Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1076

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9
Chunk 1076
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 disclosed to conform to the current year presentation.

The Company’s Chief Executive
Officer serves as the Chief Operating Decision Maker (“CODM”) and evaluates the financial performance of the business and
makes resource allocation decisions on the basis of revenue, gross profit and net income or loss from continuing operations before income
taxes for each reportable segment.

The tables below represent
the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to
the CODM on a segment-level.

    Schedule of segment performance 

    Design Segment 

    Fiscal 2025  
    Fiscal 2024 
  
    Revenues 
    $13,606,000  
    $19,991,000 
  
    Cost of revenues 
     12,708,000  
     14,691,000 
  
    Depreciation expense (a) 
     119,000  
     116,000 
  
    Gross profit 
     779,000  
     5,184,000 
  
    Sales and marketing personnel costs 
     356,000  
     541,000 
  
    Sales promotion and marketing expenses 
     139,000  
     218,000 
  
    General and administrative personnel costs 
     1,872,000  
     2,627,000 
  
    Occupancy costs 
     668,000  
     662,000 
  
    Amortization expense (a) 
     213,000  
     213,000 
  
    Impairment of goodwill and intangible assets 
     2,026,000  
     200,000 
  
    Interest income 
     (37,000) 
     (79,000)
  
    Other segment expenses (b) 
     701,000  
     698,000 
  
    (Loss)/income from continuing operations before income taxes 
    $(5,159,000) 
    $104,000 

     F-38 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    Digital Assets Segment 

    Fiscal 2025  
    Fiscal 2024 
  
    Revenues 
    $4,582,000  
    $– 
  
    Cost of revenues 
     170,000