Core Insights - Intelligent Product Solutions (IPS) has joined Zebra Technologies' PartnerConnect program as a Registered Alliance Partner, focusing on software solutions development and systems integration [1][2][3] - The partnership provides IPS with access to Zebra's innovative portfolio, training, and marketing benefits, enhancing collaboration within the Zebra ecosystem [2][3] - The PartnerConnect program aims to support various partners, including distributors and independent software vendors, to meet market demands and foster growth [3] Company Overview - IPS is a subsidiary of Forward Industries and specializes in product design and engineering, particularly in MedTech and wearable technology [4] - The company serves leading brands in consumer electronics and medical devices, including Neuvotion, Google, Verizon, and Zebra Technologies [4]

Core Insights - Intelligent Product Solutions (IPS) has joined Zebra Technologies' PartnerConnect program as a Registered Alliance Partner, focusing on software solutions development and systems integration [1][2][3] - The partnership provides IPS with access to Zebra's innovative portfolio, training, and marketing benefits, enhancing collaboration opportunities within the Zebra ecosystem [2][3] Company Overview - IPS is a subsidiary of Forward Industries (NASDAQ: FORD) and specializes in product design and engineering, particularly in MedTech and wearable technology [4] - The company serves leading brands in consumer electronics and medical devices, including Neuvotion, Google, Verizon, and Zebra Technologies [4]

Financial Performance - Consolidated net revenues for the 2025 Quarter were $6,616,000, a decrease of $536,000 or 7.5% compared to the 2024 Quarter [103]. - The OEM distribution segment generated revenues of $1,991,000, down $19,000 or 0.9% from the previous year, while the design segment saw a decline of $517,000 [112]. - Gross profit decreased to $1,501,000 in the 2025 Quarter, reflecting a gross margin of 22.7%, slightly down from 23.0% in the 2024 Quarter [103]. - The loss from continuing operations was $708,000 in the 2025 Quarter, compared to a loss of $381,000 in the 2024 Quarter, resulting in a basic and diluted loss per share of $0.64 [110]. - The company reported an accumulated deficit of $20,345,000 and a net loss of $708,000 for the three months ended December 31, 2024 [124]. Segment Performance - Revenues from diabetic products in the OEM distribution segment increased by $192,000 or 13.5% to $1,616,000, representing 81% of net revenues for the segment [114][116]. - Operating income for the OEM distribution segment improved to $223,000, with an operating income margin of 11.2%, up from 2.0% in the 2024 Quarter [119]. - The design segment experienced a decrease in net revenues, primarily due to a decline of approximately $470,000 from one customer and a net decrease in project volume, partially offset by new customer projects [120]. - Operating income for the design segment decreased, with the operating income margin dropping from 5.2% in Q4 2024 to (5.6%) in Q1 2025, driven by a decline in billable project hours and a goodwill impairment charge [121]. Expenses and Cash Flow - Sales and marketing expenses decreased by $64,000 or 17.3% to $305,000, primarily due to lower personnel costs [106]. - General and administrative expenses increased by $25,000 or 1.5% to $1,679,000, driven by higher corporate professional fees [107]. - Cash used in operating activities during Q1 2025 was $410,000, resulting from a net loss of $708,000 and various changes in working capital components [128]. - Cash used in investing activities was $5,000 in Q1 2025, down from $20,000 in Q1 2024, primarily for purchases of property and equipment [130]. - Cash used in financing activities in Q1 2024 included principal payments of $250,000 on the promissory note held by Forward China [131]. Goodwill and Future Outlook - A goodwill impairment charge of $225,000 was recorded in the 2025 Quarter due to the loss of a significant customer, which represented approximately 25.2% of consolidated net revenues in fiscal 2024 [99]. - The company expects to continue monitoring goodwill for impairment in future periods due to changes in economic and market conditions [101]. - Revenue from the largest design customer, which represented approximately 25.2% of consolidated net revenues in fiscal 2024, is expected to decline significantly starting in Q2 2025 due to the discontinuation of their insulin patch pump program [125]. - The company has substantial doubt about its ability to continue as a going concern for the next 12 months due to forecasted cash flows [125]. - The company may require additional capital for strategic acquisitions or investments, with no assurance of raising funds on acceptable terms [126]. Working Capital - As of December 31, 2024, the working capital deficit was $162,000, a decrease from a working capital of $273,000 at September 30, 2024, primarily due to lower cash and accounts receivable balances [122].

