Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 51

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 51
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 Quarter, respectively.

RESULTS OF OPERATIONS FOR
THE SIX MONTHS ENDED MARCH 31, 2025 COMPARED TO THE SIX MONTHS ENDED MARCH 31, 2024

The table below summarizes our consolidated results
from continuing operations for the 2025 Period as compared to the 2024 Period:

    Consolidated Results of Operations 

    2025
Period  
    2024
Period  
    Change ($)  
    Change (%) 
  
    Revenues, net 
    $7,747,000  
    $10,213,000  
    $(2,466,000) 
     (24.1%)
  
    Cost of sales 
     6,793,000  
     7,441,000  
     (648,000) 
     (8.7%)
  
    Gross profit 
     954,000  
     2,772,000  
     (1,818,000) 
     (65.6%)
  
    Sales and marketing expenses 
     308,000  
     415,000  
     (107,000) 
     (25.8%)
  
    General and administrative expenses 
     3,141,000  
     3,342,000  
     (201,000) 
     (6.0%)
  
    Goodwill impairment 
     225,000  
     –  
     225,000  
     – 
  
    Loss from operations 
     (2,720,000) 
     (985,000) 
     (1,735,000) 
     176.1% 
  
    Other expense, net 
     –  
     7,000  
     (7,000) 
     (100.0%)
  
    Loss from continuing operations 
    $(2,720,000) 
    $(992,000) 
    $(1,728,000) 
     174.2% 

The discussion that follows
below provides further details about our results from continuing operations for the 2025 Period as compared to the 2024 Period.

The decline in net revenues
from the 2024 Period to the 2025 Period is primarily attributable to the loss of a major customer in December 2024 as well as a