Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 35

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 35
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 is due to a decrease in interest expense resulting from a reduction in the amount of debt outstanding, a decrease in interest income
resulting from lower cash balances in interest bearing accounts and a reduction in foreign currency exchange losses.

 21 

We generated a loss from
continuing operations of $1,822,000 in the 2025 Quarter compared to $627,000 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 $1.65 and $0.57 for the 2025 Quarter and the 2024 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)