Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 33

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 33
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000 in the 2025 Quarter compared to $381,000 in the 2024 Quarter. We maintain significant net operating
loss carryforwards and do not recognize a significant income tax expense or benefit as our deferred tax provision is typically offset
by a full valuation allowance on our net deferred tax asset.

Consolidated basic and diluted
loss per share from continuing operations were $0.64 and $0.35 for the 2025 Quarter and the 2024 Quarter, respectively.

Segment Results

The discussion that follows
below provides further details about the results of operations for each segment as compared to the prior year quarter.

    Segment Results of Operations 

    OEM Distribution  
    Design  
    Corporate Expenses  
    Consolidated 
  
    2025 Quarter revenues 
    $1,991,000  
    $4,625,000  
    $–  
    $6,616,000 
  
    2024 Quarter revenues 
     2,010,000  
     5,142,000  
     –  
     7,152,000 
  
    Change 
    $(19,000) 
    $(517,000) 
    $–  
    $(536,000)

    2025 Quarter operating income/(loss) 
    $223,000  
    $(260,000) 
    $(671,000) 
    $(708,000)
  
    2024 Quarter operating income/(loss) 
     41,000  
     266,000  
     (687,000) 
     (380,000)
  
    Change 
    $182,000  
    $(526,000) 
    $16,000  
    $(328,000)

OEM Distribution Segment

Net revenues in the OEM distribution
segment decreased slightly as lower revenue from non-diabetic customers and lower volumes from some diabetic customers was partially offset
by higher volumes from other diabetic customers. As consumer demand increases for diabetic testing products which require no carrying
case, we expect diabetic product sales to continue to represent a smaller portion of our OEM distribution revenue.

The following tables set
forth revenues by product line of our OEM distribution segment customers for the periods indicated:

    OEM Revenues by Product Line 

    2025
                                                                                Quarter  
    2024
                                                                                Quarter  
    Change ($)  
    Change (%) 
  
    Diabetic products 
    $1,