Forward Industries (FWDI)
Market Price (8/25/2026): $5.95 | Market Cap: $515.8 MilSector: Consumer Discretionary | Industry: Footwear
Forward Industries (FWDI)
Market Price (8/25/2026): $5.95Market Cap: $515.8 MilSector: Consumer DiscretionaryIndustry: Footwear
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 255% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Wearable Health Devices, Remote Patient Monitoring, Show more. | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -108% | Expensive valuation multiplesP/SPrice/Sales ratio is 9.4x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -226% Key risksFWDI key risks include [1] significant financial exposure to volatile crypto assets due to its new Solana treasury strategy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 255% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Wearable Health Devices, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -108% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.4x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -226% |
| Key risksFWDI key risks include [1] significant financial exposure to volatile crypto assets due to its new Solana treasury strategy, Show more. |
Qualitative Assessment
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Forward Industries (FWDI) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Expansion of Solana Treasury and Accretive SOL per Share Growth.
Forward Industries significantly expanded its Solana (SOL) treasury, which is a core part of its strategy. During fiscal Q3 2026 (ended June 30, 2026), the company increased its SOL and SOL equivalent holdings by over 500,000 SOL, reaching approximately 7.6 million SOL. This further grew to about 7.8 million SOL as of August 3, 2026. This accumulation contributed to a 9% quarter-over-quarter increase in SOL per fully diluted share, from 0.0669 at March 31, 2026, to 0.0730 at June 30, 2026, representing an annualized growth rate of approximately 36%. Staking and treasury-related activities also drove a more than fourfold increase in revenue to $10.8 million for fiscal Q3 2026 compared to the prior year period, and improved gross margin to 62.2% from a negative 24.9%.
2. Inclusion in Russell 2000 and Russell 3000 Indexes.
Effective June 29, 2026, Forward Industries was added to the Russell 2000 and Russell 3000 indexes as part of their annual reconstitution. This institutional milestone is expected to broaden the company's shareholder base, improve liquidity, and enhance its visibility within the market.
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Forward Industries (FWDI) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Expansion of Solana Treasury and Accretive SOL per Share Growth.
Forward Industries significantly expanded its Solana (SOL) treasury, which is a core part of its strategy. During fiscal Q3 2026 (ended June 30, 2026), the company increased its SOL and SOL equivalent holdings by over 500,000 SOL, reaching approximately 7.6 million SOL. This further grew to about 7.8 million SOL as of August 3, 2026. This accumulation contributed to a 9% quarter-over-quarter increase in SOL per fully diluted share, from 0.0669 at March 31, 2026, to 0.0730 at June 30, 2026, representing an annualized growth rate of approximately 36%. Staking and treasury-related activities also drove a more than fourfold increase in revenue to $10.8 million for fiscal Q3 2026 compared to the prior year period, and improved gross margin to 62.2% from a negative 24.9%.
2. Inclusion in Russell 2000 and Russell 3000 Indexes.
Effective June 29, 2026, Forward Industries was added to the Russell 2000 and Russell 3000 indexes as part of their annual reconstitution. This institutional milestone is expected to broaden the company's shareholder base, improve liquidity, and enhance its visibility within the market.
3. Disciplined Capital Allocation through Share Repurchases.
The company demonstrated a commitment to driving per-share value through significant share repurchases. During fiscal Q3 2026, Forward Industries repurchased more than 2.5 million shares of its common stock. This followed a $27.4 million share repurchase in fiscal Q2 2026, which reduced basic shares by 7.4%.
