FWDI
Forward Industries, Inc.
Next earnings Aug 14, 2026 · consensus $0.03 EPS, $13.4M rev
$4.81
▲ +13.18%$4.81▼ -17.64%
over 1Y
L $3.54H $39.00
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+13.2%
1W+35.9%
1M+7.1%
3M+12.1%
YTD-34.2%
1Y-17.6%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Buy
A dying design shop reborn as a leveraged Solana treasury — unknowable crypto risk, huge dilution; not investable on the fundamentals.
Market cap $416M · current
Forward Industries is no longer an operating business you can underwrite — it is a Solana proxy. Per the FY2025 10-K, on Sept 15, 2025 it bought 6,822,000 SOL at ~$232 (~$1.58B), adopted SOL as its 'primary treasury reserve asset,' and by Nov 30, 2025 digital assets were 'more than 90% of our total assets.' That single pivot explains every distorted number: total assets exploded +9,887% to $1.47B, equity +49,449% to $1.47B, and shares outstanding +7,752% to 86.5M — all funded by a private placement and an ATM. This is not growth; it is a crypto SPV bolted onto a legacy shell, guided by Galaxy Digital under an asset-management agreement.
The underlying design business is deteriorating and immaterial. Revenue fell to $18.2M (-9% YoY) and has more than halved from $39.0M in FY2021, operating income was -$8.39M (-46% operating margin), and operating cash flow was -$4.5M. The retail segment was already discontinued in 2023. A $416M market cap on $18.2M of revenue is 22.9x P/S — a number that is meaningless because you aren't buying the design revenue; you're buying volatile SOL and staking yield.
Is FWDI a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 5 @ ~0.91 est
- Short put 4.5 @ ~0.63 est
debit $28max +$22max −$28BE 4.72
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $39.0M | $38.2M | $36.7M | $20.0M | $18.2M |
| Gross profit | $8.13M | $8.80M | $8.36M | $5.18M | $5.19M |
| Operating income | -$765K | $588K | $160K | -$2.15M | -$8.39M |
| Net income | $524K | -$1.38M | -$3.74M | -$1.95M | -$167M |
| Diluted EPS | $0.05 | -$0.14 | -$3.39 | -$1.77 | -$24.59 |
| Net margin | 1.3% | -3.6% | -10.2% | -9.8% | -918.1% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$317M
EV / EBITDA—
EV / Sales17.4
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-47.1%
FCF yield-1.3%
Quality & risk
ROIC (est.)-0.5%
Free cash flow-$4.53M
Total debt$530K
Net cash$37.6M
Altman Z-Score44.03 safe
Piotroski F-Score4/9
Capital returns
Buyback yield—
Dividend yield (est.)0.0%
Shareholder yield0.0%
Shares Δ YoY+7752.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Other event2026-06-16
Supplemental same-day 8.01 disclosure (press release/exhibit) on treasury update
- 8-K Other event2026-06-16
Supplemental same-day 8.01 disclosure (press release/exhibit) on treasury update
- 8-K Other event2026-06-10
Periodic SOL holdings/staking update to shareholders; no operating change
- 10-Q Quarterly report2026-05-14
Q2 FY26: tiny design revenue vs $1B+ SOL treasury; results now swing on SOL price
- 8-K Officer / director change2026-04-17
Unregistered equity sale (dilution) alongside an officer/board change
- 8-K Officer / director change2026-04-08
Executive/board change disclosed; no financial terms or guidance
- 8-K Material agreement2026-03-19
Entered financing agreement creating a new debt obligation, likely to fund SOL buys
- 10-Q Quarterly report2026-02-12
Q1 FY26: first full quarter as SOL treasury firm; balance sheet crypto-dominated
- DEF 14A Proxy statement2026-01-26
Proxy — shareholder votes/authorizations tied to the digital-asset treasury pivot
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-122026-06-16open ↗8-KPeriod ending 2026-06-152026-06-16open ↗8-KPeriod ending 2026-06-092026-06-10open ↗4Period ending 2026-05-192026-05-19open ↗4Period ending 2026-04-302026-05-18open ↗10-QPeriod ending 2026-03-312026-05-14open ↗SCHEDULE 13D/AFiling2026-05-08open ↗S-8Filing2026-05-01open ↗8-KPeriod ending 2026-04-162026-04-17open ↗4Period ending 2026-04-162026-04-17open ↗3Period ending 2026-04-132026-04-13open ↗SCHEDULE 13D/AFiling2026-04-08open ↗
Frequently asked
- Is Forward Industries, Inc. (FWDI) a buy?
- FWDI currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. A dying design shop reborn as a leveraged Solana treasury — unknowable crypto risk, huge dilution; not investable on the fundamentals.
- What is Forward Industries, Inc.'s quality score?
- FWDI scores 33.40252811784612/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000038264, latest 10-Q filed 2026-05-14) · EODHD · Proprietary analysis · as of 7/3/2026, 9:27:35 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 5:27 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.