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FWDIForward Industries

Crypto · Financial Services · Nasdaq
FWDI quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales down 9.0%, free cash flow down to -$4.5M

XBRL, from each 10-K
RevenueStatements ↓
$18.2M
from $20.0M in FY2024
FY2016FY2025
Net incomeStatements ↓
-$167.0M
from -$2.0M in FY2024
FY2016FY2025
Free cash flowStatements ↓
-$4.5M
from $455K in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$-24.59
from $-1.77 in FY2024
FY2016FY2025
Operating marginStatements ↓
-46.1%
from -10.8% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-154.83Sales (ttm)53.1MNet income (ttm)-1.1BSales growth-9.0%EPS growth-Sales Q/Q+332%
Free cash flow-18.4MGross margin70.6%Oper. marginn/mNet marginn/mFCF margin-34.6%ROEn/m
ROA-182.8%R&D / sales-Dividend-Debt/Eq-Curr. ratio0.17Cash11.0M
Op. cash flow (ttm)-18.4MEBITDA-8.1MEBITDA margin-44.3%Quick ratio0.17Interest cover-170.78Stock pay / sales15.8%
Shares out.73.8MShares Y/Y+2.8%Book / share6.42Cash / share0.15Sales / share0.72Asset turnover0.09
Inventory turns26.52Days sales out.33Sales 3Y CAGR-21.9%Sales 5Y CAGR-12.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to -9.0%-45.5% → -9.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to -46.1%-10.8% → -46.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

FWDI against Crypto peers

Ten years, side by side → · All 32 →
GrowthProfitBalanceCleanInsiders
FWDIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth
-9.0%24th of 27 · median +38.2%
Free cash flow margin
-34.6%5th of 21 · median -91.3%
FWDI and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FWDI Forward Industries$53.1M -9.0%70.6%---34.6%-
BMNR Bitmine Immersion Technologies$61.2M +84.1%84.4%--75.4%-481.3%-
SBET Sharplink$52.8M +666%---49.1%-64.8%-
UPXI Upexi$25.0M +58.1%89.5%-984.3%--84.0%-
BTCS BTCS$16.6M +305%26.9%-746.3%--47.1%-
DFDV DeFi Development$15.1M +442%97.8%---198.9%-
Where each dollar goes

From $39.0M of sales to $524K of profit

FY2021, from the 10-K income statement
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$8.1M21% margin +23% Y/Y Cost of revenue: $30.9M · 79% of revenue Cost of revenue$30.9M79% of revenue Net profit: $524K · 1% margin Net profit$524K1% margin Costs, tax, other: $7.6M · 20% of revenue Costs, tax, other$7.6M20% of revenue

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median-2073.8% vs -169.8%
  • ✓
    Gross margin up over 5 years19.3% → 28.5%
  • !
    Return on equity below 15%-232.3%
  • !
    A profit in 3 of 9 years
Net margin, FY2017 to FY2025: 2.3% → -918.1%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2017 to FY2025

Revenue 18.2M Net income -167.0M
FY2017 revenue 24.8M · Revenues, 0001003297-18-000182 FY2017 net income 579K · NetIncomeLoss, 0001003297-18-000182 24.8M FY2017 FY2018 revenue 34.5M · Revenues, 0001683168-19-004079 FY2018 net income 1.4M · NetIncomeLoss, 0001683168-19-004079 34.5M FY2018 FY2019 revenue 37.4M · Revenues, 0001683168-20-004344 FY2019 net income -3.6M · NetIncomeLoss, 0001683168-20-004344 37.4M FY2019 FY2020 revenue 34.5M · Revenues, 0001683168-21-006416 FY2020 net income -1.8M · NetIncomeLoss, 0001683168-21-006416 34.5M FY2020 FY2021 revenue 39.0M · Revenues, 0001683168-22-008471 FY2021 net income 524K · NetIncomeLoss, 0001683168-22-008471 39.0M FY2021 FY2022 revenue 38.2M · Revenues, 0001683168-23-009026 FY2022 net income -1.4M · NetIncomeLoss, 0001683168-23-009026 38.2M FY2022 FY2023 revenue 36.7M · Revenues, 0001683168-24-009011 FY2023 net income -3.7M · NetIncomeLoss, 0001683168-24-009011 36.7M FY2023 FY2024 revenue 20.0M · Revenues, 0001683168-25-009068 FY2024 net income -2.0M · NetIncomeLoss, 0001683168-25-009068 20.0M FY2024 FY2025 revenue 18.2M · Revenues, 0001683168-25-009068 FY2025 net income -167.0M · NetIncomeLoss, 0001683168-25-009068 18.2M FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FWDI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue18.2M
FY2016: -FY2017: 24.8MFY2018: 34.5MFY2019: 37.4MFY2020: 34.5MFY2021: 39.0MFY2022: 38.2MFY2023: 36.7MFY2024: 20.0MFY2025: 18.2M FY2017FY2019FY2021FY2023FY2025
Net income-167.0M
FY2016: 607KFY2017: 579KFY2018: 1.4MFY2019: -3.6MFY2020: -1.8MFY2021: 524KFY2022: -1.4MFY2023: -3.7MFY2024: -2.0MFY2025: -167.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow-4.5M
FY2016: 720KFY2017: -138KFY2018: 901KFY2019: -2.0MFY2020: -331KFY2021: -596KFY2022: 1.4MFY2023: 905KFY2024: 455KFY2025: -4.5M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)-24.59
FY2016: 0.70FY2017: 0.70FY2018: 1.50FY2019: -3.80FY2020: -1.90FY2021: 0.50FY2022: -1.40FY2023: -3.39FY2024: -1.77FY2025: -24.59 FY2017FY2019FY2021FY2023FY2025
Diluted shares6.8M
FY2016: 868KFY2017: 882KFY2018: 935KFY2019: 953KFY2020: 958KFY2021: 1.0MFY2022: 1.0MFY2023: 1.1MFY2024: 1.1MFY2025: 6.8M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2025-12-11