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Stock Movement Drivers
Fundamental Drivers
The 24.3% change in FWDI stock from 4/30/2026 to 8/24/2026 was primarily driven by a 51.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.61 | 5.73 | 24.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35 | 53 | 51.8% |
| P/S Multiple | 13.1 | 9.4 | -28.4% |
| Shares Outstanding (Mil) | 99 | 87 | 14.3% |
| Cumulative Contribution | 24.3% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| FWDI | 24.3% | |
| Market (SPY) | 6.2% | 45.9% |
| Sector (XLY) | -0.0% | 37.5% |
Fundamental Drivers
The -11.7% change in FWDI stock from 1/31/2026 to 8/24/2026 was primarily driven by a -69.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.49 | 5.73 | -11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 53 | 192.1% |
| P/S Multiple | 30.7 | 9.4 | -69.6% |
| Shares Outstanding (Mil) | 86 | 87 | -0.6% |
| Cumulative Contribution | -11.7% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| FWDI | -11.7% | |
| Market (SPY) | 10.6% | 55.4% |
| Sector (XLY) | -2.2% | 46.0% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| FWDI | ||
| Market (SPY) | 21.8% | 50.6% |
| Sector (XLY) | 7.5% | 40.2% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| FWDI | ||
| Market (SPY) | 72.7% | 50.6% |
| Sector (XLY) | 39.3% | 40.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FWDI Return | - | - | - | - | -22% | -22% | -40% |
| Peers Return | 76% | -63% | 200% | 51% | 80% | -13% | 359% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FWDI Win Rate | - | - | - | - | 50% | 50% | |
| Peers Win Rate | 43% | 39% | 46% | 40% | 35% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FWDI Max Drawdown | - | - | - | - | - | -60% | |
| Peers Max Drawdown | -65% | -73% | -61% | -66% | -78% | -62% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UPXI, DFDV, STKE, MSTR, MARA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
FWDI has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 37 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.6% | -9.5% |
| % Gain to Breakeven | 15.8% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.6% | -19.2% |
| % Gain to Breakeven | 24.4% | 23.8% |
| Time to Breakeven | 98 days | 105 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
FWDI has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.0% | -53.4% |
| % Gain to Breakeven | 104.3% | 114.4% |
| Time to Breakeven | 372 days | 1085 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Forward Industries (FWDI)
Forward Industries (FWDI) designs, markets, and distributes protective carrying solutions, primarily for handheld electronic devices. The company operates through three distinct segments: OEM Distribution, which supplies products to other businesses; Retail Distribution, focused on sales to consumers via retailers; and a Design segment, offering specialized product design and engineering services.
The OEM Distribution segment is a core part of FWDI's business, sourcing and distributing carrying cases and accessories for a diverse range of products. This includes solutions for medical monitoring and diagnostic kits, as well as various portable electronic and non-electronic items such as bar code scanners, GPS devices, tablets, sporting and recreational products, and firearms. Its primary customers in this segment are original equipment manufacturers (OEMs).
Complementing its OEM operations, FWDI's Retail Distribution segment sources and sells smart-enabled furniture and a variety of other products, reaching consumers through both in-store and online retailer channels. The company's Design segment further provides hardware and software product design and engineering services. Forward Industries serves a global customer base, with its products sold to OEMs across the Asia-Pacific region, the Americas, Europe, the Middle East, and Africa.
AI Analysis | Feedback
Here are 1-3 brief analogies for Forward Industries (FWDI):
- A B2B OtterBox or Spigen, specializing in rugged protective cases and design services for industrial and medical devices.
- A niche supplier of smart-enabled furniture and other goods sold through major retailers, similar to a smaller brand you might find on Wayfair or Amazon.
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- Carrying Cases & Protective Solutions: Designs, markets, and distributes carrying cases and protective solutions primarily for handheld electronic devices, medical equipment, and various portable products.
- Smart-Enabled Furniture & Retail Products: Sources and sells smart-enabled furniture and a range of other consumer products through retail channels.
- Hardware & Software Design Services: Provides hardware and software product design and engineering services.
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- Original Equipment Manufacturers (OEMs): These customers integrate Forward Industries' carrying cases and other protective solutions into their medical monitoring and diagnostic kits, as well as various portable electronic and non-electronic products such as bar code scanners, GPS devices, tablets, and firearms.
- Retailers: Through its Retail Distribution segment, Forward Industries sells smart-enabled furniture and other products through agreements with various retailers, including both brick-and-mortar stores and online retail websites.
