Forward Industries Files 10-Q for June 2025
Ticker: FWDI · Form: 10-Q · Filed: Aug 14, 2025 · CIK: 38264
Sentiment: neutral
Topics: 10-Q, financials, plastics
TL;DR
FORWARD INDUSTRIES 10-Q FILED FOR JUNE 2025 - FINANCIALS OUT
AI Summary
Forward Industries, Inc. filed its 10-Q for the period ending June 30, 2025. The filing details financial performance and operational updates for the company, which is involved in the plastics products sector. Specific financial figures and operational highlights are presented within the report.
Why It Matters
This 10-Q filing provides investors and stakeholders with a crucial update on Forward Industries' financial health and operational status as of mid-2025.
Risk Assessment
Risk Level: medium — The risk level is medium due to the nature of 10-Q filings which inherently contain financial and operational risks, but without specific negative indicators in the provided header, it's not high.
Key Numbers
- 20250630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 20250814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Forward Industries, Inc. (company) — Filer of the 10-Q
- 20250630 (date) — End of the reporting period
- 0000038264 (company) — Central Index Key for Forward Industries, Inc.
- 3089 (industry_code) — Standard Industrial Classification for Plastics Products, NEC
FAQ
What is the primary business of Forward Industries, Inc.?
Forward Industries, Inc. is primarily involved in the Plastics Products, NEC sector, as indicated by its Standard Industrial Classification code 3089.
For what period is this 10-Q filing?
This 10-Q filing is for the period ending June 30, 2025.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 14, 2025.
What is the company's fiscal year end?
Forward Industries, Inc.'s fiscal year ends on September 30.
What is the company's Central Index Key (CIK)?
The Central Index Key for Forward Industries, Inc. is 0000038264.
Filing Stats: 4,559 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2025-08-14 14:55:24
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 FORD The Nasdaq Stock Market (The N
- $2,432,000 — to August 12, 2025, the Company raised $2,432,000 additional capital via its equity line
- $2,230,000 — equity line of credit (see Note 6) and $2,230,000 in a registered direct offering (See No
Filing Documents
- forward_i10q-063025.htm (10-Q) — 831KB
- forward_ex3101.htm (EX-31.1) — 8KB
- forward_ex3102.htm (EX-31.2) — 7KB
- forward_ex3201.htm (EX-32.1) — 7KB
- 0001683168-25-006141.txt ( ) — 4780KB
- ford-20250630.xsd (EX-101.SCH) — 33KB
- ford-20250630_cal.xml (EX-101.CAL) — 50KB
- ford-20250630_def.xml (EX-101.DEF) — 136KB
- ford-20250630_lab.xml (EX-101.LAB) — 328KB
- ford-20250630_pre.xml (EX-101.PRE) — 270KB
- forward_i10q-063025_htm.xml (XML) — 626KB
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets at June 30, 2025 (Unaudited) and September 30, 2024 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended June 30, 2025 and 2024 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Nine Months Ended June 30, 2025 and 2024 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 2025 and 2024 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.
Controls and Procedures
Controls and Procedures 32 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 33 Item 1A.
Risk Factors
Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 33
FINANCIAL
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, September 30, 2025 2024 (Unaudited) (See Note 2) Assets Current assets: Cash $ 1,263,162 $ 2,777,125 Accounts receivable, net of allowances for credit losses of $ 15,916 and$ 27,282 as of June 30, 2025 and September 30, 2024, respectively 1,193,494 2,308,425 Contract assets 724,905 1,272,993 Prepaid expenses and other current assets 383,536 382,832 Assets held for sale – 2,908,039 Total current assets 3,565,097 9,649,414 Property and equipment, net 153,855 218,025 Intangible assets, net 520,818 680,386 Goodwill 1,333,682 1,558,682 Operating lease right-of-use assets 2,417,332 2,593,112 Other assets 303,539 68,737 Total assets $ 8,294,323 $ 14,768,356 Liabilities and shareholders' equity Current liabilities: Note payable to Forward China (related party) $ 600,000 $ 600,000 Due to Forward China (related party) 450,000 – Accounts payable 208,811 103,581 Deferred income 309,976 399,439 Current portion of operating lease liability 474,799 404,056 Accrued expenses and other current liabilities 311,007 571,662 Liabilities held for sale – 7,292,858 Total current liabilities 2,354,593 9,371,596 Other liabilities: Warrant liability 402,888 – Operating lease liability, less current portion 2,185,877 2,429,726 Total liabilities 4,943,358 11,801,322 Commitments and contingencies – – Shareholders' equity: Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $ 1,000 per share; 6,700 shares authorized, 4,925 and 2,200 shares issued and outstanding at June 30, 2025 and September 30, 2024, respectively (liquidation preference of $ 4,925,000 and $ 2,200,000 at June 30, 2025 and September 30, 2024, respectively) 4,925,000 2,200,000 Series B Convertible Preferred Stock, par value $0.01 per share; stated value of $
Business
Business Forward Industries, Inc. ("Forward", "we", "our" or the "Company") is a global design company serving top tier medical and technology customers. The Company provides hardware and software product design and engineering services to customers predominantly located in the U.S. Reverse Stock Split The Company's shareholders authorized, and the Board of Directors approved, a 1-for-10 reverse stock split , which became effective on June 18, 2024. Any fractional shares that would have otherwise resulted from the reverse stock split were rounded up to the nearest whole share. Accordingly, all references made to shares, per share, or common share amounts in the accompanying condensed consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the reverse stock split. The reverse stock split did not change the par value of the common stock nor the authorized number of shares of common stock or any series of preferred stock. Discontinued Operations In July 2023, the Company decided to cease operations of its retail distribution segment ("Retail Exit") and is presenting the results of operations for this segment within discontinued operations in the periods presented herein. Our retail distribution business sourced and sold smart-enabled furniture, hot tubs and saunas and a variety of other products through various online retailer websites to customers predominantly located in the U.S. and Canada. The inventory of the retail segment was presented as discontinued assets held for sale on the balance sheet on September 30, 2023. In March 2025, the Company committed to a plan to sell the original equipment manufacturer ("OEM") distribution segment of the business ("OEM Plan"). In May 2025, the Company completed the sale of this line of business and is presenting its results of operations within discontinued operations in the current and prior periods presented herein. The OEM distribution segment sourced and sold carry