FWDI

EX-99.1

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PRESS RELEASE

Exhibit 99.1

Forward Industries Reports Fiscal Third Quarter 2026 Financial and Operating Results

Management to Host Conference Call Today at 5:00 p.m. Eastern Time

AUSTIN, TX, August 12, 2026 – Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today announced its financial and operating results for its fiscal third quarter ended June 30, 2026, along with an update on its SOL treasury strategy.

“Fiscal Q3 was another strong period of execution for Forward as we expanded our Solana treasury while delivering meaningful growth in SOL per share,” said Kyle Samani, Chairman of Forward Industries. “During the quarter, we acquired, through purchases and staking, more than 500,000 SOL and increased SOL per share on a fully diluted basis by 9% quarter over quarter. We also repurchased more than 2.5 million shares of Forward common stock, reflecting our disciplined approach to capital allocation and focus on driving per-share value. Our inclusion in the Russell 2000 and Russell 3000 indexes represents another important milestone and reflects the institutional recognition Forward has achieved in a relatively short period of time. Solana’s underlying fundamentals also continued to strengthen, with accelerating transaction activity, application revenue and adoption of tokenized real-world assets. Despite continued volatility across digital asset markets, we believe Forward’s permanent capital base, industry-leading access to capital and position as the world’s largest Solana treasury company provide us with a significant opportunity to grow SOL per share, pursue accretive acquisitions and deepen our participation across the Solana ecosystem.”

Operational Highlights

·Increased SOL Holdings: Forward increased its SOL and SOL equivalent holdings by 508,618 SOL during its fiscal third quarter 2026. Subsequent to quarter end, from July 1 through August 3, 2026, the Company increased its holdings by an additional approximate 254,000 SOL at an average cost of approximately $75 per SOL, bringing total SOL and SOL equivalent holdings to approximately 7.8 million SOL1 and SOL equivalents as of August 3, 2026.

·Added to the Russell 2000 and Russell 3000 Indexes: Effective June 29, 2026, Forward was added to the Russell 2000 and Russell 3000 indexes as part of the annual index reconstitution. The Company believes its inclusion will broaden its institutional shareholder base, enhance trading liquidity and increase its visibility among investors that benchmark against or passively track the Russell indexes.

·OnRe Investment Update: In May 2026, Forward invested in OnRe, a Solana-based tokenized reinsurance platform, and committed to provide up to $25 million of liquidity to its ONyc token. Since the investment, ONyc’s market capitalization increased 73% from approximately $142.7 million to approximately $247.4 million as of the end of June 2026, while the total tokenized real-world asset market capitalization on Solana increased from approximately $2.5 billion to more than $3.3 billion. The investment supports Forward’s broader strategy to generate diversified, U.S. dollar-denominated yield while supporting the growth of Solana-native financial infrastructure.

·Executed Accretive Share Repurchases: During the quarter, Forward repurchased 2,561,376 shares of common stock when management determined that doing so was accretive to SOL per share. Common shares outstanding declined to 73,846,883 as of June 30, 2026, from 76,314,617 as of March 31, 2026.

·Utilized At-the-Market Program Selectively: This quarter, the Company issued 93,642 shares through its at-the-market offering program for gross proceeds of $435,443. The shares were issued at prices management determined were accretive to SOL per share, and the proceeds were deployed into additional SOL purchases.

1 Includes SOL, fwdSOL, pledged SOL, and SOL equivalents

1

·Advanced M&A Strategy: Forward continued to actively evaluate potential acquisitions of digital asset treasury companies and other strategic businesses. The Company’s acquisition criteria remain focused on transactions that increase the scale of its SOL treasury and are accretive to SOL per share and investors.

Forward Industries Solana Treasury Update

·Treasury Holdings: As of June 30, 2026, the Company held 7,552,698 SOL and SOL equivalents, compared with 7,044,079 SOL as of March 31, 2026. As of August 3, 2026, Forward held 7,807,022 SOL and SOL equivalents, representing approximately 1.3% of Solana’s circulating supply.

·SOL per Share: SOL per share on a fully diluted basis increased to 0.0730 as of June 30, 2026, from 0.0669 as of March 31, 2026, representing sequential growth of 9%, or approximately 36% on an annualized basis. As of August 3, 2026, the Company grew SOL per share further to approximately 0.0754.

·Staking: Forward continued to stake nearly all of its SOL holdings to t

EX-99.1

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FORWARD INDUSTRIES REPORTS FISCAL YEAR 2025

Exhibit 99.1

Forward Industries Reports Fiscal Year 2025

Financial Results

NEW YORK—December 11, 2025--Forward

Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward Industries”), the leading Solana treasury company, today reported financial results for the twelve months ended September 30, 2025 (“Fiscal 2025”).

“Our Fiscal 2025 results reflect less than one month of activity from our recently launched Solana treasury strategy, yet we continued to execute with discipline throughout the quarter to build the foundation for long-term SOL-per-share growth,” said Kyle Samani, Chairman of Forward Industries. “While we are still early in our operational buildout, in the fourth quarter of Fiscal 2025 we generated approximately $4.6 million in staking revenue, and we expect this segment to scale meaningfully as we expand our treasury and unlock additional on-chain yield opportunities.”

