% of revenue as net income.
FWDI profit margins
FWDI growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −39.8% | −21.9% | −12.0% | −4.9% |
| Gross profit | −16.4% | −16.1% | −4.8% | −1.1% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FWDI quarterly EPS vs estimates
Forward Industries beat the analyst EPS estimate in 1 of the last 2 quarters. Next report: December 10, 2026 (estimate $0.02).
FWDI income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.2M | $30.2M | $36.7M | $38.2M | $39.0M | $34.5M | $37.4M | $34.5M | $24.8M | $27.5M |
| Cost of revenue | $13.0M | $24.0M | $28.3M | $29.4M | $30.9M | $27.8M | $30.8M | $27.9M | $20.6M | $22.4M |
| Gross profit | $5.2M | $6.2M | $8.4M | $8.8M | $8.1M | $6.6M | $6.6M | $6.6M | $4.2M | $5.1M |
| Sales, general & admin | $10.6M | $7.9M | $8.2M | $8.2M | $8.9M | $7.6M | $9.7M | $6.3M | $3.6M | $4.5M |
| Total operating expenses | $11.6M | $8.1M | $8.2M | $8.2M | $8.9M | $7.6M | $9.7M | $6.3M | $3.6M | $4.5M |
| Operating income | −$6.4M | −$1.9M | $159,658 | $588,470 | −$765,000 | −$967,383 | −$3.1M | $260,652 | $598,470 | $616,954 |
| Interest income | $70,669 | $78,863 | $23,188 | $0 | $88,760 | — | — | — | — | — |
| Interest expense | $49,143 | $62,662 | $104,201 | $123,411 | $171,957 | $174,962 | $201,004 | $115,447 | — | — |
| Income before taxes | −$169.1M | −$1.9M | $178,664 | $452,447 | $523,805 | −$1.8M | −$3.6M | $632,320 | $579,346 | $606,562 |
| Income taxes | $20,404 | $22,947 | $20,006 | $2,554 | — | $9,167 | −$4,162 | −$747,000 | — | — |
| Net income | −$167.0M | −$2.0M | −$3.7M | −$1.4M | $523,805 | −$1.8M | −$3.6M | $1.4M | $579,346 | $606,562 |
| EBITDA | −$168.7M | −$1.5M | $598,806 | $885,097 | $1.0M | −$1.3M | −$3.1M | $784,841 | $639,966 | $669,708 |
| EPS (diluted) | −$12.11 | −$0.18 | −$2.55 | −$0.14 | $0.21 | −$0.18 | −$0.38 | $0.15 | −$1.81 | $0.07 |
| Gross margin | 28.5% | 20.6% | 22.8% | 23.0% | 20.8% | 19.3% | 17.6% | 19.0% | 16.9% | 18.5% |
| Operating margin | −35.0% | −6.4% | 0.4% | 1.5% | −2.0% | −2.8% | −8.3% | 0.8% | 2.4% | 2.2% |
| Net margin | −918.1% | −6.5% | −10.2% | −3.6% | 1.3% | −5.1% | −9.6% | 4.0% | 2.3% | 2.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.8M | $13.0M | $21.4M | $7.9M | $2.5M | $3.1M | $4.6M | $7.3M | $7.9M | $5.1M | $7.2M | $5.1M |
| Cost of revenue | $4.1M | $3.9M | $4.6M | $3.1M | $3.1M | $3.3M | $3.5M | $6.0M | $6.3M | $3.7M | $5.5M | $2.0M |
| Gross profit | $6.7M | $9.1M | $16.8M | $4.9M | −$620,958 | −$178,761 | $1.1M | $1.4M | $1.6M | $1.3M | $1.6M | $3.1M |
| Sales, general & admin | $1.7M | $4.2M | $3.8M | $5.2M | $1.9M | $1.6M | $1.8M | $1.8M | $2.0M | $2.0M | $2.0M | $1.6M |
| Total operating expenses | $77.0M | $6.6M | $7.2M | $6.2M | $1.9M | $1.6M | $1.8M | $7.8M | $2.0M | $2.0M | $2.0M | $1.1M |
| Operating income | −$70.3M | $2.4M | $9.6M | −$1.3M | −$2.6M | −$1.8M | −$673,030 | −$430,952 | −$381,579 | −$620,925 | −$380,321 | $2.0M |
| Interest income | $72,205 | $191,435 | $676,515 | $35,163 | $6,964 | $12,947 | $15,594 | $22,501 | $20,181 | — | — | — |
