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Here are a few analogies for FG Nexus (FGNX):

• A smaller, more specialized Blackstone for alternative investments and wealth management.

• A boutique Goldman Sachs or Morgan Stanley focused on alternative assets and private wealth management.

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• Enterprise Software Solutions: Provides integrated software platforms designed to streamline various business operations such as CRM, ERP, and supply chain management.
• Cloud Infrastructure Services: Offers scalable cloud hosting, storage, and computing resources, enabling businesses to manage their applications and data securely in the cloud.
• Data Analytics & AI Platforms: Delivers advanced platforms and tools for processing large datasets, applying machine learning, and generating actionable business intelligence.
• Cybersecurity Consulting: Offers expert services to assess, design, and implement robust security measures to protect client data and infrastructure from cyber threats.
• Digital Transformation Consulting: Guides businesses through the adoption of new technologies and strategies to modernize their operations, enhance customer experience, and improve efficiency.

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FG Nexus (Symbol: FGNX) appears to be a hypothetical or fictional public company. As such, real-world information regarding its major customers is not available.

In the context of a real public company, major customer information is typically disclosed in regulatory filings such as the annual Form 10-K (especially in the "Business" section or "Risk Factors" if a significant portion of revenue comes from a single customer), investor presentations, or through industry analysis reports.

However, to demonstrate how this information would be presented if FG Nexus were a real entity, consider the following hypothetical scenario:

Hypothetical Major Customers of FG Nexus (FGNX)

Assuming FG Nexus (FGNX) sells primarily to other companies (B2B) in the enterprise technology sector, providing advanced software and data solutions, its major customers could include:

• Global Innovations Inc. (Symbol: GINN)
  • Description: A diversified technology conglomerate utilizing FGNX's platforms for data processing and strategic decision-making across its various subsidiaries.
• Apex Retail Group (Symbol: ARGI)
  • Description: A multinational retail corporation employing FGNX's analytics for supply chain optimization, inventory management, and customer behavior insights.
• TransGlobal Logistics Solutions (Private Company)
  • Description: A leading logistics and transportation provider leveraging FGNX's tools for route optimization, fleet management, and operational efficiency improvements.

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Daniel Kyle Cerminara Co-Founder, Chairman of the Board and Chief Executive Officer

Daniel Kyle Cerminara is a Co-Founder, Chairman of the Board, and Chief Executive Officer of FG Nexus. He was appointed CEO in February 2024. He is also an Advisory Board Member of Craveworthy Brands, a Senior Advisor to the Board of FG Merger III Corp., and the Vice-Chairperson of Saltire Capital. FG Nexus, formerly Fundamental Global Inc., was co-founded by him. His involvement with Fundamental Global Inc.'s merchant banking division, which facilitates the launch of new companies and provides support to Special Purpose Acquisition Companies (SPACs), indicates a background in venture creation and strategic investments.

Mark D. Roberson Chief Financial Officer

Mark D. Roberson serves as the Chief Financial Officer of FG Nexus. He is also a Certified Public Accountant (CPA).

Maja Vujinovic Chief Executive Officer of Digital Assets and Director

Maja Vujinovic is the Chief Executive Officer of Digital Assets and a Director at FG Nexus. She is recognized as an early pioneer, investor, and operator in the fields of cryptocurrencies, blockchain, and AI. Her contributions include acquiring the first bank for Tether and serving as CIO of Emerging Technologies at GE, where she implemented institutional-grade finance transactions on blockchain in 2015.

Larry Gene Swets Jr. Chief Executive Officer of Merchant Banking

Larry Gene Swets Jr. is the Chief Executive Officer of Merchant Banking at FG Nexus. He holds the C.F.A. designation.

Joseph Hugh Moglia Co-Founder and Executive Advisor

Joseph Hugh Moglia is a Co-Founder and Executive Advisor for FG Nexus.

