Forward Industries (FWDI) Q4 EPS Collapse Deepens Loss Narratives Despite Higher Revenue

Forward Industries (FWDI) has just posted a tough FY 2025 finish, with fourth quarter revenue of about $7.9 million and basic EPS of roughly -$6.88, underscoring how challenged profitability remains. The company has seen quarterly revenue move from around $4.7 million in Q4 2024 to $7.9 million in Q4 2025, while basic EPS shifted from about -$0.65 to -$6.88 over the same stretch, highlighting how the top line has not yet translated into healthier margins.

See our full analysis for Forward Industries.

With the headline numbers on the table, the next step is to weigh this earnings print against the dominant narratives around Forward Industries to see which stories hold up and which start to crack.

Curious how numbers become stories that shape markets? Explore Community Narratives

Net Losses Balloon on TTM Basis

• On a trailing twelve month basis, net income excluding extra items came in at about negative 169.1 million dollars against roughly 18.2 million dollars of revenue, showing that losses are very large relative to the size of the business.
• Bears highlight that losses have grown at about 101.9 percent per year over the past five years, and this steep TTM net loss supports that concern:
  • The trailing twelve month basic EPS of around negative 24.90 dollars points to a much deeper hit to shareholders than the prior year figures in the dataset.
  • Even with revenue at about 18.2 million dollars over the same period, the scale of the loss suggests costs and charges have outweighed any top line progress.

Valuation Stretched Versus Peers

• The stock trades at a trailing price to sales multiple of about 35.9 times, far above the US electronic industry average of roughly 2.6 times and a peer average of about 1.0 times.
• Critics argue this high multiple is hard to justify given the loss profile, and the numbers back that view:
  • With the share price at 7.56 dollars and trailing twelve month revenue of about 18.2 million dollars, investors are paying a premium despite the company being unprofitable over the same period.
  • The combination of a 35.9 times price to sales and net losses of roughly 169.1 million dollars leaves little numerical evidence in this dataset of an earnings engine to support that valuation.

Shareholder Dilution and Volatility Add Pressure

• Analysis notes major shareholder dilution over the past year alongside share price swings that have been more volatile over the last three months than the broader US market.
• What stands out for a bearish read is how these capital structure and trading dynamics sit next to the income statement:
  • Net income excluding extra items worsened to about negative 163.99 million dollars in Q4 2025 alone, a sharp contrast to the much smaller losses reported in earlier quarters in the dataset.
  • Against this backdrop, recent dilution means existing holders now share that larger loss across more shares, while heightened price volatility makes those losses feel more acute in day to day trading.

📊 Read the full Forward Industries Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Forward Industries's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Explore Alternatives

Forward Industries combines widening losses, rich revenue based valuation multiples, and shareholder dilution. This creates a fragile setup that leaves little margin for error.

If you want potential upside without paying up for deep losses, use our these 907 undervalued stocks based on cash flows to quickly shortlist businesses where price better reflects underlying fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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