Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 0
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General

Forward Industries, Inc.
(“Forward”, “we”, “our” or the “Company”), through its wholly-owned subsidiaries, Forward
Industries (IN), Inc. (“Forward US”), DE Sub 1, LLC (“Forward Delaware”), Forward Industries (Switzerland) GmbH
(“Forward Switzerland”), Forward Industries UK Limited (“Forward UK”), Intelligent Product Solutions, Inc. (“IPS”),
and Kablooe, Inc. (“Kablooe”), is a design company serving top tier medical and technology customers. The Company provides
hardware and software product design and engineering services to customers predominantly located in the U.S. The Company also acquires
and holds Solana (“SOL”) and other digital assets and has adopted SOL as its primary treasury reserve asset.

On November 17, 2025, the Company
changed its ticker symbol on the Nasdaq Capital Market from FORD to FWDI.

Design Business

Our design business provides
a complete range of design, engineering and development services with respect to a diverse array of consumer and industrial electronics
products. These include but are not limited to medical products, smart displays, beverage vending, enterprise and mobile software applications,
lighting, security and detections systems, cameras, wearables and vehicle controls. Solutions in these and other areas are designed and
developed in-house, beginning at product concept, extending through design, engineering and prototype, and final design for manufacturing
and computer-aided design files.

Services offered in our design
business vary from full development utilizing a wide range of in-house design and engineering functions, to targeted design and engineering
support for clients with in-house development teams. Our in-house capabilities include the following:

    ·
    Electrical Engineering

    ·
    Mechanical Engineering

    ·
    Software Engineering

    ·
    Industrial Design

    ·
    User Experience/User Interface (UX/UI) Design and Development

    ·
    Optical Engineering

    ·
    Program Management

    ·
    IoT System Architecture

    ·
    IT Support

There are very few suppliers
required for the design segment of the business as it is a service-based business. We do, however, purchase supplies and equipment to
develop prototypes or “mock-ups” for design and development projects. Design business suppliers are predominantly based in
the United States.

Our design business follows
general industry standard practices for review and corrective actions related to its design services. There are no independent quality
assurance standards in place for its design and engineering