FWDI
Forward Industries, Inc.
NASDAQ: FWDI · CONSUMER CYCLICAL · FOOTWEAR & ACCESSORIES
$4.61
+8.98% today
Updated 2026-04-30
Market cap
$355.64M
P/E ratio
—
P/S ratio
10.16x
EPS (TTM)
$-29.99
Dividend yield
—
52W range
$4 – $46
Volume
0.9M
Forward Industries, Inc. (FWDI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.87M | $30.61M | $22.15M | $19.97M | $17.44M | $19.00M | $22.78M | $30.91M | $33.36M | $30.01M | $27.48M | $24.76M | $34.50M | $37.41M | $34.48M | $39.02M | $42.34M | $36.69M | $30.20M | $18.19M |
| Revenue growth (YoY) | — | -41.0% | -27.6% | -9.8% | -12.7% | +8.9% | +19.9% | +35.7% | +7.9% | -10.0% | -8.4% | -9.9% | +39.3% | +8.4% | -7.8% | +13.2% | +8.5% | -13.3% | -17.7% | -39.8% |
| Cost of revenue | $33.28M | $22.77M | $17.35M | $15.95M | $13.86M | $14.76M | $17.71M | $24.53M | $26.81M | $24.22M | $22.40M | $20.57M | $27.93M | $30.83M | $27.84M | $30.89M | $33.97M | $28.32M | $23.99M | $13.21M |
| Gross profit | $18.59M | $7.83M | $4.80M | $4.03M | $3.58M | $4.23M | $5.06M | $6.38M | $6.55M | $5.79M | $5.08M | $4.19M | $6.57M | $6.58M | $6.64M | $8.13M | $8.37M | $8.36M | $6.21M | $4.98M |
| Gross margin | 35.8% | 25.6% | 21.7% | 20.2% | 20.5% | 22.3% | 22.2% | 20.6% | 19.6% | 19.3% | 18.5% | 16.9% | 19.0% | 17.6% | 19.3% | 20.8% | 19.8% | 22.8% | 20.6% | 27.4% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | $2.73B | $2.55B | $2.98B | $2.82B | $2.32M | $3.64M | $4.69M | $3.48M | $3.85M | $4.94M | $2.57M | $2.09M | $4.53M | $7.71M | $5.66M | $6.40M | $6.75M | $6.54M | $6.52M | $9.60M |
| Operating income | $12.34M | $1.73M | $-1.82M | $-1.67M | $-1.35M | $-1.57M | $-3.02M | $705815.00 | $-98677.00 | $-1.51M | $616954.00 | $598470.00 | $260652.00 | $-3.10M | $-967383.00 | $-765000.00 | $-1.24M | $159658.00 | $-1.93M | $-6.37M |
| Operating margin | 23.8% | 5.6% | -8.2% | -8.3% | -7.7% | -8.3% | -13.2% | 2.3% | -0.3% | -5.0% | 2.2% | 2.4% | 0.8% | -8.3% | -2.8% | -2.0% | -2.9% | 0.4% | -6.4% | -35.0% |
| EBITDA | $12.46M | $1.83M | $-712884.00 | $-980084.00 | $-1.02M | $-1.51M | $-2.88M | $781003.00 | $-34195.00 | $-1.46M | $669708.00 | $639966.00 | $784841.00 | $-3.10M | $-1.32M | $1.02M | $897709.00 | $598806.00 | $-1.53M | $-6.03M |
| EBITDA margin | 24.0% | 6.0% | -3.2% | -4.9% | -5.8% | -7.9% | -12.7% | 2.5% | -0.1% | -4.9% | 2.4% | 2.6% | 2.3% | -8.3% | -3.8% | 2.6% | 2.1% | 1.6% | -5.1% | -33.2% |
| EBIT | $12.34M | $1.73M | $-802839.00 | $-1.04M | $-1.09M | $-1.56M | $-2.96M | $705815.00 | $-98677.00 | $-1.51M | $616954.00 | $617594.00 | $556652.00 | $-3.41M | $-1.59M | $695762.00 | $588470.00 | $282866.00 | $-1.86M | $-6.37M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | — | — | $115447.00 | $201004.00 | $174962.00 | $171957.00 | $123411.00 | $104201.00 | $62662.00 | $49143.00 |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $9.43M | $1.54M | $-553459.00 | $-889249.00 | $-1.39M | $-1.68M | $-2.90M | $-206886.00 | $-799906.00 | $-1.43M | $606562.00 | $579346.00 | $1.38M | $-3.60M | $-1.78M | $523805.00 | $-1.38M | $-3.74M | $-1.95M | $-167.00M |
| Net income growth (YoY) | — | -83.7% | -135.9% | -60.7% | -56.8% | -20.9% | -72.2% | +92.9% | -286.6% | -79.3% | +142.3% | -4.5% | +138.1% | -361.3% | +50.7% | +129.5% | -363.1% | -171.1% | +47.8% | -8461.7% |
| Profit margin | 18.2% | 5.0% | -2.5% | -4.5% | -8.0% | -8.9% | -12.7% | -0.7% | -2.4% | -4.8% | 2.2% | 2.3% | 4.0% | -9.6% | -5.1% | 1.3% | -3.3% | -10.2% | -6.5% | -918.2% |