Recent Updates — FWRD

Forward Air Corporation entered into a definitive transition agreement with one of its largest customers, securing the retention of a significant portion of services for a two-year term through 2028. The contract ensures annual revenue from this relationship in each year will exceed the total contribution recorded in 2025. An orderly transition of certain services is expected between November 2026 and March 2027, with no material impact on 2026 revenue. This agreement provides greater visibility into future profitability and cash flow for the asset-light transportation provider.

Forward Air Corporation entered into a non-binding memorandum of understanding with one of its largest customers to mitigate the impact of the customer's service transition to other providers. The agreement expects the company to retain at least 50% of the approximately $250 million in revenue attributable to that customer for fiscal year 2025, with a potential to retain an additional 25%. The contract term for the retained services is extended for at least two years. Forward Air is an asset-light provider of transportation and logistics services across North America and Latin America.

Jerome Lorrain resigned as Executive Chairman of the Board of Directors of Forward Air Corporation on July 10, 2026, transitioning to a non-employee director. Christine M. Gorjanc, a current board member, was appointed as the independent Chair of the Board. Forward Air Corporation is an asset-light logistics and transportation company.