Forward Industries, Inc.
FWDI · Finance Services · 74.7M shares · -42%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$100K (gross $2K, SBC $101K)
Reference price $4.16 · est. market cap ~$311M — last insider purchase, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D40Forward Industries — micro-cap with negligible revenue and deep losses.
Strengths
- Very high current ratio (cash-heavy balance sheet)
Risks
- Net and operating margins deeply negative
- Negative interest coverage (-171)
- Going-concern / viability risk
Notable findings
- No interest coverageInterest coverage -170.78 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -918.1%)
- Cash burnNegative free cash flow (-4.5M)
- Buying back stockNet buyback — share count -42%/yr over 4y
- Revenue declineRevenue -39.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
28.5%
Operating margin
-46.1%
Net margin
-918.1%
Return on equity
-11.4%
Return on assets
-11.3%
Revenue growth (QoQ)
-39.5%
Interest coverage
-170.8×
Current ratio
15.1×
Free cash flow
-$5M
EBITDA
-$8M
Tangible book value
$1.5B
Stock comp / revenue
15.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | Pruitt Michael D | Buy | 500 | $4.16 |
| 2026-05-05 | Samani Pyahm | Other | 1.8M | $4.43 |
| 2026-04-16 | Brazier Mark Christopher | Grant | 275K | — |
| 2026-03-08 | Quinn Georgia P | Grant | 294K | — |
| 2026-03-08 | Navi Ryan David | Grant | 382K | — |
| 2025-12-19 | Navi Ryan David | Buy | 10K | $7.08 |
| 2025-12-15 | Pruitt Michael D | Buy | 1.0K | $7.44 |
| 2025-09-10 | Multicoin Capital Management, LLC | Grant | 7.9M | $18.50 |
| 2025-09-10 | Multicoin Capital Management, LLC | Grant | 1.4M | $18.50 |
| 2025-09-10 | Multicoin Capital Management, LLC | Grant | 7.9M | $18.50 |
| 2025-09-10 | Multicoin Capital Management, LLC | Grant | 1.4M | $18.50 |
| 2025-09-08 | Shah Sangita | Grant | 50K | $18.50 |
| 2025-03-18 | Multicoin Capital Management, LLC | Disposition | 6.2M | $4.44 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | OtherExhibits | filing ↗ |
| 2026-06-16 | OtherExhibits | filing ↗ |
| 2026-06-10 | OtherExhibits | filing ↗ |
| 2026-04-17 | 3.02Exec/director change | filing ↗ |
| 2026-04-08 | Exec/director change | filing ↗ |
| 2026-03-19 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-03-13 | Exec/director change | filing ↗ |
| 2026-03-09 | 3.023.03Exec/director change5.03Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-15 | 0001683168-26-004847 ↗ |
| 8-K | 2026-06-16 | 2026-06-12 | 0001683168-26-004852 ↗ |
| 8-K | 2026-06-10 | 2026-06-09 | 0001683168-26-004672 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001683168-26-003917 ↗ |
| 8-K | 2026-04-17 | 2026-04-16 | 0001683168-26-003049 ↗ |
| 8-K | 2026-04-08 | 2026-04-03 | 0001683168-26-002749 ↗ |
| 8-K | 2026-03-19 | 2026-03-13 | 0001683168-26-001997 ↗ |
| 8-K | 2026-03-13 | 2026-03-10 | 0001683168-26-001777 ↗ |
| 8-K | 2026-03-09 | 2026-03-03 | 0001683168-26-001618 ↗ |
| 10-Q | 2026-02-12 | 2025-12-31 | 0001683168-26-000960 ↗ |
| 10-K | 2025-12-11 | 2025-09-30 | 0001683168-25-009068 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001683168-25-009073 ↗ |