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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and Volato Group, Inc. (SOAR). Click either name above to swap in a different company.
Volato Group, Inc. is the larger business by last-quarter revenue ($24.9M vs $21.4M, roughly 1.2× Forward Industries, Inc.). Volato Group, Inc. runs the higher net margin — 14.5% vs -2732.2%, a 2746.7% gap on every dollar of revenue. On growth, Volato Group, Inc. posted the faster year-over-year revenue change (13632.0% vs 224.0%).
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.
Volato Aeronaves also known as Volato Aeronaves e Compósitos Ltda is a Brazilian aircraft manufacturer.
FWDI vs SOAR — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $24.9M |
| Net Profit | $-585.7M | $3.6M |
| Gross Margin | 78.6% | 15.2% |
| Operating Margin | -2722.8% | 3.5% |
| Net Margin | -2732.2% | 14.5% |
| Revenue YoY | 224.0% | 13632.0% |
| Net Profit YoY | -82611.5% | 121.3% |
| EPS (diluted) | $-5.91 | $0.75 |
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 | $21.4M | — | ||
| Q3 25 | $7.9M | — | ||
| Q2 25 | $2.5M | $24.9M | ||
| Q1 25 | $3.1M | $25.5M | ||
| Q4 24 | $6.6M | — | ||
| Q3 24 | — | $38.5M | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $5.1M | — |
| Q4 25 | $-585.7M | — | ||
| Q3 25 | $-164.0M | — | ||
| Q2 25 | $-850.0K | $3.6M | ||
| Q1 25 | $-1.5M | $455.0K | ||
| Q4 24 | $-708.1K | — | ||
| Q3 24 | — | $-4.4M | ||
| Q2 24 | $-399.6K | — | ||
| Q1 24 | $-553.2K | — |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 61.1% | — | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | -5.7% | 17.6% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | 16.8% | — | ||
| Q1 24 | 26.2% | — |
| Q4 25 | -2722.8% | — | ||
| Q3 25 | -39.2% | — | ||
| Q2 25 | -102.6% | 3.5% | ||
| Q1 25 | -58.3% | 9.9% | ||
| Q4 24 | -13.6% | — | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | -5.9% | — | ||
| Q1 24 | -12.2% | — |
| Q4 25 | -2732.2% | — | ||
| Q3 25 | -2063.6% | — | ||
| Q2 25 | -34.1% | 14.5% | ||
| Q1 25 | -46.5% | 1.8% | ||
| Q4 24 | -10.7% | — | ||
| Q3 24 | — | -11.5% | ||
| Q2 24 | -5.1% | — | ||
| Q1 24 | -10.9% | — |
| Q4 25 | $-5.91 | — | ||
| Q3 25 | $-21.86 | — | ||
| Q2 25 | $-0.77 | $0.75 | ||
| Q1 25 | $-1.32 | $0.03 | ||
| Q4 24 | $-0.64 | — | ||
| Q3 24 | — | $-3.76 | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-0.50 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $-7.1M |
| Total Assets | $892.9M | $13.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $880.9M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $3.4M | $-7.1M | ||
| Q1 25 | $3.6M | $-15.8M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | — | $-19.6M | ||
| Q2 24 | $1.4M | — | ||
| Q1 24 | $1.8M | — |
| Q4 25 | $892.9M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $8.3M | $13.0M | ||
| Q1 25 | $12.3M | $23.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $47.9M | ||
| Q2 24 | $15.2M | — | ||
| Q1 24 | $15.2M | — |
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 | $-7.9M | $848.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | 0.24× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | — | ||
| Q3 25 | $-4.5M | — | ||
| Q2 25 | $-1.2M | $848.0K | ||
| Q1 25 | $-537.6K | $-312.0K | ||
| Q4 24 | $-434.3K | — | ||
| Q3 24 | — | $-3.1M | ||
| Q2 24 | $436.0K | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | $-4.5M | — | ||
| Q2 25 | $-1.2M | — | ||
| Q1 25 | $-539.0K | — | ||
| Q4 24 | $-439.7K | — | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | $426.8K | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -57.0% | — | ||
| Q2 25 | -50.0% | — | ||
| Q1 25 | -17.3% | — | ||
| Q4 24 | -6.6% | — | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.8% | 0.0% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | -0.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
SOAR
Segment breakdown not available.