- Businesses Requiring Design and Engineering Services: The Design segment provides hardware and software product design and engineering services to various businesses.
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Mike Pruitt, Interim CEO and Director
Mike Pruitt was appointed Interim CEO of Forward Industries on May 15, 2025, and joined the Company's Board of Directors on February 1, 2025. His employment agreement was extended until June 30, 2026.
Kathleen Weisberg, CFO
Kathleen Weisberg became the Chief Financial Officer of Forward Industries effective July 1, 2023. Before this role, she served as the Company's Corporate Controller starting in June 2020. From June 2017 to June 2020, Ms. Weisberg held the position of Controller for Jungle Bob Enterprises, Inc., a company specializing in reptile and aquarium products.
Ryan Navi, Chief Investment Officer
Ryan Navi was appointed Chief Investment Officer of Forward Industries on December 1, 2025. In this capacity, he oversees the execution of the Company's Solana treasury strategy. Prior to joining Forward Industries, Mr. Navi was the Managing Director and Head of Venture at ParaFi Capital, a digital asset management firm, where he led digital-asset investment activities. He co-founded and served as Managing Partner of Pyxis Capital Management, LLC, an alternative digital asset fund, from January 2021 to September 2021, which was subsequently absorbed by ParaFi. Earlier in his career, from July 2015 to January 2021, Mr. Navi was a Principal at KKR & Co. Inc., a global investment firm, where he focused on liquid and distressed credit strategies. He began his career in M&A investment banking at Citigroup.
Kyle Samani, Chairman
Kyle Samani serves as the Chairman of Forward Industries' Board of Directors. He is recognized as an early and vocal advocate for Solana, with his firm, Multicoin Capital, having led the seed funding round for Solana in 2018. Multicoin Capital is an investment firm that focuses on the crypto sector. Mr. Samani's strategic vision is central to the Company's Solana-focused treasury strategy.
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The public company Forward Industries (FWDI) has undergone a significant strategic pivot, transitioning from its traditional business of designing, marketing, and distributing carry and protective solutions to becoming a Solana-based Digital Asset Treasury (DAT) company. This transformation introduces a new set of key risks to its business operations and financial performance.
Key Risks to Forward Industries (FWDI)
-
Highly Volatile Nature of Digital Assets: Forward Industries' financial health and stock performance are now heavily correlated with the price fluctuations of Solana (SOL) and other cryptocurrencies. The company has reported substantial unrealized losses on its SOL holdings due to market volatility.
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Regulatory and Legal Uncertainty: The nascent and evolving regulatory landscape for digital assets, both in the U.S. and internationally, poses a significant risk. Changes in regulatory interpretations could subject Forward Industries to new and potentially burdensome requirements, such as those for money transmitters, investment companies, or commodity pools.
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Concentrated Exposure to Solana and Ecosystem-Specific Risks: The company holds a large concentration of Solana tokens, making it highly susceptible to risks inherent to the Solana ecosystem. These include technological risks related to blockchain development, smart contract vulnerabilities, validator performance, custody failures, and competitive pressures within the blockchain space.
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Forward Industries (FWDI) operates in several addressable markets related to its product offerings and services. Here are the estimated market sizes for its main products and services on a global scale:
OEM Distribution Segment:
- Protective Cases for Handheld Electronic Devices: The global consumer electronics protective product market was valued at USD 35.4 billion in 2024 and is projected to grow to USD 58.7 billion by 2032. More specifically, the global mobile phone protective covers market was valued at USD 25.51 billion in 2024 and is expected to reach USD 53.33 billion by 2033. The broader global protective cases market was estimated at USD 1937.25 million in 2026 and is projected to reach USD 2767.88 million by 2035.
- Carrying Cases and Accessories for Medical Devices: The global medical device protective casing market is estimated to be USD 2.5 billion in 2025. A broader category, the global medical device packaging market, was valued at USD 39.9 billion in 2024 and is projected to reach USD 54.1 billion by 2029. Another source indicates it was valued at USD 39 billion in 2023 and is expected to reach USD 59.62 billion by 2031.
