Forward Industries, Inc. Discontinues OEM Segment and Updates Financial Statements

Forward Industries, Inc. has decided to discontinue its Original Equipment Manufacturer (OEM) segment and has updated its financial statements to reflect this change. The company entered into a transaction agreement with Forward Industries (Asia-Pacific) Corporation to sell its OEM business, including its subsidiary Forward Industries (Switzerland) GmbH. The results of the OEM segment have been classified as discontinued operations, and the company now has only one reportable segment. The financial statements for the fiscal year ended September 30, 2024, and the quarterly period ended December 31, 2024, have been recast to reflect these changes. The company also reported a goodwill impairment charge of $200,000 related to its Kablooe reporting unit. The company's liquidity is primarily sourced from operations, and it faces challenges due to recurring losses and the discontinuation of its OEM segment.