FRMM Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About FRMM Interactive Breakdown Better Bets vs. FRMM Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Forum Markets (FRMM)

    Market Price (11/6/2026): $3.39 | Market Cap: $44.7 MilSector: Information Technology | Industry: Application Software

    Forum Markets (FRMM)

    Market Price (11/6/2026): $3.39
    Market Cap: $44.7 Mil
    Sector: Information Technology
    Industry: Application Software

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61%

    Megatrend and thematic drivers
    Megatrends include Markets & Betting. Themes include Prediction Markets.

    Weak multi-year price returns
    2Y Excs Rtn is -127%, 3Y Excs Rtn is -180%

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -252 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2341%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2012%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -525%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -681%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1038%

    High stock price volatility
    Vol 12M is 129%

    Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.86

    Key risks
    FRMM key risks include [1] potential failure of its clinical-stage drug candidates, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61%
    1 Megatrend and thematic drivers
    Megatrends include Markets & Betting. Themes include Prediction Markets.
    2 Weak multi-year price returns
    2Y Excs Rtn is -127%, 3Y Excs Rtn is -180%
    3 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -252 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2341%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2012%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -525%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -681%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1038%
    8 High stock price volatility
    Vol 12M is 129%
    9 Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.86
    10 Key risks
    FRMM key risks include [1] potential failure of its clinical-stage drug candidates, Show more.

    FRMM in ETFs

    Weight = FRMM's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31FRMM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$10.8 Mil—
    FY 2026 Sales$13.2 Mil—
    FY 2027 Sales$130.1 Mil—
    FY 2026 Sales Growth22.5%—
    FY 2027 Sales Growth886.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-535.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-30.2 Mil—
    FY 2027 Net Income (Non-GAAP)$-8.0 Mil—
    FY 2027 Net Income Growth—13.9%
    FY 2026 EPS (Non-GAAP)$-3.69—
    FY 2027 EPS (Non-GAAP)$-0.98—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S3.41.7
    FY 2027 P/S0.3—
    FY 2026 P/E—8.7
    FY 2027 P/E——

    [1] FRMM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    FRMMS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�8.9%
    Rev Chg LTM�8.6%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.3
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.5
    Op Mgn LTM-2,341.5%18.9%
    CFO/Rev LTM-525.1%21.5%
    Net Inc Mgn-4,971.7%13.5%
    VALUATIONHIGH
    P/S5.43.2
    P/CFO-1.015.1
    P/FCF-0.820.2
    P/E-0.122.3
    STABILITYFAIR
    Debt/Equity0.450.19
    Cash/Assets0.030.07

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Employees412302023Link

    Price Chart

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    Upcoming
    11/12/2026Earnings ReleaseRev: $3.0 Mil (E)
    EPS: $-0.12 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/5/2026

    Forum Markets (FRMM) stock has lost about 40% since 7/31/2026 because of the following key factors:

    1. Forum Markets experienced a significant revenue miss in fiscal Q2 2026, which ended June 30, 2026, coinciding with its exit from digital asset holdings. The company reported revenue of $1.4 million on August 13, 2026, missing Wall Street estimates of $3.2 million by 56.25%. This represented a 51.7% sequential drop in revenue, primarily attributed to the sale of most of its Ethereum holdings and the subsequent loss of staking income. Despite beating EPS estimates with an adjusted loss of $0.02 per share against an expected loss of $0.31, the substantial top-line decline signaled a challenging transition for the company.

    2. The ongoing strategic transition to new business areas has likely created market uncertainty regarding Forum Markets' future growth and profitability. Following its exit from legacy digital asset and biotech businesses, Forum Markets is pivoting towards sourcing and operating cash-generating assets in AI infrastructure, commercial aerospace, manufactured housing finance, and auto credit. While the company announced a $94.4 million AI Cloud Services Compute Agreement in late October 2026 and a joint venture for AI compute deployment earlier that month, investors may be exercising caution due to the significant business model shift and the long-term execution risks associated with these new ventures.