Retail Distribution Segment:
- Smart-Enabled Furniture: The global smart furniture market size reached USD 224.0 million in 2024 and is projected to reach USD 570.4 million by 2033. Other estimates vary, with some reports valuing the market at USD 4.98 billion in 2025, projected to reach USD 9.12 billion by 2031, and another at USD 960.00 million in 2025, projected to grow to USD 3,810.00 million by 2034.
Design Segment:
- Hardware and Software Product Design and Engineering Services: The global product engineering services market was estimated at USD 1,263.50 billion in 2024 and is projected to reach USD 1,814.15 billion by 2030. Similarly, the global product design and development services market was estimated at USD 18,507.3 million (USD 18.5 billion) in 2024 and is projected to reach USD 32,926.4 million (USD 32.9 billion) by 2030. Another source calculated the global product design and development services market size at USD 20.62 billion in 2025, predicted to increase to approximately USD 54.16 billion by 2035.
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Forward Industries (FWDI) is expected to drive future revenue growth over the next 2-3 years primarily through its strategic pivot to a Solana-based digital asset treasury (DAT) strategy. This involves several key initiatives:
- Expansion and Active Management of Solana (SOL) Holdings: The company aims to grow its revenue through the continued acquisition and active management of Solana (SOL) tokens. A significant portion of its existing SOL holdings is staked, generating native staking yields, which has already been identified as a primary driver of recent revenue increases.
- Strategic Deployment in Decentralized Finance (DeFi) and Institutional Partnerships: Forward Industries plans to leverage its digital assets by deploying them across various DeFi strategies and forming institutional partnerships within the Solana ecosystem. This active management and engagement are intended to further increase asset value and generate additional revenue streams.
- Utilization of Tokenized Public Shares: The launch of tokenized FWDI public shares on the Solana blockchain, allowing the company's equity to be directly used within decentralized finance (DeFi), represents a new avenue for attracting capital and fostering ecosystem engagement, potentially leading to new forms of revenue or enhanced valuation.
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Share Repurchases
- Forward Industries authorized a share repurchase program of up to $1 billion, effective November 3, 2025, and set to expire on September 30, 2027.
- In the first fiscal quarter of 2026 (ended December 31, 2025), the company repurchased 1.54 million shares for $10.9 million, with additional buybacks occurring in January 2026.
Share Issuance
- In September 2025, Forward Industries closed a $1.65 billion private placement in public equity (PIPE) to fund its Solana treasury acquisition, which involved the issuance of a significant number of shares.
- The company launched a $4 billion at-the-market equity program and sold 312,000 new shares for $7.6 million in the first fiscal quarter of 2026.
- Shareholders approved an increase in the 2021 Equity Incentive Plan to 8,724,667 shares in March 2026, leading to subsequent grants of stock options, restricted stock units (RSUs), and performance stock units (PSUs) to senior executives and directors.
Inbound Investments
- Forward Industries secured a $1.65 billion private placement in public equity (PIPE) in September 2025, with major investors including Multicoin Capital, Galaxy Digital, and Jump Crypto.
- The proceeds from this PIPE were primarily used to fund the company's strategic pivot to a Solana-focused digital asset treasury.
Outbound Investments
- Forward Industries made a significant strategic investment by acquiring over 6.8 million Solana (SOL) tokens for approximately $1.59 billion at an average cost of $232.08 per SOL by November 15, 2025, as part of its Solana treasury strategy.
- The company plans to acquire an equity stake in Superstate to expand on-chain capital markets access.
Capital Expenditures
- Capital expenditures were reported as -$20,356 over the last 12 months as of one report.
- The company reported $0 in capital expenditures in Q1 2026.
