Forward Industries, Inc.

FWDI

$6.25

-6.51%

2026-09-04 10:58:37 EDT-$0.43

Financial Services

Asset Management - Cryptocurrency

NASDAQ

Active Trading

Forward Industries, Inc. operates through two segments: Digital Assets and Design. The company's primary strategy is focused on its Digital Assets segment, ...

Price Action of FWDI

$6.25

-6.51%-$0.43

High—

Low—

52W High-86.4%

Rel. vol—

Interval

Range88m

Volume—SMA5SMA10

—

Forward Industries, Inc. (NASDAQ: FWDI) is a company undergoing a significant transformation. Originally founded in 1954 as Progress Heat Sealing Company, it evolved into a provider of design and engineering services for consumer and industrial electronics, with expertise in medical products, wearables, and IoT. However, in September 2025, the company ...Forward Industries, Inc. (NASDAQ: FWDI) is a company undergoing a significant transformation. Originally founded in 1954 as Progress Heat Sealing Company, it evolved into a provider of design and engineering services for consumer and industrial electronics, with expertise in medical products, wearables, and IoT. However, in September 2025, the company announced a strategic pivot to become a digital asset treasury company focused on the Solana ecosystem. The new strategy centers on acquiring Solana (SOL) and deploying it through onchain activities such as staking, lending, and DeFi participation to generate revenue that will be used to acquire more SOL, aiming to grow the company's net asset value (mNAV). The company is led by CEO Michael D. Pruitt and Chairman Kyle Samani, a prominent Solana advocate and co-founder of Multicoin Capital. Financially, the company has faced challenges with negative profitability and cash flow, but the pivot is intended to reposition it for growth. With a small workforce of around 60 employees, the company leverages its public listing to access capital markets, including an at-the-market equity offering program of up to $4 billion, to fund its SOL acquisitions. Headquartered in Austin, Texas, Forward Industries aims to become the world's leading Solana treasury company, providing tools and investing in the Solana ecosystem to accelerate its adoption.ExpandCollapse

Founded

1954

Employees

CEO

Michael D. Pruitt

Full Name

Forward Industries, Inc.

Sector

Financial Services

Industry

Asset Management - Cryptocurrency

ROE

-130.50%

Market Cap

$0.46B

Current Ratio

0.17

WACC

8.35%

ROIC

-220.26%

Contact Information

https://forwardindustries.com

631 547 3041

111 Congress Avenue, Austin, TX 78701

Key Metrics of FWDI

Snapshot

Latest / TTM · 6 periods

Market Cap

$461.17M

ROCE

-12.5%

EV / EBITDA

-1.18x

-12.1% YoY

FCF Yield

-3.7%

-3.5% YoY

Cash Conversion Cycle

10.7d

Current Ratio

0.17

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of FWDI

Profitability trend

Latest / TTM · 6 periods

Gross Margin

70.6%

Net Margin

-2073.8%

P/E Ratio

-0.56x

n/a

Debt / Equity

0.25

n/a

Current Ratio

0.17

Dividend Yield

0.0%

Understanding

TTM —

Current ratio below 1.0

Interest coverage is weak

Calendar of FWDI

Upcoming

Sep 30, 2026In 26 days
FY2026 · Estimated annual results
Est. EPS $-9.96 · Revenue $56.84M · 1 analysts
Dec 30, 2026
Q1 FY2027 · Estimated results
Est. EPS $0.04 · Revenue $12.49M · 1 analysts
Mar 30, 2027
Q2 FY2027 · Estimated results
Est. EPS $0.04 · Revenue $12.70M · 1 analysts
Jun 30, 2027
Q3 FY2027 · Estimated results
Est. EPS $0.04 · Revenue $13.27M · 1 analysts

Recent history

Jun 30, 2026
Q3 FY2026 · Results reported
EPS $-0.80 · Revenue $10.78M
May 14, 2026
Q2 FY2026 · Results reported
EPS $-2.98 · Revenue $12.96M
View filing
Feb 12, 2026
Q1 FY2026 · Results reported
EPS $-5.91 · Revenue $21.44M
View filing
Dec 11, 2025
FY2025 · Annual results
EPS $-2.46 · Revenue $18.19M
View filing
Jun 30, 2025
Q3 FY2025 · Results reported
EPS $-0.08 · Revenue $2.49M
Mar 31, 2025
Q2 FY2025 · Results reported
EPS $-0.13 · Revenue $3.12M

Financial Statements of FWDI

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$18.2M	-39.8%	-16.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-167.0M	-8460.2%	+75.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+28.5%	+38.8%	-11.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	-35.0%	-446.9%	-3561.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	-918.1%	-14111.8%	+70.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-4.5M	-1096.0%	+30.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-24.9%	-1753.5%	+16.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	0.2%	-99.9%	+160.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	15.14x	+1370.8%	-56.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$1.5B	+9887.2%	-1.0%

Actual vs Estimate

A Sep 30Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-2.46 vs -24.09	+89.8%	-0.80 vs 0.03	-2500.0%
Revenue Surprise	$18.2M vs $35.0M	-48.0%	$10.8M vs $12.6M	-14.3%

Insider Transactions of FWDI

Acquisitions (A)

Since Apr 13, 2026

Disposals (D)

Since Apr 13, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 8, 2026	Navi Ryan David	officer: Chief Investment Officer	Common Stock	A	146,956	—
Aug 8, 2026	Brazier Mark Christopher	officer: Chief Financial Officer	Common Stock	A	137,500	—
Aug 8, 2026	Quinn Georgia P	officer: General Counsel	Common Stock	A	146,956	—
Jul 14, 2026	Ashe Michael Lawrence	director	Common Stock	—	0	—
May 19, 2026	Pruitt Michael D	director, officer: Chief Executive Officer	Common Stock	A	500	$4.16

