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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $15.8M, roughly 1.4× Spire Global, Inc.). Spire Global, Inc. runs the higher net margin — -176.6% vs -2732.2%, a 2555.6% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs -26.9%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs -32.6%).
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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
FWDI vs SPIR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $15.8M |
| Net Profit | $-585.7M | $-28.0M |
| Gross Margin | 78.6% | 40.2% |
| Operating Margin | -2722.8% | -164.1% |
| Net Margin | -2732.2% | -176.6% |
| Revenue YoY | 224.0% | -26.9% |
| Net Profit YoY | -82611.5% | 42.7% |
| EPS (diluted) | $-5.91 | $-0.85 |
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 | $15.8M | ||
| Q3 25 | $7.9M | $12.7M | ||
| Q2 25 | $2.5M | $19.2M | ||
| Q1 25 | $3.1M | $23.9M | ||
| Q4 24 | $6.6M | $21.7M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | $7.8M | $25.4M | ||
| Q1 24 | $5.1M | $34.8M |
| Q4 25 | $-585.7M | $-28.0M | ||
| Q3 25 | $-164.0M | $-19.7M | ||
| Q2 25 | $-850.0K | $119.6M | ||
| Q1 25 | $-1.5M | $-20.7M | ||
| Q4 24 | $-708.1K | $-48.8M | ||
| Q3 24 | — | $-12.5M | ||
| Q2 24 | $-399.6K | $-16.6M | ||
| Q1 24 | $-553.2K | $-25.5M |
| Q4 25 | 78.6% | 40.2% | ||
| Q3 25 | 61.1% | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | -5.7% | 36.8% | ||
| Q4 24 | 17.1% | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | 16.8% | 43.0% | ||
| Q1 24 | 26.2% | 26.5% |
| Q4 25 | -2722.8% | -164.1% | ||
| Q3 25 | -39.2% | -166.1% | ||
| Q2 25 | -102.6% | -122.7% | ||
| Q1 25 | -58.3% | -106.5% | ||
| Q4 24 | -13.6% | -144.1% | ||
| Q3 24 | — | -48.0% | ||
| Q2 24 | -5.9% | -48.6% | ||
| Q1 24 | -12.2% | -34.4% |
| Q4 25 | -2732.2% | -176.6% | ||
| Q3 25 | -2063.6% | -155.3% | ||
| Q2 25 | -34.1% | 623.4% | ||
| Q1 25 | -46.5% | -86.5% | ||
| Q4 24 | -10.7% | -225.2% | ||
| Q3 24 | — | -43.7% | ||
| Q2 24 | -5.1% | -65.2% | ||
| Q1 24 | -10.9% | -73.3% |
| Q4 25 | $-5.91 | $-0.85 | ||
| Q3 25 | $-21.86 | $-0.61 | ||
| Q2 25 | $-0.77 | $3.72 | ||
| Q1 25 | $-1.32 | $-0.77 | ||
| Q4 24 | $-0.64 | $-1.93 | ||
| Q3 24 | — | $-0.50 | ||
| Q2 24 | $-0.36 | $-0.68 | ||
| Q1 24 | $-0.50 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $112.9M |
| Total Assets | $892.9M | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.8M | ||
| Q3 25 | — | $96.8M | ||
| Q2 25 | — | $117.6M | ||
| Q1 25 | — | $35.9M | ||
| Q4 24 | — | $19.2M | ||
| Q3 24 | — | $36.6M | ||
| Q2 24 | — | $45.8M | ||
| Q1 24 | — | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $880.9M | $112.9M | ||
| Q3 25 | $1.5B | $133.1M | ||
| Q2 25 | $3.4M | $149.2M | ||
| Q1 25 | $3.6M | $3.7M | ||
| Q4 24 | $2.3M | $-11.7M | ||
| Q3 24 | — | $30.8M | ||
| Q2 24 | $1.4M | $40.3M | ||
| Q1 24 | $1.8M | $52.5M |
| Q4 25 | $892.9M | $211.0M | ||
| Q3 25 | $1.5B | $224.3M | ||
| Q2 25 | $8.3M | $239.5M | ||
| Q1 25 | $12.3M | $208.8M | ||
| Q4 24 | — | $193.6M | ||
| Q3 24 | — | $224.2M | ||
| Q2 24 | $15.2M | $230.8M | ||
| Q1 24 | $15.2M | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | 0.0% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $-4.3M | ||
| Q3 25 | $-4.5M | $-12.0M | ||
| Q2 25 | $-1.2M | $-35.1M | ||
| Q1 25 | $-537.6K | $-8.4M | ||
| Q4 24 | $-434.3K | $-19.2M | ||
| Q3 24 | — | $14.0M | ||
| Q2 24 | $436.0K | $-4.4M | ||
| Q1 24 | — | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | $-4.5M | $-20.4M | ||
| Q2 25 | $-1.2M | $-38.7M | ||
| Q1 25 | $-539.0K | $-17.3M | ||
| Q4 24 | $-439.7K | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | $426.8K | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | -57.0% | -161.3% | ||
| Q2 25 | -50.0% | -201.7% | ||
| Q1 25 | -17.3% | -72.6% | ||
| Q4 24 | -6.6% | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | 5.5% | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | 0.0% | 75.1% | ||
| Q3 25 | 0.3% | 66.2% | ||
| Q2 25 | 0.8% | 18.8% | ||
| Q1 25 | 0.0% | 37.3% | ||
| Q4 24 | 0.1% | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | 0.1% | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| 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% |
SPIR
Segment breakdown not available.