Peer Outperformance in Footwear
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.8% | 106.9% | 71.0% | LINC 290% · CVSA 264% · UTI 215% |
| Homebuilding | 18 | -4.2% | 33.8% | 52.0% | GRBK 188% · PHM 151% · TOL 144% |
| Hotels, Resorts & Cruise Lines | 22 | 20.1% | 57.8% | 12.0% | RCL 261% · MAR 174% · HLT 163% |
| Automotive Retail | 18 | -13.8% | 2.2% | 11.3% | MUSA 279% · PAG 181% · ORLY 124% |
| Specialty Stores | 7 | -3.1% | 47.8% | 11.2% | DKS 61% · SIG 18% · ASO 14% |
| Home Improvement Retail | 5 | -16.1% | 3.3% | 5.6% | HD 18% · LOW 16% · HVT 6% |
| Casinos & Gaming | 20 | -9.4% | -25.6% | -3.8% | BRAG 992% · MCRI 107% · RSI 80% |
| Specialized Consumer Services | 10 | -11.5% | 24.1% | -8.0% | HRB 148% · FTDR 95% · SCI 45% |
| Distributors | 4 | -7.4% | -23.3% | -8.9% | ARMK 151% · GPC 26% · LKQ -43% |
| Restaurants | 34 | -6.7% | -4.1% | -9.4% | EAT 368% · CAKE 188% · RAVE 154% |
| Footwear ← | 9 | 58.9% | 46.4% | -12.5% | WEYS 147% · DECK 28% · SHOO 24% |
| Home Furnishings | 4 | -5.2% | 28.5% | -16.5% | SGI 50% · LZB 1% · MHK -35% |
| Leisure Products | 13 | -4.5% | -14.3% | -32.5% | GOLF 85% · HAS 19% · MCFT -4% |
| Automotive Parts & Equipment | 38 | -9.3% | -5.3% | -37.0% | MOD 1393% · GTX 263% · STRT 93% |
| Apparel, Accessories & Luxury Goods | 27 | 3.8% | -0.8% | -37.2% | TPR 249% · RL 242% · ELA 224% |
| Apparel Retail | 25 | -0.5% | 9.6% | -38.7% | DXLG 199% · ANF 182% · URBN 106% |
| Household Appliances | 18 | 9.2% | 40.9% | -38.8% | KEQU 177% · FLXS 148% · HBB 127% |
| Leisure Facilities | 12 | -16.2% | -7.3% | -42.8% | OSW 158% · JAKK 93% · ESCA 10% |
| Broadline Retail | 14 | 9.3% | 20.4% | -48.4% | DDS 305% · AMZN 59% · EBAY 58% |
| Computer & Electronics Retail | 3 | -17.6% | 5.3% | -60.6% | BBY -10% · UPBD -61% · GME -64% |
| Automobile Manufacturers | 8 | -68.7% | -66.7% | -69.9% | GM 82% · TSLA 47% · F 44% |
| Consumer Electronics | 11 | -16.9% | -17.4% | -77.7% | AXIL 2343% · GRMN 87% · TBCH -54% |
| Other Specialty Retail | 18 | -29.0% | -43.1% | -78.5% | BBW 176% · TLF 108% · WINA 103% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Forward Industries Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.91 |
| Mkt Cap | 0.3 |
| Rev LTM | 40 |
| Op Inc LTM | -35 |
| FCF LTM | -107 |
| FCF 3Y Avg | -49 |
| CFO LTM | -21 |
| CFO 3Y Avg | -11 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.8% |
| Rev Chg 3Y Avg | 88.9% |
| Rev Chg Q | 25.5% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | -51.4% |
| Op Inc Chg 3Y Avg | -103.5% |
| Op Mgn LTM | -54.2% |
| Op Mgn 3Y Avg | -82.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | -82.3% |
| CFO/Rev 3Y Avg | -94.9% |
| FCF/Rev LTM | -154.1% |
| FCF/Rev 3Y Avg | -209.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Design Segment | 14 | 20 | 23 | 20 | 17 |
| Digital Assets Segment | 5 | 0 | |||
| Original equipment manufacturer (OEM) distribution | 14 | 18 | 19 | ||
| Retail distribution | 3 | ||||
| Total | 18 | 20 | 37 | 38 | 39 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Original equipment manufacturer (OEM) distribution | 0 | 0 | 1 | 1 | 2 |
| Design Segment | 0 | 2 | 2 | 1 | -0 |
| General corporate expenses | -2 | -2 | -2 | -2 | -3 |
| Retail distribution | -1 | -0 | |||
| Total | -2 | 0 | 1 | -1 | -2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Digital Assets Segment | 1,430 | 0 | |||
| General corporate assets | 41 | 6 | 7 | 7 | 6 |
| Design Segment | 3 | 6 | 7 | 6 | 6 |
| Discontinued assets held for sale | 0 | 3 | 1 | 3 | |
| Original equipment manufacturer (OEM) distribution | 2 | 4 | 6 | ||
| Other assets of discontinued retail segment | 1 | 1 | |||
| Retail distribution | 2 | ||||
| Total | 1,475 | 15 | 17 | 21 | 20 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.37 | 3.29 | 3.83 | 3.79 | -0.23 | 0.26 |
