FORD · Forward Industries, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $18.19M | $30.20M | $36.69M | $42.34M | $39.02M | $34.48M |
| Cost of Revenue | $13.00M | $23.99M | $28.32M | $33.97M | $30.89M | $27.84M |
| Gross Profit | $5.19M | $6.21M | $8.36M | $8.37M | $8.13M | $6.64M |
| R&D | - | - | - | - | - | - |
| SG&A | $9.60M | $6.52M | $6.54M | $6.75M | $6.40M | $5.66M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $332.2K | $332.7K | $315.9K | $309.2K | $327.3K | $272.0K |
| Operating Income | ($8.39M) | ($1.93M) | $159.7K | ($1.24M) | ($765.0K) | ($1.98M) |
| Interest Expense | $49.1K | $62.7K | $104.2K | $123.4K | $172.0K | $175.0K |
| Income Tax | $20.4K | $22.9K | $20.0K | $2.6K | $0 | $9.2K |
| Net Income | ($166.97M) | ($1.95M) | ($3.74M) | ($1.38M) | $523.8K | ($1.78M) |
| EPS - Basic | ($24.59) | ($1.77) | ($0.37) | ($0.14) | $0.05 | ($0.19) |
| EPS - Diluted | ($24.59) | ($1.77) | ($0.37) | ($0.14) | $0.05 | ($0.19) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $38.17M | $3.02M | $3.18M | $2.58M | $1.41M | $2.92M |
| Accounts Receivable | $1.64M | $5.61M | $6.97M | $7.54M | $8.76M | $7.60M |
| Inventory | - | $490.0K | $334.4K | $3.80M | $2.06M | $1.28M |
| Accounts Payable | $433.0K | $129.1K | $518.9K | $268.2K | $392.0K | $197.0K |
| Current Assets | $41.22M | $9.64M | $11.37M | $14.34M | $12.79M | $12.22M |
| Total Assets | $1.47B | $14.77M | $17.39M | $20.94M | $19.86M | $19.36M |
| Current Liabilities | $2.72M | $9.37M | $10.84M | $9.98M | $7.21M | $8.83M |
| Long-term Debt | - | - | - | - | - | $530.0K |
| Total Liabilities | $4.82M | $11.80M | $14.77M | $14.67M | $12.41M | $12.77M |
| Stockholders' Equity | $1.47B | $2.97M | $2.62M | $6.27M | $7.44M | $6.58M |
| Retained Earnings | ($186.61M) | ($19.64M) | ($17.69M) | ($13.95M) | ($12.57M) | ($13.10M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($4.50M) | $407.1K | $1.04M | $1.53M | ($528.3K) | ($262.9K) |
| Investing Cash Flow | ($901.47M) | ($65.2K) | ($136.1K) | ($169.6K) | ($67.2K) | ($390.1K) |
| Financing Cash Flow | $941.36M | ($500.0K) | ($300.0K) | ($200.0K) | ($918.7K) | $484.8K |
| CapEx | $25.8K | $65.2K | $136.1K | $169.6K | $67.2K | $68.5K |
| Free Cash Flow | ($4.53M) | $342.0K | $904.9K | $1.37M | ($595.5K) | ($331.4K) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 28.5% | 20.6% | 22.8% | 19.8% | 20.8% | 19.3% |
| Operating margin | -46.1% | -6.4% | 0.4% | -2.9% | -2.0% | -5.7% |
| EBITDA margin | -44.3% | -5.3% | 1.3% | -2.2% | -1.1% | -5.0% |
| Net margin | -918.1% | -6.5% | -10.2% | -3.3% | 1.3% | -5.1% |
| Free cash flow margin | -24.9% | 1.1% | 2.5% | 3.2% | -1.5% | -1.0% |
| FCF / Net income | 0.03 | -0.18 | -0.24 | -0.99 | -1.14 | 0.19 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 52.8% | 21.6% | 17.8% | 16.0% | 16.4% | 16.4% |
| Effective tax rate | - | - | - | - | 0.0% | - |
| Return on assets | -11.3% | -13.2% | -21.5% | -6.6% | 2.6% | -9.2% |
| Return on equity | -11.4% | -65.7% | -142.8% | -22.0% | 7.0% | -27.0% |
| Return on invested capital | - | - | - | - | - | -22.0% |
| Liquidity | ||||||
| Current ratio | 15.14 | 1.03 | 1.05 | 1.44 | 1.78 | 1.38 |
| Quick ratio | 15.14 | 0.98 | 1.02 | 1.06 | 1.49 | 1.24 |
| Cash ratio | 14.01 | 0.32 | 0.29 | 0.26 | 0.20 | 0.33 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | 0.08 |
| Debt / Assets | - | - | - | - | - | 0.03 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -170.8x | -30.8x | 1.5x | -10.0x | -4.4x | -11.3x |
| Equity multiplier | 1.00 | 4.98 | 6.65 | 3.34 | 2.67 | 2.94 |
| Liabilities / Assets | 0.00 | 0.80 | 0.85 | 0.70 | 0.63 | 0.66 |
| Efficiency | ||||||
| Asset turnover | 0.01 | 2.04 | 2.11 | 2.02 | 1.97 | 1.78 |
| Inventory turnover | - | 48.95 | 84.70 | 8.94 | 14.98 | 21.82 |
| Days sales outstanding | 33d | 68d | 69d | 65d | 82d | 80d |
| Days inventory outstanding | - | 7d | 4d | 41d | 24d | 17d |
| Days payable outstanding | 12d | 2d | 7d | 3d | 5d | 3d |
| Cash conversion cycle | - | 73d | 67d | 103d | 102d | 95d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -39.8% | -17.7% | -13.3% | 8.5% | 13.2% | -7.8% |
| Revenue CAGR (3y) | -24.5% | -8.2% | 2.1% | 4.2% | 16.4% | - |
| Revenue CAGR (5y) | -12.0% | -4.2% | 8.2% | - | - | - |
| Gross profit growth (YoY) | -16.4% | -25.8% | -0.0% | 2.9% | 22.5% | 0.9% |
| Operating income growth (YoY) | -334.3% | - | - | -62.0% | 61.4% | 36.0% |
| Net income growth (YoY) | -8460.2% | 47.8% | -171.1% | - | - | 50.7% |
| EPS growth (YoY) | -1289.3% | -378.4% | -164.3% | - | - | 50.0% |
| EPS CAGR (3y) | - | - | - | - | -30.7% | - |
| EPS CAGR (5y) | - | - | - | - | -6.5% | - |
| FCF growth (YoY) | - | -62.2% | -33.7% | - | -79.7% | 83.5% |
| FCF CAGR (5y) | - | - | 0.1% | 12.2% | - | - |
| Book value growth (YoY) | 49448.6% | 13.4% | -58.2% | -15.8% | 13.1% | -14.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Business segments
$18.19M totalDesign Segment$13.61M · 74.8%
Digital Assets Segment$4.58M · 25.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
128.07
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Finance Services
Comparing Forward Industries against the 5 most active filers in the same SIC group.