“It's also important to highlight the accounting treatment of our SOL holdings. Current accounting standards for digital assets require non-cash changes in the fair value of SOL to be recorded as a component of other non-operating income/loss. These fluctuations do not impact our cash balance, yield generation, or ability to continue compounding SOL-per-share. We believe this distinction is essential in evaluating our financial performance, which is driven by strategy execution—not short-term market volatility.”

FY 2025 Financial Summary (vs. FY 2024)

Highlights from the Company’s results for Fiscal 2025 from its Solana treasury, as well as its global design company serving medical and technology companies, were as follows:

·Net revenue for Fiscal 2025 was $18.2 million compared to $20.0 million in the prior year.

·Total operating expenses were $13.6 million compared to $7.3 million in the prior year.

·Forward Industries’ Fiscal 2025 results include a $160.0 million non-cash, unrealized loss related to mark-to-market accounting adjustments on its SOL holdings. This U.S. GAAP-required treatment reflects changes in estimated fair value and does not represent an actual outflow of cash.

·Net loss for Fiscal 2025 was $167.0 million compared to $2.0 million in the prior year. The increase in net loss was driven largely by the non-cash, unrealized loss related to the Company’s SOL holdings.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com.

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Forward Looking Statements

This press release includes forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s plan for value creation and strategic advantages, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the proposed digital asset treasury strategy (including the share repurchase program); changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FORWARD REPORTS FISCAL 2024 SECOND

QUARTER RESULTS

Hauppauge, NY – May 10, 2024 – Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced financial results for its second quarter ended March 31, 2024.

Second Quarter Fiscal Year 2024 Financial Highlights

·Revenues were $7.8 million, a decrease of 19.6% from $9.7 million for 2023.

·Gross margin increased to 20.5% compared to 19.8% for 2023.

·Loss from continuing operations was $0.5 million compared to $0.1 million in 2023 and net loss was $0.6 million compared to $0.9 million in 2023.

·Basic and diluted loss per share from continuing operations was $0.05 compared to $0.01 for 2023.

·Cash balance of $2.3 million at March 31, 2024 compared to $3.2 million at September 30, 2023.

Terry Wise, Chief Executive Officer of Forward Industries, stated “The business continues to focus on proactively taking measures to return the group to profitability. Costs from our discontinued retail division have largely come to a conclusion. While this is pleasing, we will need a prolonged sustained effort from all our divisions to fulfill our objective of robust growth and profitability.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on May 10, 2024 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended March 31, 2024 and 2023. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding profitability and growth. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, competition, pricing pressures, supply chain issues, inability of our design division’s customers to pay for our services, loss of talented employees, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2023 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.About Forward Industries

Forward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.

For more information, contact:

Kathleen Weisberg, CFO, Forward Industries, Inc.

(631) 547-3055, kweisberg@forwardindustries.com

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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, September 30,

2024 2023

(Unaudited)

Assets

Current assets:

Cash $2,261,853 $3,180,468

Accounts receivable, net of allowances for credit losses of $771,189 and $955,965 as of March 31, 2024 and September 30, 2023, respectively 6,484,427 6,968,778

Inventories, net 308,895 334,384

Discontinued assets held for sale – 508,077

Prepaid expenses and other current assets 457,071 378,512

Total current assets 9,512,246 11,370,219

Property and equipment, net 254,971 274,046

Intangible assets, net 786,765 893,143

Goodwill 1,758,682 1,758,682

Operating lease right-of-use assets, net

2,810,059 3,021,315

Other assets 68,737 68,737

Total assets $15,191,460 $17,

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FORWARD REPORTS FISCAL 2024 FIRST

QUARTER RESULTS

Hauppauge, NY – February 14, 2024 – Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced financial results for its first quarter ended December 31, 2023.

First Quarter Fiscal Year 2024 Financial Highlights

·Revenues were $7.2 million, a decrease of 26.7% from $9.8 million for 2023.

·Gross margin increased to 23.0% compared to 20.2% for 2023.

·Loss from continuing operations was $0.4 million compared to $0.1 million in 2023 and net loss was $0.4 million compared to $0.4 million in 2023.

·Basic and diluted loss per share from continuing operations was $0.04 compared to $0.01 for 2023.

·Cash balance of $3.0 million at December 31, 2023 compared to $3.2 million at September 30, 2023, a decrease of 5%.

Terry Wise, Chief Executive Officer of Forward Industries, stated “A relatively static quarter with a pleasing improvement in gross margin. Our effort to turnaround the business into profitability continues with several initiatives now in place. We remain committed to the path of growth and recovery.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 14, 2024 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended December 31, 2023 and 2022. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2024 and profitability and growth in our businesses. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, competition, pricing pressures, supply chain issues, inability of our design division’s customers to pay for our services, loss of talented employees, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2023 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.

For more information, contact:

Kathleen Weisberg, CFO, Forward Industries, Inc.

