FWDI on Nasdaq

Forward Industries, Inc.

American finance services company that raised $1.6 billion in 2025 (SEC Form D).

Price unavailable

Last updated Oct 18, 2026.

Overview

$18.2MRevenue, fiscal 20252
-$167.0MNet income, fiscal 20252

Compare with UPEXI, INC., 9F Inc. or Oportun Financial Corp, or pick any stock.

  • TickerFWDI on Nasdaq
  • IndustryFinance Services
  • HeadquartersIslip, United States
  • Incorporated inTX3
  • Business address111 Congress Avenue, Suite 500, Austin, Tx 787013
  • Filer categoryNon-accelerated filer, Smaller reporting company3

See how the biggest companies compare on our leaderboards

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.5%Gross margin2
-46.1%Operating margin2
-918.1%Net margin2
-9.0%Revenue growth, 20252
-11.4%Return on equity2
-$4.5MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Design brought in 75% of the revenue Forward Industries, Inc. broke down this way in fiscal 2025.

  1. Design$13.6M275%down 32% from 2024
  2. Digital Assets$4.6M225%
Business segments by year
Business segments20242025
Design$20.0M$13.6M
Digital Assets$0$4.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue71¢$13.0M
  • Other costs28¢$5.1M
  • Interest0¢$49.1K
  • Income tax0¢$20.4K

Out of $18.2M in revenue.2 The company lost money this year.

Financial statements

Revenue4567892$18.2M in 2025−47% since 2018
0$10.0M$20.0M$30.0M$40.0M2018: $34.5M$34.5M20182019: $37.4M$37.4M2019+8%2020: $34.5M$34.5M2020−8%2021: $39.0M$39.0M2021+13%2022: $38.2M$38.2M2022−2%2023: $36.7M$36.7M2023−4%2024: $20.0M$20.0M2024−46%2025: $18.2M$18.2M2025−9%
Gross profit4567892$5.2M in 2025−21% since 2018
0$2.5M$5.0M$7.5M$10.0M2018: $6.6M$6.6M20182019: $6.6M$6.6M2019+0%2020: $6.6M$6.6M2020+1%2021: $8.1M$8.1M2021+23%2022: $8.8M$8.8M2022+8%2023: $8.4M$8.4M2023−5%2024: $5.2M$5.2M2024−38%2025: $5.2M$5.2M2025+0%
Operating income4567892-$8.4M in 2025
-$10.0M-$7.5M-$5.0M-$2.5M0$2.5M2018: $260.7K$260.7K20182019: -$3.1M-$3.1M20192020: -$2.0M-$2.0M2020−36%2021: -$765.0K-$765.0K2021−61%2022: $588.5K$588.5K20222023: $159.7K$159.7K2023−73%2024: -$2.2M-$2.2M20242025: -$8.4M-$8.4M2025+290%
Net income4567892-$167.0M in 2025
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2018: $1.4M$1.4M20182019: -$3.6M-$3.6M20192020: -$1.8M-$1.8M2020−51%2021: $523.8K$523.8K20212022: -$1.4M-$1.4M20222023: -$3.7M-$3.7M2023+171%2024: -$2.0M-$2.0M2024−48%2025: -$167.0M-$167.0M2025+8460%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-09-302024-09-30
Revenues, net$18.2M$20.0M
Cost of sales$13.0M$14.8M
Gross profit$5.2M$5.2M
Sales and marketing expenses$1.0M$769.4K
General and administrative expenses$9.6M$6.4M
Related party expenses$923.5K$0
Goodwill and intangible asset impairment$2.0M$200.0K
Operating loss-$8.4M-$2.2M
Loss on change in fair value of digital assets$160.0M$0
Loss on change in fair value of warrant liability$658.3K$0
Interest income-$70.7K-$78.9K
Interest expense - related party$49.1K$62.7K
Other expense, net$4.2K$8.3K
Loss from continuing operations before income taxes-$169.1M-$2.1M
Provision for income taxes$20.4K$22.9K
Loss from continuing operations-$169.1M-$2.2M
Income from discontinued operations, net of tax$2.1M$215.6K
Net loss-$167.0M-$2.0M
Deemed dividend on Series B Convertible Preferred Stock-$29.4K$0
Net loss attributable to common shareholders-$167.0M-$2.0M
Basic loss per share from continuing operations-$25-$2
Basic earnings per share from discontinued operations$0$0
Basic loss per share-$24.59-$1.77
Diluted loss per share from continuing operations-$25-$2
Diluted earnings per share from discontinued operations$0$0
Diluted loss per share-$24.59-$1.77
Basic6.8M shares1.1M shares
Diluted6.8M shares1.1M shares

Compare Forward Industries, Inc. with another company

Leadership

Who has led Forward Industries, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Douglas Sabra2008–2010
  2. Brett M. Johnson2010–2012
  3. Bernard Wise Terence2020–2024
  4. Thomas Edward Kramer2020–2021
  5. Michael D. Pruitt2025–now

