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Forward Industries, Inc. (FWDI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · FOOTWEAR & ACCESSORIES · DATA UPDATED 2026-10-02

Forward Industries, Inc. (FWDI) operates in the FOOTWEAR & ACCESSORIES industry and is headquartered in Austin, United States with about 60 employees. Its market capitalization is roughly $484 million. In the fiscal year ended 2025-09-30, FWDI reported $18M in revenue and ($167M) in net income.

Forward Industries, Inc. operates as a Solana (SOL) focused digital asset treasury company. The company operates through Digital Assets and Design segments. The Digital Assets segment captures SOL-based yield generated by participating in the Solana network's staking protocol.

Interactive charts & full statements → Open the FWDI valuation workbench →

FWDI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30
Total Revenue	$53M	$18M	$30M	$37M	$38M	$39M	$34M	$37M	$34M	$25M	$27M	$30M	$33M	$31M	$23M	$19M	$17M	$20M	$22M	$31M	$52M
Gross Profit	$38M	$5M	$6M	$8M	$9M	$8M	$7M	$7M	$7M	$4M	$5M	$6M	$7M	$6M	$5M	$4M	$4M	$4M	$5M	$8M	$19M
Gross Margin %	71.7%	28.5%	20.6%	22.8%	23.0%	20.8%	19.2%	17.6%	19.0%	16.9%	18.5%	19.3%	19.7%	20.6%	22.2%	22.3%	20.5%	20.2%	21.7%	25.6%	35.8%
Operating Income (EBIT)	($59M)	($6M)	($2M)	$0M	$1M	($1M)	($1M)	($3M)	$0M	$1M	$1M	($2M)	$0M	$1M	($3M)	($2M)	($1M)	($2M)	($2M)	$2M	$12M
Operating Margin %	-111.3%	-35.0%	-6.4%	0.4%	1.5%	-2.0%	-2.8%	-8.3%	0.8%	2.4%	2.2%	-5.0%	-0.3%	2.3%	-13.2%	-8.3%	-7.7%	-8.3%	-8.2%	5.6%	23.8%
Net Income	($1.1B)	($167M)	($2M)	($4M)	($1M)	$1M	($2M)	($4M)	$1M	$1M	$1M	($1M)	($1M)	$0M	($3M)	($2M)	($1M)	($1M)	($1M)	$2M	$9M
Net Margin %	-2079.2%	-918.1%	-6.5%	-10.2%	-3.6%	1.3%	-5.1%	-9.6%	4.0%	2.3%	2.2%	-4.8%	-2.4%	-0.7%	-12.7%	-8.9%	-8.0%	-4.5%	-2.5%	5.0%	18.2%
EBITDA	($509M)	($169M)	($2M)	$1M	$1M	$1M	($1M)	($3M)	$1M	$1M	$1M	($1M)	$0M	$1M	($3M)	($2M)	($1M)	($1M)	($1M)	$2M	$12M
Earnings Per Share (EPS)	$-12.10	$-2.46	$-0.18	$-0.37	$-0.14	$0.10	$-0.19	$-0.38	$0.15	$0.11	$0.11	$-0.17	$-0.10	$-0.03	$-0.36	$-0.21	$-0.18	$-0.11	$-0.12	$0.19	$1.26
Shares Outstanding (M)	87M	68M	11M	10M	10M	10M	10M	10M	9M	9M	9M	8M	8M	8M	8M	8M	8M	8M	8M	8M	7M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWDI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$11M	$13M	$21M	$8M	$2M	$3M	$5M	$7M
Gross Profit	$7M	$9M	$17M	$5M	($1M)	$0M	$1M	$1M
Gross Margin %	62.2%	70.0%	78.6%	61.1%	-24.9%	-5.7%	24.5%	18.5%
Operating Income (EBIT)	($70M)	$2M	$10M	($1M)	($3M)	($2M)	($1M)	$0M
Operating Margin %	-651.8%	18.8%	44.9%	-16.5%	-102.6%	-58.3%	-14.5%	-5.9%
Net Income	($69M)	($283M)	($586M)	($164M)	($1M)	($1M)	($1M)	($1M)
Net Margin %	-639.7%	-2184.1%	-2732.2%	-2063.7%	-34.1%	-46.5%	-15.3%	-8.8%
EBITDA	($71M)	($284M)	$10M	($164M)	($2M)	($2M)	($1M)	—
Earnings Per Share (EPS)	$-0.80	$-2.98	$-5.91	$-2.41	$-0.08	$-0.13	$-0.06	$-1.00
Shares Outstanding (M)	87M	95M	99M	68M	11M	11M	—	1M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWDI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30
Cash from Operations (CFO)	($18M)	($5M)	$1M	$1M	$2M	($1M)	$0M	($2M)	$1M	$0M	$1M	($2M)	$0M	$2M	($2M)	($2M)	$0M	$0M	$2M	$3M	$7M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	($18M)	($5M)	$0M	$1M	$1M	($1M)	$0M	($2M)	$1M	$0M	$1M	($2M)	$0M	$2M	($2M)	($2M)	$0M	$0M	$2M	$3M	$7M
FCF Margin %	-34.0%	-24.9%	1.5%	2.5%	3.6%	-1.5%	-1.0%	-5.3%	2.6%	-0.6%	2.6%	-6.9%	0.6%	7.0%	-9.1%	-8.9%	1.3%	-2.2%	8.1%	10.3%	13.5%
Dividends Paid	—	—	—	—	—	—	—	—	—	—	—	$0M	$0M	$0M	—	—	—	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWDI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	($3M)	($5M)	($8M)	($2M)	($1M)	($1M)	$0M	$0M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	($3M)	($5M)	($8M)	($2M)	($1M)	($1M)	$0M	$0M
FCF Margin %	-31.1%	-37.0%	-37.0%	-29.0%	-50.0%	-17.3%	-9.0%	6.3%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWDI Balance Sheet History

Balance sheet	2026-06-30	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30
Total Assets	$603M	$1.5B	$15M	$17M	$21M	$20M	$19M	$16M	$19M	$13M	$12M	$13M	$17M	$15M	$22M	$25M	$24M	$26M	$27M	$28M	$30M
Cash & Cash Equivalents	$11M	$38M	$3M	$3M	$3M	$1M	$3M	$3M	$4M	$5M	$5M	$4M	$6M	$7M	$15M	$18M	$20M	$20M	$20M	$19M	$15M
Total Liabilities	$128M	$5M	$12M	$15M	$15M	$12M	$13M	$8M	$8M	$4M	$4M	$5M	$7M	$6M	$4M	$3M	$2M	$2M	$2M	$3M	$7M
Total Debt (Short + Long-Term)	$118M	$0M	$1M	$2M	$2M	$2M	$4M	$3M	$2M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Total Shareholders' Equity	$474M	$1.5B	$3M	$3M	$6M	$7M	$7M	$8M	$11M	$9M	$8M	$7M	$9M	$9M	$19M	$21M	$23M	$24M	$24M	$25M	$23M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive FWDI viewer.

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WWW · Wolverine World Wide Inc — $2 billion
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