(631) 547-3055, kweisberg@forwardindustries.com

1

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, September 30,

2023 2023

(Unaudited)

Assets

Current assets:

Cash $3,026,786 $3,180,468

Accounts receivable, net 6,534,702 6,968,778

Inventories, net 405,229 334,384

Discontinued assets held for sale 135,604 508,077

Prepaid expenses and other current assets 392,282 378,512

Total current assets 10,494,603 11,370,219

Property and equipment, net 265,346 274,046

Intangible assets, net 839,954 893,143

Goodwill 1,758,682 1,758,682

Operating lease right-of-use assets, net

2,916,385 3,021,315

Other assets 68,737 68,737

Total assets $16,343,707 $17,386,142

Liabilities and shareholders' equity

Current liabilities:

Note payable to

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD REPORTS PRELIMINARY FISCAL

2023 RESULTS

RECORD REVENUES FOR DESIGN DIVISION

DRIVE PROFITABILITY FROM CONTINUING OPERATIONS

Hauppauge, NY – December 20, 2023 – Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced preliminary financial results for the fiscal year ended September 30, 2023.

Preliminary Fiscal Year 2023 Financial Highlights

·Revenues were $36.7 million, a decrease of 3.9% from $38.2 million for 2022 with IPS from the design division recording record revenues in 2023.

·Gross margin declined to 22.8% compared to 23.0% for 2022.

·Income from continuing operations was $0.2 million compared to $0.4 million in 2022 and net loss was $3.7 million compared to $1.4 million in 2022.

·Basic and diluted earnings per share from continuing operations was $0.02 compared to $0.04 for 2022.

·Cash balance of $3.2 million at September 30, 2023 compared to $2.6 million at September 30, 2022, an increase of 23%.

Terry Wise, Chief Executive Officer of Forward Industries, stated “Having discontinued retail operations, the company’s continuing operations were profitable in fiscal 2023, cash positive and on a path of substantive growth. I am particularly pleased to report that our subsidiary within our design division, IPS, achieved historically high revenues and profitability.

Having completed the turnaround of the business, during the next fiscal year we will seek to grow our organic businesses significantly. We will also pursue suitable acquisition/venture opportunities.

Thus, I am excited for the Company’s prospects over the next fiscal year as I am optimistic it will be profitable and one of noteworthy growth.”

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2024, profitability and growth in our organic businesses, and pursuing acquisition/venture opportunities. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, competition, pricing pressures, supply chain issues, inability of our design division’s customers to pay for our services, loss of talented employees, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2022 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

1

About Forward Industries

Forward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.

For more information, contact:

Kathleen Weisberg, CFO, Forward Industries, Inc.

(631) 547-3055, kweisberg@forwardindustries.com

2

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30,

2023 2022

Assets

Current assets:

Cash $3,180,468 $2,575,522

Accounts receivable, net 6,968,778 7,542,666

Inventories, net 334,384 650,853

Discontinued assets held for sale 508,077 3,150,177

Prepaid expenses and other current assets 378,512 417,605

Total current assets 11,370,219 14,336,823

Property and equipment, net 274,046 241,146

Intangible assets, net 893,143 1,105,901

Goodwill 1,758,682 1,758,682

Operating lease right-of-use assets, net

3,021,315 3,427,726

Other assets 68,737 68,737

Total ass

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2023 THIRD QUARTER RESULTS

Hauppauge, NY – August 14, 2023 – Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced financial results for its third quarter ended June 30, 2023.

Third Quarter Fiscal Year 2023 Financial Highlights

·Revenues were $10.1 million, a decrease of 4.7% from $10.6 million for the third quarter of fiscal year 2022.

·Gross margin declined to 18.0% compared to 18.1% for the third quarter of fiscal year 2022.

·Operating loss was $0.5 million compared to $0.4 million for the third quarter of fiscal year 2022.

·Basic and diluted loss per share was $0.05 compared to $0.04 for the third quarter of fiscal year 2022.

·Cash balance of $2.8 million at June 30, 2023 as compared to $2.6 million at September 30, 2022.

Terry Wise, Chief Executive Officer of Forward Industries, stated “Pleasingly, the quarter witnessed the sustained positive momentum within our design division. However, this strong performance was offset by the continued difficulties within the retail and OEM sector. Consequently, after careful deliberation and consideration we have reluctantly resolved to discontinue our retail division in an orderly manner that will ensure we fulfil our commitments to our customers.  This has been a pivotal quarter for the Company, one in which as a direct consequence of the decisions taken, we hope will result in profitability in the near future.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on August 14, 2023 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended June 30, 2023 and 2022. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2023. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, pricing pressures, lack of success of our sales people, supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that we source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2022 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

1

About Forward Industries

Forward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.

For more information, contact:

Kathleen Weisberg, CFO, Forward Industries, Inc.

(631) 547-3055, kweisberg@forwardindustries.com

2

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, September 30,

2023 2022

(Unaudited)

Assets

Current assets:

Cash $2,821,163 $2,575,522

Accounts receivable, net 7,659,132 7,542,666

Inventories, net 1,892,790 3,801,030

Prepaid expenses and other current assets 689,955 417,605

Total current assets 13,063,040 14,336,823

Property and equipment, net 282,308 241,146

Intangible assets, ne

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FORWARD REPORTS FISCAL 2023 SECOND

QUARTER RESULTS

Hauppauge, NY – May 12, 2023 – Forward Industries, Inc. (NASDAQ:FORD), a global design, manufacturing, sourcing and distribution group, today announced financial results for its second quarter ended March 31, 2023.

