Welcome to our dedicated page for Forward Industries Inc-N Y news (Ticker: FORD), a resource for investors and traders seeking the latest updates and insights on Forward Industries Inc-N Y stock.
Forward Industries Inc-N Y (NASDAQ: FORD), established in 1961, is a premier designer, marketer, and distributor of soft-sided carrying cases, bags, clips, and other accessories for the handheld consumer electronic product industry. The company's product lineup includes solutions for cellular phones and medical monitoring and diagnostic kits. Forward Industries primarily serves original equipment manufacturers (OEMs), with its products tailored to the specifications provided by these clients.
Core Business and Products
Forward Industries' core business is centered on providing carrying and protective solutions for handheld electronic devices. Its product portfolio includes soft-sided carrying cases for blood glucose diagnostic kits and portable consumer electronics such as smartphones, tablets, personal computers, notebooks, and GPS devices. These products are manufactured using materials like leather, nylon, vinyl, plastic, polyvinyl chloride (PVC), and other synthetic fabrics.
Business Segments
The company operates in two main segments: the OEM distribution segment and the design segment. The OEM distribution segment focuses on sourcing and distributing carrying cases and accessories for medical monitoring and diagnostic kits and various other portable electronic and non-electronic devices, primarily to OEMs. The design segment offers comprehensive hardware and software product design and engineering services.
Subsidiaries
Forward Industries operates through its wholly owned subsidiaries, including Koszegi and Forward Innovations. These subsidiaries play a crucial role in the company's market presence by offering specialized design and manufacturing services tailored to OEMs' needs.
Recent Achievements and Current Projects
Forward Industries recently expanded its management team, with significant promotions such as James Wightman to VP of Engineering and Ralph Cassara to Fellow and Digital Health Leader. These changes are part of the company's strategy to leverage deep expertise in medical devices, defense, and international business to drive innovation and growth. Notably, the company has promoted key individuals with strong backgrounds in electronics and electrical systems from prestigious firms like BAE Systems.
Forward Industries' subsidiary, Intelligent Product Solutions (IPS), is an award-winning global product design and development firm. IPS has expanded its capabilities and now boasts a team of over 100 product designers and engineers, providing end-to-end development services. IPS specializes in medtech and wearable technology solutions, serving leading brands like Neuvotion, Google, Verizon, Zebra Technologies, and Steinway.
Neuvotion, an early-stage medical device company, has expanded its partnership with Intelligent Product Solutions (IPS) to commercialize its NeuStim™ technology for stroke and spinal cord injury treatment. Forward Industries, IPS's parent company, has made an undisclosed investment in Neuvotion to accelerate the market launch of NeuStim™.
The company specializes in AI-driven neuromodulation technologies for neurorehabilitation, brain-computer interface, and physical therapy markets. The partnership leverages IPS's medical device design and engineering expertise to bring Neuvotion's solutions to market, aiming to improve patient recovery outcomes.
Intelligent Product Solutions (IPS), a product design firm and division of Forward Industries (NASDAQ: FORD), has joined the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project. The initiative, co-hosted by the Digital Medicine Society (DiMe) and Consumer Technology Association (CTA), aims to improve digitally-enabled home care.
The project involves over 20 partners working to define hospital-at-home tech stack elements and functionality. Data shows hospitals offering in-home care have achieved reduced costs, improved outcomes, and better patient experiences. Research indicates two-thirds of individuals aged 60-79 prefer aging at home, though only 35% report technology helping their health routine.
Intelligent Product Solutions (IPS), a Forward Industries (NASDAQ: FORD) company, has announced the appointment of Brad Carlson as Vice President of Technology and Business Development. Dr. Carlson brings over 20 years of experience in medical devices and industrial markets, specializing in product strategy and development. His previous roles include VP of Research and Development at LivaNova and leadership positions at Danaher and Envista Holdings.
Bob Wild, COO of IPS, expressed enthusiasm about Carlson joining the team, highlighting his expertise as an engineer, innovator, and strategic leader. Dr. Carlson, who holds a PhD in Computer Engineering from Syracuse University, stated his excitement to bring new insights to IPS as they work to provide top service to clients. IPS is an award-winning global product design and development company with expertise in MedTech and wearable technology solutions.
Forward Industries (NASDAQ: FORD) announced a 1-for-10 reverse stock split effective June 18, 2024. This move is aimed at complying with Nasdaq's $1.00 minimum bid price requirement. Shareholders approved the split on June 10, 2024, and the company's board selected the 1-for-10 ratio. The stock will begin trading on a split-adjusted basis on June 18, 2024, with a new CUSIP number 349862 409. The reverse split will consolidate every ten shares into one while maintaining the overall shareholder equity percentage except for rounding adjustments. No fractional shares will be issued; they will be rounded up to the nearest whole share. The transfer agent, Equiniti Stock Transfer, will manage the exchange process.
Intelligent Product Solutions (IPS), a Forward Industries company, has launched the Advanced Concept Studio (ACS) division. ACS focuses on industrial design, UX/UI, product strategy, VR/AR visualization, and AI interface development. The award-winning team has developed products for major brands like Zebra Technologies, Med Spas, and aesthetic surgeons. The division emphasizes rapid prototyping, user research, and interdisciplinary collaboration. ACS aims to transform innovative ideas into scalable, well-designed solutions through a commitment to excellence and expansion of capabilities.
Forward Industries, Inc. (NASDAQ:FORD) reported a decrease in revenues to $7.8 million in the second quarter of fiscal year 2024, down by 19.6% from the previous year. Despite an increase in gross margin to 20.5%, the company faced a loss from continuing operations of $0.5 million. The net loss was $0.6 million, with basic and diluted loss per share at $0.05. The cash balance stood at $2.3 million as of March 31, 2024. CEO Terry Wise highlighted the company's focus on profitability and cost management.
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