What is the 13F Pro Quality Score for FWDI?

13F Pro ranks Forward Industries, Inc. (FWDI) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FWDI's current score at https://13fpro.ai/research/FWDI (free sign-up required for the full ranking).

Which hedge funds own the most FWDI stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FWDI include Galaxy Digital, J Digital 6, Alyeska Investment Group, L.P.. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/FWDI as soon as new 13F filings post.

Where does 13F Pro source FWDI data?

All Forward Industries, Inc. fundamentals and ownership data come directly from SEC EDGAR. Forward Industries, Inc. files with the SEC under CIK 38264. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FWDI in?

Forward Industries, Inc. (FWDI) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

How often is FWDI research updated on 13F Pro?

FWDI's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Forward Industries, Inc.(FWDI)Stock Analysis

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13F Pro Quality Score

24.2/100

Rank #2,592 of 2,879 stocks

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

88.3/100

Profitability

1.5/100

Balance Sheet

2.4/100

Earnings Quality

30.0/100

Free Cash Flow

10.9/100

Institutional Flow

14.3/100

Revenue Scale

9.2/100

Dilution Risk

11.8/100

FWDI Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Forward Industries, Inc. (FWDI), a Financials sector company. 13F Pro's AI-powered ranking engine scores FWDI at 24.2/100 on a 32-signal composite quality model, placing it at rank #2,592 of 2,879 stocks — the bottom half of the AI-ranked universe. FWDI scores in the top quartile across revenue growth (88.3). Areas of concern include profitability (1.5) and balance sheet strength (2.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 11.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Forward Industries, Inc. reports quarterly revenue of $13.0M, net income of $-283.1M, free cash flow of $-4.8M. Top institutional holders of FWDI by reported 13-F value include Galaxy Digital, J Digital 6, Alyeska Investment Group, L.P., based on the most recent SEC filings. FWDI trades on the Nasdaq exchange and files with the SEC under CIK 38264. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FWDI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Forward Industries, Inc. directly from SEC EDGAR.

Revenue

Q2 2026

$13.0M

Net Income

Q2 2026

$-283.1M

Free Cash Flow

Q2 2026

$-4.8M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

-50.4% YoY

$18.2MFY 2025

FY20 $34.5MFY22 $38.2MFY23 $36.7MFY25 $18.2M

Net Income

-4368.5% YoY

$-167.0MFY 2025

FY20 $-1.8MFY22 $-1.4MFY23 $-3.7MFY25 $-167.0M

Operating Income

-5356.5% YoY

$-8.4MFY 2025

FY20 $-2.0MFY22 $588.5KFY23 $159.7KFY25 $-8.4M

EPS (Diluted)

-625.4% YoY

$-24.59FY 2025

FY20 $-0.19FY22 $-0.14FY23 $-3.39FY25 $-24.59

Total Assets

+8383.4% YoY

$1.47BFY 2025

FY20 $19.4MFY22 $20.9MFY23 $17.4MFY25 $1.47B

Total Debt

—FY 2025

FY20 $1.5MFY22 —FY23 —FY25 —

Op. Cash Flow

-491.4% YoY

$-4.5MFY 2025

FY20 $-262.9KFY22 $1.5MFY23 $1.2MFY25 $-4.5M

Metric	FY 2025	FY 2023	FY 2022	FY 2020	FY 2019	FY 2018
Revenue	$18.2M -50.4%	$36.7M -4.0%	$38.2M +10.8%	$34.5M -7.8%	$37.4M +8.4%	$34.5M
Net Income	$-167.0M -4368.5%	$-3.7M -171.1%	$-1.4M +22.4%	$-1.8M +50.7%	$-3.6M -361.3%	$1.4M
Operating Income	$-8.4M -5356.5%	$159.7K -72.9%	$588.5K +129.7%	$-2.0M +36.0%	$-3.1M -1288.3%	$260.7K
EPS (Diluted)	$-24.59 -625.4%	$-3.39 -2321.4%	$-0.14 +26.3%	$-0.19 +50.0%	$-0.38 -353.3%	$0.15
Total Assets	$1.47B +8383.4%	$17.4M -17.0%	$20.9M +8.2%	$19.4M +20.3%	$16.1M -16.3%	$19.2M
Total Debt	—	—	—	$1.5M +2700.5%	$54.0K -75.9%	$224.4K
Operating Cash Flow	$-4.5M -491.4%	$1.2M -25.1%	$1.5M +683.7%	$-262.9K +86.7%	$-2.0M -305.9%	$956.5K

