Forward Industries, Inc. (FWDI)

Nasdaq: FWDI · Finance Services · Hauppauge, NY · filing with the SEC since 1996

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Grade3.2

◀ Past 3.1● Present 3.4▶ Future 3.0

1 est.

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The grade of Forward Industries, Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.2/10

◀ Past3.140% of the headline

● Present3.435% of the headline

▶ Future3.025% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.1/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

2.5/10

Has it survived what it has been through?

8 warning events since 2017; the latest 2025-04-02.

weight 45% of this tense · 25th percentile among 130 sector filers · read for itself

From the record

Forward Industries, Inc.'s filings since 2017 show 8 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 6 times, the latest 2025-04-02); an auditor change (8-K item 4.01, the latest 2025-03-31); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2018-05-15) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.4/10

What has it actually done, year after year?

+64% a year over 10 filed years; profitable in 4 of 10.

weight 22% of this tense · 54th percentile among 104 sector filers · read for its customers

From the record

Forward Industries, Inc.'s 10 filed years say what it did: revenue went from $29 thousand in fiscal 2012 to $18 million in fiscal 2025, up 64% a year; it rose in 4 of 9 years; the deepest fall was 53% from fiscal 2021 to fiscal 2025; net income was positive in 4 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span64.0%top 18% of its family
the share of years revenue rosebottom 30% of its family
the share of filed years with a profittop 37% of its family
the deepest fall from a revenue peak53.4%bottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

2.4/10

How has it treated the people who own it?

SI estimate 2.4/10, confidence 35 of 100 (one part).

weight 33% of this tense · 24th percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 24% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Forward Industries, Inc.'s shareholder treatment is put at 2.4 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 24% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.4/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

4.8/10

Is it financially healthy right now?

ROE -11%: lost 11¢ per shareholder dollar. Leverage 0%: owes 0¢ per asset dollar.

weight 45% of this tense · 48th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-09-30, Forward Industries, Inc. lost about 11 cents for every dollar of shareholders' money, and gross profitability: its products earned about 0 cents per dollar of everything the company owns. Leverage: it owed about 0 cents per dollar of assets, and net share issuance: its share count grew 516.8% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 1% of its family
return on equitytop 43% of its family
gross profit against assetsbottom 19% of its family
the share count against the year beforebottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.3/10

How strong is its position in its industry?

bottom 23% of 114 in its family; net margin -918.1%.

weight 33% of this tense · 23rd percentile among 114 sector filers · read for its customers

From the record

Forward Industries, Inc.'s standing among 114 graded names in its industry family: revenue of $18 million in fiscal 2025 ranks in the bottom 34% by size; a net margin of -918.1% ranks in the bottom 18%; revenue growth of -21.9% a year over the last 3 filed years ranks in the bottom 18% (its annual reports).

What it rests on

revenue against the family$18.2Mbottom 34% of its family
net margin-918.1%bottom 18% of its family
three-year revenue growth-21.9%bottom 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

2.2/10

What are the people in charge doing?

bottom 22% of 50 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 22nd percentile among 50 sector filers · read for its shareholders

From the record

Forward Industries, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Pruitt, Michael D (Chief Executive Officer, as filed), filing under that title since 2025-09-11, 1.2 years (bottom 42% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 1.2 years (bottom 17%); 19 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (bottom 6%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge19 in three years among 11 peoplebottom 6% of its family
the median years the people in charge have filed1.2 yearsbottom 17% of its family
the chief executive's years on the record1.2 yearsbottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.0/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.3/10

How much room does it have to grow?

bottom 43% of 108 in its family for room to expand.

weight 33% of this tense · 43rd percentile among 108 sector filers · read for itself

From the record

Forward Industries, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $38 million against no long-term debt tagged leaves 2.6% of its assets as net cash, bottom 36% of its family; cash from operations less capital spending is -24.9% of revenue (top 42%); a gross margin of 28.5% (bottom 34%) (its annual report).

What it rests on

cash less debt against assets2.6%bottom 36% of its family
cash from operations less capital spending against revenue-24.9%top 42% of its family
gross margin28.5%bottom 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.6/10

What could actually drive growth from here?

bottom 16% of 100 in its family for growth drivers.

weight 33% of this tense · 16th percentile among 100 sector filers · read for its customers

From the record

Forward Industries, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -21.9% a year over the last three filed years against 64% over all 10, slowing (bottom 6% of its family); the newest year grew -9% (bottom 25%); capital spending grew -46.6% a year (bottom 18%) (its annual reports). Forward Industries, Inc. reported 2 lines of business in fiscal 2025: Design at $14 million, Digital Assets at $5 million. Their growth is not matched year over year yet, and the largest line is 75% of revenue (its annual report).

What it rests on

three-year growth against the whole span-85.9 points a yearbottom 6% of its family
the newest year's revenue growth-9.0%bottom 25% of its family
three-year growth of capital spending-46.6%bottom 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.1/10

Did its newest year beat what its own record pointed to?

bottom 32% of 78 in its family for expectations against reality.

weight 33% of this tense · 32nd percentile among 78 sector filers · read for its shareholders

From the record

Forward Industries, Inc.'s newest year against its own record: revenue of $18 million in fiscal 2025 came in 25.7% above the $14 million its prior three years' pace pointed to (top 31% of its family); net income of $167 million against a prior three-year average of $2 million (bottom 12%); a net margin of a loss larger than its revenue against -7.8% before (bottom 13%) (its annual reports).

What it rests on

revenue against the prior three years' pace25.7%top 31% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 12% of its family
net margin against its prior averagedown more than 100 pointsbottom 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton FWDI · research, not advice