Forward Air Corp. (NASDAQ:FWRD) fell 8.51% Tuesday as customer loss risk, sliding revenue, and a failed strategic review overshadowed narrowing losses and improving operational metrics.

Customer Risk Overshadows Q1 Improvement

Forward Air said one of its largest customers may move a significant portion of its business to other providers, creating a potential revenue risk tied to a customer that generated about $250 million in fiscal 2025 revenue.

The company said discussions remain ongoing and that most of the transition is currently expected to begin in early 2027.

The disclosure came alongside first-quarter 2026 results showing revenue of $582 million, down from $613 million a year earlier, while the company’s net loss narrowed to $40.2 million from $61.2 million.

Forward Air Results And Liquidity

Operating income rose to $20.4 million from $4.8 million a year earlier. Forward Air reported $70 million in consolidated EBITDA, a 12.1% EBITDA margin, and quarter-end liquidity of $402 million, ...