AI Insight: FWDI Financial Trends

Forward Industries posted massive accounting losses in late 2025 and Q1 2026, likely from asset write-downs, despite modest revenue recovery.

• Revenue surged from $1M in Q1 2025 to $21M in Q4 2025, then moderated to $13M in Q1 2026.

• Net income swung from -$1M losses in 2024–Q2 2025 to -$164M in Q3 2025, -$586M in Q4 2025, and -$283M in Q1 2026.

• Operating cash flow deteriorated from +$1M in Q3 2024 to -$8M in Q4 2025 and -$5M in Q1 2026.

⚠ Equity collapsed from $4M in Q1 2025 to $1,470M in Q3 2025—likely goodwill/asset write-downs—then recovered to $551M by Q1 2026.

⚠ Operating losses of -$584M in Q4 2025 and -$284M in Q1 2026 far exceed revenue; underlying business fundamentals unclear.

AI Insight: FWDI Ratio Trends

Forward Industries remains deeply unprofitable across all metrics, with operating margin improving from -177.7% in Q1 2025 to -39.2% in Q3 2025 but still massively negative.

• Operating margin recovered from -177.7% (Q1 2025) to -39.2% (Q3 2025), showing sequential improvement but still unsustainably negative.

• ROA deteriorated from -10.5% (Q2 2024) to -44.5% (Q3 2025), indicating worsening asset utilization despite recent OpMargin recovery.

• ROIC swung to near-breakeven at -0.9% in Q3 2025, first recovery toward profitability in available data.

⚠ Company remains unprofitable across all periods shown; path to sustained positive returns unclear despite recent margin improvement.

⚠ Q4 2025 and Q1 2026 data missing; cannot assess whether Q3 2025 improvement is temporary or indicative of turnaround.

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Available Research

13F Pro tracks comprehensive data for Forward Industries, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FWDI

Galaxy Digital Inc.
$35.9M8,108,108 sh
J Digital 6 LLC
$35.2M7,947,843 sh
Alyeska Investment Group, L.P.
$14.4M3,250,161 sh
Multicoin Capital Management, LLC
$7.9M1,783,519 sh
MARSHALL WACE, LLP
$5.1M1,162,310 sh
GEODE CAPITAL MANAGEMENT, LLC
$4.8M1,074,928 sh
Ghisallo Capital Management LLC
$4.5M1,006,882 sh
Long Corridor Asset Management Ltd
$4.4M994,164 sh
JANE STREET GROUP, LLC
$4.3M965,062 sh
Polar Asset Management Partners Inc.
$4.2M945,946 sh

Fund	Value	Shares
Galaxy Digital Inc.	$35.9M	8,108,108
J Digital 6 LLC	$35.2M	7,947,843
Alyeska Investment Group, L.P.	$14.4M	3,250,161
Multicoin Capital Management, LLC	$7.9M	1,783,519
MARSHALL WACE, LLP	$5.1M	1,162,310
GEODE CAPITAL MANAGEMENT, LLC	$4.8M	1,074,928
Ghisallo Capital Management LLC	$4.5M	1,006,882
Long Corridor Asset Management Ltd	$4.4M	994,164
JANE STREET GROUP, LLC	$4.3M	965,062
Polar Asset Management Partners Inc.	$4.2M	945,946

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Is FWDI a good stock to buy?

13F Pro's AI-powered analysis of Forward Industries, Inc. (FWDI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FWDI are available on the FWDI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own FWDI?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FWDI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Forward Industries, Inc.'s investment landscape.