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Forward Industries cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$3.4M in Q3 FY26 · −$18.4M over twelve months

Operating cash flow−$3.4M
Free cash flow−$3.4M

Analysis

In Q3 FY26, Forward Industries generated −$3.4M of operating cash flow. That is $2.1M less than in Q3 FY25 (−$1.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$18.4M; the largest uses were other investing ($955M), operating cash flow ($18.4M), capital spending ($3K); besides operations, cash came from other financing ($973M), shares issued ($10.2M); the cash balance rose by $9.7M.

Operating cash flow was −$3.4M against net income of −$69.0M. The largest differences: stock-based pay +$3.1M, accrued liabilities −$1.5M, prepaid and other assets +$645K.

Free cash flow

Forward Industries: free cash flow by quarterForward Industries: free cash flow by quarter$452KQ4 FY24−$440KQ1 FY25−$539KQ2 FY25−$1.2MQ3 FY25−$2.3MQ4 FY25−$7.9MQ1 FY26−$4.8MQ2 FY26−$3.4MQ3 FY26
Operating cash flow less capital spending.
Forward Industries: operating cash flow against capital spendingForward Industries: operating cash flow against capital spendingOperating cash flowCapital spending$467K$15KQ4 FY24−$434K$5KQ1 FY25−$538K$1KQ2 FY25−$1.2M$19KQ3 FY25−$2.3M−$3Q4 FY25−$7.9M$0Q1 FY26−$4.8M$3KQ2 FY26−$3.4M$0Q3 FY26
Latest (Q3 FY26): Operating cash flow −$3.4M, Capital spending $0.

Capital allocation, year by year

Forward Industries: where the cash came from (up) and went (down), by fiscal yearForward Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY21: Operating cash flow −$528KFY21: Net borrowing −$1.2MFY21: Shares issued $268KFY21: Capital spending −$67K$268KFY21FY22: Operating cash flow $1.5MFY22: Capital spending −$170K$1.5MFY22FY23: Operating cash flow $1.2MFY23: Net borrowing −$300KFY23: Capital spending −$136K$1.2MFY23FY24: Operating cash flow $520KFY24: Net borrowing −$500KFY24: Capital spending −$65K$520KFY24FY25: Operating cash flow −$4.5MFY25: Net borrowing $1.8MFY25: Shares issued $2.3MFY25: Capital spending −$26K$4.1MFY25
Over these 5 years operating cash flow totalled −$1.8M; the largest uses were operating cash flow ($5.0M) and net borrowing ($2.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.0M
Debtnone
Net cash$11.0M
Cash runway7 months

Forward Industries is burning cash: its operations consume cash, a free cash flow of −$18.4M a year at the current rate against $11.0M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

Forward Industries: sources (+) and uses (−) of cash, Q3 FY26Forward Industries: sources (+) and uses (−) of cash, Q3 FY26Other financing$64.9MOther investing−$55.8MBuybacks−$11.8MCash drawn (+) / kept (−)$5.7MOperating cash flow−$3.4MShares issued$425K
Forward Industries: sources (+) and uses (−) of cash, TTM to Q3 FY26Forward Industries: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing$973MOther investing−$955MOperating cash flow−$18.4MShares issued$10.2MCash drawn (+) / kept (−)−$9.7MCapital spending−$3K

From profit to cash

Forward Industries: net income to operating cash flow, Q3 FY26Forward Industries: net income to operating cash flow, Q3 FY26Net income−$69.0MDepreciation & amortization$21KStock-based pay$3.1MReceivables$177KPayables$9KAccrued liabilities−$1.5MDeferred revenue−$107KPrepaid and other assets$645KOperating cash flow−$3.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY254816361
Q4 FY24859391

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26−$3.4M—−$11.8M—$425K$5.7M−$3.4M
Q2 FY26−$4.8M−$3K−$47.1M—$19K$8.8M−$4.8M
Q1 FY26−$7.9M—−$10.9M—$7.5M$12.8M−$7.9M
Q4 FY25−$2.3M$3—−$600K$2.3M−$36.9M−$2.3M
Q3 FY25−$1.2M−$19K———$535K−$1.2M
Q2 FY25−$538K−$1K———$539K−$539K
Q1 FY25−$434K−$5K———$440K−$440K
Q4 FY24$467K−$15K———−$452K$452K

Forward Industries: income statement and cash flow

Forward Industries, Q3 FY26: revenue $10.8M (+332% year over year), operating margin -651.8%. The chart follows the revenue to costs, profit and cash.

Forward Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.