Forward Industries (FWDI) Cost of Revenue (2010 - 2025)
Forward Industries (FWDI) posted Cost of Revenue of $4.59 million for fiscal Q1 2026 (quarter ended Dec 31, 2025), up 31.3% from $3.49 million a year earlier and up 48.5% from the prior quarter.
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Analysis
Forward Industries (FWDI) Cost of Revenue (2010 - 2025) Analysis & Trends
For the trailing twelve months through Dec 31, 2025, Cost of Revenue at Forward Industries was $14.09 million, down 3.5% year-over-year; for FY2025 (ended Sep 30, 2025), it was $13 million, down 12.2% from FY2024.
- Annual Cost of Revenue has declined for four consecutive fiscal years, with a five-year compound annual growth rate of -14.1% (FY2020 to FY2025).
- In prior fiscal years, Forward Industries' Cost of Revenue was $14.81 million in FY2024 (-47.7%), $28.32 million in FY2023 (-3.7%), $29.41 million in FY2022 (-4.8%) and $30.89 million in FY2021 (+10.9%).
- The fiscal Q1 2026 figure stands as the highest quarterly Cost of Revenue since fiscal Q1 2024.
- On a year-over-year basis, Cost of Revenue increased in 1 of the last eight quarters, with an average decline of 23.1%.
- The strongest year-over-year quarter for Cost of Revenue in the past five years was fiscal Q4 2023, with growth of 68.7%; the weakest was fiscal Q4 2022, with a decline of 59.1%.
- According to Business Quant data, Cost of Revenue for the three prior fiscal quarters was $3.09 million (Q4 2025), $3.12 million (Q3 2025) and $3.3 million (Q2 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Infosys | 44.69 Bn | 44.75 Bn | 1.60 Bn | 3.48 Bn |
| 2 | Cognizant Technology Solutions | 26.45 Bn | 19.61 Bn | 1.83 Bn | 3.65 Bn |
| 3 | Td Synnex | 22.21 Bn | 16.36 Bn | 1.43 Bn | 20.13 Bn |
| 4 | Cdw | 16.70 Bn | 14.69 Bn | 1.32 Bn | 5.25 Bn |
| 5 | Cgi | 15.63 Bn | 13.41 Bn | - | - |
| 6 | Arrow Electronics | 12.33 Bn | 11.35 Bn | 1.13 Bn | 8.87 Bn |
| 7 | Avnet | 8.78 Bn | 7.96 Bn | 865.03 Mn | 7.43 Bn |
| 8 | Ingram Micro Holding | 6.70 Bn | 2.31 Bn | 958.68 Mn | 13.57 Bn |
| 9 | EPAM Systems | 5.58 Bn | 1.22 Bn | 429.57 Mn | 985.20 Mn |
| 10 | Forward Industries | 602.59 Mn | 602.59 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 4.59 Mn |
| Sep 30, 2025 | 3.09 Mn |
| Jun 30, 2025 | 3.12 Mn |
| Mar 31, 2025 | 3.30 Mn |
| Dec 31, 2024 | 3.49 Mn |
| Sep 30, 2024 | 3.64 Mn |
| Jun 30, 2024 | 3.73 Mn |
| Mar 31, 2024 | 3.74 Mn |
| Dec 31, 2023 | 5.51 Mn |
| Sep 30, 2023 | 6.21 Mn |
| Jun 30, 2023 | 6.52 Mn |
| Mar 31, 2023 | 7.81 Mn |
| Dec 31, 2022 | 7.79 Mn |
| Sep 30, 2022 | 3.68 Mn |
| Jun 30, 2022 | 8.67 Mn |
| Mar 31, 2022 | 8.06 Mn |
| Dec 31, 2021 | 8.99 Mn |
| Sep 30, 2021 | 9.00 Mn |
| Jun 30, 2021 | 7.78 Mn |
| Mar 31, 2021 | 6.65 Mn |
API Access
Forward Industries Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FWDI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "FWDI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FWDI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();