HAUPPAUGE, N.Y., June 12, 2024 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS), a Forward Industries (FORD) company, today announced the launch of its Advanced Concept Studio division, leveraging its expert Industrial Design and UI/UX team and growing capabilities. Advanced Concept Studio is focused on human-centered design, product strategy, physical and digital product design, user experience design, VR/AR visualization and AI interface development. Advanced Concept Studio specializes in transform ...

Core Insights - Intelligent Product Solutions (IPS), a subsidiary of Forward Industries (FORD), has launched its Advanced Concept Studio division, focusing on human-centered design and various innovative product development areas [1][5] - The Advanced Concept Studio specializes in transforming innovative ideas into impactful solutions, emphasizing rapid prototyping, user research, and interdisciplinary collaboration [4] Company Overview - IPS has a decade-long history of developing award-winning products, including enterprise computing devices for Zebra Technologies and various medical and defense products [3] - The Advanced Concept Studio (ACS) is committed to excellence and innovation in design projects, aligning user insights with technological possibilities to exceed client expectations [5] Product Innovations - Among its design innovations is the EON robotic aesthetic laser, which is utilized for non-invasive fat reduction therapy, making the process easier, painless, and safer [2]

Exhibit 99.1 The tables below are derived from the Company's condensed consolidated financial statements included in its Form 10-Q filed on May 10, 2024 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company's results of operations and financial condition relating to the fiscal quarters ended March 31, 2024 and 2023. Please also refer to the Company's Form 10-K for a discussion of risk factors applicable to t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34780 FORWARD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) ( ...

Revenue and Profitability - Revenues for the 2024 Quarter were $7,152,000, a decrease of 26.7% compared to $9,753,000 in the 2023 Quarter[105]. - Gross profit for the 2024 Quarter was $1,643,000, down 16.4% from $1,966,000 in the 2023 Quarter, while gross margin increased from 20.2% to 23.0%[105][108]. - The OEM distribution segment's revenues fell to $2,010,000, a decline of 54.1% from $4,377,000 in the 2023 Quarter, primarily due to lower sales volume from diabetic customers[114][115]. - Revenues from diabetic products in the OEM distribution segment decreased by 64.3%, from $3,985,000 in the 2023 Quarter to $1,424,000 in the 2024 Quarter[116][118]. - Operating loss for the 2024 Quarter was $380,000, compared to a loss of $128,000 in the 2023 Quarter, representing a 196.9% increase in losses[105][112]. Expenses and Cost Management - Sales and marketing expenses decreased by 10.2% to $369,000 in the 2024 Quarter, while as a percentage of revenues, they increased from 4.2% to 5.2%[105][109]. - The design segment's operating income margin decreased from 8.1% in the 2023 Quarter to 5.2% in the 2024 Quarter due to lower utilization rates and higher direct labor costs[125]. - The company has reduced its sourcing fee with Forward China from $100,000 to $65,833 per month effective October 2023[123]. Liquidity and Financial Position - As of December 31, 2023, the working capital deficit was $949,000, a decrease from $26,000 at September 30, 2023, primarily due to the inclusion of an $850,000 promissory note in current liabilities[126]. - Cash on hand as of January 31, 2024, was approximately $3,200,000, with an additional $1,300,000 available under a line of credit maturing on May 31, 2024[126]. - The company anticipates that liquidity and financial resources will be adequate for the next 12 months, but may require additional capital for strategic acquisitions or investments[128]. - The company does not foresee the need for significant capital asset purchases but may need to acquire equipment in the future[129]. Cash Flow Activities - Cash provided by operating activities during the 2024 Quarter was $116,000, resulting from an increase in accounts payable of $522,000 and a decrease in accounts receivable of $445,000[130]. - Cash used in operating activities during the 2023 Quarter was $149,000, driven by a net loss of $430,000 and an increase in accounts receivable of $994,000[131]. - Cash used in investing activities was $20,000 in the 2024 Quarter and $45,000 in the 2023 Quarter, primarily for purchases of property and equipment[132]. - Cash used in financing activities was $250,000 in the 2024 Quarter and $50,000 in the 2023 Quarter, consisting of principal payments on the promissory note held by Forward China[133]. Accounts Payable and Future Considerations - Accounts payable due to Forward China was approximately $8,894,000 as of December 31, 2023, with an agreement to limit collections to $500,000 in any 12-month period[127]. - The company faces uncertainty regarding the extension of the FC Note and additional payment terms from Forward China[127]. - The company expects to liquidate remaining retail inventory by June 30, 2024, following the strategic exit from the retail distribution segment[100].

