Forward Industries, Inc.
FWDINasdaqFinancials · Finance Services · TX · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $18.2M | $29.6M | $36.1M | $38.2M | $39.0M | $34.5M |
| Operating income | −$8.4M | −$2.2M | $159,658 | $588,470 | −$764,999 | −$2.0M |
| Net income | −$167.0M | −$2.0M | −$3.7M | −$1.4M | $523,805 | −$1.8M |
| Total assets | $1.47B | $14.8M | $17.4M | $20.9M | $19.9M | $19.4M |
| Total liabilities | $4.8M | $11.8M | $14.8M | $14.7M | $12.4M | $12.8M |
| Equity | $1.47B | $3.0M | $2.6M | $6.3M | $7.4M | $6.6M |
| EPS (diluted) | $-24.59 | $-1.77 | $-3.39 | $-0.14 | $0.05 | $-0.19 |
| Shares out. | 86.5M | 1.1M | 10.1M | 10.1M | 10.1M | 9.9M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −46.1%
- Net margin
- −918.1%
- Return on equity
- −11.4%
- Return on assets
- −11.3%
- Return on capital (ROCE)
- −0.6%
- Liabilities / assets
- 0.3%
- Debt / equity
- 0.00×
- Book value / share
- $17.00
- Revenue growth (YoY)
- −38.6%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 320.13safe
- Accruals / assets
- −11.0%clean
- Beneish M-Score
- -1.97normal
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 4 warning● 3 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
- Altman Z″ in the safe zone
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 15, 2018
- NT 10-Qmissed a reporting deadline ↗Aug 15, 2014
- NT 10-Kmissed a reporting deadline ↗Dec 30, 2013
- NT 10-Qmissed a reporting deadline ↗Aug 14, 2012
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Multicoin Capital Management, LlcActivist (13D)May 8, 2026
- J Digital 6 Cayman Ltd.Activist (13D)Mar 6, 2026
- C/M Capital Partners, LpPassive (13G)Nov 14, 2025
- Galaxy Digital, LpActivist (13D)Sep 18, 2025
- Renaissance Technologies LlcPassive (13G)Nov 13, 2024
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Pruitt Michael DOfficer — Chief Executive Officer | May 19, 2026 | Buy | 500 | $4.16 |
| Samani PyahmDirector | May 5, 2026 | J | 1.8M | $4.43 |
| Brazier Mark ChristopherOfficer — Chief Financial Officer | Apr 16, 2026 | Grant | 275,000 | $0.00 |
| Navi Ryan DavidOfficer — Chief Investment Officer | Mar 8, 2026 | Grant | 382,085 | $0.00 |
| Quinn Georgia POfficer — General Counsel | Mar 8, 2026 | Grant | 293,911 | $0.00 |
| Navi Ryan DavidOfficer — Chief Investment Officer | Dec 19, 2025 | Buy | 10,000 | $7.08 |
| Pruitt Michael DOfficer — Chief Executive Officer | Dec 15, 2025 | Buy | 1,000 | $7.44 |
| Multicoin Capital Management, Llc10% owner | Sep 10, 2025 | Grant | 7.9M | $18.50 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 2.0M | 1.8 | +53.2% |
| Apr 30, 2026 | 1.3M | 1.8 | -16.1% |
| Apr 15, 2026 | 1.5M | 2.4 | +4.3% |
| Mar 31, 2026 | 1.5M | 1.4 | -35.6% |
| Mar 13, 2026 | 2.3M | 2.3 | +0.5% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Unregistered equity sale · Director / officer changeApr 17, 2026
- Director / officer changeApr 8, 2026
- Entered a material agreement · New financial obligation · Regulation FD disclosureMar 19, 2026
- Director / officer changeMar 13, 2026
- Unregistered equity sale · Modified shareholder rights · Director / officer change · Amended charter or bylaws · Shareholder voteMar 9, 2026
- Results of operationsDec 11, 2025
- Director / officer changeDec 5, 2025
- Other material eventNov 14, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 4May 19, 2026
- 4May 18, 2026
- 10-QFORM 10-Q FOR MAR 2026May 14, 2026
- SCHEDULE 13D/AMay 8, 2026
- S-8REGISTRATION STATEMENTMay 1, 2026
- 8-KFORM 8-KApr 17, 2026
- 4Apr 17, 2026
- 3Apr 13, 2026
- SCHEDULE 13D/AApr 8, 2026
- 4/AOWNERSHIP DOCUMENTApr 8, 2026
- 8-KFORM 8-KApr 8, 2026
- 3/AOWNERSHIP DOCUMENTMar 26, 2026
- 8-KFORM 8-KMar 19, 2026
- 3Mar 13, 2026
- 3OWNERSHIP DOCUMENTMar 13, 2026
Event-driven situations (1)
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