Second Quarter Fiscal Year 2023 Financial Highlights

·Revenues were $10.7 million, an increase of 3.9% from $10.3 million for the second quarter of fiscal year 2022.

·Gross margin declined to 14.2% compared to 21.8% for the second quarter of fiscal year 2022.

·Operating loss was $0.8 million compared to $0.3 million for the second quarter of fiscal year 2022.

·Basic and diluted loss per share was $0.09 compared to $0.04 for the second quarter of fiscal year 2022.

·Cash balance of $2.4 million at March 31, 2023 as compared to $2.6 million at September 30, 2022.

Terry Wise, Chief Executive Officer of Forward Industries, stated “During the quarter, whilst the positive momentum within our design division was sustained, the group continued to be adversely impacted by the poor performance within retail and OEM divisions. These complex legacy and logistical challenges are being actively addressed. Upon resolution of these challenges, I am hopeful that these efforts will be reflected in a positive performance for the entire group.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on May 12, 2023 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended March 31, 2023 and 2022. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements (Brian to review based on quote)

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2023 and hopeful that our efforts will be reflected in a positive performance for the entire group. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2022 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

1

About Forward Industries

Forward is a global design, manufacturing, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for handheld electronic devices, we are now a one-stop shop for design development and manufacturing solutions serving a wide range of clients in the industrial, commercial, medical and consumer industries.

For more information, contact:

Anthony Camarda, CFO, Forward Industries, Inc.

(631) 547-3041, acamarda@for

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FOR

IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2023 FIRST QUARTER RESULTS

Hauppauge, NY – February 14, 2023 – Forward Industries, Inc. (NASDAQ:FORD), a global design, manufacturing, sourcing and distribution group, today announced financial results for its first quarter ended December 31, 2022.

First Quarter Fiscal Year 2023 Financial Highlights

·Revenues were $10.8 million, a decrease of 6.9% from $11.6 million for the first quarter of fiscal year 2022.

·Gross margin declined to 17.7% compared to 22.5% for the first quarter of fiscal year 2022.

·Operating loss was $0.5 million compared to operating income of $0.2 million for the first quarter of fiscal year 2022.

·Net loss was $0.4 million compared to net income of $0.2 million for the first quarter of fiscal year 2022.

·Basic and diluted (loss)/earnings per share was $(0.04) compared to $0.02 for the first quarter of fiscal year 2022.

·Cash balance of $2.3 million at December 31, 2022 as compared to $2.6 million at September 30, 2022.

Terry Wise, Chief Executive Officer of Forward Industries, stated “This has clearly been a disappointing quarter and start to the fiscal year. Whilst the design division continued to grow, the legacy and logistical challenges within the retail and the OEM divisions have impacted the group’s performance. We are actively addressing these complex issues, and I am confident that in time these will be reflected in a positive performance.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on February 14, 2023 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended December 31, 2022 and 2021. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2023. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2022 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a global design, manufacturing, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for handheld electronic devices, we are now a one-stop shop for design development and manufacturing solutions serving a wide range of clients in the industrial, commercial, medical and consumer industries.

For more information, contact:

Anthony Camarda, CFO, Forward Industries, Inc.

(631) 547-3041,

EX-99.1

2 forward_ex9901.htm

PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD REPORTS FISCAL 2022 THIRD

QUARTER RESULTS

Hauppauge, NY – August 10, 2022 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributor of carry and protective solutions, today announced financial results for its third quarter ended June 30, 2022.

Third Quarter Fiscal 2022 Financial Highlights

·Revenues were $10.6 million, an increase of 6.0% from $10.0 million for the three months ended June 30, 2021.

·Gross margin declined to 18.1% compared to 21.9% for the three months ended June 30, 2021.

·Operating loss was $0.4 million compared to operating income of $0.3 million for the three months ended June 30, 2021.

·Net loss was $0.4 million compared to net income of $0.2 million for the three months ended June 30, 2021.

·Basic and diluted (loss)/earnings per share was $(0.04) compared to $0.02 for the three months ended June 30, 2021.

·Cash balance of $2.3 million at June 30, 2022 as compared to $1.4 million at September 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated “Our revenues continued to improve but this was a predictably challenging quarter as the unprecedented logistical challenges continue. Our design division, principally IPS, continued to perform strongly. OEM performed in line with expectations. We have started to implement measures to mitigate the retail supply chain cost pressures, which we expect will help improve the financial performance of our retail division in future periods. I therefore believe that we will close out our fiscal year on a stronger footing despite the significant challenges facing the business.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on August 10, 2022 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended June 30, 2022 and 2021. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our belief regarding how we will finish the fiscal year. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2021 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

1

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, prima

EX-99.1

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PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2022 SECOND QUARTER RESULTS

Hauppauge, NY – May 12, 2022 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributor of carry and protective solutions, today announced financial results for its second quarter ended March 31, 2022.

Second Quarter Fiscal 2022 Financial Highlights

·Revenues were $10.3 million, an increase of 22.6% from $8.4 million for the three months ended March 31, 2021.

