Forward Industries Files 8-K for FY2024 Results

TL;DR

FORW filed its FY24 8-K. Check financials for the year ending 9/30/24.

AI Summary

Forward Industries, Inc. filed an 8-K on September 16, 2025, reporting on its financial performance for the fiscal year ending September 30, 2024. The filing includes financial statements and exhibits related to this period. Specific financial figures for the year are detailed within the accompanying documents.

Why It Matters

This filing provides investors with the official financial results for Forward Industries for the fiscal year ending September 30, 2024, offering insights into the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine financial filing (8-K) reporting on past performance, not indicating new significant risks or events.

Key Numbers

• 2024-09-30 — Fiscal Year End (The period covered by the financial statements in the filing.)
• 2023-09-30 — Prior Fiscal Year End (For comparison purposes with the current fiscal year.)

Key Players & Entities

• Forward Industries, Inc. (company) — Filer of the 8-K
• 0001683168-25-007036 (filing_id) — Accession Number for the 8-K filing
• 20250916 (date) — Filing date of the 8-K
• 20240930 (date) — Fiscal year end date reported

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share FORD The NASDAQ Capital Mar
• $200,000 — ompany recorded an impairment charge of $200,000 related to goodwill (See Note 4 to the
• $2,600,000 — er whose revenue declined approximately $2,600,000, as well as a net decrease in volume of
• $7,000 — nit. We reported other income, net, of $7,000 in Fiscal 2024 as compared to $19,000 i
• $19,000 — of $7,000 in Fiscal 2024 as compared to $19,000 in Fiscal 2023. The variance is due to
• $70,000 — nce is due to fair value adjustments of $70,000 in Fiscal 2023 to reduce to the fair va
• $18,000 — ion related to the Kablooe acquisition, $18,000 of net duty drawback income received in
• $2,166,000 — ed a loss from continuing operations of $2,166,000 and $62,000 in Fiscal 2024 and 2023, re
• $62,000 — continuing operations of $2,166,000 and $62,000 in Fiscal 2024 and 2023, respectively.
• $1.97 — er share from continuing operations was $1.97 and $0.06 for Fiscal 2024 and Fiscal 20
• $0.06 — rom continuing operations was $1.97 and $0.06 for Fiscal 2024 and Fiscal 2023, respec
• $4,663,000 — sets and liabilities held for sale) was $4,663,000 compared to $5,449,000 at September 30,
• $5,449,000 — ld for sale) was $4,663,000 compared to $5,449,000 at September 30, 2023. The decrease was
• $2,000,000 — November 30, 2024, we had approximately $2,000,000 cash on hand, which excludes cash assoc
• $600,000 — rd and Chief Executive Officer, holds a $600,000 promissory note issued by the Company w

Filing Documents

• forward_i8k.htm (8-K) — 1174KB
• forward_ex2301.htm (EX-23.1) — 3KB
• 0001683168-25-007036.txt ( ) — 6366KB
• ford-20240930.xsd (EX-101.SCH) — 43KB
• ford-20240930_cal.xml (EX-101.CAL) — 66KB
• ford-20240930_def.xml (EX-101.DEF) — 163KB
• ford-20240930_lab.xml (EX-101.LAB) — 370KB
• ford-20240930_pre.xml (EX-101.PRE) — 306KB
• forward_i8k_htm.xml (XML) — 1035KB

01. Other Events

Item 8.01. Other Events. As previously disclosed in a 10-Q filed May 14, 2025, in March 2025, Forward Industries, Inc. (the "Company") determined it would not continue the Original Equipment Manufacturer ("OEM") segment of its business and committed to a plan to sell this segment. As further disclosed in an 8-K filed May 22, 2025, on May 16, 2025, the Company and Forward Industries (IN), Inc ("Forward US")., a wholly-owned subsidiary of the Company, entered into a transaction agreement with Forward Industries (Asia-Pacific) Corporation ("Forward China"), whereby the Company sold its wholly-owned subsidiary, Forward Industries (Switzerland) GmbH ("Forward Switzerland") and certain other assets related to the Company's OEM business to Forward China. Beginning in the second quarter of Fiscal 2025, as a result of the Company committing to a plan to sell this segment, the results of operations of the OEM segment have been classified as discontinued operations and the assets and liabilities of this segment have been classified as assets and liabilities held for sale in accordance with ASC 205-20, "Discontinued Operations," as the disposal represents a strategic shift that has and will have a significant impact on the Company's operations and financial results. Upon reclassification of the OEM segment, the Company determined it had only one reportable segment. The Company is filing this Current Report on Form 8-K to recast its consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2024 that was previously filed with the Securities and Exchange Commission ("SEC") on December 27, 2024 (the "Prior Annual Report") and its consolidated financial statements included in its Quarterly Report on Form 10-Q for the period ended December 31, 2024 that was previously filed with the SEC on February 13, 2025 (the "Prior Quarterly Report") to (i) reflect the presentation of the OEM segment as a discontinued operation, (ii) u

, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 8. Financial Statements and Supplementary Data

Part II, Item 8. Financial Statements and Supplementary Data The following items of the Prior Quarterly Report are being recast to reflect the changes referenced above:

