Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $24.8M | $34.5M | $37.4M | $34.5M | $39.0M | $38.2M | $36.7M | $20.0M | $18.2M |
| Revenue growth | — | — | 39.3% | 8.4% | -7.8% | 13.2% | -2.1% | -4.0% | -45.5% | -9.0% |
| Gross profit | $5.08M | $4.19M | $6.57M | $6.58M | $6.64M | $8.13M | $8.80M | $8.36M | $5.18M | $5.19M |
| Gross margin | — | 16.9% | 19.0% | 17.6% | 19.3% | 20.8% | 23.0% | 22.8% | 25.9% | 28.5% |
| Operating income | $617K | $598K | $261K | -$3.10M | -$1.98M | -$765K | $588K | $160K | -$2.15M | -$8.39M |
| Operating margin | — | 2.4% | 0.8% | -8.3% | -5.7% | -2.0% | 1.5% | 0.4% | -10.8% | -46.1% |
| Net income | $607K | $579K | $1.38M | -$3.60M | -$1.78M | $524K | -$1.38M | -$3.74M | -$1.95M | -$167M |
| Net margin | — | 2.3% | 4.0% | -9.6% | -5.1% | 1.3% | -3.6% | -10.2% | -9.8% | -918.1% |
| EPS (diluted) | $0.07 | $0.07 | $0.15 | -$0.38 | -$0.19 | $0.05 | -$0.14 | -$3.39 | -$1.77 | -$24.59 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $768K | -$138K | $956K | -$1.97M | -$263K | -$528K | $1.53M | $1.04M | $520K | -$4.50M |
| Capital expenditures | $48.1K | $0.00 | $55.9K | $33.1K | $68.5K | $67.2K | $170K | $136K | $65.2K | $25.8K |
| Free cash flow | $720K | -$138K | $901K | -$2.00M | -$331K | -$596K | $1.37M | $905K | $455K | -$4.53M |
| Dividends paid | $0.00 | — | — | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.76M | — | — | — | $2.92M | $1.41M | $2.58M | $2.82M | $2.78M | $38.2M |
| Total assets | $12.4M | $13.2M | $19.2M | $16.1M | $19.4M | $19.9M | $20.9M | $17.4M | $14.8M | $1.47B |
| Total liabilities | $4.22M | $4.22M | $8.13M | $8.38M | $12.8M | $12.4M | $14.7M | $14.8M | $11.8M | $4.82M |
| Long-term debt | — | $0.00 | $54.3K | $0.00 | $530K | — | — | — | — | — |
| Shareholders' equity | $8.17M | $8.93M | $11.1M | $7.71M | $6.58M | $7.44M | $6.27M | $2.62M | $2.97M | $1.47B |
| Retained earnings | -$9.67M | -$9.10M | -$7.72M | -$11.3M | -$13.1M | -$12.6M | -$13.9M | -$17.7M | -$19.6M | -$187M |
| Shares (wtd avg diluted) | 8.68M | 8.82M | 9.35M | 9.53M | 9.58M | 10.4M | 10.2M | 1.10M | 1.10M | 6.79M |
Every figure is extracted from Forward Industries, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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