Largest customer discontinues patch pump program, cutting ~25% of Forward Industries' revenue

Forward Industries, Inc.

Customer terminated all services related to patch pump program; revenue from this customer was 25.2% of FY2024 consolidated revenue.
Company expects a material decrease in revenues beginning in Q2 fiscal 2025.
Company is undertaking cost reduction efforts, including a reduction in workforce.
Formal notice received on December 9, 2024.

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