    Show more
    Updated on 11/5/2026

    Forum Markets (FRMM) stock has lost about 40% since 7/31/2026 because of the following key factors:

    1. Forum Markets experienced a significant revenue miss in fiscal Q2 2026, which ended June 30, 2026, coinciding with its exit from digital asset holdings. The company reported revenue of $1.4 million on August 13, 2026, missing Wall Street estimates of $3.2 million by 56.25%. This represented a 51.7% sequential drop in revenue, primarily attributed to the sale of most of its Ethereum holdings and the subsequent loss of staking income. Despite beating EPS estimates with an adjusted loss of $0.02 per share against an expected loss of $0.31, the substantial top-line decline signaled a challenging transition for the company.

    2. The ongoing strategic transition to new business areas has likely created market uncertainty regarding Forum Markets' future growth and profitability. Following its exit from legacy digital asset and biotech businesses, Forum Markets is pivoting towards sourcing and operating cash-generating assets in AI infrastructure, commercial aerospace, manufactured housing finance, and auto credit. While the company announced a $94.4 million AI Cloud Services Compute Agreement in late October 2026 and a joint venture for AI compute deployment earlier that month, investors may be exercising caution due to the significant business model shift and the long-term execution risks associated with these new ventures.

    3. Persistent negative price momentum and bearish technical indicators contributed to the stock's decline despite some positive analyst sentiment. Forum Markets' share price underperformed the S&P500 Index by over 40.85% in the six months leading up to late October 2026. While the consensus analyst rating for FRMM remains a "Moderate Buy" with an average price target significantly above its current trading price, the actual stock movement has been predominantly downward. Technical analysis in October 2026 indicated a strong downward trend, with the Momentum Indicator moving below the 0 level and the Moving Average Convergence Divergence Histogram (MACD) turning negative, suggesting continued selling pressure.

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    Stock Movement Drivers

    Fundamental Drivers

    The -41.1% change in FRMM stock from 7/31/2026 to 11/5/2026 was primarily driven by a -58.8% change in the company's P/S Multiple.
    (LTM values as of)731202611052026Change
    Stock Price ($)5.163.04-41.1%
    Change Contribution By: 
    Total Revenues ($ Mil)91114.5%
    P/S Multiple11.74.8-58.8%
    Shares Outstanding (Mil)211724.8%
    Cumulative Contribution-41.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    FRMM-41.1% 
    Market (SPY)-1.9%60.3%
    Sector (XLK)-7.4%54.4%

    Fundamental Drivers

    The -44.4% change in FRMM stock from 4/30/2026 to 11/5/2026 was primarily driven by a -69.7% change in the company's P/S Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)5.473.04-44.4%
    Change Contribution By: 
    Total Revenues ($ Mil)71164.5%
    P/S Multiple15.94.8-69.7%
    Shares Outstanding (Mil)191711.4%
    Cumulative Contribution-44.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    FRMM-44.4% 
    Market (SPY)2.3%28.6%
    Sector (XLK)1.9%24.5%

    Fundamental Drivers

    The -84.5% change in FRMM stock from 10/31/2025 to 11/5/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)1031202511052026Change
    Stock Price ($)19.643.04-84.5%
    Change Contribution By: 
    Total Revenues ($ Mil)0119.2233720368547763E17%
    P/S Multiple∞4.8 
    Shares Outstanding (Mil)117-96.7%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    FRMM-84.5% 
    Market (SPY)8.4%29.2%
    Sector (XLK)8.4%26.3%