Financial Performance - Net revenues for Fiscal 2023 were $36,688,000, a decrease of 4.0% from $38,207,000 in Fiscal 2022[128] - Gross profit decreased to $8,364,000, with a gross margin decline from 23.0% in Fiscal 2022 to 22.8% in Fiscal 2023[129] - Operating income fell significantly by 72.8% to $160,000 compared to $588,000 in Fiscal 2022[128] - Income from continuing operations was $159,000, a decline of 64.7% from $450,000 in Fiscal 2022[128] - Fiscal 2023 consolidated revenues decreased to $36,688,000, down 4.0% from $38,207,000 in Fiscal 2022[135] Segment Performance - The design segment showed revenue growth, partially offsetting the decline in the OEM distribution segment[128] - OEM distribution segment revenues fell to $14,002,000, a decline of 22.4% compared to $18,036,000 in Fiscal 2022, primarily due to lower sales volume from diabetic customers[137] - Revenues from diabetic products decreased by 23.4% to $11,805,000 in Fiscal 2023, representing 84% of OEM distribution revenues, down from 85% in Fiscal 2022[140] - Operating income for the OEM distribution segment dropped to $440,000 in Fiscal 2023, with an operating income margin of 3.1%, down from 5.0% in Fiscal 2022[143] - Operating income for the design segment increased slightly, but the operating income margin decreased from 10.6% in Fiscal 2022 to 9.6% in Fiscal 2023 due to inflationary pressures[146] Expenses and Costs - Sales and marketing expenses increased by 12.5% to $1,663,000, rising as a percentage of revenue from 3.9% to 4.5%[130] - General and administrative expenses decreased to $6,541,000, primarily due to bad debt recoveries and lower share-based compensation[131] - Cash provided by operating activities in Fiscal 2023 was $1,041,000, compared to $1,535,000 in Fiscal 2022[151] - Working capital decreased to $26,000 as of September 30, 2023, from $1,209,000 a year earlier, primarily due to higher payables and accrued expenses[147] - The company reduced the fixed portion of its sourcing fee with Forward China from $100,000 to $83,333 per month, resulting in cash savings of $100,000 for Fiscal 2023[144] Other Financial Metrics - Other income reported was $19,000 in Fiscal 2023, contrasting with other expenses of $135,000 in Fiscal 2022[132] - The effective tax rate for Fiscal 2023 was 11.2%, compared to 0.5% in Fiscal 2022[133] Operational Changes - The company ceased operations of its retail distribution segment in July 2023, classifying it as discontinued operations[114] - A significant diabetic customer, which represented approximately 12% of consolidated net revenues in 2022, was lost in March 2023, expected to impact future OEM distribution revenues[136] - The company has approximately $3,800,000 in cash on hand and $1,300,000 available under a line of credit maturing on May 31, 2024[147]