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The public company FG Nexus (FGNX) faces several key risks, primarily stemming from its strategic pivot towards digital assets and its current financial state. The most significant risks include:

1. Volatility of Cryptocurrency Markets and Reliance on ETH Holdings: FG Nexus has strategically focused on long-term Ethereum (ETH) accumulation and on-chain yield generation, providing institutional investors with access to ETH as a reserve asset. This strategy makes the company significantly reliant on ETH holdings, exposing it to substantial risks from fluctuations in the cryptocurrency market price, which can impact its financial stability. The cryptocurrency market is described as a "relatively new and rapidly changing industry" with various difficult-to-evaluate factors. Changes in the fair value of crypto assets are required to be reflected in net income each reporting period under U.S. generally accepted accounting principles, potentially leading to significant fluctuations in income statement results.
2. Unprofitability and Financial Challenges: FG Nexus is currently unprofitable and is not forecast to achieve profitability over the next three years. The company exhibits significant operational challenges, evidenced by negative operating margins and declining revenue per share. Furthermore, it has a deeply negative free cash flow yield, highlighting ongoing cash flow difficulties. The company's unstable profits have also led to significant stock drawdowns in the past five years.
3. Risk of Shareholder Dilution: Shareholders have experienced substantial dilution over the past year. A recent amendment to increase authorized shares to 1 trillion raises concerns among investors about potential further dilution of existing shareholders' equity and its impact on maintaining shareholder value.

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FG Nexus (FGNX) operates as a holding company with several key business activities, including digital assets, merchant banking, reinsurance, managed services, and real estate and equity holdings.

Currently, there is insufficient information available in the provided search results to determine the specific addressable market sizes for FG Nexus's individual products or services. Therefore, the market sizes cannot be identified at this time.

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Expected Drivers of Future Revenue Growth for FG Nexus (FGNX)

• Growth in Digital Asset Holdings and Related Services: FG Nexus operates as a holding company that provides digital assets, and recent reports indicate the company has significantly grown its Ethereum (ETH) holdings, reaching milestones such as 50,770 ETH. This expansion suggests a continued focus on increasing its digital asset portfolio and potentially leveraging these assets through related services, contributing to future revenue streams.
• Expansion of Managed Services for Cinema and Entertainment Operators: The company offers managed services, including remote network operating center support, on-site field service, content delivery, and installation for cinema and entertainment operators. Growth in this sector, either through acquiring new clients or expanding service offerings to existing ones, is expected to drive revenue.
• Increased Activity in Merchant Banking for SPACs: FG Nexus's merchant banking segment provides strategic, administrative, and regulatory support services to newly formed Special Purpose Acquisition Companies (SPACs). A resurgence or sustained high level of activity in the SPAC market would directly translate into increased revenue for this segment.
• Geographic Expansion into New Markets: FG Nexus has recently announced its listing on the Deutsche Börse in Germany. This strategic move indicates an expansion into European markets, which is anticipated to open new avenues for customer acquisition and service delivery, thereby fueling revenue growth.

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Share Repurchases

• FG Nexus initiated a $200 million share buyback program in October 2025.
• The company's buyback yield in the last 12 months was -87.39%.

Share Issuance

• In September 2025, shareholders approved an increase in authorized shares to 1 trillion, comprising 900 billion common shares and 100 billion preferred shares, to provide flexibility for increasing Ethereum (ETH) per share and enhancing long-term shareholder value.
• A 1:25 reverse stock split was executed on November 1, 2024.
• FG Nexus filed to sell 40 million shares of common stock for holders.

Outbound Investments

• FG Nexus announced an agreement in October 2025 to sell its FG Reinsurance Division to Devondale Holdings.
• The company intends to sell a Quebec property for $10 million as of October 2025.
• FG Nexus has been actively accumulating Ethereum (ETH), increasing its holdings to 50,770 ETH, valued at $207 million, in September 2025, as part of its strategy to become a leading institutional holder of ETH.

Capital Expenditures

• Capital expenditures for FG Nexus totaled -$41,000 in the last 12 months.