# Forward Industries, Inc. (FWDI)

**Exchange:** NASDAQ  
**Sector:** Consumer Cyclical  
**Market cap:** $26M  
**Price:** $3.85 (-4.94%)

> Forward Industries, Inc. is the world's leading Solana treasury company, focused on building and managing the largest treasury of Solana (SOL) tokens. Its primary purpose is to expand and strengthen the Solana ecosystem through acquiring and staking SOL, engaging with the Solana network, providing tools to developers, and investing in Solana-based projects. The company generates cash flow via staking and decentralized finance (DeFi) activities, while utilizing capital markets to scale its SOL holdings and enhance SOL per share accretion. Forward Industries leverages unique access to top-tier Solana protocols and founders to support ecosystem growth. Founded in 1961 and headquartered in Pompano Beach, Florida, it plays a pivotal role in the cryptocurrency sector by concentrating resources on Solana, a high-performance blockchain platform known for its speed and low transaction costs, thereby contributing to the broader adoption and development of decentralized applications and Web3 technologies.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $18M | $5M | -$8M | -$167M | $-24.59 |
| 2024 | $20M | $5M | -$2M | -$2M | $-1.77 |
| 2023 | $37M | $8M | $159,658 | -$4M | $-3.39 |
| 2022 | $38M | $9M | $588,470 | -$1M | $-0.14 |
| 2021 | $39M | $8M | -$764,999 | $523,805 | $0.05 |
| 2020 | $34M | $7M | -$2M | -$2M | $-0.19 |
| 2019 | $37M | $7M | -$3M | -$4M | $-0.38 |
| 2018 | $34M | $7M | $260,652 | $1M | $0.15 |
| 2017 | $25M | $4M | $598,470 | $579,346 | $0.07 |
| 2013 | $31M | $6M | $705,815 | -$206,886 | $-0.09 |
| 2012 | $29,403 | $4M | -$3M | -$10M | $-1.19 |
| 2011 | $22,763 | $5M | -$2M | -$3M | $-0.36 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.47B | $5M | $1.47B | — | — |
| 2024 | $15M | $12M | $3M | — | — |
| 2023 | $17M | $15M | $3M | — | — |
| 2022 | $21M | $15M | $6M | — | — |
| 2021 | $20M | $12M | $7M | — | — |
| 2020 | $19M | $13M | $7M | — | $2M |
| 2019 | $16M | $8M | $8M | — | $54,027 |
| 2018 | $19M | $8M | $11M | — | $224,377 |
| 2017 | $13M | $4M | $9M | — | — |
| 2013 | $15M | $5M | $9M | $7M | — |
| 2012 | $17M | $8M | $9M | $5M | — |
| 2011 | $22M | $4M | $19M | $15M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$5M | $25,774 | -$5M |
| 2024 | $519,770 | $65,154 | $454,616 |
| 2023 | $1M | $136,082 | $904,946 |
| 2022 | $2M | $169,631 | $1M |
| 2021 | -$528,311 | $67,207 | -$595,518 |
| 2020 | -$262,946 | $68,456 | -$331,402 |
| 2019 | -$2M | $33,138 | -$2M |
| 2018 | $956,485 | $55,881 | $900,604 |
| 2017 | -$137,639 | — | -$137,639 |
| 2016 | $768,284 | $48,121 | $720,163 |
| 2013 | $2M | $74,187 | $2M |
| 2012 | -$11M | -$72,467 | -$11M |
| 2011 | -$2M | $276,633 | -$2M |

Source: [CompaniesByCap](https://companiesbycap.com/company/FWDI)