GoAI
Get started
Forward Industries, Inc. logo

Forward Industries, Inc.

FWDI

NASDAQFinancial ServicesAsset Management - Cryptocurrency

Open in GoAI

Previous close

$5.14

+$0.12 · +2.39%

Aug 21, 4:00 PM ET

FWDI company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

2

Overpriced

Momentum

27

Weakening

Sentiment

62

Bullish

Risk resilience

33

High Risk

Full GoAI research

Thesis, catalysts, evidence, and risk analysis.

View full GoAI research

AI-generated, informational only, and not investment advice.

Company profile

Company website

Forward Industries, Inc. operates through two segments: Digital Assets and Design. The company's primary strategy is focused on its Digital Assets segment, which acquires, holds, and stakes Solana (SOL) and other digital assets, adopting SOL as its main treasury reserve asset. The Design segment provides hardware and software product design and engineering services to customers in the medical and technology sectors.

Industry
Asset Management - Cryptocurrency
Sector
Financial Services
Headquarters
US
CEO
Michael D. Pruitt
Listed since
Nov 17, 1994
Employees
60

Market position

Day range

Current $5.14

52-week range

Current $5.14

Open
$5.37
Previous close
$5.02
Volume
1.99M
1.72× average
Average volume
1.16M
Average daily volume
Market cap
379.09M USD
Beta
0.82
Market reference 1
50-day average
$4.2966
+19.63% above average
200-day average
$5.5655
-7.64% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.7B USD
EV / EBITDA
-10.08×
Earnings yield
-9.62%
Free cash flow yield
-0.26%

Profitability & efficiency

Return on equity
-11.36%
Return on assets
-11.32%
Return on invested capital
-0.43%

Financial health

Current ratio
15.14×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends123%-255%-634%-1013%Gross margin, FY2021: 20.85%Gross margin, FY2022: 23.03%Gross margin, FY2023: 22.80%Gross margin, FY2024: 20.56%Gross margin, FY2025: 28.54%Operating margin, FY2021: -1.96%Operating margin, FY2022: 1.54%Operating margin, FY2023: 0.44%Operating margin, FY2024: -6.40%Operating margin, FY2025: -35.00%Net margin, FY2021: 1.34%Net margin, FY2022: -3.61%Net margin, FY2023: -10.18%Net margin, FY2024: -6.46%Net margin, FY2025: -918.07%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 20.85%. Gross margin FY2022 23.03%. Gross margin FY2023 22.80%. Gross margin FY2024 20.56%. Gross margin FY2025 28.54%. Operating margin FY2021 -1.96%. Operating margin FY2022 1.54%. Operating margin FY2023 0.44%. Operating margin FY2024 -6.40%. Operating margin FY2025 -35.00%. Net margin FY2021 1.34%. Net margin FY2022 -3.61%. Net margin FY2023 -10.18%. Net margin FY2024 -6.46%. Net margin FY2025 -918.07%.

Income trends

Revenue

18.19M USD-39.77%

Operating income

−6.37M USD-229.43%

Net income

−166.97M USD-8460.21%
Income trends across reported periods59.62M USD−22.78M USD−105.18M USD−187.57M USDRevenue, FY2021: 39.02M USDRevenue, FY2022: 38.21M USDRevenue, FY2023: 36.69M USDRevenue, FY2024: 30.2M USDRevenue, FY2025: 18.19M USDOperating income, FY2021: −765K USDOperating income, FY2022: 588.47K USDOperating income, FY2023: 159.66K USDOperating income, FY2024: −1.93M USDOperating income, FY2025: −6.37M USDNet income, FY2021: 523.81K USDNet income, FY2022: −1.38M USDNet income, FY2023: −3.74M USDNet income, FY2024: −1.95M USDNet income, FY2025: −166.97M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 39.02M USD. Revenue FY2022 38.21M USD. Revenue FY2023 36.69M USD. Revenue FY2024 30.2M USD. Revenue FY2025 18.19M USD. Operating income FY2021 −765K USD. Operating income FY2022 588.47K USD. Operating income FY2023 159.66K USD. Operating income FY2024 −1.93M USD. Operating income FY2025 −6.37M USD. Net income FY2021 523.81K USD. Net income FY2022 −1.38M USD. Net income FY2023 −3.74M USD. Net income FY2024 −1.95M USD. Net income FY2025 −166.97M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue18.19M USD30.2M USD36.69M USD38.21M USD39.02M USD
Cost of goods sold13M USD23.99M USD28.32M USD29.41M USD30.89M USD
Gross profit5.19M USD6.21M USD8.36M USD8.8M USD8.13M USD
Selling, general, and administrative10.63M USD7.94M USD8.2M USD8.21M USD8.9M USD
Operating expenses11.56M USD8.14M USD8.2M USD8.21M USD8.9M USD
Interest income70.67K USD78.86K USD23.19K USD—88.76K USD
Interest expense49.14K USD62.66K USD104.2K USD123.41K USD171.96K USD
Depreciation and amortization332.23K USD332.66K USD315.94K USD309.24K USD327.29K USD
Operating income−6.37M USD−1.93M USD159.66K USD588.47K USD−765K USD
Net income−166.97M USD−1.95M USD−3.74M USD−1.38M USD523.81K USD

Company facts updated Aug 24, 2026.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$8.00

55.64% upside
Past 12 months12-month forecastHigh $8.00Average $8.00Low $8.00

Corporate actions

Corporate action history

Stock split

Effective Jun 18, 2024

1:10

Stock split

Effective Dec 24, 1997

1:2

Stock split

Effective Feb 1, 1996

2:1

Stock split

Effective Sep 30, 1981

2:1

FWDI peers

Interactive Brokers Group, Inc. logo

IBKR

Interactive Brokers Group, Inc.

$93.87

+4.47%

CME Group Inc. logo

CME

CME Group Inc.

$274.98

+1.52%

Robinhood Markets, Inc. logo

HOOD

Robinhood Markets, Inc.

$108.13

+13.70%

Strive Inc. Perp. Pfd. Series A logo

SATA

Strive Inc. Perp. Pfd. Series A

$100.01

+0.10%

Nasdaq, Inc. logo

NDAQ

Nasdaq, Inc.

$98.22

+0.69%

PayPal Holdings, Inc. logo

PYPL

PayPal Holdings, Inc.

$61.55

-1.20%

ETFs holding FWDI

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
7.87M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
7.69M
Weight
0.01%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
3.06M
Weight
0.02%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
2.8M
Weight
0.00%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Fidelity Crypto Industry and Digital Payments ETF logoFidelity Crypto Industry and Digital Payments ETFFDIG
Market value
1.74M
Weight
0.66%
AUM
247.55M USD
Expense ratio
0.39%
Price / 1D
$44.08+2.16%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
1.4M
Weight
0.01%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$121.25+0.74%
iShares Micro-Cap ETF logoiShares Micro-Cap ETFIWC
Market value
1.08M
Weight
0.07%
AUM
1.53B USD
Expense ratio
0.60%
Price / 1D
$198.39+1.10%
Vanguard Russell 2000 Value ETF logoVanguard Russell 2000 Value ETFVTWV
Market value
225.92K
Weight
0.02%
AUM
1.4B USD
Expense ratio
0.06%
Price / 1D
$198.38+0.34%

Continue in GoAI

Research FWDI

research.disclaimer