10-Q · May 14, 2026
Forward Industries reported a significant increase in revenues primarily driven by its new digital asset treasury strategy. Revenue soared to $12.96 million, resulting in a gross margin of 70.0%, an impressive…
Earnings analysis · 10-Q
FWDI earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q extract does not include current-quarter revenue, margins, EPS, balance-sheet figures, cash flow, or segment results, so those metrics cannot be independently reported. Available quarterly history…
Read full summary
The supplied 10-Q extract does not include current-quarter revenue, margins, EPS, balance-sheet figures, cash flow, or segment results, so those metrics cannot be independently reported. Available quarterly history shows revenue declining from $21 million in 2026Q1 to $13 million in 2026Q2, gross margin falling from 78.6% to 70.0%, and operating margin worsening from -109.3% to -637.7%, while diluted EPS improved from -$5.91 to -$2.98. The filing adds a material SOL-derivatives risk, including reported net derivative losses of $4,561,000 million for the quarter, and identifies related-party counterparty and collateral risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Continued share repurchases
The company repurchased 2,561,376 shares during the quarter at a weighted-average price of $4.62 per share, for an aggregate cost of $11,840,000. Approximately $930.1 million remained available under the repurchase program as of June 30, 2026.
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Large repurchase authorization
The board’s authorization permits up to $1 billion of common-stock repurchases through September 30, 2027, although the program does not require the company to repurchase any specific number of shares.
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Controls assessed as effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Material SOL derivative losses
The filing introduces a specific risk around SOL-referenced derivatives and reports net derivative losses of $4,561,000 million for the three months ended June 30, 2026 and $4,292,000 million for the nine months ended June 30, 2026. The filing’s use of “million” after these dollar amounts appears to be a drafting inconsistency, but the reported figures indicate material derivative exposure.
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Related-party and collateral exposure
As of June 30, 2026, a significant portion of open derivative positions was with Galaxy Trading Mercury LLC, a related party. The filing also states that derivative contracts require collateral, including pledged digital assets, and may trigger margin calls during adverse price movements.
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Related-party share repurchase
The company executed an additional privately negotiated repurchase of 6,164,324 shares from an institutional investor and related party in March 2026 for an aggregate cost of $27,370,000. This adds related-party transaction exposure alongside the company’s ongoing open-market repurchases.
Management's outlook
No quantitative revenue or EPS outlook was provided in the supplied 10-Q text; guidance may be addressed separately in the earnings release or call.
Earlier filings 4
10-Q · February 12, 2026
Forward Industries reported revenue of $21,435,250 for the quarter ended December 31, 2025 (up from $4,624,449 a year earlier) but recorded a massive net loss of $585,651,086 driven by a $560,212,231 loss on digital…
10-Q · August 14, 2025
Forward Industries reported a sharp revenue decline in the quarter (Q3 ended June 30, 2025) with net revenue of $2,494,769, down 50.5% versus $5,036,232 in the quarter a year earlier, and a swing to a $2,559,781…
10-Q · February 13, 2025
Forward Industries reported quarterly revenue of $6,615,607, down $536,344 (-7.5%) versus $7,151,951 in the prior-year quarter. Gross profit fell to $1,501,053 (gross margin ~22.7%), operating loss widened to $(708,320)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.