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Forward Industries (FORD) investor relations material

Forward Industries Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Aug, 2025

Executive summary

  • Revenue from continuing operations declined 50.5% year-over-year for the quarter and 32.8% for the nine months, primarily due to the loss of a major customer and lower project volume, partially offset by new customer projects.

  • The company completed the sale of its OEM segment in May 2025 and previously exited its retail distribution segment, both classified as discontinued operations, resulting in a $1.4M gain on sale in Q3 2025.

  • Cost reduction measures included two workforce reductions in January and June 2025 to mitigate revenue declines.

  • The company raised $1M via Series B Convertible Preferred Stock in May 2025 and $2.4M through an equity line of credit and $2.2M in a registered direct offering post-quarter end.

Financial highlights

  • Q3 2025 revenue from continuing operations: $2.5M, down from $5.0M in Q3 2024; nine-month revenue: $10.2M, down from $15.2M year-over-year.

  • Gross margin for the quarter dropped to -24.9% from 26.0% year-over-year; nine-month gross margin fell to 3.3% from 26.7%.

  • Operating loss for Q3 2025 was $2.6M versus $0.5M in Q3 2024; nine-month operating loss was $5.3M versus $1.4M year-over-year.

  • Net loss attributable to common shareholders for Q3 2025 was $0.9M ($0.77/share) and $3.0M ($2.73/share) for the nine months.

  • Income from discontinued operations (OEM and retail) was $1.6M in Q3 2025 and $2.1M for the nine months, including a $1.4M gain on sale.

Outlook and guidance

  • Management expects continued material revenue decreases due to the loss of its largest customer and ongoing macroeconomic uncertainty, including tariffs.

  • Cost reduction efforts are ongoing, and further adjustments may be made based on business needs.

  • There is substantial doubt about the company's ability to continue as a going concern for 12 months from the financial statement issuance date.

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Frequently asked questions

Forward Industries, Inc. is a global company specializing in the design, manufacturing, sourcing, and distribution of carrying and protective solutions. The company operates through two primary segments: OEM Distribution and Design. The OEM Distribution segment focuses on providing carrying cases and accessories for a variety of products, including medical devices, diagnostic kits, barcode scanners, GPS devices, and consumer electronics. The Design segment offers comprehensive hardware and software design and engineering services, catering to industries such as medical devices, consumer electronics, and industrial applications. The company is headquartered in Hauppauge, New York, and its shares are listed on the NASDAQ.

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