Item 7.01 - Regulation FD Disclosure: Filing discloses information under Regulation Fair Disclosure on July 21, 2026 Company Information: Forward Air Corporation, a Delaware corporation engaged in freight and cargo transportation arrangement (SIC 4731), headquartered in Dallas, Texas with common stock trading under ticker symbol FWRD on NASDAQ Filing Details: Current Report (8-K) filed on July…

Our analysis rates this filing BEARISH. Forward Air faces a material and quantified revenue loss event that represents 10-15% of total company revenue. The disclosure of a $250M customer losing 25-50% of business to competitors, combined with the customer's stated supplier diversification strategy,…

Concern level: HIGH (7.2/10). Key factors: Three new high-severity risks identified with average severity of 8/10, representing material business deterioration; Quantified revenue loss of $62.5M-$125M annually (25-50% of ~$250M major customer) starting late 2026; Single customer concentration risk now explicitly disclosed at ~$250M annually (~10-15% of company revenue), creating material earnings…

Notable risk changes: Material customer loss event: Forward Air will lose 25-50% of ~$250M customer revenue starting late 2026. Only non-binding MOU in place; no definitive agreement executed. This represents $62.5M-$125M in annual revenue at risk.; Customer actively pursuing supplier diversification strategy, indicating structural relationship shift beyond current MOU terms. Risk of further volume losses in future…