12:36 PM EST, 12/23/2024 (MT Newswires) -- Forward Industries ( FORD ) shares fell 3.6% in recent Monday trading after the company said it plans to reduce costs, including job cuts, after its largest design customer canceled a service agreement.

Revenue from the customer represented a quarter of the company's consolidated sales in fiscal 2024, and with the loss, the company said it expects a "material decrease in revenue" beginning in fiscal Q2.

The customer plans to discontinue its patch pump program and "formally terminated all the company's services" related to the pump, according to the filing.

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