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.
Forward Industries, Inc. (NASDAQ:FORD) reported a 19.6% increase in revenues for Q1 FY2022, rising to $11.6 million from $9.7 million in Q1 FY2021. However, gross margin decreased to 22.5% from 23.3%. Operating income was $0.2 million, a $0.4 million improvement from the previous year. Net income dropped to $0.2 million compared to $1.2 million in Q1 FY2021, which included a $1.4 million PPP loan forgiveness. The cash balance improved to $2.4 million. CEO Terry Wise expressed cautious optimism about the year, highlighting growth in the design division despite market challenges.
Forward Industries (NASDAQ:FORD) reported financial results for the year ending September 30, 2021, showcasing a revenue increase of 13.0% to $39.0 million, up from $34.5 million in 2020. The gross margin improved to 20.8% from 19.3% in the prior year. The company achieved a net income of $0.5 million, which included a $1.4 million gain due to PPP loan forgiveness, reversing a net loss of $1.8 million in 2020. The earnings per share improved to $0.05, compared to ($0.19) in 2020, while cash stood at $1.4 million as of September 30, 2021.
Forward Industries (NASDAQ: FORD) announced the promotion of Paul Severino to President of Intelligent Product Solutions (IPS), effective January 1, 2022. Severino, a co-founder of IPS, has been with the firm since its inception in 2007. Mitch Maiman, the current President, will transition to a strategic consulting role. Bob Wild has been promoted to COO. The leadership changes are expected to support the continued growth of IPS, which specializes in product design and engineering services across various industries.
Forward Industries, Inc. (NASDAQ:FORD) reported financial results for its third fiscal quarter ended June 30, 2021, achieving revenues of $10.0 million, a 5.3% increase from $9.5 million year-over-year. The operating income improved to $0.3 million, reversing a loss of $0.2 million in Q3 2020. Gross margin rose to 21.9% from 18.6%. Net income reached $0.2 million, compared to a net loss of $0.2 million a year prior. CEO Terry Wise expressed optimism about performance improvements despite challenging trading conditions.
On June 23, 2021, Forward Industries announced the launch of its new IT services division, Intelligent CloudCare, aimed at supporting small and medium businesses in the New York City region. This division provides IT services such as infrastructure analysis, desktop support, server management, and cybersecurity, which are essential for companies navigating post-COVID workplace adjustments. The initiative, led by Danny Aponte, aims to tackle IT challenges associated with the hybrid-remote work environment, supported by a team of experienced professionals.
Forward Industries (NASDAQ:FORD) has announced a distribution agreement with Chipolo Inc. to market its tracking products in the U.S. This partnership allows Chipolo to leverage Forward's relationships with major retailers. Notable products include Chipolo ONE Spot, which integrates with Apple's Find My network, enabling users to locate lost items via a smartphone app. With features like a replaceable battery and water resistance, Chipolo aims to enhance consumer convenience and security in item tracking.
Forward Industries (NASDAQ: FORD) reported second-quarter 2021 revenues of $8.4 million, up 6.3% from $7.9 million in Q2 2020. The company achieved a gross margin of 20.8%, improving from 18.3% year-over-year. Operating loss decreased to $0.8 million from $1.7 million a year ago, while net loss also fell to $0.8 million, down from $1.4 million.
Basic and diluted loss per share improved to $0.08 compared to $0.14 in the previous year. Cash and cash equivalents totaled $1.5 million as of March 31, 2021.
Intelligent Product Solutions, a subsidiary of Forward Industries (NASDAQ: FORD), has secured a group purchasing agreement with Premier, granting access to over 200,000 healthcare organizations to its software development services.
This agreement allows Premier’s members to benefit from pre-negotiated pricing and terms. CEO Terry Wise expressed satisfaction with the appointment, highlighting it as part of the company’s strategy to diversify its customer base amid uncertain times.
Forward Industries (NASDAQ:FORD) reported first-quarter revenues of $9.7 million, a 15.5% increase from $8.4 million a year ago. The gross margin improved to 23.3% from 20.5% year-over-year. The operating loss was $0.2 million, larger than a $0.03 million loss in the same quarter last year. However, the company recorded a net income of $1.2 million, significantly up from a $0.08 million loss in 2019, mainly due to a $1.4 million gain from PPP loan forgiveness. Basic earnings per share stood at $0.12 versus $(0.01) last year.
Forward Industries (NASDAQ:FORD) reported fiscal year 2020 revenues of $34.5 million, down 7.8% from $37.4 million in 2019. The company experienced a loss from operations of $2.0 million, improved from $3.1 million in the prior year. Gross margin increased to 19.3%, compared to 17.6% a year earlier. The net loss decreased to $1.8 million from $3.6 million in 2019, with net loss per share at $0.19, down from $0.38. Cash and equivalents stood at $2.9 million as of September 30, 2020.
FAQ
What is the current stock price of Forward Industries Inc-N Y (FORD)?
What is the market cap of Forward Industries Inc-N Y (FORD)?
What does Forward Industries Inc do?
Who are Forward Industries' primary customers?
What materials does Forward Industries use for its products?
What are the main business segments of Forward Industries?
What recent management changes have occurred at Forward Industries?
What is Intelligent Product Solutions (IPS)?
Who are some of the notable clients of IPS?
When was Forward Industries Inc founded?
Where does Forward Industries generate most of its revenue?
What types of products does the OEM distribution segment include?
