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Forward Industries Inc-N Y - FORD STOCK NEWS

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.

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Intelligent CloudCare, a subsidiary of Intelligent Product Solutions, has launched CloudCare University, offering online cybersecurity training aimed at small and medium-sized businesses. The training includes a free Cybersecurity Myths course, providing essential knowledge on recognizing and responding to cybersecurity threats. The CyberSecurity 101 course, priced at $97.99, covers topics such as phishing, secure authentication, safe data handling, and incident reporting. The initiative aims to empower employees with necessary skills to mitigate security risks and enhance their organization’s cybersecurity posture.

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Forward Industries, Inc. (NASDAQ:FORD) announced its first-quarter results for the fiscal year 2023, reporting revenues of $10.8 million, a 6.9% decline from $11.6 million in Q1 FY 2022. The gross margin fell to 17.7% compared to 22.5%% in the same quarter last year. The company faced an operating loss of $0.5 million, down from operating income of $0.2 million in Q1 FY 2022. Net loss was $0.4 million, contrasting with net income of $0.2 million a year prior, leading to a basic and diluted loss per share of $(0.04). Cash reserves decreased from $2.6 million to $2.3 million.

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Intelligent CloudCare, a subsidiary of Intelligent Product Solutions, has launched a new Vulnerability Assessment/Penetration Testing (VA-PT) service aimed at helping small and medium-sized businesses enhance their cybersecurity. This service includes a comprehensive vulnerability scan of an organization’s internal IT network and risk analysis to identify potential threats. Managing Director Danny Aponte emphasized the importance of recognizing vulnerabilities to safeguard against cyberattacks. In addition to VA-PT, Intelligent CloudCare offers various IT services including desktop support, server management, and web hosting, ensuring optimal performance for businesses.

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Forward Industries reported its financial results for the fiscal year ending September 30, 2022, showing revenues of $42.3 million, an increase of 8.5% from $39.0 million in 2021. However, the company faced challenges as gross margin fell to 19.8% from 20.8% the previous year, resulting in an operating loss of $1.2 million compared to $0.8 million in 2021. The net loss was reported at $1.4 million, down from net income of $0.5 million in 2021. The company ended the period with a cash balance of $2.6 million.

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On September 13, 2022, Intelligent CloudCare, a subsidiary of Forward Industries, announced the addition of three key certifications: Security+, Certified Ethical Hacker (CEH), and Microsoft Azure Fundamentals. These certifications bolster the company's expertise in security and cloud services, ensuring that clients receive high-quality IT support. The certifications validate the team's ability to identify threats, manage risks, and leverage Microsoft Azure for cloud solutions. This move enhances Intelligent CloudCare’s offerings in IT management and cybersecurity, addressing the needs of small and medium-sized businesses.

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Forward Industries, Inc. (NASDAQ:FORD) reported its third-quarter financial results for the period ending June 30, 2022, revealing a 6% increase in revenues to $10.6 million, up from $10.0 million in the same quarter of 2021.

However, gross margin decreased to 18.1% from 21.9% year-over-year.

The company experienced an operating loss of $0.4 million compared to an operating income of $0.3 million last year. Additionally, net loss was $0.4 million, contrasting with a net income of $0.2 million.

Basic and diluted EPS was $(0.04) versus $0.02 in the prior year. Cash reserves improved, totaling $2.3 million as of June 30, 2022, compared to $1.4 million in September 2021.

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Forward Industries, Inc. (NASDAQ:FORD) reported a significant revenue increase of 22.6% for Q2 FY2022, achieving $10.3 million, compared to $8.4 million a year prior. Gross margin improved to 21.8% from 20.8%. Operating loss decreased to $0.3 million from $0.8 million, while the net loss was $0.4 million, down from $0.8 million. Loss per share also improved to $0.04 versus $0.08. The cash balance stood at $1.5 million as of March 31, 2022. CEO Terry Wise expressed cautious optimism for the remainder of the fiscal year, highlighting the design division's strong performance.

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Forward Industries (NASDAQ: FORD) announced the launch of the IPS Risk Management Consulting practice, designed to integrate product safety into product design. This initiative, led by Intelligent Product Solutions (IPS), aims to enhance the product development process through risk management planning, assessment, and mitigation, guided by recognized ISO standards. Ed Lanzilotta highlighted that incorporating early risk management can significantly reduce development timelines while improving product quality. IPS aims to assist various industries, ensuring product safety throughout the design process.

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FAQ

What is the current stock price of Forward Industries Inc-N Y (FORD)?

The current stock price of Forward Industries Inc-N Y (FORD) is $4.39 as of December 23, 2024.

What is the market cap of Forward Industries Inc-N Y (FORD)?

The market cap of Forward Industries Inc-N Y (FORD) is approximately 4.8M.

What does Forward Industries Inc do?

Forward Industries designs, markets, and distributes soft-sided carrying cases, bags, clips, and accessories for handheld consumer electronic products and medical kits.

Who are Forward Industries' primary customers?

The primary customers of Forward Industries are original equipment manufacturers (OEMs).

What materials does Forward Industries use for its products?

Forward Industries uses leather, nylon, vinyl, plastic, polyvinyl chloride (PVC), and other synthetic fabrics for its products.

What are the main business segments of Forward Industries?

The main business segments are the OEM distribution segment and the design segment, which provides hardware and software product design and engineering services.

What recent management changes have occurred at Forward Industries?

Recent promotions include James Wightman to VP of Engineering and Ralph Cassara to Fellow and Digital Health Leader, reflecting the company's commitment to innovation.

What is Intelligent Product Solutions (IPS)?

IPS is a subsidiary of Forward Industries, specializing in global product design and development with a focus on medtech and wearable technology solutions.

Who are some of the notable clients of IPS?

Notable clients of IPS include Neuvotion, Google, Verizon, Zebra Technologies, and Steinway.

When was Forward Industries Inc founded?

Forward Industries Inc was founded in 1961.

Where does Forward Industries generate most of its revenue?

Forward Industries generates the majority of its revenue from the United States.

What types of products does the OEM distribution segment include?

The OEM distribution segment includes carrying cases and accessories for medical monitoring and diagnostic kits, as well as other portable electronic and non-electronic devices.

Forward Industries Inc-N Y

Nasdaq:FORD

FORD Rankings

FORD Stock Data

4.84M
913.31k
17.05%
8.61%
2.51%
Footwear & Accessories
Plastics Products, Nec
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United States of America
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