$FWDI

Forward Industries, Inc.

CIK:0000038264|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues, net	$ 10,779,711	$ 2,494,769	$ 45,176,076	$ 10,242,151
Cost of sales	4,075,748	3,115,727	12,550,687	9,908,850
Gross profit	6,703,963	(620,958)	32,625,389	333,301
Sales and marketing expenses	639,023	139,683	1,743,907	447,608
General and administrative expenses	5,767,407	1,799,140	12,604,049	4,940,264
General and administrative expenses - related party	1,025,354	0	6,947,775	0
Loss on digital assets	49,753,227	0	811,671,684	0
Impairment of digital assets	15,221,955	0	133,359,324	0
Derivative loss, net	4,560,874	0	4,291,848	0
Goodwill impairment	0	0	0	225,000
Operating loss	(70,263,877)	(2,559,781)	(937,993,198)	(5,279,571)
Interest income	(72,205)	(6,964)	(390,873)	(35,506)
Interest income - related party	0	0	(549,282)	0
Interest expense - related party	516,937	12,099	576,353	35,901
Gain on change in fair value of marketable equity securities	(17,336)	0	(17,336)	0
Gain on change in fair value of warrant liability	0	(160,223)	0	(160,223)
Other (income)/ expense, net	0	(340)	0	4,594
Loss from continuing operations before income taxes	(70,691,273)	(2,404,353)	(937,612,060)	(5,124,337)
(Benefit from) / provision for income taxes	(1,732,100)	0	80,335	0
Loss from continuing operations	(68,959,173)	(2,404,353)	(937,692,395)	(5,124,337)
Income from discontinued operations, net of tax	0	1,554,331	0	2,114,639
Net loss	(68,959,173)	(850,022)	(937,692,395)	(3,009,698)
Deemed dividend on Series B Convertible Preferred Stock	0	(10,278)	0	(10,278)
Net loss attributable to common shareholders	$ (68,959,173)	$ (860,300)	$ (937,692,395)	$ (3,019,976)
Basic (loss)/earnings per share :
Basic loss per share from continuing operations	$ (0.80)	$ (2.17)	$ (10.02)	$ (4.65)
Basic earnings per share from discontinued operations	0	1.40	0	1.92
Basic loss per share	(0.80)	(0.77)	(10.02)	(2.73)
Diluted (loss)/earnings per share:
Diluted loss per share from continuing operations	(0.80)	(2.17)	(10.02)	(4.65)
Diluted earnings per share from discontinued operations	0	1.40	0	1.92
Diluted loss per share	$ (0.80)	$ (0.77)	$ (10.02)	$ (2.73)
Weighted average common shares outstanding:
Basic	86,694,282	1,113,670	93,587,982	1,105,269
Diluted	86,694,282	1,113,670	93,587,982	1,105,269

