Forward Air (NASDAQ:FWRD) fell more than 45% to around $9.50 in after-hours trading Thursday after the company reported first-quarter 2026 results and disclosed that one of its largest customers may transition a significant portion of its business to other providers.

Forward Air is a freight and logistics company that helps move goods across the United States and Canada through trucking, shipping and supply chain services.

Q1 Results

Forward Air reported first-quarter revenue of $582 million, down from $613 million in the prior-year quarter. The company posted a net loss of $40.2 million, compared to a net loss of $61.2 million a year earlier.

Operating income improved to $20.4 million from $4.8 million in the first quarter of 2025. Cash provided by operating activities increased to $45.7 million, while liquidity rose to more than $400 million at quarter end.

CEO Shawn Stewart said the company remained focused on customer service during the quarter and noted that ...