| Interest expense | $516,937 | $59,178 | — | $13,242 | $12,099 | $11,836 | $11,967 | $12,230 | $14,451 | $16,971 | $19,010 | $23,987 |
| Income before taxes | −$70.7M | −$284.0M | −$583.0M | −$163.9M | −$2.4M | −$1.8M | −$897,775 | −$620,621 | −$377,067 | −$627,030 | −$381,175 | $2.0M |
| Income taxes | −$1.7M | −$875,353 | $2.7M | $20,404 | — | — | $22,947 | — | — | — | — | $20,006 |
| Net income | −$69.0M | −$283.1M | −$585.7M | −$164.0M | −$850,022 | −$1.5M | −$708,065 | −$643,568 | −$399,585 | −$553,214 | −$354,220 | −$1.9M |
| EBITDA | −$70.7M | −$283.9M | $9.6M | −$163.8M | −$2.3M | −$1.7M | −$802,060 | — | −$279,528 | −$525,574 | −$280,759 | $2.1M |
| EPS (diluted) | −$2.17 | $0.03 | −$5.91 | −$6.88 | −$2.17 | −$1.65 | −$0.64 | — | −$0.36 | −$0.05 | −$0.35 | −$1.89 |
| Gross margin | 62.2% | 70.0% | 78.6% | 61.1% | −24.9% | −5.7% | 24.5% | 18.5% | 20.4% | 26.2% | 23.0% | 61.1% |
| Operating margin | −651.8% | 18.8% | 44.9% | −16.5% | −102.6% | −58.3% | −14.6% | −5.9% | −4.8% | −12.2% | −5.3% | 39.1% |
| Net margin | −639.7% | −2,184.1% | −2,732.2% | −2,063.6% | −34.1% | −46.5% | −15.3% | −8.8% | −5.1% | −10.9% | −5.0% | −37.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FWDI's financial statements (latest annual report filed December 11, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FWDI financial results
In fiscal year 2025 (ended September 30, 2025), Forward Industries reported revenue of $18.2 million, down 39.8% from the year before. It had a net loss of $167.0 million, a net profit margin of −918.1%. Diluted earnings per share came to −$12.11. Over five years revenue grew at an average rate of −12.0% a year.
See the FWDI stock overview for the latest quote and news, or the FWDI chart for price history and technical indicators.
FWDI income statement FAQ
What is Forward Industries's annual revenue?
Forward Industries reported total revenue of $18.2 million for fiscal year 2025, which ended on September 30, 2025. That was down 39.8% from $30.2 million the previous year.
Is Forward Industries profitable?
No. Forward Industries reported a net loss of $167.0 million in fiscal 2025, a net profit margin of −918.1%; its operating margin was −35.0%.
What is Forward Industries's gross margin?
Forward Industries's gross margin was 28.5% in fiscal 2025: for every $100 of revenue, Forward Industries kept $29 after the direct cost of its products and services.
How fast is Forward Industries growing?
Revenue grew −12.0% a year on average over the last five fiscal years, from $34.5 million to $18.2 million.
What are Forward Industries's earnings per share?
Forward Industries earned $-12.11 per diluted share in fiscal 2025, compared with $-0.18 a year earlier.
When will Forward Industries report its next earnings?
Forward Industries is expected to report results for the quarter ending September 30, 2026 on December 10, 2026.
When does Forward Industries's fiscal year end?
Forward Industries's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on December 11, 2025.