For the quarter ending 2025-12-31, FWDI had -$12,778,894 decrease in cash & cash equivalents over the period. -$7,929,151 in free cash flow.
| Cash Flow | 2025-12-31 | 2025-09-30 |
|---|---|---|
| Net loss | -585,651,086 | -166,974,340 |
| Share-based compensation | 17,159 | 2,871,756 |
| Depreciation and amortization | 25,638 | 332,225 |
| Credit loss expense | 0 | 105,516 |
| Loss on digital assets | -560,212,231 | - |
| Impairment of digital assets | 33,044,322 | - |
| Non-cash digital asset revenue, net | 16,461,936 | 4,411,859 |
| Change in fair value of digital assets | - | -160,035,105 |
| Change in fair value of warrant liability | - | -658,332 |
| Goodwill and intangible asset impairment | - | 2,026,311 |
| Gain on sale of oem segment | - | 1,405,972 |
| Goodwill impairment | 0 | - |
| Accounts receivable | 1,199,050 | -624,359 |
| Contract assets | 3,165 | -208,729 |
| Prepaid expenses and other current assets | 1,796,003 | -27,284 |
| Accounts payable | -50,441 | 229,463 |
| Accounts payable-related party | 692,921 | 923,513 |
| Deferred income | 427,660 | -106,914 |
| Net changes in operating lease liabilities | -2,090 | 582 |
| Accrued expenses and other current liabilities | 2,814,689 | -42,330 |
| Net cash used in operating activities-continuing operations | -7,929,151 | -4,898,240 |
| Net cash used in operating activities-discontinued operations | 0 | 396,153 |
| Cash paid for sale of oem segment | - | 650,000 |
| Net cash used in operating activities | -7,929,151 | -4,502,087 |
| Purchases of property and equipment | 0 | 25,774 |
| Purchases of digital assets | 335,050,009 | 900,790,843 |
| Sales of digital assets | 333,973,402 | - |
| Proceeds from waiver and leak-out agreement | - | 33,000,000 |
| Net cash used in investing activities | -1,076,607 | -901,466,617 |
| Proceeds from atm, net | - | 3,962,018 |
| Proceeds from securities purchase agreement, net | - | 900,103,815 |
| Proceeds from issuance of series b preferred stock and warrants, net | - | 970,946 |
| Proceeds from equity line of credit, net | - | 2,360,869 |
| Fees associated with securities purchase agreement | 229,699 | 737,400 |
| Proceeds from atm, net | 7,457,186 | 2,237,565 |
| Proceeds from stock options exercised | 26,110 | 60,739 |
| Treasury stock purchases | 10,882,955 | - |
| Repayment of note payable to forward china (related party) | - | 600,000 |
| Deferred financing costs associated with atm | 143,778 | - |
| Net cash used in financing activities | -3,773,136 | 941,358,552 |
| Net decrease in cash | -12,778,894 | 35,389,848 |
| Cash and cash equivalents at beginning of period | 38,166,973 | 2,777,125 |
| Cash and cash equivalents at end of period | 25,388,079 | 38,166,973 |
Forward Industries, Inc. (FWDI)
Forward Industries, Inc. (FWDI)