Group 1 - Intelligent Product Solutions (IPS) received a New York Product Design award for its design work on the EON Laser, a touch-free and pain-free fat reduction device by Dominion Aesthetic Technologies [1][3] - The EON Laser is recognized for its innovative technology in subcutaneous fat reduction, offering a non-invasive alternative to liposuction and other surgical interventions [3][4] - The EON Laser utilizes laser energy to raise the temperature of subcutaneous fat, triggering lipolysis while cooling the skin, resulting in a pain-free treatment option with no recovery time [3] Group 2 - The New York Product Design awards celebrate the contributions of product designers and manufacturers globally, highlighting their impact on daily living through practical and ingenious creations [2] - Intelligent Product Solutions is a subsidiary of Forward Industries and specializes in product design and engineering services, particularly in medtech and wearable technology [4]

Core Insights - Intelligent Product Solutions (IPS) has announced the promotion of Bob Wild to Chief Executive Officer (CEO), with Paul Severino continuing as President [1] - Bob Wild has been with IPS since 2011 and has played a significant role in developing innovative connected and wearable products, as well as medical devices [2] - IPS, founded in 2007, has grown to over one hundred employees and specializes in product design and engineering services, particularly in medtech and wearable technology [5] Company Leadership - Bob Wild's previous roles at IPS include Chief Operating Officer (COO), Senior Vice President, and Vice President of Electrical, Software, Systems Engineering & Information Technology [2] - Paul Severino, the former CEO and Co-founder, expressed confidence in Wild's leadership abilities and contributions to the firm [4] - Wild holds multiple degrees, including an MBA in Accounting and Finance, a Master's in Electrical Engineering, and a Bachelor's in Electrical and Systems Engineering [4] Company Background - IPS is a subsidiary of Forward Industries (NASDAQ: FORD) and is recognized for its award-winning product design and development services [1][5] - The company serves leading brands in consumer electronics and medical devices, including Neuvotion, Google, Verizon, Zebra Technologies, and Steinway [5] - IPS offers a full range of expert product design and engineering services, emphasizing its expertise in medtech and wearable technology solutions [5]

Financial Performance - The company reported a loss from continuing operations before income taxes of $1,924,600 for 2024, compared to a profit of $178,664 in 2023[41]. - Basic loss per share from continuing operations was $(1.77) in 2024, compared to a profit of $0.14 in 2023[41]. - The company reported a net loss of $1,950,587 for Fiscal 2024, compared to a net loss of $3,736,657 in Fiscal 2023, indicating an improvement in financial performance[93]. - For Fiscal 2024, total consolidated net revenues were $30,195,000, a decrease of 17.8% from $36,688,000 in Fiscal 2023[165]. - The OEM distribution segment generated revenues of $10,204,000 in Fiscal 2024, a decline of 27.5% from $14,002,000 in Fiscal 2023[197]. - The design segment revenues were $19,991,000 in Fiscal 2024, down 11.9% from $22,686,000 in Fiscal 2023[197]. - For the fiscal year ended September 30, 2024, the company reported a net loss from continuing operations of $1,951,000, compared to a loss of $3,736,000 for the fiscal year ended September 30, 2023[202]. - The basic earnings per share for the fiscal year ended September 30, 2024, was $(1.77), a decrease from $(3.39) in the previous year[202]. Assets and Liabilities - Total assets decreased from $17,386,142 in 2023 to $14,768,356 in 2024, a decline of approximately 15%[39]. - Current liabilities reduced from $10,836,099 in 2023 to $9,371,596 in 2024, representing a decrease of about 13.5%[39]. - Goodwill decreased from $1,758,682 in 2023 to $1,558,682 in 2024, a reduction of approximately 11.4%[39]. - Total shareholders' equity increased from $2,616,261 in 2023 to $2,967,034 in 2024, an increase of about 13.4%[39]. - As of September 30, 2024, the company had an accumulated deficit of $19,637,140 and working capital of $273,000[96]. - Accounts receivable amounted to $4,460,000 at September 30, 2024, down from $6,949,000 at September 30, 2023[79]. - The company had cash at the end of the year amounting to $3,022,436, a decrease from $3,180,468 at the beginning of the year[93]. - The company had total accrued expenses of $613,000 as of September 30, 2024, down from $1,358,000 in 2023[122]. - The total amount related to the retail segment included in Due to Forward China was approximately $641,000 and $1,002,000 at September 30, 2024, and 2023, respectively[130]. - The company had approximately $4,881,000 in outstanding payables to Forward China as of September 30, 2024, which is subject to a collection limit agreement[212]. Operational Changes - The company ceased operations of its retail distribution segment in July 2023, which is now classified as discontinued operations[46]. - The retail distribution segment was fully discontinued as of September 30, 2024, following a strategic shift due to recurring losses, with remaining retail inventory liquidated[114]. - The company entered into an agreement with Forward China to limit outstanding payables to $500,000 in any 12-month period, effective November 2023[47]. - The company entered into agreements to convert $2,200,000 of payables to Forward China into 2,200 shares of Series A-1 convertible preferred stock[213]. - The company reduced the fixed portion of the sourcing fee to Forward China from $100,000 to $65,833 per month effective October 2023[211]. Expenses and Costs - Sales and marketing expenses decreased from $1,663,791 in 2023 to $1,424,829 in 2024, a decline of approximately 14.3%[41]. - General and administrative expenses slightly decreased from $6,541,036 in 2023 to $6,516,246 in 2024, a reduction of about 0.4%[41]. - The company recognized share-based compensation of $101,360 in Fiscal 2024, up from $86,491 in Fiscal 2023[93]. - The Company recognized stock option compensation expenses of $101,000 in fiscal 2024, compared to $86,000 in fiscal 2023[159]. - The Company incurred interest payments of $63,000 on a promissory note to Forward China in Fiscal 2024, compared to $104,000 in Fiscal 2023[192]. - The Company recorded service fees to Forward China of $891,000 in Fiscal 2024, down from $1,266,000 in Fiscal 2023[187]. - Total operating lease expense for fiscal 2024 was $619,000, slightly down from $621,000 in fiscal 2023[206]. - The company has future minimum lease payments totaling $3,464,000, with a present value of lease liabilities at $2,834,000[208]. Impairments and Valuation - The company performed a goodwill impairment analysis, resulting in a charge of $200,000 for Fiscal 2024[93]. - The Company recognized a goodwill impairment charge of $200,000 for the Kablooe reporting unit in fiscal 2024, primarily due to a reduction in expected future performance[135]. - The carrying amount of the Kablooe reporting unit decreased from $1,759,000 on September 30, 2023, to $1,559,000 on September 30, 2024, after the impairment[137]. - The fair value of the earnout liability from the acquisition of Kablooe is measured using a Black-Scholes valuation model, categorized within level 3 of the fair value hierarchy[122]. - The Company maintained a full valuation allowance against its net deferred tax assets, with the valuation allowance increasing from $4,102,000 in 2023 to $4,307,000 in 2024, reflecting a change of $205,000[164]. Tax and NOLs - The Company recorded a provision for income taxes of $23,000 in Fiscal 2024, compared to $20,000 in Fiscal 2023, primarily for state income tax expenses[175]. - The Company had available net operating losses (NOLs) of $13,012,000 for U.S. federal income tax purposes and $7,425,000 for state income tax purposes as of September 30, 2024[176]. Future Outlook - The company’s forecasted operating results are sensitive to significant assumptions regarding future revenue and expenses[66]. - The company has suffered recurring losses from operations, raising substantial doubt about its ability to continue as a going concern[63]. - Revenue from a significant customer in the design segment represented 25.2% of consolidated net revenues in Fiscal 2024, down from 27.9% in Fiscal 2023, with expectations of a material revenue decrease starting Q2 Fiscal 2025 due to program discontinuation[167].

