Forward Industries Q2 revenue down 19.6% to $7.8M; net loss widens to $0.6M

Forward Industries, Inc.

2024-Q2 EPS reported -$0.09 revenue$14,982,080

Revenue $7.8M vs $9.7M in prior year; gross margin improved to 20.5% from 19.8%.
Loss from continuing operations of $0.5M vs $0.1M loss in 2023; net loss $0.6M vs $0.9M.
Basic and diluted loss per share from continuing operations $0.05 vs $0.01.
Cash balance declined to $2.3M from $3.2M at September 30, 2023.
CEO cites focus on returning to profitability; costs from discontinued retail division largely concluded.

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 0.9

Forward Industries, Inc. reported second quarter ended March 31, 2024 results: revenue $7.8 million, net income $0.6 million, EPS $0.05.

Period: second quarter ended March 31, 2024
Revenue: $7.8 million
Net income: $0.6 million
EPS: $0.05
Result: reported results

Exact text from the filing

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.

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Source: SEC EDGAR

accession 0001683168-24-003231

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