Forward Industries, Inc.

Factors to consider:

• Total employees count: 100 as of 2023
• US accounted for 78.1% of revenue in the fiscal year ended 2024-09-30
• Top business risk factors: Loss of major customers, Customer concentration, Market competition, Dependence on in box sales, Economic downturns and volatility
• Earnings for 9 months up through Q3 are below our estimates

Stock Forecast*

* forecast is subjective and experimental, should not be used for any investment decisions

Long term estimates were made for the period from 2024-09-30 to 2026-09-30

• 2024-09-30 to 2025-09-30 estimated range: [1.63$, 4.20$]
• 2025-09-30 to 2026-09-30 estimated range: [1.53$, 3.79$]

Financial Metrics affecting the FORD estimates:

• Positive: with PPE of -1.9 at the end of fiscal year the price was low
• Negative: negative Operating income
• Positive: 18.93 < Shareholder equity ratio, % of 20.09 <= 41.86
• Positive: 5.52 < Industry operating cash flow per share per price (median), % of 7.66
• Positive: Interest expense per share per price, % of 1.62 <= 3.41
• Positive: 0 < Industry earnings per price (median), % of 2.64
• Positive: 6.82 < Operating cash flow per share per price, % of 10.50
• Positive: -4.48 < Investing cash flow per share per price, % of -1.68
• Positive: Industry inventory ratio change (median), % of -1.23 <= -0.15