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Forward Industries
(NASDAQ:FORD)
Forward Industries (FORD) vs. SPDR S&P 500 ETF (SPY)
Forward Industries Business Overview & Revenue Model
Forward Industries Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.56M | 30.20M | 36.69M | 42.34M | 39.02M | 34.48M |
| Gross Profit | 2.11M | 6.21M | 8.36M | 8.37M | 8.13M | 6.64M |
| EBITDA | -5.27M | -1.53M | 598.81K | 897.71K | -437.71K | -1.32M |
| Net Income | -3.65M | -1.95M | -3.74M | -1.38M | 523.80K | -1.78M |
Balance Sheet | ||||||
| Total Assets | 8.29M | 14.77M | 17.39M | 20.94M | 19.86M | 19.36M |
| Cash, Cash Equivalents and Short-Term Investments | 1.26M | 3.02M | 3.18M | 2.58M | 1.41M | 2.92M |
| Total Debt | 3.26M | 3.43M | 4.35M | 5.03M | 5.50M | 7.76M |
| Total Liabilities | 4.94M | 11.80M | 14.77M | 14.67M | 12.41M | 12.77M |
| Stockholders Equity | 3.35M | 2.97M | 2.62M | 6.27M | 7.44M | 6.58M |
Cash Flow | ||||||
| Free Cash Flow | -1.67M | 341.97K | 904.95K | 1.37M | -595.52K | -331.40K |
| Operating Cash Flow | -1.63M | 407.12K | 1.04M | 1.53M | -528.31K | -262.95K |
| Investing Cash Flow | -240.86K | -65.15K | -136.08K | -169.63K | -67.21K | -390.06K |
| Financing Cash Flow | 911.14K | -500.00K | -300.00K | -200.00K | -918.74K | 484.82K |
Forward Industries Technical Analysis
Forward Industries Risk Analysis
Forward Industries Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $210.53M | 10.30 | 8.67% | 2.20% | 4.13% | 53.56% | |
| ― | $273.49M | 10.68 | 10.36% | 10.67% | -6.39% | -14.72% | |
| ― | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
| ― | $1.84B | 21.93 | 27.52% | 1.72% | -2.83% | ― | |
| ― | $1.44B | 35.94 | ― | 2.78% | 3.35% | 1.97% | |
| ― | $373.63M | 6.34 | 9.50% | 2.54% | -5.31% | -62.20% | |
| ― | $1.22B | -4.34 | -235.29% | ― | -30.05% | -5.28% |
Forward Industries Corporate Events
On October 16, 2025, Dr. Sharon Hrynkow resigned from the Board of Directors of Forward Industries, Inc., including all her committee positions. Her resignation was not due to any disagreements with the company, and she was released from a lockup agreement related to a recent private placement.
The most recent analyst rating on (FORD) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On October 10, 2025, Forward Industries, Inc. entered into a Waiver and Consent with certain holders of its securities, who collectively own at least 50.1% of the outstanding Registrable Securities. This agreement waives the compliance of the Filing Date and extends the deadline for the company to file the initial resale registration statement with the SEC to the 60th calendar day following the Closing Date.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On September 16, 2025, Forward Industries, Inc. entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co., allowing the company to sell shares of its common stock up to an aggregate sales price of $4 billion. This agreement provides flexibility for Forward Industries to manage its stock offerings, with Cantor acting as the sales agent, and includes customary indemnification and contribution rights. The sales can be made in at-the-market offerings or other legal methods, with no obligation for the company to sell any shares, allowing them to suspend or terminate the agreement as needed.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
In March 2025, Forward Industries, Inc. decided to discontinue its Original Equipment Manufacturer (OEM) segment and committed to selling it, leading to a strategic shift in its operations. The company has recast its financial statements to reflect the OEM segment as discontinued operations, impacting its financial results and disclosures for the fiscal year ended September 30, 2024, and the period ended December 31, 2024.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On September 15, 2025, Forward Industries, Inc., a New York corporation, announced its initial purchase of 6,822,000 Solana tokens (SOL) at an average price of $232 per SOL, totaling approximately $1.58 billion. This significant investment in cryptocurrency marks a strategic move for the company, potentially impacting its financial position and signaling a shift towards digital assets, which may influence stakeholders’ perceptions and the company’s future market strategies.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
Forward Industries, Inc. has filed a Current Report on Form 8-K to include a legal opinion regarding the validity of 1,783,783 shares of its common stock. These shares were sold to two accredited investors in a registered direct offering at $18.50 per share, under an effective shelf Registration Statement filed with the SEC in June 2025.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On September 10, 2025, Forward Industries entered into an asset management agreement with Galaxy Digital Capital Management to manage its investible assets, excluding certain equities and securities. The agreement, which includes the management of Solana tokens, has an initial term of three years and can be renewed annually. Additionally, Forward Industries announced the successful closing of a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The proceeds will primarily fund the purchase of Solana (SOL) and support the company’s Solana treasury strategy. This move positions Forward Industries as a significant institutional participant in the Solana ecosystem, aiming to leverage Solana’s rapid growth in decentralized finance and blockchain technology.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On September 6, 2025, Forward Industries, Inc. entered into a securities purchase agreement with accredited investors for a $1.65 billion private placement. This initiative, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, aims to launch a Solana-focused digital asset treasury strategy. The company plans to use the proceeds to acquire Solana tokens and other digital assets, positioning itself as a leading publicly traded participant in the Solana ecosystem. This move is expected to enhance shareholder value and align Forward Industries with the fast-growing Solana ecosystem, with strategic support from its sponsors.
The most recent analyst rating on (FORD) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Forward Industries stock, see the FORD Stock Forecast page.
On August 8, 2025, Forward Industries converted 610 shares of Series A-1 Preferred Stock into 81,333 shares of common stock, utilizing an exemption from registration under the Securities Act of 1933. The company also appointed Fred Sklenar as CEO and President of its subsidiary, Kablooe Inc., effective August 18, 2025, following Tom KraMer’s resignation. Additionally, the company held its 2025 Annual Shareholders’ Meeting on August 8, 2025, where several proposals were voted on, including the election of directors and changes to the company’s equity incentive plan. Most proposals were approved, except for the proposal to change the company’s state of incorporation from New York to Nevada.
On August 11, 2025, Forward Industries, Inc. completed the sale of 263,243 shares of its common stock to six investors through a registered direct offering. This transaction increased the company’s total outstanding shares to 1,664,949 and included a legal opinion on the validity of the shares issued, which was filed as part of the company’s registration statement.
On August 11, 2025, Forward Industries, Inc. entered into Subscription Agreements with six investors to issue and sell 263,243 shares of common stock at $8.50 per share, expecting gross proceeds of approximately $2,230,000. The offering, which is expected to close on the same day, was conducted without an underwriter or placement agent and is part of a shelf registration declared effective by the SEC on June 20, 2025.