Forward Industries Inc. (FORD) stock started the Tuesday trading by losing 3.19% in the morning session and closed at $2.73 per share. But in the after-market session, FORD shares soared 35.53% and close the Tuesday business at $3.7 per share. FORD shares have risen 106.82% over the last 12 months, and they have moved down8.70% in the past week. Over the past three months, the stock has lost 18.99%, while over the past six months, it has added 59.65%.

Let’s have a look at its recent news and developments.

Distribution agreement with Chipolo

On June 15, 2021, Forward Industries, Incsigned an agreement with Chipolo Inc. to distribute its tracker products in the U.S., via exclusive distribution agreements with select big box stores and other retailers.

Chipolo ONE Spotis one of the first third-party accessories that work with the Apple Find My network, enabling users to go to the Find My app and see the missing item on a map. Chipolo other products work with through its app.

Recent financial results

On May 14, 2021, Forward Industries, Inc reported its financial results for its second fiscal quarter ended March 31, 2021.

Q2 2021 financial highlights

• Forward Industries reported revenue of $8.4 million for Q2 2021 compared to $7.9 million for the three months ended March 31, 2020.

• For the reported quarter, the gross margin was 20.8%compared to 18.3% for the three months ended March 31, 2020.

• it reported an operating loss of $0.8 million for Q2 2021 compared to $1.7 million for Q2 2020.

• For Q2 2021, the net loss was $0.8 million, compared to $1.4 million for the three months ended March 31, 2020.
• Basic and diluted loss per share was $0.08 for Q2 2021, compared to $0.14 for Q2 2020.

• As of March 31, 2021, the company had cash and cash equivalents totalled $1.5 million.

Fiscal 2021 First Quarter results announcement

OnFebruary 12, 2021, Forward Industries, Inc reported its financial results for its first quarter ended December 31, 2020. 

Q1 2021 financial highlights

• Forward Industries reported revenue of $9.7 million for Q1 2021 compared to $8.4 million for the three months ended December 31, 2019.
• For Q1 2021, the gross margin was 23.3% compared to 20.5% for Q1 2020.
• Operating loss was $167 thousand for Q1 2021 compared to $29 thousand for the three months ended December 31, 2019.
• For Q1 2021, net income was 1.2 million compared to a net loss of $82 thousand for the three months ended December 31, 2019.
• Basic and diluted earnings/(loss) per share were $0.12 compared to $0.01 for Q1 2020.
• As of December 31, 2020, the company had cash and cash equivalents totalled $2.3 million.

Conclusion

The Distribution agreement with Chipolo is the reason behind its exceptional surge in the evening session on Tuesday and we hope that FORD will continue its momentum on Wednesday.