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net loss	$ (937,692,395)	$ (3,009,698)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	3,944,716	85,794
Depreciation and amortization	69,740	249,515
Credit loss expense	5,606	29,073
Loss on digital assets	811,671,684	0
Impairment of digital assets	133,359,324	0
Non-cash digital asset revenue, net	(31,106,976)	0
Loss on derivatives, net	4,291,848	0
Goodwill impairment	0	225,000
Gain on change in fair value of marketable equity securities	(17,336)	0
Gain on change in fair value of warrant liability	0	(160,223)
Gain on sale of OEM segment	0	(1,405,972)
Changes in operating assets and liabilities:
Accounts receivable	(287,112)	1,085,858
Contract assets	588,089	548,088
Prepaid expenses and other current assets	(1,028,280)	(704)
Other assets	(9,462)	0
Accounts payable	(149,534)	105,230
Accounts payable-related party	(369,726)	0
Deferred income	212,354	(89,463)
Net changes in operating lease liabilities	(68,300)	2,674
Accrued expenses and other current liabilities	507,214	(260,655)
Net cash used in operating activities-continuing operations	(16,078,546)	(2,595,483)
Net cash provided by operating activities-discontinued operations	0	396,153
Net cash used in operating activities	(16,078,546)	(2,199,330)
Investing Activities:
Purchases of property and equipment	(3,364)	(25,777)
Purchases of digital assets	(386,292,183)	0
Sales of digital assets	337,989,840	0
Purchase of marketable equity securities	(2,300,164)	0
Purchase of investment	(1,900,943)	0
Premiums paid on derivatives	(9,481,156)	0
Premiums received on derivatives	8,273,213	0
Cash paid for sale of OEM segment	0	(200,000)
Net cash used in investing activities	(53,714,757)	(225,777)
Financing Activities:
Proceeds from loans payable-related party	112,500,000	0
Payments of loans payable-related party	(7,500,000)	0
Fees associated with Securities Purchase Agreement	(229,699)	0
Proceeds from ATM, net	7,881,743	0
Proceeds from stock options exercised	44,760	0
Treasury stock purchases	(69,862,786)	0
Exercise of pre-funded warrants	6	0
Deferred financing costs associated with ATM	(242,529)	0
Proceeds from issuance of preferred stock and warrants, net of related issuance costs	0	970,946
Deferred financing costs associated with equity line of credit	0	(59,802)
Net cash provided by financing activities	42,591,495	911,144
Net decrease in cash	(27,201,808)	(1,513,963)
Cash at beginning of period	38,166,973	2,777,125
Cash at end of period	10,965,165	1,263,162
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	372,639	35,901
Cash paid for taxes	136,775	15,950
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Operating lease assets obtained in exchange for operating lease liabilities	653,310	157,424
Digital assets pledged as collateral	264,757,655	0
Conversion of accounts payable to convertible preferred stock	0	2,725,000
Digital assets received in exchange for loan payable	12,519,409	0
Fair value of commitment shares issued for equity line of credit	$ 0	$ 175,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash	$ 10,965,165	$ 38,166,973
Marketable equity securities, at fair value	2,317,500	0
Accounts receivable, net of allowances for credit losses of $97,964 and $92,358 as of June 30, 2026 and September 30, 2025, respectively	1,916,677	1,635,171
Contract assets	476,175	1,064,264
Digital assets receivable - related party	134,729	0
Derivative assets	4,925,557	0
Prepaid expenses and other current assets	1,383,828	355,548
Total current assets	22,119,631	41,221,956
Digital assets	335,848,635	1,430,486,289
Digital assets - restricted	1,217,050	0
Digital assets pledged as collateral with related party	239,518,295	0
Investment	1,900,943	0
Property and equipment, net	57,955	124,331
Operating lease right-of-use assets, net	814,027	2,303,776
Other assets	1,058,128	806,137
Total assets	602,534,664	1,474,942,489
Current liabilities:
Loans payable - related party	105,000,000	0
Loans payable - digital assets	12,519,409	0
Accounts payable	283,510	433,044
Accounts payable - related party	553,787	923,513
Deferred income	504,879	292,525
Derivative liabilities	7,344,162	0
Current portion of operating lease liability	437,725	450,949
Accrued expenses and other current liabilities	1,130,726	623,512
Total current liabilities	127,774,198	2,723,543
Other liabilities:
Operating lease liability, less current portion	549,254	2,094,079
Total liabilities	128,323,452	4,817,622
Commitments and contingencies (See Notes 4, 10 and 11)
Shareholders’ equity:
Common stock, $0.01 par value; 300,000,000 shares authorized; 87,163,107 and 73,846,883 shares issued and outstanding, respectively, at June 30, 2026; 86,145,514 shares issued and outstanding at September 30, 2025	871,631	861,455
Treasury Stock, at cost, 13,316,224 and 0 shares at June 30, 2026 and September 30, 2025, respectively	(69,862,786)	0
Additional paid-in capital	1,667,506,242	1,655,874,892
Accumulated deficit	(1,124,303,875)	(186,611,480)
Total shareholders’ equity	474,211,212	1,470,124,867
Total liabilities and shareholders’ equity	$ 602,534,664	$ 1,474,942,489