Filing Flows › Forward Industries (FWDI) › Q4 FY25
Forward Industries (FWDI) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Dec 11, 2025
Forward Industries (FWDI) reported revenue of $7.9M for the fourth quarter fiscal 2025 (Q4 FY25), +68% from a year earlier and +218% from the quarter before. Operating margin was -39.2%.
Forward Industries, Q4 FY25: revenue $7.9M (+68% year over year), operating margin -39.2%, net loss $164M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9M | +218% | +68% |
| Operating profit | −$3.1M | — | — |
| Net earnings | −$164M | — | — |
| Operating cash flow | −$2.3M | — | -581% |
What changed
Revenue was $7.9M in Q4 FY25, up 68% year over year and up 218% from the previous quarter.
Gross margin was 61.1%, up 37.8 points from Q4 FY24. Operating costs exceeded revenue by $3.1M, an operating margin of -39.2%. Operating expenses grew 340% against revenue growth of 68%. The fastest-growing cost line was Other operating costs (+1262%). The quarter ended with a net loss of $164.0M, wider than the previous quarter's $850K loss. Net interest and other expense of $160.8M was the main reason.
Operating cash flow was −$2.3M. Non-cash charges added back $83K of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $158.8M. Capital expenditures of −$0K exceeded it, leaving free cash flow of −$2.3M.
Questions
What was Forward Industries' revenue in the fourth quarter fiscal 2025?
Forward Industries (FWDI) reported revenue of $7.9M for the fourth quarter fiscal 2025 (Q4 FY25), +68% from a year earlier and +218% from the quarter before.
Was Forward Industries profitable in the fourth quarter fiscal 2025?
Operating loss was $3.1M (-39.2% of revenue) and net loss $164M.
Source: Forward Industries 10-K on SEC EDGAR.