| Up Beta | 4.44 | 6.04 | 5.75 | 3.91 | 0.68 | -0.82 |
| Down Beta | 5.81 | 2.67 | 2.22 | 2.55 | 0.56 | -0.24 |
| Up Capture | 197% | 254% | 416% | 593% | 298% | 28% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 18 | 29 | 52 | 77 | 77 |
| Down Capture | 251% | 263% | 335% | 263% | 181% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 25 | 34 | 71 | 95 | 95 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWDI | |
|---|---|---|---|---|
| FWDI | -32.7% | 87.4% | -0.21 | - |
| Sector ETF (XLY) | 5.2% | 19.5% | 0.14 | 40.2% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 50.6% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | 32.6% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -9.1% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 16.3% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 70.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWDI | |
|---|---|---|---|---|
| FWDI | -7.6% | 87.4% | -0.21 | - |
| Sector ETF (XLY) | 6.4% | 24.1% | 0.22 | 40.2% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 50.6% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 32.6% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | -9.1% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 16.3% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 70.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FWDI | |
|---|---|---|---|---|
| FWDI | -3.9% | 87.4% | -0.21 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.51 | 40.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 50.6% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 32.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | -9.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 16.3% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 70.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -5.9% | 12.3% | |
| 12/11/2025 | -0.3% | -9.1% | 9.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 1 | 1 |
| # Negative | 2 | 1 | 0 |
| Median Positive | 12.3% | 9.2% | |
| Median Negative | -3.1% | -9.1% | |
| Max Positive | 12.3% | 9.2% | |
| Max Negative | -5.9% | -9.1% | |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -5.9% | 12.3% | |
| 12/11/2025 | -0.3% | -9.1% | 9.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 1 | 1 |
| # Negative | 2 | 1 | 0 |
| Median Positive | 12.3% | 9.2% | |
| Median Negative | -3.1% | -9.1% | |
| Max Positive | 12.3% | 9.2% | |
| Max Negative | -5.9% | -9.1% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-Q |
| 09/30/2025 | 12/11/2025 | 10-K |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 12/27/2024 | 10-K |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 12/21/2023 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 12/16/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-Q |
| 09/30/2025 | 12/11/2025 | 10-K |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 12/27/2024 | 10-K |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 12/21/2023 | 10-K |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 12/16/2022 | 10-K |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 12/16/2021 | 10-K |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-Q |
| 09/30/2020 | 12/17/2020 | 10-K |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 06/25/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-Q |
| 09/30/2019 | 12/27/2019 | 10-K |
Recent Forward Guidance
Updated 8/13/2026Latest: Q3 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 SG&A Expenses (excluding stock-based compensation) | 4.80 Mil | ||||||
Forward Industries — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Footwear Resources |
| Footwear News |
| Sneaker News |
| Sole Collector |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.