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Side-by-side financial comparison of enCore Energy Corp. (EU) and Forward Industries, Inc. (FWDI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $12.4M, roughly 1.7× enCore Energy Corp.). enCore Energy Corp. runs the higher net margin — -173.9% vs -2732.2%, a 2558.3% gap on every dollar of revenue.
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
EU vs FWDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.4M | $21.4M |
| Net Profit | $-21.5M | $-585.7M |
| Gross Margin | 37.9% | 78.6% |
| Operating Margin | -135.9% | -2722.8% |
| Net Margin | -173.9% | -2732.2% |
| Revenue YoY | — | 224.0% |
| Net Profit YoY | — | -82611.5% |
| EPS (diluted) | $-0.11 | $-5.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $12.4M | $21.4M | ||
| Q3 25 | $8.9M | $7.9M | ||
| Q2 25 | $3.7M | $2.5M | ||
| Q1 25 | $18.2M | $3.1M | ||
| Q4 24 | — | $6.6M | ||
| Q2 24 | — | $7.8M | ||
| Q1 24 | — | $5.1M | ||
| Q4 23 | — | $7.0M |
| Q4 25 | $-21.5M | $-585.7M | ||
| Q3 25 | $-4.8M | $-164.0M | ||
| Q2 25 | $-6.3M | $-850.0K | ||
| Q1 25 | $-24.2M | $-1.5M | ||
| Q4 24 | — | $-708.1K | ||
| Q2 24 | — | $-399.6K | ||
| Q1 24 | — | $-553.2K | ||
| Q4 23 | — | — |
| Q4 25 | 37.9% | 78.6% | ||
| Q3 25 | 43.8% | 61.1% | ||
| Q2 25 | 30.8% | — | ||
| Q1 25 | -0.1% | -5.7% | ||
| Q4 24 | — | 17.1% | ||
| Q2 24 | — | 16.8% | ||
| Q1 24 | — | 26.2% | ||
| Q4 23 | — | 47.4% |
| Q4 25 | -135.9% | -2722.8% | ||
| Q3 25 | -158.2% | -39.2% | ||
| Q2 25 | -526.1% | -102.6% | ||
| Q1 25 | -85.7% | -58.3% | ||
| Q4 24 | — | -13.6% | ||
| Q2 24 | — | -5.9% | ||
| Q1 24 | — | -12.2% | ||
| Q4 23 | — | — |
| Q4 25 | -173.9% | -2732.2% | ||
| Q3 25 | -53.7% | -2063.6% | ||
| Q2 25 | -172.7% | -34.1% | ||
| Q1 25 | -132.9% | -46.5% | ||
| Q4 24 | — | -10.7% | ||
| Q2 24 | — | -5.1% | ||
| Q1 24 | — | -10.9% | ||
| Q4 23 | — | — |
| Q4 25 | $-0.11 | $-5.91 | ||
| Q3 25 | $-0.03 | $-21.86 | ||
| Q2 25 | $-0.03 | $-0.77 | ||
| Q1 25 | $-0.13 | $-1.32 | ||
| Q4 24 | — | $-0.64 | ||
| Q2 24 | — | $-0.36 | ||
| Q1 24 | — | $-0.50 | ||
| Q4 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $52.4M | — |
| Total DebtLower is stronger | $110.0M | — |
| Stockholders' EquityBook value | $229.2M | $880.9M |
| Total Assets | $430.4M | $892.9M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.4M | — | ||
| Q3 25 | $91.9M | — | ||
| Q2 25 | $26.9M | — | ||
| Q1 25 | $29.7M | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $110.0M | — | ||
| Q3 25 | $109.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $229.2M | $880.9M | ||
| Q3 25 | $248.6M | $1.5B | ||
| Q2 25 | $264.7M | $3.4M | ||
| Q1 25 | $267.9M | $3.6M | ||
| Q4 24 | — | $2.3M | ||
| Q2 24 | — | $1.4M | ||
| Q1 24 | — | $1.8M | ||
| Q4 23 | — | — |
| Q4 25 | $430.4M | $892.9M | ||
| Q3 25 | $441.9M | $1.5B | ||
| Q2 25 | $359.4M | $8.3M | ||
| Q1 25 | $362.6M | $12.3M | ||
| Q4 24 | — | — | ||
| Q2 24 | — | $15.2M | ||
| Q1 24 | — | $15.2M | ||
| Q4 23 | — | $16.3M |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.44× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.9M | $-7.9M |
| Free Cash FlowOCF − Capex | $7.2M | — |
| FCF MarginFCF / Revenue | 57.8% | — |
| Capex IntensityCapex / Revenue | 46.7% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-45.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.9M | $-7.9M | ||
| Q3 25 | $-20.3M | $-4.5M | ||
| Q2 25 | $-9.9M | $-1.2M | ||
| Q1 25 | $-7.7M | $-537.6K | ||
| Q4 24 | — | $-434.3K | ||
| Q2 24 | — | $436.0K | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $7.2M | — | ||
| Q3 25 | $-26.3M | $-4.5M | ||
| Q2 25 | $-14.1M | $-1.2M | ||
| Q1 25 | $-11.7M | $-539.0K | ||
| Q4 24 | — | $-439.7K | ||
| Q2 24 | — | $426.8K | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 57.8% | — | ||
| Q3 25 | -296.6% | -57.0% | ||
| Q2 25 | -385.2% | -50.0% | ||
| Q1 25 | -64.1% | -17.3% | ||
| Q4 24 | — | -6.6% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 46.7% | 0.0% | ||
| Q3 25 | 68.0% | 0.3% | ||
| Q2 25 | 115.1% | 0.8% | ||
| Q1 25 | 21.7% | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EU
Segment breakdown not available.
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
