Forward Industries (FWDI) Operating Expenses (2009 - 2026)
Forward Industries (FWDI) reported Operating Expenses of $3.25 million for fiscal Q1 2026 (quarter ended Dec 31, 2025), up 97.6% from $1.65 million a year earlier but down 30.3% from the prior quarter.
Forward Industries (FWDI) Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Dec 31, 2025, Forward Industries' Operating Expenses came in at $11.21 million, up 74.8% year-over-year; for FY2025 (ended Sep 30, 2025), it came in at $9.6 million, up 50.9% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 11.2% (FY2020 to FY2025).
- By fiscal year, Operating Expenses came in at $6.37 million in FY2024 (-2.7%), $6.54 million in FY2023 (-2.9%), $6.73 million in FY2022 (+5.3%) and $6.4 million in FY2021 (+13.1%).
- Five-year quarterly Operating Expenses spans a low of $1.29 million in fiscal Q4 2021 and a high of $4.66 million in fiscal Q4 2025.
- Year over year, Operating Expenses has now increased in each of the last three quarters, with growth averaging 39.3% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was fiscal Q4 2025 (growth of 222.8%); the low point was fiscal Q2 2021 (a decline of 36.5%).
- Per Business Quant data, the three fiscal quarters before Q1 2026 came in at $4.66 million (Q4 2025), $1.8 million (Q3 2025) and $1.5 million (Q2 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Infosys | 51.06 Bn | 16.35 Bn | 1.60 Bn | 519.00 Mn |
| 2 | Cognizant Technology Solutions | 29.12 Bn | 23.09 Bn | 1.91 Bn | 892.00 Mn |
| 3 | Cdw | 21.17 Bn | 18.07 Bn | 1.39 Bn | 895.80 Mn |
| 4 | Td Synnex | 18.55 Bn | 12.71 Bn | 1.43 Bn | 784.64 Mn |
| 5 | Cgi | 18.36 Bn | 16.16 Bn | - | - |
| 6 | Arrow Electronics | 9.82 Bn | 8.84 Bn | 1.16 Bn | 729.08 Mn |
| 7 | EPAM Systems | 8.35 Bn | 4.26 Bn | 445.94 Mn | 237.39 Mn |
| 8 | Avnet | 7.00 Bn | 6.12 Bn | 1.07 Bn | 599.24 Mn |
| 9 | ExlService Holdings | 6.69 Bn | 5.49 Bn | 241.14 Mn | 152.28 Mn |
| 10 | Forward Industries | 386.96 Mn | 293.49 Mn | 6.70 Mn | 5.77 Mn |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 5.77 Mn |
| Mar 31, 2026 | 3.58 Mn |
| Dec 31, 2025 | 3.25 Mn |
| Sep 30, 2025 | 4.66 Mn |
| Jun 30, 2025 | 1.80 Mn |
| Mar 31, 2025 | 1.50 Mn |
| Dec 31, 2024 | 1.65 Mn |
| Sep 30, 2024 | 1.44 Mn |
| Jun 30, 2024 | 1.58 Mn |
| Mar 31, 2024 | 1.74 Mn |
| Dec 31, 2023 | 1.65 Mn |
| Sep 30, 2023 | 1.65 Mn |
| Jun 30, 2023 | 1.64 Mn |
| Mar 31, 2023 | 1.57 Mn |
| Dec 31, 2022 | 1.68 Mn |
| Sep 30, 2022 | 1.56 Mn |
| Jun 30, 2022 | 1.64 Mn |
| Mar 31, 2022 | 1.87 Mn |
| Dec 31, 2021 | 1.67 Mn |
| Sep 30, 2021 | 1.29 Mn |
Forward Industries Operating Expenses 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=operating-expenses&ticker=FWDI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=FWDI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();