·Gross margin improved to 21.8% compared to 20.8% for the three months ended March 31, 2021.

·Operating loss was $0.3 million compared to $0.8 million for the three months ended March 31, 2021.

·Net loss was $0.4 million compared to $0.8 million for the three months ended March 31, 2021.

·Basic and diluted loss per share was $0.04 compared to $0.08 for the three months ended March 31, 2021.

·Cash balance of $1.5 million at March 31, 2022 as compared to $1.4 million at September 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated “I am overall pleased with our improved Q2 2022 fiscal year results. The resilient performance of the business is largely due to continued strong results within our design division, principally IPS. This has helped offset the ongoing logistical difficulties within retail and we are proactively seeking solutions to mitigate these challenges. Finally, the OEM distribution sector remains as per expectations, and we continue to focus our resources away from the declining diabetic sector. Based on our second quarter performance, and our internal proactive efforts, I continue to remain cautiously optimistic for the remainder fiscal year.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on May 12, 2022 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended March 31, 2022 and 2021. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

1

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work and projects, growth in sales for our retail business, seeking solutions to mitigate logistical difficulties and growth in our design division. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2021 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software p

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD REPORTS FISCAL 2022 FIRST

QUARTER RESULTS

Hauppauge, NY – February 10, 2022 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributor of carry and protective solutions, today announced financial results for its first quarter ended December 31, 2021.

First Quarter Fiscal 2022 Financial Highlights

·Revenues were $11.6 million, an increase of 19.6% from $9.7 million for the three months ended December 31, 2020.

·Gross margin declined to 22.5% compared to 23.3% for the three months ended December 31, 2020.

·Operating income increased by $0.4 million, to $0.2 million, compared to a loss from operations of $0.2 million for the three months ended December 31, 2020.

·Net income was $0.2 million compared to $1.2 million for the three months ended December 31, 2020 (which, for 2020, included a $1.4 million gain as a result of the forgiveness of a PPP loan).

·Basic and diluted earnings per share was $0.02 compared to $0.12 for the three months ended December 31, 2020.

·Cash balance of $2.4 million at December 31, 2021 as compared to $1.4 million at September 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated “We began our 2022 fiscal year profitably. The resilient performance of the business, despite ongoing challenging market conditions, reflects the successful execution of our strategy. The design division continues to show solid growth and is underpinned by a strong pipeline of projects.  Sales within our retail division are steadily growing at a relatively competitive gross margin in a sector significantly impacted by exorbitant freight and shipping costs. Finally, within the OEM distribution sector, we are actively pursuing opportunities outside the declining diabetic sector. Based on this promising first quarter performance, I remain cautiously optimistic of a strong fiscal year.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on February 10, 2022 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended December 31, 2021 and 2020. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work and projects, growth in sales for our retail business, and growth in our design division. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2021 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD REPORTS

FISCAL 2021 RESULTS

Hauppauge, NY – December 16, 2021 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for the year ended September 30, 2021.

Full Fiscal Year 2021 Financial Highlights

·Revenues were $39.0 million, an increase of 13.0% from $34.5 million from 2020.

·Gross margin improved to 20.8% compared to 19.3% in 2020.

·Loss from operations was $0.8 million compared to $2.0 million in 2020.

·Net income was $0.5 million (which included a $1.4 million gain as a result of the forgiveness of a PPP loan) compared to a net loss of $1.8 million in 2020.

·Basic and diluted earnings/(loss) per share was $0.05 compared to $(0.19) in 2020.

·Cash totaled $1.4 million at September 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated “I am pleased to end the fiscal year profitably in terms of net income despite ongoing challenging market conditions. Following the successful integration of Kablooe, our design division continued to demonstrate solid financial performance, with a strong pipeline of projects. In line with our strategy, we invested in our retail division which continues to grow substantially. Finally, within the OEM distribution division, we continued to focus on diversifying our products away from the declining diabetic sector.

Building upon this progress, I look to the forthcoming fiscal year with an extremely encouraging outlook and remain cautiously optimistic.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-K filed on December 16, 2021 with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal years ended September 30, 2021 and 2020. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.

1

Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work and projects, and substantial growth in our retail business. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2021 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for handheld electronic devices, we are now a one-stop shop fo

EX-99.1

2 forward_ex9901.htm

PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD REPORTS

FISCAL 2021 THIRD QUARTER RESULTS

Revenues of $10.0 million and operating income of $0.3 million for the quarter

Hauppauge, NY – August 12, 2021 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for its third fiscal quarter ended June 30, 2021.

Third Quarter 2021 Financial Highlights

·Revenues were $10.0 million, an increase of 5.3% from $9.5 million for the three months ended June 30, 2020.

·Gross margin improved to 21.9% compared to 18.6% for the three months ended June 30, 2020.

·Operating income was $0.3 million compared to an operating loss of $0.2 million for the three months ended June 30, 2020.

·Net income was $0.2 million compared to a net loss of $0.2 million for the three months ended June 30, 2020.

·Basic and diluted earnings/(loss) per share was $0.02 compared to $(0.02) for the three months ended June 30,2020.