Core Insights - Neuvotion, Inc. is an early-stage medical device company focused on AI-driven neuromodulation technologies for neurorehabilitation, brain-computer interface, and physical therapy markets [1][4] - The company has expanded its partnership with Intelligent Product Solutions (IPS) to accelerate the market launch of its first product, NeuStim™ [1][2] - Forward Industries, the parent company of IPS, has made an undisclosed investment in Neuvotion to support its growth [1] Company Overview - Neuvotion aims to develop innovative technologies that enhance patient outcomes, independence, and quality of life, particularly for those recovering from stroke or spinal cord injuries [3][4] - The company's technologies integrate high-precision neurostimulation with artificial intelligence to improve the effectiveness and efficiency of rehabilitation [4] Partnership Details - The partnership with IPS is expected to leverage their expertise in medical device design and engineering to bring NeuStim™ to market [3][5] - IPS specializes in all stages of product development, including research, design, and manufacturing, which will support Neuvotion's product launch [5]

Core Insights - Intelligent Product Solutions (IPS) has partnered in the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project to enhance at-home digitally-enabled care [1][2] - The project aims to improve connected health and patient care at home, addressing the need for interoperable health-at-home devices [2][3] - The initiative involves over 20 partners working to define the hospital-at-home technology stack for broader availability and adoption [3] Company Overview - IPS is a global product design and development firm specializing in MedTech and wearable technology solutions, headquartered in New York [4] - The company is a division of Forward Industries (NASDAQ: FORD) and serves leading brands in consumer electronics and medical devices [4]

Core Viewpoint - Ford Motor Company is facing a class action lawsuit due to alleged breaches of fiduciary duties by its board of directors, particularly concerning undisclosed quality issues and rising warranty costs that have negatively impacted profitability [1][4]. Financial Performance - On July 24, 2024, Ford reported second quarter financial results, indicating that profitability was adversely affected by increased warranty reserves and higher warranty costs [2]. - Warranty and recall costs for the second quarter totaled $2.3 billion, which is $800 million higher than the first quarter and $700 million more than the same period last year [2]. Stock Market Reaction - Following the announcement of the financial results, Ford's share price dropped by $2.51, or 18.36%, closing at $11.16 per share on July 25, 2024, with unusually high trading volume [3]. Allegations in Class Action - The class action complaint alleges that Ford's management made materially false or misleading statements and failed to disclose significant adverse facts about the company's operations and prospects, including: 1. Deficiencies in quality assurance of vehicle models since 2022 [4]. 2. Higher warranty costs resulting from these deficiencies [4]. 3. Inaccurate warranty reserves that did not reflect the quality issues in vehicles sold since 2022 [4]. 4. Likely suffering of profitability due to these issues [4]. 5. Misleading positive statements regarding the company's business and operations [4].

NEW YORK, Oct. 06, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Ford Motor Company (NYSE: F) between April 27, 2022 and July 24, 2024, both dates inclusive (the "Class Period"), of the important October 7, 2024 lead plaintiff deadline. SO WHAT: If you purchased Ford securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO N ...