Forward Industries Inc

forwardindustries.com

What Do They Do?

Provides hardware and software product design and engineering services to medical and technology customers. Also holds Solana and other digital assets.

How Do They Make Money?

Customers pay for design and engineering work as it progresses; specified deliverables are charged when completed and accepted. The treasury earns digital-asset staking rewards when validation services are provided and the rewards are determinable and collectible.

FY2025 revenue by reportable segment revenue

Segment	Share	Revenue	How money arrives
Design Segment	75%
Digital Assets Segment Usage-based	25%		Usage-based

Who Are Their Customers?

Medical and technology customers, predominantly in the U.S., hire Forward for hardware and software product design and engineering under project contracts.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $167M in FY2025.

Operating income, FY2025

−46% of revenue

▲ +290% (Loss) vs FY2024 (−$2.2M, −11%)

Net income, FY2025

−918% of revenue

▲ +8460% (Loss) vs FY2024 (−$2M, −10%)

Free cash flow, FY2025

−25% of revenue

▼ Now a loss vs FY2024 ($454.6K, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +332%; vs $2.5M in Q3 FY2025
Net income: ▲ +8013% (Loss); vs −$850K in Q3 FY2025

Design Segment share of revenue vs 100.0% in Q3 FY2025

Sep 15, 2026 Forward made an updated proposal to acquire SkyAI SkyAI holders could choose cash, Forward shares or a combination; the proposal is non-binding.
Jun 16, 2026 SkyAI did not respond; Solana Company declined acquisition proposals SkyAI did not respond before expiry, while Solana Company's board declined further discussion.
Jun 10, 2026 Brera Holdings rejected Forward's non-binding acquisition proposal Brera's board rejected the proposal and chose not to engage in discussions.
Apr 8, 2026 Mark Brazier became chief financial officer; Kathleen Weisberg left the role

Shrinking. Revenue fell 53% in 4 years, from $39M in FY2021 to $18.2M in FY2025, about 17% a year.

From product distribution to a treasury strategy The older report describes OEM and retail product sourcing and distribution alongside design services. The latest report describes design services plus a treasury strategy of acquiring, holding and staking Solana and other digital assets.

Revenue over time

Design Segment Digital Assets Segment

$20M$10M$0

FY2024 FY2025

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