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Screener / SEC EDGAR /CIK 0000038264 /10-K filed Dec 11, 2025, compared with Dec 27, 2024 /Numbers from the XBRL of the 10-Ks
Crypto peers:
HSDTSBETFWDIDFDVUPXIBTCS
Nasdaq Crypto · Financial Services

Forward Industries FWDI

FWDI quote by TradingView
Headquarters
Austin, TX
CEO
Michael D. Pruitt
Next results
around Dec 10, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2021

Revenue of $39.0M through the costs to a net profit of $524K · income statement of the 10-K

1% net margin
Revenue to Gross profit: $8.1MRevenue to Cost of revenue: $30.9MGross profit to Net profit: $524KGross profit to Costs, tax, other: $7.6M Revenue: $39.0M REVENUE $39.0M +13% Y/Y Gross profit: $8.1M · 21% margin GROSS PROFIT $8.1M 21% margin · +23% Y/Y Cost of revenue: $30.9M · 79% of revenue COST OF REVENUE $30.9M 79% of revenue Net profit: $524K · 1% margin NET PROFIT $524K 1% margin Costs, tax, other: $7.6M · 20% of revenue COSTS, TAX, OTHER $7.6M 20% of revenue
Gross profit $8.1M 21% margin · +23% Y/Y
Net profit $524K 1% margin
The full income statement, year by year

FWDI among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: -9.0%, above 12% of 25 peers (their median 38.2%) REVENUE GROWTH -9.0% · above 12% Gross margin: 70.6%, above 73% of 15 peers (their median 54.5%) GROSS MARGIN 70.6% · above 73% FCF margin: -34.6%, above 79% of 19 peers (their median -100.9%) FCF MARGIN -34.6% · above 79%
FWDI Peer median Below the median

What changed

127 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Dec 11, 2025 against Dec 27, 2024.

Risk factors
127 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Mar 31, 2025
10-K · XBRL
Going concern language
“Other Liquidity Factors In the prior reporting period, we identified certain conditions that raised substantial doubt about our ability to continue as a going concern.”
10-K · XBRL
Critical audit matters changed
New this year: Evaluation of audit evidence pertaining to the existence and control of the digital assets (“We identified the evaluation of audit evidence pertaining to the existence of the digital assets and whether the Company controls the digital assets as a critical audit matter. The principal considerations for our determination of the critical audit matter is as the result of especially subjective a”). No longer listed: F-2; We gained an understanding of and evaluated the design and implementation of the Company’s process to develop forecasted cash; Evaluating the reasonableness of the Company’s forecasted revenue, expenses, and cash flows by comparing those forecasts to; Evaluating management’s ability to accurately forecast future operating results by comparing the Company’s historical
10-K · XBRL
Accounting checks
6 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 6 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Mar 31, 2025
  • Going concern language
    “Other Liquidity Factors In the prior reporting period, we identified certain conditions that raised substantial doubt about our ability to continue as a going concern.”
  • Critical audit matters changed
    New this year: Evaluation of audit evidence pertaining to the existence and control of the digital assets (“We identified the evaluation of audit evidence pertaining to the existence of the digital assets and whether the Company controls the digital assets as a critical audit matter. The principal considerations for our determination of the critical audit matter is as the result of especially subjective a”). No longer listed: F-2; We gained an understanding of and evaluated the design and implementation of the Company’s process to develop forecasted cash; Evaluating the reasonableness of the Company’s forecasted revenue, expenses, and cash flows by comparing those forecasts to; Evaluating management’s ability to accurately forecast future operating results by comparing the Company’s historical
  • Receivables -29.2% vs revenue -9.0% (-20.1 pts)
5 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

127 paragraphs in Risk Factors that were not in the 10-K filed Dec 27, 2024. Quoted as filed.

All 127 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Dec 27, 2024 10-K, ITEM 1A
    Our business is subject to numerous risks and uncertainties that you should consider before investing in our common stock. Set forth below is a summary of the principal risks we face: We adopted a new business strategy dedicated to SOL which exposes us to significant risk as there is no assurance that we will be able to successfully…
  2. Item 1A · new paragraph · not in the 10-K filed Dec 27, 2024 10-K, ITEM 1A
    Adverse regulatory developments such as the recent actions brought by securities regulators on crypto asset activities;
  3. Item 1A · new paragraph · not in the 10-K filed Dec 27, 2024 10-K, ITEM 1A
    Our shares of common stock are available in tokenized form on the Solana blockchain and such tokenized shares are subject to unique risks including lack of liquidity and limited utility. Book-Entry Shares: Traditional uncertificated shares recorded and maintained by our traditional transfer agent in electronic book-entry form. Tokenized…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$38.2M$36.7M$20.0M$18.2M
Net income−$1.4M−$3.7M−$2.0M−$167.0M
Operating cash flow$1.5M$1.0M$520K−$4.5M
Free cash flow$1.4M$905K$455K−$4.5M

Revenue, FY2017 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$18.2M ▼ 9.0% in FY2025

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Forward Industries, Austin, TX · from the 10-K filed Dec 11, 2025

Forward Industries, Inc. (“Forward”, “we”, “our” or the “Company”), through its wholly-owned subsidiaries, Forward Industries (IN), Inc. (“Forward US”), DE Sub 1, LLC (“Forward Delaware”), Forward Industries (Switzerland) GmbH (“Forward Switzerland”), Forward Industries UK Limited (“Forward UK”), Intelligent Product Solutions, Inc. (“IPS”), and Kablooe, Inc. (“Kablooe”), is a 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.

Headquarters
Austin, TX
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
September 30
Last results
Aug 12, 2026
Incorporated in
TX

Email alerts

Sources

The 10-K filed Dec 11, 2025 (open at SEC), compared with the 10-K filed Dec 27, 2024. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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