Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 441

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 441
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     14,807,000  
     (1,810,000) 
     (12.2%)
  
    Gross profit 
     5,191,000  
     5,184,000  
     7,000  
     0.1% 
  
    Sales and marketing expenses 
     1,029,000  
     769,000  
     260,000  
     33.8% 
  
    General and administrative expenses 
     10,528,000  
     6,366,000  
     4,162,000  
     65.4% 
  
    Goodwill impairment 
     2,026,000  
     200,000  
     1,826,000  
     n/m 
  
    Operating loss 
     (8,392,000) 
     (2,151,000) 
     (6,241,000) 
     n/m 
  
    Other expense/(income), net 
     160,676,000  
     (8,000) 
     160,684,000  
     n/m 
  
    Income tax provision 
     20,000  
     23,000  
     (3,000) 
     (13.0%)
  
    Loss from continuing operations 
    $(169,088,000) 
    $(2,166,000) 
    $(166,922,000) 
     n/m 

n/m - not meaningful

The decline in net revenues from
Fiscal 2024 to Fiscal 2025 resulted from a $6,385,000 decline in design segment revenue, primarily attributable to the loss of a major
design customer in December 2024 and a net decrease in volume of work and projects with other customers, partially offset by $4,582,000
in staking revenue generated by our digital assets segment.

Our gross profit increased slightly,
and gross margin increased from 25.9% in Fiscal 2024 to 28.5% in Fiscal 2025. This increase in both gross profit and margin resulted from
the high margin staking revenue generated in our digital assets segment, which generated gross profit of $4,412,000 and gross margin of
96.3%. This was partially offset by lower gross profit and margin in