·Cash and cash equivalents totaled $1.6 million at June 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “A very pleasing set of results for the quarter, showing a clear trend in improvement of Forward’s performance. Although we continue to be hampered by difficult trading conditions, we have grown across all divisions relative to the previous quarter. While the design division remains robust, with a strong pipeline, the expansion and diversification of products within our distribution division continues its momentum.

I am cautiously optimistic that during the final quarter, we will complete the fiscal year on solid footing with strong year on year performance.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on August 12, 2021 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarter ended June 30, 2021 and 2020. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

1

Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work, trend in the improvement of our business and momentum of our expansion and diversification.  Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, a long delay in the re-opening of retail stores in the U.S, as a result of the pandemic, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2020 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of i

EX-99.1

2 forward_ex9901.htm

PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2021 SECOND QUARTER RESULTS

Revenues of $8.4 million and operating loss of $0.8 million for the quarter

Hauppauge, NY - May 13, 2021 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for its second fiscal quarter ended March 31, 2021.

Second Quarter 2021 Financial Highlights

·Revenues were $8.4 million, an increase of 6.3% from $7.9 million for the three months ended March 31, 2020.

·Gross margin improved to 20.8% compared to 18.3% for the three months ended March 31, 2020.

·Operating loss was $0.8 million compared to $1.7 million for the three months ended March 31, 2020.

·Net loss was $0.8 million compared to $1.4 million for the three months ended March 31, 2020.

·Basic and diluted loss per share was $0.08 compared to $0.14 for the three months ended March 31,2020.

·Cash and cash equivalents totaled $1.5 million at March 31, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “In spite of the ongoing challenging trading environment, I am pleased to report another quarter of solid financial results for the second quarter. Both revenues and gross margin have continued to improve year on year, with promising signs within retail. The enlarged design division remains robust with a steady pipeline of work.

In light of this resilient performance, and as trading conditions ease, I continue to be optimistic of the group’s prospects during the second half of the fiscal year”

1

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on May 13, 2021 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarter ended March 31, 2021 and 2020. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work and prospects for the second half of the fiscal year.  Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, failure to commercialize products that we develop, a long delay in the re-opening of retail stores in the U.S, as a result of the pandemic, changes in consumer purchasing as a result of unemployment, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic, and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2020 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for handheld elec

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2021 FIRST QUARTER RESULTS

Revenues of $9.7 million and operating loss of $0.2 million for the quarter

Hauppauge, NY – February 12, 2021 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for its first quarter ended December 31, 2020.

First Quarter Fiscal 2021 Financial Highlights

·Revenues were $9.7 million, an increase of 15.5% from $8.4 million for the three months ended December 31, 2019.

·Gross margin improved to 23.3% compared to 20.5% for the three months ended December 31, 2019.

·Loss from operations was $167 thousand compared to $29 thousand for the three months ended December 31, 2019.

·Net income was $1.2 million compared to a net loss of $82 thousand for the three months ended December 31, 2019, the increase primarily resulting from the $1.4 million of other income recognized on the forgiveness of our PPP loan in December 2020.

·Basic and diluted earnings/(loss) per share were $0.12 compared to $(0.01) for the three months ended December 31, 2019, the increase also resulting from the aforementioned PPP loan forgiveness.

·Cash and cash equivalents totaled $2.3 million at December 31, 2020.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “In spite of the ongoing trading challenges, I am pleased to report a robust financial performance with year over year increases in both revenues and gross margin for the quarter. We continue to build momentum throughout retail and our design division remains solid in terms of performance, with both IPS and Kablooe collaborating to forge a strong pipeline.

As we progress through the fiscal year, and the trading environment progressively eases, I continue to be hopeful for the future.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 12, 2021 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended December 31, 2020 and 2019. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for hand-held electronic devices, we are now a one-stop shop for design development and manufacturing solutions serving a wide range of clients in the industrial, commercial, medical and consumer industries.

Contact:

Forward Industries, Inc.

Anthony Camarda, CFO

(631) 547-3041

1

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, September 30,

2020 2020

Assets (Unaudited)

Current assets:

Cash $2,332,324 $2,924,627

Accounts receivable, net 7,729,140 7,602,316

Inventories 1,257,397 1,275,694

Prepaid expenses and other current assets 339,292 419,472

Total current assets 11,658,153 12,222,109

Property and equipment, net 205,057 215,323

Intangible assets, net 1,478,227 1,531,415

Goodwill 1,758,682 1,758,682

Operating lease right of use assets, net 3,436,130 3,512,042

Other assets 72,251 116,697

Total assets $18,608,500 $19,356,268

Liabilities and shareholders' equity

Current liabilities:

Line of credit $1,000,000 $1,000,000

Note payable to Forward China 1,600,000 1,600,000

Accounts payable 212,928 197,022

Due to Forward China 3,451,724 3,622,401

Deferred income 169,769 485,078

Current portion of notes payable 114,894 983,395

Current portion of finance lease liability 13,231 18,411

Current portion of deferred consideration – 45,000

Current portion of operating lease liability 269,569 259,658

Accrued expenses and other current liabilities 594,647 615,401

Total current liabilities 7,426,762 8,826,366

Other liabilities:

Notes payable, less current portion – 529,973

Operating lease liability, less current portion 3,288,938 3,359,088

Finance lease liability, less current portion 7,560 12,769

Deferred consideration, less current portion 60,000 45,000

Total other liabilities 3,356,498 3,946,830

Total liabilities 10,783,260 1

EX-99.1

2 forward_ex9901.htm

PRESS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2020 RESULTS

Revenues of $34.5 million and operating loss of $2.0 million for the year

Hauppauge, NY – December 17, 2020 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for the year ended September 30, 2020.

