Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 45
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The following discussion
and analysis should be read in conjunction with our unaudited condensed consolidated financial statements, and the notes thereto, and
other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements
and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.  The following discussion
and analysis compares our condensed consolidated results of operations for the three and six months ended March 31, 2025 (the “2025
Quarter” and the “2025 Period”, respectively) with those for the three and six months ended March 31, 2024 (the “2024
Quarter” and “2024 Period”, respectively).  All dollar amounts and percentages presented herein have been rounded
to approximate values.

Cautionary Note Regarding
Forward-Looking Statements 

This report contains “forward-looking
statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995).  These statements include, among
other things, statements regarding our liquidity, plans on repaying outstanding debt obligations, planned sale of the OEM business, closing
of an equity line of credit or other equity financing as well as other statements regarding our future operations, financial condition
and prospects, and business strategies. Forward-looking statements generally can be identified by words such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "predicts," "projects,"
"will be," "will continue," "will likely result," and similar expressions. These forward-looking statements
are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to
differ materially from those reflected in the forward-looking statements. These risks include the inability to expand our customer base,
loss of additional customers, pricing pressures, lack of success of our marketing people, economic or other factors resulting in the failure
to enter into purchase agreements for the sale of equity, failure to reach a definitive agreement for the sale of the OEM business,
inability to maintain compliance with Nasdaq listing standards, and the inability of our customers to pay for our services. No
assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully
the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s
Form 10-K for the year ended