Financial Performance - Consolidated revenues for the 2023 Quarter were $10,127,000, a decrease of 4.4% compared to $10,589,000 in the 2022 Quarter[102]. - The net loss for the 2023 Quarter was $537,000, compared to a net loss of $419,000 in the 2022 Quarter, representing an increase of 28.2%[108]. - Net revenues for the consolidated results decreased by $922,000, or 2.8%, from $32,517,000 in 2022 to $31,595,000 in 2023[124]. - Operating loss increased from $494,000 in 2022 to $1,833,000 in 2023, representing a change of $1,339,000, or 271.1%[124]. - The operating loss margin for the retail distribution segment increased from 33.6% in 2022 to 51.3% in 2023[143]. Revenue Decline - The OEM distribution segment experienced a significant revenue decline of 38.6%, from $4,775,000 in the 2022 Quarter to $2,930,000 in the 2023 Quarter, primarily due to the loss of a major diabetic customer[112]. - Revenues from diabetic products in the OEM distribution segment decreased by 41.2%, from $4,087,000 in the 2022 Quarter to $2,402,000 in the 2023 Quarter[113]. - The OEM distribution segment revenues fell by $3,328,000, or 22.7%, from $14,692,000 in 2022 to $11,364,000 in 2023, primarily due to the loss of a significant diabetic customer[135]. Cost and Expenses - Gross profit decreased to $1,823,000 in the 2023 Quarter, with a slight decrease in gross margin from 18.1% in the 2022 Quarter to 18.0% in the 2023 Quarter[104]. - Sales and marketing expenses increased to 7.0% of revenues in the 2023 Quarter, up from 6.3% in the 2022 Quarter, driven by higher commission expenses[105]. - General and administrative expenses decreased slightly in the 2023 Quarter, primarily due to lower corporate expenses[106]. - Gross profit decreased by $1,535,000, or 22.6%, from $6,789,000 in 2022 to $5,254,000 in 2023, with gross margin declining from 20.9% to 16.6%[124][126]. - Sales and marketing expenses increased by $69,000, or 3.3%, from $2,106,000 in 2022 to $2,175,000 in 2023[124]. Future Outlook - The company plans to exit its retail operations, which is expected to lead to a decline in consolidated revenues in future periods[103]. - The company expects consolidated revenues to decline in future periods due to the Retail Exit[125]. - The company anticipates continued volatility in OEM and retail distribution cost of sales for the remainder of fiscal 2023[104]. - The company plans to evaluate its OEM cost structure and implement additional cost-cutting initiatives due to ongoing operating losses in the retail distribution segment[147]. - The company anticipates that its liquidity and financial resources will be adequate for the next 12 months, but may require additional capital for strategic acquisitions or investments[149]. Cash Flow and Liquidity - Cash provided by operating activities for the 2023 Period was $562,000, resulting from a decrease in inventories of $1,908,000 and an increase in accounts payable of $651,000, despite a net loss of $1,838,000[151]. - As of June 30, 2023, the company's working capital decreased to $2,476,000 from $4,359,000 at September 30, 2022, primarily due to lower inventory balances[147]. - The company had approximately $3,000,000 in cash on hand and $1,300,000 available under a renewed line of credit as of July 31, 2023[147]. - The balance of the promissory note held by Forward China was reduced to $1,200,000 after principal payments of $400,000 through June 30, 2023[148]. - As of June 30, 2023, accounts payable due to Forward China was approximately $8,000,000, with no assurance of continued favorable payment terms[148]. Strategic Initiatives - The company is working on a plan to exit the retail business in an orderly manner while satisfying existing customer obligations[147]. - Cash savings of $50,000 were realized in the third quarter of fiscal 2023 from a reduction in the sourcing fee with Forward China[141]. - The company plans to further evaluate the OEM distribution segment cost structure and implement additional cost-cutting initiatives as necessary[141]. - Cash used in investing activities for the 2023 Period was $117,000, compared to $140,000 in the 2022 Period, primarily for purchases of property and equipment[153]. - Cash used in financing activities for the 2023 Period was $200,000, consisting of principal payments on the promissory note held by Forward China[154].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34780 FORWARD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34780 FORWARD INDUSTRIES, INC. (Exact name of registrant as specified in its charter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to_____________. Commission File Number: 001-34780 FORWARD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) (State or other ...