New Risk • May 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (over 68x increase in shares outstanding). Board Change • May 15
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 1 experienced director. 1 highly experienced director. Non Executive Lead Independent Director Sangita Shah is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • May 05
Forward Industries, Inc. to Report Q2, 2026 Results on May 14, 2026 Forward Industries, Inc. announced that they will report Q2, 2026 results on May 14, 2026 공시 • Apr 15
Forward Industries, Inc. Announces Chief Financial Officer Changes, Effective April 13, 2026 Forward Industries, Inc. announced the appointment of Mark Brazier as Chief Financial Officer, effective April 13, 2026. Mr. Brazier is 48 years old. Mr. Brazier will succeed Kathleen Weisberg, who has been with Forward since 2020 and will continue to support the Company as its Director of Financial Reporting. Effective April 13, 2026, Kathleen Weisberg will depart from her role as Chief Financial Officer of the Company. In this role, Mr. Brazier will oversee Forward’s financial operations, capital structure, financial reporting, and capital markets activities, working alongside the Company’s executive team to support its continued growth as the world’s largest publicly traded Solana treasury company. Mr. Brazier brings over 25 years of experience in the digital asset and traditional finance industry. Prior to joining the Company, from 2023 to 2025, Mr. Brazier most recently served as Chief Financial Officer and Head of Regulatory at XBTO Global, where he oversaw the firm’s global financial operations and regulatory compliance across trading, asset management, custody, and tokenization business lines. Concurrently, he served as Chief Financial Officer of Stablehouse, XBTO’s institutional custody and trading platform. Prior to XBTO, Mr. Brazier served as Chief Financial Officer of Vertrax, and before that as CFO and Treasurer of LiquidX. Earlier in his career, Mr. Brazier spent thirteen years at GFI Group, where he served as CFO of the Americas, SVP and Head of Corporate Development and Investor Relations, and Global Head of Financial Planning and Analysis, operating across both New York and London. He began his career as an Audit and Business Advisory Associate at PricewaterhouseCoopers. Mr. Brazier is a qualified chartered accountant and holds a degree from Durham University in the United Kingdom. Board Change • Mar 31
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 1 experienced director. 1 highly experienced director. Non Executive Lead Independent Director Sangita Shah is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 공시 • Mar 20
Forward Industries, Inc. (NasdaqCM:FWDI) announces an Equity Buyback for 6,164,324 shares, for $27.37 million. Forward Industries, Inc. (NasdaqCM:FWDI) announces a share repurchase program. Under the program, the company will repurchase up to 6,164,324 shares for $27.37 million. The repurchases will be financed through Master Digital Currency Loan Agreement with Galaxy Digital LLC. The closing of transaction shall take place within three business days from the execution and delivery of this Agreement. As of March 19, 2026, the company had 83,142,133 common shares outstanding. Reported Earnings • Feb 15
First quarter 2026 earnings released: US$5.91 loss per share (vs US$0.81 loss in 1Q 2025) First quarter 2026 results: US$5.91 loss per share (further deteriorated from US$0.81 loss in 1Q 2025). Revenue: US$21.4m (up 364% from 1Q 2025). Net loss: US$585.7m (loss widened US$584.8m from 1Q 2025). 공시 • Feb 10
Forward Industries, Inc. to Report Q1, 2026 Results on Feb 12, 2026 Forward Industries, Inc. announced that they will report Q1, 2026 results on Feb 12, 2026 Board Change • Jan 26
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. 1 highly experienced director. Non Executive Lead Independent Director Sangita Shah is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.