FRMM FORUM MARKETS Inc
Price Chart
Executive Summary
Forum Markets reported Q1 2026 revenue of $2.9M, up from $0 in the year-ago quarter, driven by aircraft engine lease and staking revenue. The company narrowed its 2026 revenue guidance to $18M-$22M (from $18M-$26M) and lowered its year-end AUM target to $100M-$175M, reflecting capital deployed into a $25M share repurchase that retired 28% of shares outstanding. The net loss from continuing operations was $77.5M, primarily due to realized losses on digital asset dispositions.
Key Financial Metrics
Actionable Insight
The $25M buyback (28% of shares retired) and formation of a strategic review committee signal management's conviction in undervaluation, but the lowered AUM and revenue guidance reflect slower near-term capital deployment. Monitor for updates on the strategic review and execution of AI infrastructure and tokenization pipelines.
Key Facts
- Q1 2026 revenue of $2.9M vs $0 in Q1 2025, driven by aircraft engine lease revenue of $1.1M and staking revenue of $1.8M
- Net loss from continuing operations of $77.5M, primarily attributable to realized losses on disposition of digital assets
- Adjusted EBITDA loss of $76M
- Full-year 2026 revenue guidance narrowed to $18M-$22M from prior $18M-$26M
- Year-end 2026 AUM target lowered to $100M-$175M from $125M-$200M
- Post-quarter-end, deployed ~$25M to repurchase 5.8M shares (28% of shares outstanding), retired and cancelled
- As of April 30, 2026, approximately 14.5M shares outstanding
- Cash and cash equivalents of $65.9M as of March 31, 2026, up from $8.0M at year-end 2025
- Formed special committee of independent directors to evaluate strategic alternatives
- Entered AI infrastructure bridge financing through NVIDIA GPU-backed transactions targeting mid-teens annualized returns
Financial Impact
Revenue grew from $0 to $2.9M YoY; net loss from continuing ops was $77.5M vs $2.0M in Q1 2025; guidance lowered by $4M at the high end; $25M deployed for share repurchases
Risk Factors
- Lowered 2026 revenue and AUM guidance due to capital redirected to buybacks instead of asset deployment
- Continued GAAP net losses driven by non-cash fair value adjustments on digital assets
- Execution risk in scaling AI infrastructure and tokenization pipelines to meet 2027 targets
- Dependence on volatile digital asset markets for staking revenue
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-056234 |
| Document: ea0290759-8k_forum.htm | 0001213900-26-056234 |
| Document: ea029075901ex99-2.htm | 0001213900-26-056234 |
| Document: 0001213900-26-056234-index-headers.html | 0001213900-26-056234 |
| Document: 0001213900-26-056234-index.html | 0001213900-26-056234 |
| Document: 0001213900-26-056234.txt | 0001213900-26-056234 |
| 8-K Data (Synthetic) | 0001213900-26-056234 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 14, 2026
26d ago
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8-K
| $4.87 $4.88 | ▲ +0.21% | ▲ +0.92% | $5.31 (+9.03%) |
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Apr 29, 2026
5w ago
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8-K
| $5.18 $4.91 | ▼ −5.21% | ▼ −8.32% | $5.31 (+2.51%) |
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Apr 24, 2026
6w ago
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8-K
| $5.42 $5.49 | ▲ +1.29% | ▲ +0.89% | $5.31 (−2.03%) |
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Apr 8, 2026
8w ago
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8-K
| $2.04 $2.13 | ▲ +4.41% | ▲ +0.90% | $5.31 (+160.29%) |
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Apr 8, 2026
8w ago
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8-K
| $2.04 $2.13 | ▲ +4.41% | ▲ +0.90% | $5.31 (+160.29%) |
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Apr 3, 2026
9w ago
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8-K
| $2.16 $1.79 | ▼ −16.94% | ▼ −21.07% | $5.31 (+146.40%) |
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Mar 31, 2026
10w ago
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8-K
| $2.81 $2.04 | ▼ −27.40% | ▼ −31.17% | $5.31 (+88.97%) |
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Mar 13, 2026
12w ago
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8-K
| $2.89 $2.81 | ▼ −2.77% | ▼ −0.65% | $5.31 (+83.74%) |
US Market Status
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