Chair

  1. Douglas Sabra2008

President

  1. Michael Schiffman2007
  2. Douglas Sabra2009
  3. Brett M. Johnson2010
  4. Mitchell Maiman2018–2021

Chief financial officer

  1. Douglas Sabra2006–2007
  2. James Owen McKenna Iii.2008–2013
  3. Michael D. Matte2015
  4. Anthony Camarda2020
  5. Kathleen Weisberg2023–2026
  6. Mark Christopher Brazier2026–now

Chief operating officer

  1. Michael Schiffman2007
  2. Douglas David Matthews2019
2010201520202025
Board members and other officers (31)

Former names

  • FORWARD INDUSTRIES INCJul 16, 1996 to Jan 23, 20183

Timeline

  1. Sep 11, 2025New chief executive Michael D. Pruitt becomes CEO12
  2. Dec 28, 2020New chief executive Thomas Edward Kramer becomes CEO14
  3. Sep 16, 2020New chief executive Bernard Wise Terence becomes CEO13
  4. Aug 18, 2010New chief executive Brett M. Johnson becomes CEO15
  5. Jan 3, 2008New chief executive Douglas Sabra becomes CEO16
  6. Mar 6, 1961Founded Forward Industries, Inc. is founded57

Filings

232 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 91 major events, 70 insider forms, 15 large holders, 1 private raises, 34 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 24, 20268-K CURRENT REPORT EDGAR
  3. Sep 24, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  4. Sep 15, 20268-K EDGAR
  5. Aug 17, 20264 EDGAR
  6. Aug 17, 20264 EDGAR
  7. Aug 17, 20264 EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 12, 20268-K CURRENT REPORT EDGAR
  10. Aug 12, 202610-Q FORM 10-Q FOR JUN 2026 EDGAR
  11. Jul 23, 20263 EDGAR
  12. Jul 20, 20268-K CURRENT REPORT EDGAR
  13. Jun 16, 20268-K CURRENT REPORT EDGAR
  14. Jun 16, 20268-K CURRENT REPORT EDGAR
  15. Jun 10, 20268-K CURRENT REPORT EDGAR
  16. May 19, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 14, 202610-Q FORM 10-Q FOR MAR 2026 EDGAR
  19. May 8, 2026SCHEDULE 13D/A EDGAR
  20. May 1, 2026S-8 REGISTRATION STATEMENT EDGAR

The 232 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 15 such filings since October 2021, the latest 10:

  1. Aug 14, 2026SCHEDULE 13G
  2. May 8, 2026SCHEDULE 13D/A
  3. Apr 8, 2026SCHEDULE 13D/A
  4. Mar 6, 2026SCHEDULE 13D/A
  5. Nov 14, 2025SCHEDULE 13G/A
  6. Sep 18, 2025SCHEDULE 13D
  7. Sep 18, 2025SCHEDULE 13D
  8. Sep 18, 2025SCHEDULE 13D
  9. Jul 28, 2025SCHEDULE 13G
  10. Nov 13, 2024SCHEDULE 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 10, 2025Raised $1.6 billion in a private offering of equity Form D: 214 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 87. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Galaxy Digital Inc.8,108,108$34.2M5.4%No change
BlackRock, Inc.3,710,811$15.7M0.0%+3,498,852
Geode Capital Management, LLC1,943,824$14.3M0.0%+868,896
Alyeska Investment Group, L.P.3,250,161$13.7M0.0%No change
Vanguard Capital Management LLC2,682,734$11.3M0.0%+1,942,085
Ghisallo Capital Management LLC1,006,882$4.2M0.1%No change
Long Corridor Asset Management Ltd994,164$4.2M1.5%No change
State Street Corp988,926$4.2M0.0%+671,735
Weiss Asset Management LP904,581$3.8M0.1%New
Polar Asset Management Partners Inc.874,537$3.7M0.1%−71,409
Citadel Advisors LLC785,784$3.3M0.0%+187,500
Northern Trust Corp474,529$2.0M0.0%+329,094
Nuveen, LLC446,255$1.9M0.0%New
Vanguard Portfolio Management LLC415,422$1.8M0.0%New
Vanguard Fiduciary Trust Co412,319$1.7M0.0%+56,841
UBS Group AG388,013$1.6M0.0%+265,188
Lazard Asset Management LLC201,869$851.9K0.0%−197,851
Morgan Stanley191,896$809.8K0.0%+82,110
Renaissance Technologies LLC188,854$797.0K0.0%−211,370
Bank of New York Mellon Corp175,121$739.0K0.0%+157,389
ParaFi Capital LP162,164$684.3K0.2%No change
Pantera Capital Partners LP153,070$646.0K0.6%−51,023
Moore Capital Management, LP150,000$633.0K0.0%−50,000
Charles Schwab Investment Management Inc140,359$592.3K0.0%+101,307
Susquehanna International Group, Llp138,684$585.2K0.0%−122,460

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57