Compared with the 10-K of Dec 27, 2024: new segment Digital Assets; no longer reported: OEM Distribution.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Sep 30, 2025
RevenueSharevs year before
Design 13.6M74.8% -31.9%
Digital Assets 4.6M25.2% -

10-K 0001683168-25-009068, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue-24.8M34.5M37.4M34.5M39.0M38.2M36.7M20.0M18.2M
Cost of revenue22.4M20.6M27.9M30.8M27.8M30.9M29.4M28.3M14.8M13.0M
Gross profit5.1M4.2M6.6M6.6M6.6M8.1M8.8M8.4M5.2M5.2M
SG&A2.6M2.1M4.5M7.7M5.7M6.4M6.7M6.5M6.4M9.6M
Operating income617K598K261K-3.1M-2.0M-765K588K160K-2.2M-8.4M
Interest expense00115K201K175K172K123K104K63K49K
Pretax income607K579K632K-3.6M-1.8M524K452K179K-2.1M-169.1M
Income tax00-747K-4K9K03K20K23K20K
Net income607K579K1.4M-3.6M-1.8M524K-1.4M-3.7M-2.0M-167.0M
EPS (diluted)0.700.701.50-3.80-1.900.50-1.40-3.39-1.77-24.59
Diluted shares868K882K935K953K958K1.0M1.0M1.1M1.1M6.8M
Depreciation & amortization53K22K228K312K272K327K309K316K332K332K
EBITDA670K621K489K-2.8M-1.7M-438K898K476K-1.8M-8.1M
Gross margin-16.9%19.0%17.6%19.3%20.8%23.0%22.8%25.9%28.5%
Operating margin-2.4%0.8%-8.3%-5.7%-2.0%1.5%0.4%-10.8%-46.1%
Net margin-2.3%4.0%-9.6%-5.1%1.3%-3.6%-10.2%-9.8%-918.1%
Revenue growth--+39.3%+8.4%-7.8%+13.2%-2.1%-4.0%-45.5%-9.0%
EPS growth-0.0%+114%-353%---380%---

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash4.8M---2.9M1.4M2.1M2.8M2.8M38.2M
Receivables4.9M6.2M9.0M6.7M7.6M8.8M7.5M3.8M2.3M1.6M
Inventory2.6M2.1M1.6M1.6M1.3M2.1M651K334K490K-
Current assets12.3M13.1M15.2M11.8M12.2M12.8M14.3M11.4M9.6M41.2M
Property & equipment43K21K359K243K215K168K241K272K218K124K
Goodwill-02.2M2.2M1.8M1.8M1.8M1.8M1.6M0
Total assets12.4M13.2M19.2M16.1M19.4M19.9M20.9M17.4M14.8M1.5B
Accounts payable62K67K330K315K197K392K268K495K104K433K
Current liabilities4.2M4.2M7.6M8.3M8.8M7.2M10.0M10.8M9.4M2.7M
Total debt-0224K54K1.5M1.6M1.4M1.1M600K-
Total liabilities4.2M4.2M8.1M8.4M12.8M12.4M14.7M14.8M11.8M4.8M
Shareholders' equity8.2M8.9M11.1M7.7M6.6M7.4M6.3M2.6M3.0M1.5B
Retained earnings-9.7M-9.1M-7.7M-11.3M-13.1M-12.6M-13.9M-17.7M-19.6M-186.6M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow768K-138K956K-2.0M-263K-528K1.5M1.0M520K-4.5M
Capital spending48K056K33K68K67K170K136K65K26K
Free cash flow720K-138K901K-2.0M-331K-596K1.4M905K455K-4.5M
Stock-based pay (added back)236K155K290K216K245K69K201K86K101K2.9M
Dividends paid0---------
Acquisitions-01.9M0353K0----
Investing cash flow-48K0-1.4M-33K-390K-67K-170K-136K-65K-901.5M
Financing cash flow-2K0176K726K485K-919K-200K-300K-500K941.4M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)236K155K290K216K245K69K201K86K101K2.9M
Stock-based pay / revenue-0.6%0.8%0.6%0.7%0.2%0.5%0.2%0.5%15.8%
Operating lease cash paid--------592K607K
Right-of-use assets---03.5M3.7M3.4M3.0M2.6M2.3M
Operating lease liabilities---03.6M3.9M3.6M3.2M2.8M2.5M
Finance lease liabilities----31K-----

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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