Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 443

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 443
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 $169,069,000 and had an effective tax rate
of 0%. In Fiscal 2024, we recorded a tax provision of $23,000, generated a loss from continuing operations before income taxes of $2,143,000
and had an effective tax rate of (1.3%). We maintain significant net operating loss carryforwards and do not recognize a significant income
tax provision or benefit as our deferred tax provision is typically offset by a full valuation allowance on our net deferred tax assets.

Consolidated basic and diluted
loss per share from continuing operations was $24.90 and $1.97 for Fiscal 2025 and Fiscal 2024, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Prior to our recent financings,
our primary source of liquidity has been our operations. The primary demand on our working capital is and has historically been (i) operating
losses, (ii) repayment of debt obligations, and (iii) any increases in accounts receivable and inventories arising in the ordinary course
of business. Historically, our sources of liquidity have been adequate to satisfy working capital requirements arising in the ordinary
course of business and we anticipate that our liquidity and financial resources will remain adequate to manage our operating and financial
requirements until at least December 2026. At September 30, 2025, our working capital was approximately $38.5 million. At November 30,
2025, our cash balance was approximately $41.2 million.

Recent Financings

On September 9, 2025, we sold
and issued to certain accredited investors in a private placement an aggregate of: (i) 77,144,562 shares of our common stock at an offering
price of $18.50 per share, and (ii) pre-funded warrants to purchase 12,031,364 shares of our common stock with $18.49999 of the exercise
price pre-funded at closing. Pre-funded warrants to purchase an additional 1,783,519 shares of our common stock with $18.49999 of the
exercise price pre-funded were also issued in connection with a related strategic advisor agreement. We received aggregate proceeds of
approximately $1.65 billion, before deducting placement agent fees and other offering expenses. Net proceeds to the Company, after deducting
placement agent fees and other offering expenses, were approximately $1.58 billion.

From July 1 through August 12,
2025, we sold 246,000 shares