Full Fiscal Year 2020 Financial Highlights

·Revenues were $34.5 million compared to $37.4 million for 2019, a decrease of 7.8%.

·Loss from operations was $2.0 million compared to $3.1 million in 2019.

·Gross margin improved to 19.3% compared to 17.6% in 2019.

·Net loss was $1.8 million compared to $3.6 million in 2019.

·Net loss per share was $0.19 compared to $0.38 for 2019.

·Cash and cash equivalents totaled $2.9 million at September 30, 2020.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “In spite of the very challenging trading circumstances, I am pleased that the fiscal year-end financial performance has improved relative to the previous year.

Importantly, as trading conditions improve, particularly within the retail sector, we will continue to build momentum in terms of achieving profitability. Additionally, our underlying business within the design division remains robust, and with the addition of Kablooe Design, I am confident that will continue to strengthen. Thus, whilst there has continued to be the predictable decline in our historical core business, I am strongly encouraged by Forward’s progress this fiscal year.

1

During this fiscal year, we will seek to build upon the considerable momentum we have been able to achieve despite the exceptional trading environment. It is for this very reason that I look forward to the future with cautious optimism.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-K filed on December 17, 2020 with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal years ended September 30, 2020 and 2019. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.

Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding momentum and growth in our business.  Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our salespeople, failure to develop products at a profit, failure to commercialize products that we develop and unanticipated issues with our affiliated sourcing agent, failure to take advantage of synergies between Kablooe. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2020 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for hand-held electronic devices, we are now a one-stop shop for design development and manufacturing solutions servin

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

Forward Industries, Inc.

700 Veterans Hwy, Suite 100

Hauppauge, NY 11788

www.forwardindustries.com

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2020 THIRD QUARTER RESULTS

Revenues of $9.5 million and Net loss of $215 thousand for the quarter

Hauppauge, NY – August 14, 2020 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for its third fiscal quarter ended June 30, 2020.

Third Quarter 2020 Financial Highlights

·Revenues were $9.5 million compared to $9.9 million from the third quarter of 2019 a decrease of 3.6%.

·Gross margin decreased to 18.6% compared to 19.1% in the third quarter of 2019.

·Net loss was $215 thousand compared to a net loss of $104 thousand in the third quarter of 2019.

·Net loss per share was $0.02 compared to net loss per share of $0.01 for the third quarter of 2019.

·Cash and cash equivalents totaled $3.1 million at June 30, 2020.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “Like most other companies, this was a challenging quarter with our business continuing to be adversely impacted by delays within the retail sector and uncertainty which has slowed the growth of our design business. However, overall, I am pleased at the Company’s resilience and performance in spite of these extraordinary trading conditions and am encouraged by recent developments. I continue to have confidence in the future.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on August 14, 2020 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended June 30, 2020 and 2019. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions (“IPS”), the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in to a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for handheld electronic devices, we are now a one-stop shop for design, development and manufacturing solutions serving a wide range of clients in the industrial, commercial and consumer industries.

Contact:

Forward Industries, Inc.

Anthony Camarda

(631) 547-3041

1

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, September 30,

2020 2019

(Unaudited)

Assets

Current assets:

Cash $3,084,635 $3,092,813

Accounts receivable, net 8,264,935 6,695,120

Inventories 727,419 1,608,827

Prepaid expenses and other current assets 502,893 441,502

Total current assets 12,579,882 11,838,262

Property and equipment, net 219,375 243,002

Intangible assets, net 1,126,299 1,248,712

Goodwill 1,167,427 2,182,427

Investment – 326,941

Operating lease right of use assets, net 3,409,259 –

Other assets 138,002 255,008

Total assets $18,640,244 $16,094,352

Liabilities and shareholders' equity

Current liabilities:

Line of credit $1,000,000 $1,300,000

Accounts payable 297,098 315,444

Due to Forward China 3,199,874 3,236,693

Deferred income 525,763 219,831

Current portion of notes payable 2,196,621 1,654,799

Current portion of capital leases payable 24,733 39,941

Deferred consideration 296,000 834,000

Current portion of operating lease liability 238,413 –

Accrued expenses and other current liabilities 625,540 694,972

Total current liabilities 8,404,042 8,295,680

Other liabilities:

Capital leases payable, less current portion 15,402 26,438

Deferred rent – 60,935

Operating lease liability, less current portion 3,278,908 –

Notes payable, less current portion 759,949 –

Total other liabilities 4,054,259 87,373

Total liabilities 12,458,301 8,383,053

Commitments and contingencies

Shareholders' equity:

Common stock, par value $0.01 per share; 40,000,000 shares authorized; 9,583,851 and 9,533,851 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively 95,838 95,338

Additional paid-in capital

19,074,747 18,936,130

Accumulated deficit (12,988,642) (11,320,169)

Total shareholders' equity 6,181,943 7,711,299

Total liabilities and shareholders' equity $18,640,244 $16,094,352

2

FORWARD INDUSTRIES, INC. AN

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2020 FIRST QUARTER RESULTS

West Palm Beach, FL – February 14, 2020 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for the first quarter of fiscal year ended September 30, 2020.