, Item 1. Financial Statements

Part I, Item 1. Financial Statements

, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This report does not reflect events occurring after the respective filing dates of the Prior Annual Report or Prior Quarterly Report and does not modify or update disclosures therein except as discussed above. This Form 8-K should be read in conjunction with the Prior Annual Report, Prior Quarterly Report and SEC filings made by the Company after the filing dates of the Prior Annual Report and Prior Quarterly Report, including the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and its Current Reports on Form 8-K.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Exhibit Description 23.1 Consent of CohnReznick LLP 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FORWARD INDUSTRIES, INC. Date: September 16, 2025 By: /s/ Kathleen Weisberg Name: Kathleen Weisberg Title: Chief Financial Officer 3 Annex A ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR FISCAL 2024 AS COMPARED TO FISCAL 2023 As described below, in March 2025, the Company committed to a plan to sell the OEM segment of its business and completed the sale of this segment in May 2025. The assets and liabilities of the OEM segment have been classified as assets and liabilities held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented. Upon reclassification, the Company determined that it had only one reportable segment. Segment disclosures have been recast to reflect this change for all periods presented. This information is presented solely to present recast financial information to reflect these organizational structure changes. Accordingly, the following information speaks as of the original filing date and should be read in conjunction with the Annual Report and our other filings with the SEC since the date of the Annual Report. In addition to historical information, this report includes "forward-looking statements", as such term is used within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding our liquidity, plans on repaying outstanding debt obligations, as well as other statements regarding our future operations, financial condition and prospects, and business strategies.

Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates,"

Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Annual Report, and in particular, the risks discussed under the caption "Risk Factors" in Item 1A of the Annual Report and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Business Overview Forward Industries, Inc. 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. In June 2024, the Company's stockholders authorized, and the Company's Board of Directors approved, a 1-for-10 reverse stock split of our common stock, which became effective on June 18, 2024. Accordingly, all references made to share, per share, or common share amounts in the accompanying consolidated

financial statements and applicable disclosures have been retroactively adjusted to reflect the reverse stock split

financial statements and applicable disclosures have been retroactively adjusted to reflect the reverse stock split. Discontinued Operations Considering the recurring losses incurred by the retail segment, in July 2023, the Company decided to cease operations of our retail distribution segment (the "Retail Exit"), and we are presenting the results of operations for this segment within discontinued operations in the current and prior periods presented herein. The discontinuation of the retail segment represents a strategic shift in the Company's business. The primary assets of the retail segment are inventory and accounts receivable. The Company sold, liquidated, or otherwise disposed of the remaining retail inventory and collected the remaining retail accounts receivable as of September 30, 2024. As of September 30, 2024, the retail segment was fully discontinued, and we expect to have no further significant involvement in this segment. The inventory of the retail segment is presented as discontinued assets held for sale on the balance sheet at September 30, 2023 and the results of operations for the retail segment have been classified as discontinued operations on the consolidated statements of operations for the years ended September 30, 2024 and 2023. All information and results in this annual report on Form 10-K exclude the discontinued retail segment unless otherwise noted. See Note 3 to our consolidated financial statements for additional information on the discontinued retail segment. In March 2025, Forward China determined it would not renew the Buying Agency and Supply Agreement ("Sourcing Agreement"), which subsequently expired on May 9, 2025. Without this agreement, the Company determined it would not continue the OEM segment of the business and committed to a plan to sell the segment (the "OEM Plan"). On May 16, 2025, the Company and Forward US entered into a transaction agreement with Forward China, pursuant to which the Company sold all equity inte

financial statements

financial statements. A-3 In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires expanded segment reporting and disclosure and is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effects of this pronouncement on its consolidated

financial statements

financial statements. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments – Credit Losses." ASU 2019-11 is an accounting pronouncement that provides clarity to and amends earlier guidance on this topic and would be effective concurrently with the adoption of such earlier guidance. This pronouncement is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company adopted this guidance in the first quarter of Fiscal 2024 with no material impact on its consolidated financial statements. RESULTS OF OPERATIONS FOR FISCAL 2024 COMPARED TO FISCAL 2023 The following discussion and analysis compares our results of operations for the year ended September 30, 2024 ("Fiscal 2024") with those for the year ended September 30, 2023 ("Fiscal 2023"). All dollar amounts and percentages presented herein have been rounded to approximate values. The table below summarizes our consolidated results of continuing operations for Fiscal 2024 as compared to Fiscal 2023: Consolidated Results of Continuing Operations Fiscal 2024 Fiscal 2023 Change ($) Change (%) Net revenues $ 19,991,000 $ 22,686,000 $ (2,695,000 ) (11.9% ) Cost of sales 14,807,000 15,549,000 (742,000 ) (4.8% ) Gross profit 5,184,000 7,137,000 (1,953,000 ) (27.4% ) Sales and marketing expenses 769,000 876,000 (107,000 ) (12.2% ) General and administrative expenses 6,365,000 6,322,000 43,000 0.7% Goodwill impairment 200,000 – 200,000 – Operating loss (2,150,000 ) (61,000 ) (2,089,000 ) 3424.6% Other income, net (7,000 ) (19,000 ) 12,000 (63.2% ) Income tax provision 23,000 20,000 3,000 15.0% Loss from continuing operations $ (2,166,000 ) $ (62,000 ) $ (2,104,000 ) 3393.5% The decrease in net revenues was primarily driven by one customer whose revenue declined approximately $2,600,000, as well as a net decrease in volume of wo

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View this 8-K filing on SEC EDGAR