Forward Industries, Inc. ( (FORD) ) has released its Q1 earnings. Here is a breakdown of the information Forward Industries, Inc. presented to its investors.
Forward Industries, Inc. is a global design, sourcing, and distribution company primarily serving the medical and technology sectors with unique capabilities in product design and engineering services. In its latest earnings report for the quarter ended December 31, 2024, Forward Industries reported a net loss of $708,065, a larger deficit compared to the prior year, as revenues declined from $7.15 million to $6.62 million. The company’s gross profit also decreased from $1.64 million to $1.50 million, reflecting challenges in maintaining sales and managing costs. Key financial highlights include an operating loss of $708,320, largely due to a goodwill impairment charge of $225,000 and consistent general and administrative expenses. Forward Industries is facing significant headwinds as its largest design customer plans to discontinue a major project, potentially impacting future revenues. Looking ahead, Forward Industries plans to implement cost reduction strategies and explore financing options to address its liquidity concerns, as management remains cautious about the company’s ability to continue as a going concern.