By Kelly Cloonan

Shares of Forward Air slid after the company warned it could be at risk of losing one of its largest customers.

The stock fell 46% to $9.40 in after-hours trading on Thursday. Through market close, shares are down 31% year to date.

The company said it is in discussions with one of its largest customers over the transition of a significant portion of its business with Forward Air to other providers. Forward Air said it believes the move would be related to the customer's operations and supplier diversification initiatives.

Forward Air said the companies continue to discuss the scope of the business that will be transitioned and the timing of the shift, and that it is exploring options to retain as much of the business as possible. The company expects that the majority of the business that will ultimately be transitioned will start in early 2027 and take place throughout the balance of the year.

The customer represented about $250 million of the company's revenue in 2025, which was $2.5 billion.

The disclosure came as Forward Air posted a first-quarter loss of $34.3 million, or $1.09 a share, compared with a loss of $50.6 million, or $1.68 a share, a year earlier.

Revenue fell to $582 million from $613.3 million a year ago, and missed analyst estimates of $620.2 million.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 07, 2026 17:29 ET (21:29 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.