Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 49

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 49
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with estimates of our future performance may affect the fair value of goodwill and could result in additional impairment charges in the
future.

Recent Accounting Pronouncements

For information on recent
accounting pronouncements and impacts, see Note 2 to the unaudited condensed consolidated financial statements.

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

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

    Consolidated Results of Operations 

    2025
Quarter  
    2024
Quarter  
    Change ($)  
    Change (%) 
  
    Revenues, net 
    $3,123,000  
    $5,071,000  
    $(1,948,000) 
     (38.4%)
  
    Cost of sales 
     3,302,000  
     3,742,000  
     (440,000) 
     (11.8%)
  
    Gross profit/(loss) 
     (179,000) 
     1,329,000  
     (1,508,000) 
     (113.5%)
  
    Sales and marketing expenses 
     148,000  
     206,000  
     (58,000) 
     (28.2%)
  
    General and administrative expenses 
     1,495,000  
     1,744,000  
     (249,000) 
     (14.3%)
  
    Loss from operations 
     (1,822,000) 
     (621,000) 
     (1,201,000) 
     193.4% 
  
    Other expense, net 
     –  
     6,000  
     (6,000) 
     (100.0%)
  
    Loss from continuing operations 
    $(1,822,000) 
    $(627,000) 
    $(1,195,000) 
     190.6% 

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

The decline in net revenues
from the 202