Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 131

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 131
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 revenues for Fiscal 2025 and 2024 are from customers predominantly located in the United States.

Customer Concentrations 

Revenues from one design segment
customer represented 12.4% of the Company’s consolidated net revenues in Fiscal 2025 and revenue from two design customers represented
48.4% of the Company’s consolidated net revenues in Fiscal 2024.

Accounts receivable from three
design segment customers represented 49.4% of the Company’s consolidated accounts receivable balance at September 30, 2025 and accounts
receivable from two design segment customers represented 48.7% of the Company’s consolidated accounts receivable balance at September
30, 2024.

There were no concentrations
of revenue or accounts receivable with any significant customer in our digital assets segment.

NOTE 17        RISKS AND UNCERTAINTIES 

The Company is subject to various
risks including market risk, liquidity risk and other risks related to its concentration in SOL. Investing in SOL is currently highly
speculative and volatile.

The price of SOL has been, and
will likely continue to be, highly volatile. Our financial results and the market price of our common stock could be materially adversely
affected if the price of SOL decreases substantially, as it has in the past, including as a result of shifts in market sentiment, speculative
trading, macroeconomic trends, technology-related disruptions and regulatory announcements.

Our historical financial statements
do not reflect the potential variability in earnings that we may experience in the future from holding or selling digital assets. Accordingly,
volatility in our earnings may be significantly more than what we experienced in prior periods, and it may be difficult to evaluate the
Company’s business and future prospects. We also may need to perform an analysis each quarter to identify whether events or changes
in circumstances indicate that our digital assets are impaired.

The Company will face risks relating
to the custody of its digital assets. Cybersecurity threats, including hacking, phishing and other malicious attacks, could result in
the loss, theft or misappropriation of our SOL. If we or our third-party service providers experience a security breach or cyberattack
and unauthorized parties obtain access to our private keys, or if our private keys are lost or destroyed, or other similar circumstances
or events occur, we may lose some or all of our digital assets and our financial condition and results of operations could be materially
adversely affected.

There is no clearing
house for SOL, nor is there a central or major