Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 43

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 43
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 decrease in interest income resulting from lower cash
balances in interest bearing accounts.

We generated a loss from
continuing operations of $2,404,000 in the 2025 Quarter compared to $455,000 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 $2.17 and $0.41 for the 2025 Quarter and the 2024 Quarter, respectively.

RESULTS OF OPERATIONS FOR
THE NINE MONTHS ENDED JUNE 30, 2025 COMPARED TO THE NINE MONTHS ENDED JUNE 30, 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 
    $10,242,000  
    $15,249,000  
    $(5,007,000) 
     (32.8%)
  
    Cost of sales 
     9,909,000  
     11,170,000  
     (1,261,000) 
     (11.3%)
  
    Gross profit 
     333,000  
     4,079,000  
     (3,746,000) 
     (91.8%)
  
    Sales and marketing expenses 
     448,000  
     603,000  
     (155,000) 
     (25.7%)
  
    General and administrative expenses 
     4,940,000  
     4,921,000  
     19,000  
     (0.4%)
  
    Goodwill impairment 
     225,000  
     –  
     225,000  
     – 
  
    Operating loss 
     (5,280,000) 
     (1,445,000) 
     (3,835,000) 
     265.4% 
  
    Other (income)/expense, net