Forward Industries, Inc. (FORD) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 5046.46% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
75M
Potential Supply
0
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

FORD currently has 74.7M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 5046.46% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 74.7M shares outstanding

75M 0
Mar 19, 2026

8-K filing: Forward Industries, Inc. repurchased 6,164,324 shares of its common stock from an institutional investor for approximately $27.4 million. ($27.4M proceeds)

86M 0
Dec 11, 2025

10-K filing | 86.5M shares outstanding

86M 0
Sep 12, 2025

8-K filing: Forward Industries, Inc. sold and issued 1,783,783 shares of its common stock to two accredited investors in a registered direct offering at a price of $18.50 per share.

1.7M 0
Sep 08, 2025

8-K filing: Forward Industries, Inc. entered into a securities purchase agreement to sell 89,189,189 shares of common stock at $18.50 per share in a private placement, with the closing expected on September 10, 2025.

1.7M 0
Aug 14, 2025

10-Q filing | 1.7M shares outstanding

1.7M 0
Aug 12, 2025

8-K filing: Forward Industries (Asia-Pacific) Corporation converted 610 shares of Series A-1 Preferred Stock and was issued 81,333 shares of common stock of Forward Industries, Inc.

1.1M 250K
Aug 11, 2025

8-K filing: Forward Industries, Inc. closed the sale of 263,243 shares of its common stock to six investors in a previously announced registered direct offering on August 11, 2025. Subsequent to the closing of the Offering, the Company had 1,664,949 shares of common stock outstanding.

1.7M 0
Aug 11, 2025

8-K filing: Forward Industries, Inc. entered into Subscription Agreements with six investors to issue and sell 263,243 shares of common stock at $8.50 per share in a registered direct offering, with gross proceeds expected to be approximately $2,230,000, closing on or about August 11, 2025. ($2.23M proceeds)

1.1M 250K
Jul 25, 2025

8-K filing: The Company sold 156,475 shares of common stock for total gross proceeds of $1,394,713 from July 16, 2025 through July 24, 2025 under the Securities Purchase Agreement dated May 16, 2025. ($1.39M proceeds)

1.1M 250K
Jun 17, 2025

S-3/A filing: Forward Industries, Inc. intends to offer and sell from time to time the securities described in this prospectus.

1.1M 270K
Jun 17, 2025

S-1/A filing: Forward Industries, Inc. is offering up to 273,000 shares of common stock through a resale by C/M Capital Master Fund, LP pursuant to a Securities Purchase Agreement, establishing an equity line of credit.

1.1M 250K
Jun 10, 2025

S-1 filing: This S-1 filing relates to the potential resale of up to 273,000 shares of common stock by the selling stockholder, C/M Capital Master Fund, LP, pursuant to a Securities Purchase Agreement establishing an equity line of credit, with the company potentially receiving up to $35 million in gross proceeds.

1.1M 0
Jun 10, 2025

S-3 filing: Forward Industries, Inc. intends to offer and sell from time to time common stock, preferred stock, warrants to purchase common stock and units for a total offering price not exceeding $50,000,000.

1.1M 0
May 23, 2025

8-K filing: Forward Industries, Inc. issued 1,000,000 shares of Series B Preferred Stock and 111,111 warrants for $1,000,000 in gross proceeds. ($1.0M proceeds)

1.1M 0
May 22, 2025

8-K filing: Forward Industries, Inc. entered into a Securities Purchase Agreement with C/M Capital Master Fund, LP to sell up to $35 million of the Company's common stock, and issued 24,929 shares of common stock as commitment shares.

1.1M 0
May 14, 2025

10-Q filing | 1.1M shares outstanding

1.1M 0
Mar 31, 2025

8-K filing: Forward Industries, Inc. received notification from Nasdaq regarding non-compliance with the $2.5 million stockholders' equity requirement, leading to a conversion of $2,500,000 of accounts payable into 2,500 shares of Series A-1 Convertible Preferred Stock with Forward Industries (Asia-Pacific) Corporation to regain compliance. ($2.5M proceeds)

1.1M 0
Mar 24, 2025

8-K filing: Forward Industries, Inc. entered into an agreement with Forward Industries (Asia-Pacific) Corporation (FC) where FC converted $2,500,000 of the Company's outstanding accounts payable into 2,500 shares of the Company's Series A-1 Convertible Preferred Stock at a stated value of $1,000 per share. ($2.5M proceeds)

1.1M 0
Mar 17, 2025

8-K filing: Forward Industries, Inc. increased the number of authorized shares of Series A-1 Preferred Stock from 2,700 shares to 6,700 shares via a Certificate of Amendment filed on March 13, 2025.

1.1M 0
Feb 13, 2025

8-K filing: Forward Industries, Inc. converted $225,000 of debt owed to Forward Industries (Asia-Pacific) Corporation into 225 shares of Series A-1 Convertible Preferred Stock. ($0.23M proceeds)

1.1M 0
Feb 13, 2025

10-Q filing | 1.1M shares outstanding

1.1M 0
Dec 27, 2024

10-K filing | 1.1M shares outstanding

1.1M 0
Oct 04, 2024

8-K filing: Forward Industries, Inc. converted $500,000 of debt to 500 shares of Series A-1 Convertible Preferred Stock with Forward Industries (Asia-Pacific) Corporation, owned by the Company's CEO and Chairman. The company also filed an amendment to increase the number of authorized shares of Series A-1 from 1,700 to 2,700. ($0.5M proceeds)

1.1M 0
Aug 14, 2024

10-Q filing | 1.1M shares outstanding

1.1M 0
Jul 08, 2024
Stock Split

8-K filing: Forward Industries completed a 1-for-10 reverse stock split and issued Series A-1 Convertible Preferred Stock in exchange for the conversion of accounts payable to Forward Industries (Asia-Pacific) Corporation. ($1.7M proceeds)

1M 0
May 10, 2024

10-Q filing | 10.1M shares outstanding

10M 0
Feb 14, 2024

10-Q filing | 10.1M shares outstanding

10M 0
Dec 21, 2023

10-K filing | 10.1M shares outstanding

10M 0
Aug 14, 2023

10-Q filing | 10.1M shares outstanding

10M 0
May 12, 2023

10-Q filing | 10.1M shares outstanding

10M 0
Feb 14, 2023

10-Q filing | 10.1M shares outstanding

10M 0
Dec 16, 2022

10-K filing | 10.1M shares outstanding

10M 0
Aug 10, 2022

10-Q filing | 10.1M shares outstanding

10M 0
May 12, 2022

10-Q filing | 10.1M shares outstanding

10M 0
Feb 10, 2022

10-Q filing | 10.1M shares outstanding

10M 0
Dec 16, 2021

10-K filing | 10.0M shares outstanding

10M 0
Aug 12, 2021

10-Q filing | 10.0M shares outstanding

10M 0
May 13, 2021

10-Q filing | 9.9M shares outstanding

9.9M 0
Feb 12, 2021

10-Q filing | 9.9M shares outstanding

9.9M 0
Dec 17, 2020

10-K filing | 9.6M shares outstanding

9.6M 0
Aug 14, 2020

10-Q filing | 9.5M shares outstanding

9.5M 0
Jun 25, 2020

10-Q filing | 9.5M shares outstanding

9.5M 0
Feb 14, 2020

10-Q filing | 9.5M shares outstanding

9.5M 0
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