Forward Industries, Inc. filed its Form 10-Q for the quarterly period ended June 30, 2026, disclosing a nine-month net loss of $937,692,395, driven primarily by losses and impairments on digital assets, with the filing submitted on August 12, 2026.

Key Highlights

  • Nine-month net loss: Forward Industries reported a net loss of $937,692,395 for the nine months ended June 30, 2026, compared to a net loss of $3,009,698 for the same period in 2025.
  • Digital asset losses: The company recorded a loss on digital assets of $811,671,684 and impairment of digital assets of $133,359,324 for the nine months ended June 30, 2026.
  • Revenue growth: Net revenues for the nine months ended June 30, 2026 were $45,176,076, up from $10,242,151 in the prior-year period.
  • Total assets declined: Total assets fell to $602,534,664 at June 30, 2026, from $1,474,942,489 at September 30, 2025, with digital assets dropping to $335,848,635 from $1,430,486,289.
  • Related-party loans: Loans payable to a related party totaled $105,000,000 at June 30, 2026, compared to $0 at September 30, 2025.
  • Shares outstanding: There were 73,846,883 shares of common stock outstanding as of August 3, 2026.
  • Accumulated deficit: The accumulated deficit reached $1,124,303,875 at June 30, 2026, compared to $186,611,480 at September 30, 2025.

Forward Industries Digital Asset Losses Dominate June 2026 Quarter Results

According to the filing, Forward Industries (NASDAQ:FWDI) reported an operating loss of $937,993,198 for the nine months ended June 30, 2026, compared to an operating loss of $5,279,571 in the same period of the prior year. The company disclosed that the primary drivers of this deterioration were a loss on digital assets of $811,671,684, impairment of digital assets of $133,359,324, and a derivative loss, net, of $4,291,848, all of which were absent in the prior-year comparative period. For the three months ended June 30, 2026, the net loss was $68,959,173, versus a net loss of $850,022 for the same quarter in 2025.

The condensed consolidated balance sheet showed digital assets of $335,848,635 at June 30, 2026, down sharply from $1,430,486,289 at September 30, 2025. The company also reported digital assets pledged as collateral with a related party of $239,518,295 and digital assets restricted of $1,217,050 at June 30, 2026, both of which were zero at the prior fiscal year-end. Total liabilities rose to $128,323,452 at June 30, 2026 from $4,817,622 at September 30, 2025, with a new related-party loans payable balance of $105,000,000 appearing on the balance sheet. Total shareholders' equity declined to $474,211,212 from $1,470,124,867 over the same period.

On the revenue side, the filing reported net revenues of $45,176,076 for the nine months ended June 30, 2026, a significant increase from $10,242,151 in the nine months ended June 30, 2025. Gross profit for the nine-month period was $32,625,389, compared to $333,301 in the prior-year period. The company also disclosed share repurchases of 1,540,193 treasury shares at a cost of $10,882,955 during the nine-month period, along with proceeds from an at-the-market offering of $7,457,186, net, and proceeds from stock options exercised.

What Was Disclosed

Forward Industries filed a 10-Q for the quarter ended June 30, 2026, reporting a nine-month net loss of $937,692,395, total assets of $602,534,664, and 73,846,883 shares outstanding as of August 3, 2026, with losses concentrated in digital asset write-downs and impairments.