Earnings Call Transcript of FWDI

1 transcript segments

Q3 2026

Unknown Speaker

Operator: Good afternoon, and welcome to the Forward Industries Fiscal Third Quarter 2026 Earnings Conference Call. [Operator Instructions]. As a reminder, this call is being recorded. and a replay will be available on the company's Investor Relations website. I would now like to turn the call over to Georgia Quinn, General Counsel of Forward Industries. Please go ahead. Georgia Quinn: Thank you, operator, and good afternoon, everyone. Welcome to Forward Industries Earnings Call for our fiscal third quarter, which ended June 30, 2026. Joining me on today's call are Kyle Samani, our Chairman; Ryan Navi, our Chief Investment Officer; and Mark Brazier, our Chief Financial Officer. Earlier this afternoon, we issued a press release announcing our financial and operating results for the quarter. That release, along with the presentation accompanying today's remarks is available on the Investor Relations section of our website at www.forwardindustries.com. Before we begin, I need to remind everyone that certain statements made on today's call are forward-looking statements within the meaning of the federal securities laws. These statements include, among other things, statements regarding our Solana treasury strategy, our expectations for SOL per share growth, our expected returns on certain investments, our capital allocation plans, pending or potential acquisitions and regulatory developments. Forward-looking statements involve known and unknown risks -- and uncertainties that could cause actual results to differ materially from those expressed or implied on this call. We described these risks in our filings with the Securities and Exchange Commission, including our most recent Form 10-K and subsequent Form 10-Q filings. We undertake no obligation to update any forward-looking statement, except as required by law. In addition, during today's call, we will refer to certain operating metrics, including SOL Holdings, SOL per share and mNAV. These are operational measures we use to describe our treasury strategy. They are not prepared in accordance with U.S. GAAP and they should be considered alongside, not as substitute for our GAAP financial results. Definitions and methodology for these metrics are included on our website. With that, I'll turn the call over to our Chairman, Kyle Samani. Kyle? Pyahm Samani: Thank you, Georgia, and thank you to everyone joining us this afternoon. This was our third full quarter executing this Solana Treasury strategy we launched last September. And I want to open with the numbers that matter most to how we run this company. As of June 30, we held approximately 7.6 million SOL tokens and SOL equivalents. SOL per share on a fully diluted basis was 0.073.which is up from 0.0669 at March 31, which translates to an annualized growth rate of approximately 36%. That momentum has continued into the current quarter. As of August 3, we hold approximately 7.8 million SOL tokens, having added approximately another 254,000 SOL …

Leadership Team of FWDI

7 executives

Name	Title	Compensation	Gender	Year Born	Status
Paul Jean Severino	President of Intelligent Product Solutions Inc	USD 321,692	Male	1961	Active
Robert Wild	Chief Executive Officer of IPS	USD 309,247	Male	1971	Active
Thomas Edward KraMer MCAD	Chief Executive Officer of Kablooe Inc	USD 267,759	Male	1967	Active
Michael D. Pruitt	Interim Chief Executive Officer & Director	USD 245,025	Male	1961	Active
Brazier Mark Christopher	Chief Financial Officer	—	Male	1978	Active
Ryan Navi	Chief Investment Officer	—	Male	1991	Active
Georgia Quinn	General Counsel	—	Female	1980	Active

Recent News of FWDI

Benzinga8/13/2026Neutral

These Analysts Revise Their Forecasts On Forward Industries Following Q3 Results

Forward Industries (NASDAQ:FWDI) on Wednesday reported a net loss for the third quarter.

Seeking Alpha8/13/2026Neutral

Forward Industries, Inc. (FWDI) Q3 2026 Earnings Call Transcript

GlobeNewsWire8/12/2026Neutral

Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating Results

Management to Host Conference Call Today at 5:00 p.m. Eastern Time AUSTIN, TX, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today announced its financial and operating results for its fiscal third quarter ended June 30, 2026, along with an update on its SOL treasury strategy.

Defense World7/30/2026Neutral

Financial Survey: GSE (OTCMKTS:GSEH) versus Forward Industries (NASDAQ:FWDI)

Forward Industries (NASDAQ: FWDI - Get Free Report) and GSE (OTCMKTS:GSEH - Get Free Report) are both manufacturing companies, but which is the superior business? We will compare the two businesses based on the strength of their valuation, earnings, risk, analyst recommendations, dividends, institutional ownership and profitability. Earnings and Valuation This table compares Forward Industries and

GlobeNewsWire7/29/2026Neutral

Forward Industries Schedules Fiscal Third Quarter 2026 Conference Call for August 12, 2026 at 5:00 p.m. ET

AUSTIN, TX, July 29, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward”), the leading Solana treasury company, today announced that it will host a conference call on Wednesday, August 12, 2026, at 5:00 p.m. Eastern Time to discuss its financial and operating results for the fiscal third quarter ended June 30, 2026, along with an update on its SOL treasury strategy. The Company plans to release its financial results in a press release prior to the call.

Historical Employee Count of FWDI

Current

Change

-40.00%

Minimum

Maximum

100

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Sep 30, 2025	60	10-K	Dec 11, 2025	View
Sep 30, 2024	100	10-K	Dec 27, 2024	View
Sep 30, 2023	100	10-K	Dec 21, 2023	View
Sep 30, 2022	100	10-K	Dec 16, 2022	View
Sep 30, 2021	90	10-K	Dec 16, 2021	View

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Forward Industries, Inc.