Filing Flows

Filing Flows › Financials › Forward Industries (FWDI)

Forward Industries (FWDI) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 12, 2026 · Forward Industries (FWDI) Q3 FY26 earnings results →

Q3 FY26 Revenue up 332% year over year to $10.8M · 640¢ of every $1 of revenue lost · operating margin -651.8%

Forward Industries made $10.8M in Q3 FY26 (+332% Y/Y). Operating margin -651.8%, net loss $69.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.

Revenue$10.8M
Year over year+332%
Operating margin-651.8%
Net earnings−$69.0M
Operating cash flow−$3.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $10.8M in Q3 FY26, up 332% year over year and down 17% from the previous quarter.

Gross margin was 62.2%. Operating costs exceeded revenue by $70.3M, an operating margin of -651.8%. The fastest-growing cost line was Sales & marketing (+357%). The quarter ended with a net loss of $69.0M, narrower than the previous quarter's $283.1M loss.

Operating cash flow was −$3.4M. Non-cash charges added back $21K of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $62.5M.

Quarterly history

Forward Industries revenue by quarterForward Industries revenue by quarter$7.3MQ4 FY24$3.1MQ2 FY25$2.5MQ3 FY25$7.9MQ4 FY25$21.4MQ1 FY26$13.0MQ2 FY26$10.8MQ3 FY26
Forward Industries net earnings by quarterForward Industries net earnings by quarter−$644KQ4 FY24−$1.5MQ2 FY25−$850KQ3 FY25−$164MQ4 FY25−$586MQ1 FY26−$283MQ2 FY26−$69.0MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 12, 2026$10.8M+332%-651.8%−$69.0M−$3.4M
Q2 FY2610-QMay 14, 2026$13.0M+315%n/m−$283M−$4.8M
Q1 FY2610-QFeb 12, 2026$21.4M+364%n/m−$586M−$7.9M
Q4 FY2510-KDec 11, 2025$7.9M+68%-39.2%−$164M−$2.3M
Q3 FY2510-QAug 14, 2025$2.5M-50%-102.6%−$850K−$1.2M
Q2 FY2510-QMay 14, 2025$3.1M-38%-58.3%−$1.5M−$562K
Q4 FY2410-KDec 27, 2024$7.3M-14%-8.6%−$644K$479K

Charts

Forward Industries: revenue growth, year over year and quarter over quarterForward Industries: revenue growth, year over year and quarter over quarterY/YQ/Q-14%Q4 FY24-38%-57%Q2 FY25-50%-20%Q3 FY25+68%+218%Q4 FY25+364%+170%Q1 FY26+315%-40%Q2 FY26+332%-17%Q3 FY26
Latest (Q3 FY26): Y/Y +332%, Q/Q -17%.
Forward Industries: where the cash came from (+) and went (−), TTM to Q3 FY26Forward Industries: where the cash came from (+) and went (−), TTM to Q3 FY26Other financing$973MOther investing−$955MOperating cash flow−$18.4MShares issued$10.2MCash drawn (+) / kept (−)−$9.7MCapital spending−$3K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Forward Industries: profit against cash, quarter by quarterForward Industries: profit against cash, quarter by quarterNet incomeOperating cash flow−$644K$467KQ4 FY24−$708K−$434KQ1 FY25−$1.5M−$538KQ2 FY25−$850K−$1.2MQ3 FY25−$164M−$2.3MQ4 FY25−$586M−$7.9MQ1 FY26−$283M−$4.8MQ2 FY26−$69.0M−$3.4MQ3 FY26
Latest (Q3 FY26): Net income −$69.0M, Operating cash flow −$3.4M.
Forward Industries: diluted shares by fiscal yearForward Industries: diluted shares by fiscal year10MFY2010MFY2110MFY221MFY231MFY247MFY25
-29.1% since FY20: buybacks shrank the count.
Forward Industries in its industry: growth against margin (84 companies, SIC 6199)Forward Industries in its industry: growth against margin (84 companies, SIC 6199)revenue growth, year over year →↑ operating marginmedian +17%median -17%AXPBTGOGeneral Motors Financial Company, Inc.SOFICOINCRCLCHYMGDOTBKKTRHLDPGYUPSTLDIWDPWPOPRTCORZIRENDAVERIOTMARABURCPSSMSTRVELOPFIWLTHCLSKSNFCAHIVEWULFProsper Marketplace, IncHUTABTCMFINGPGIIONDBMNRBCGGEMIStartEngine Inc.NAKABTBTWYFIKEELCIFREXODGHIMGTESLNHTONXZSTKSBETMGLDBGDEDGXXATCHFLDVIPDFDVAGPUUPXIDRKAVXHSDTBTCSPWCMORBSSHFSOPNWTRONMVNCMinistry Partners Investment Company, LLCPAPLMWAIBNBXCDSUIGFGCEMPDTAOXGSMTHSCSFWDI (+300%, -100%)
Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Forward Industries

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. The Company also acquires and holds Solana (“SOL”) and other digital assets and has adopted SOL as its primary treasury reserve asset.

In its own words, from its 10-K, filed Dec 11, 2025.

Forward Industries against its Finance Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +332% against the peers' median +18%. Operating margin: -651.8% against the peers' median 5.1%.

CompanyQuarterRevenueY/YOp. margin
FWDI Forward IndustriesQ3 FY26$10.8M+332%-651.8%
AXP American ExpressQ3 2026$20.1B+9%22.6%
BTGO Bitgo HoldingsQ2 FY27$4.3B+80%-0.4%
General Motors Financial CompanyQ3 2026$4.3B-0.6%15.3%
SOFI SoFi TechnologiesQ3 2026$1.4B+44%22.9%
COIN Coinbase GlobalQ3 2026$1.2B-35%5.1%
CRCL Circle Internet GroupQ3 2026$865M+17%24.1%
CHYM Chime FinancialQ3 2026$718M+32%4.8%
GDOT Green DOTQ2 2026$596M+18%-0.1%

Source: Forward Industries 10-Q on SEC EDGAR · CIK 38264 · Finance Services

13F: who owns FWDI and who is buying

Largest holders of FWDI (13F)Largest holders of FWDI (13F)Galaxy Digital$34.2MBlackRock$15.7MGeode Capital Management, LLC$14.3MAlyeska Investment Group, L.P.$13.7MVanguard Capital Management LLC$11.3MGhisallo Capital Management LLC$4.2MLong Corridor Asset Management$4.2MState Street$4.2MWeiss Asset Management LP$3.8MPolar Asset Management Partners$3.7M
Funds' net buying of FWDI by quarter (13F)Funds' net buying of FWDI by quarter (13F)$8.7M2026-03−$32.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FWDI

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

Compare FWDI with

中文版：Forward Industries（FWDI）财报

Español · Français