Forward Industries Q3 revenue down 4.7% to $10.1M, discontinues retail division

Forward Industries, Inc.

2023-Q3 EPS reported -$0.18 revenue$31,594,818

Revenue of $10.1M vs $10.6M in prior year Q3; gross margin 18.0% vs 18.1%.
Operating loss of $0.5M, compared to $0.4M loss in Q3 FY2022.
Basic and diluted EPS loss of $0.05 vs $0.04 loss in prior year quarter.
Cash balance of $2.8M at June 30, 2023, up from $2.6M at Sept 30, 2022.
CEO cited persistent retail/OEM challenges; company resolved to wind down retail division.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Forward Industries, Inc. reported the three and nine months ended June 30, 2023 results: revenue $10.1 million, EPS $0.05.

Period: the three and nine months ended June 30, 2023
Revenue: $10.1 million
EPS: $0.05
Result: reported results

Exact text from the filing

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. ·

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Source: SEC EDGAR

accession 0001683168-23-005686

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