First Quarter 2020 Financial Highlights

·Loss from Operations was $29 thousand compared to loss from operations of $481 thousand for the first quarter of 2019.

·Revenues were $8.4 million compared to $10.2 million compared to the first quarter of 2019.

·Gross profit percentage increased to 20.5% compared to 12.8% in the first quarter of 2019.

·Net loss for the quarter was $82 thousand compared to net loss of $531 thousand in the first quarter of 2019.

·Loss per share was $.01 per share compared to $.06 per share for the first quarter of 2019.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “During this first quarter, we believe we have made solid progress in diversifying into profitable and growing sectors. Our range of smart enabled retail products has gained solid traction– the response to Mooni lighting product featured on TV in the Good Morning America Christmas gift program was strong - and we are testing our smart range of lighting with a major retailer. In light of these achievements, together with the healthy profitability attained within our design division, I am hugely encouraged at the start of our fiscal year and very much look forward to the rest of the year with confidence.

1

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 14, 2020 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarter ended December 31, 2019 and 2018. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our belief regarding our progress from retail and establishing profitable growing sectors opportunities from new business lines.  Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, unanticipated issues with Mooni and their relationship with retail outlets in the U.S., failure to commercialize products that we develop and unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of coronavirus, failure to take advantage of synergies between IPS and Forward and failure to obtain acceptance of our products by big box retail stores. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2019 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions (“IPS”), the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in to a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing designs and distribution of carry and protective solutions

EX-99.1

2 forward_ex9901.htm

EARNINGS RELEASE

Exhibit 99.1

FOR IMMEDIATE RELEASE

FORWARD

REPORTS FISCAL 2019 RESULTS

Revenues of $37.4 million and operating loss of $3.1 million for the year

West Palm Beach, FL – December 27, 2019 – Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributer of carry and protective solutions, today announced financial results for the year ended September 30, 2019.

Included in the 2019 financial results are the results of our consolidated entity, Intelligent Product Solutions (IPS), our design and development business, which we acquired on January 18, 2018.

Full Fiscal Year 2019 Financial Highlights

·Revenues were $37.4 million compared to $34.5 million for 2018. An increase of 8.4%.

·Loss from Operations was $3.1 million compared to income of $261 thousand in 2018.

·Gross profit percentage decreased to 17.6% compared to 19% in 2018.

·Net loss was $3.6 million compared to net income of $632 thousand in 2018 (inclusive of a 510 thousand credit for a change in fair value of the IPS earnout consideration in 2018).

·Net loss per share was $(0.38) compared to Net income per share of $0.15 for 2018.

·Cash and cash equivalents totaled $3.1 million at September 30, 2019.

1

Terry Wise, Chief Executive Officer of Forward Industries, stated, “The fiscal year results have been disappointing. However, they are largely due to one off non-recurring issues and additionally, relate to isolated customers within our design division. Our underlying business remains positive. During this first quarter, we have made strong progress in establishing profitable and growth oriented new business lines. Our range of smart enabled retail products is particularly encouraging. The Mooni lighting product was featured in the Good Morning America Holiday show and we have started to make notable progress with US retailers with our new product offerings. I therefore look to the new fiscal year with confidence for Forward’s future.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-K filed on December 27, 2019 with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal years ended September 30, 2019 and 2018. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.

Note Regarding Forward-Looking

Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding progress from retail and establishing profitable growing sectors opportunities from new developments.  Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of our sales people, failure to develop products at a profit, unanticipated issues with Mooni and their relationship with retail outlets in the U.S., failure to commercialize products that we develop and unanticipated issues with our affiliated sourcing agent, failure to take advantage of synergies between IPS and Forward and issues integrating with IPS. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2019 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

About Forward Industries

Forward is a fully integrated design, development and manufacturing solution to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions (“IPS”), the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in t

8-K 1 fi8k.htm

Prepared by EDGARX.com

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2019

Forward Industries, Inc.

(Exact name of registrant as specified in its charter)

New York

001-34780

13-1950672

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)

477 S. Rosemary Ave.  Ste. 219

West Palm Beach, Florida 33401

(Address of Principal Executive Office) (Zip Code)

(561) 465-0030

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FORD

The NASDAQ Stock Market, LLC

Item 2.02             Results of Operations and Financial Condition

On August 14, 2019, Forward Industries, Inc. (the "Company") issued a press release announcing its financial results for the three and nine months ended June 30, 2019.  A copy of such press release is furnished as Exhibit 99.1 to this report.

The information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.

Exhibit

99. 1

Press release dated August 14, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FORWARD INDUSTRIES, INC.

Date: August 14, 2019

By:

/s/ Michael Matte

Name: Michael Matte

Title:   Chief Financial Officer