Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 606

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 4
Chunk 606
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 OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and
analysis should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this report
on Form 10-K. The following discussion and analysis compares our results of operations for the year ended September 30, 2025 (“Fiscal
2025”) with those for the year ended September 30, 2024 (“Fiscal 2024”). All dollar amounts and percentages presented
herein have been rounded to approximate values. In addition to historical information, this discussion and analysis contains forward-looking
statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of certain factors, including but not limited to those set forth under “Risk Factors.”

 31 

Cautionary statement regarding Forward-Looking Statements

This report includes “forward-looking
statements”, as such term is used within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other
than historical factual information are forward-looking statements, including, without limitation, statements regarding future performance
and management’s plans and strategies for future operations, including the implementation and anticipated benefits of our digital
asset treasury strategy, intentions of our staking activities, our liquidity and the management of our liquidity, our beliefs regarding
SOL, the SOL blockchain and ecosystem, anticipated sales under the ATM offering or purchases under the share buyback program, anticipated
hirings, as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking
statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will
likely result,” and similar expressions. These forward-looking statements are based on current expectations and assumptions that
are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in
the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed
in this report, and in particular, the risks discussed under the caption “Risk Factors” in Item 1A of this report and those
discussed in other documents we file with the SEC.  Forward-looking statements herein speak only as of the date of this report. We
undertake no obligation to revise or