    Fundamental Drivers

    The -96.3% change in FRMM stock from 10/31/2023 to 11/5/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)1031202311052026Change
    Stock Price ($)81.703.04-96.3%
    Change Contribution By: 
    Total Revenues ($ Mil)0119.2233720368547763E17%
    P/S Multiple∞4.8 
    Shares Outstanding (Mil)017-99.8%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    FRMM-96.3% 
    Market (SPY)81.3%11.0%
    Sector (XLK)101.5%9.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FRMM Return43%-96%-94%-55%-73%-38%-100%
    Peers Return-10%-39%15%105%-16%-35%-29%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    FRMM Win Rate50%17%8%33%17%27% 
    Peers Win Rate50%25%59%67%47%27% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    FRMM Max Drawdown-73%-98%-97%-79%-95%-68% 
    Peers Max Drawdown-29%-48%-17%-43%-40%-46% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ADSK, BMR, GWRE, HODO, HUCK.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventFRMMS&P 500
    2025 US Tariff Shock
      % Loss-46.0%-18.8%
      % Gain to Breakeven85.2%23.1%
      Time to Breakeven21 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-27.7%-7.8%
      % Gain to Breakeven38.2%8.5%
      Time to Breakeven23 days18 days

    Compare to ADSK, BMR, GWRE, HODO, HUCK

    In The Past

    Forum Markets's stock fell -46.0% during the 2025 US Tariff Shock. Such a loss loss requires a 85.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFRMMS&P 500
    2025 US Tariff Shock
      % Loss-46.0%-18.8%
      % Gain to Breakeven85.2%23.1%
      Time to Breakeven21 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-27.7%-7.8%
      % Gain to Breakeven38.2%8.5%
      Time to Breakeven23 days18 days

    Compare to ADSK, BMR, GWRE, HODO, HUCK

    In The Past

    Forum Markets's stock fell -46.0% during the 2025 US Tariff Shock. Such a loss loss requires a 85.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Forum Markets (FRMM)

    Forum Markets (FRMM), operating as 1180 Life Sciences Corp., is a clinical-stage biotechnology company focused on developing novel therapeutic treatments. The company's core mission is to address significant unmet medical needs in challenging areas such as chronic pain, inflammation, fibrosis, and other related inflammatory diseases through advanced drug development.

    FRMM's product pipeline is structured around three distinct development platforms. The most advanced is the Fibrosis and anti-TNF platform, which is currently in Phase IIb clinical trials, targeting both fibrosis and anti-tumor necrosis factor. In addition, the company is advancing two preclinical-stage platforms: the Synthetic Cannabidiol (CBD) Analogs platform, which focuses on creating man-made derivatives of CBD, and the a7nAChR platform, designed to develop immune suppressive treatments by targeting the alpha 7 nicotinic acetylcholine receptor.

    Forum Markets primarily serves the global medical market, with a focus on patients suffering from chronic pain, a variety of inflammatory conditions, and fibrotic diseases. Its ultimate customers are healthcare providers and patients who require innovative and effective treatments for conditions where current therapies are often inadequate. The company operates within the pharmaceutical and biotechnology industry, aiming to bring prescription drugs to market.

    AI Analysis | Feedback

    1. It's like a clinical-stage Vertex Pharmaceuticals, but developing drugs for chronic pain and fibrosis instead of cystic fibrosis.

    2. Think of it as an early-stage Amgen or Gilead Sciences, building a pipeline of novel therapeutics for inflammatory diseases and pain.

    AI Analysis | Feedback

    • Fibrosis and Anti-TNF Platform: This platform develops therapeutics for fibrosis and anti-tumor necrosis factor-related inflammatory diseases, currently in Phase IIb clinical trials.
    • Synthetic Cannabidiol (CBD) Analogs Platform: This platform focuses on developing man-made derivatives of CBD for various medical needs, currently in preclinical trials.
    • a7nAChR Platform: This platform explores the alpha 7 nicotinic acetylcholine receptor for its immune suppressive potential, currently in preclinical trials.

    AI Analysis | Feedback

    ```html

    As a clinical-stage biotechnology company, 1180 Life Sciences Corp. (trading under the symbol FRMM) is currently focused on the development of therapeutics through preclinical and clinical trials. At this stage, the company does not have commercialized products available for sale to major customers, whether other companies or individuals. Its primary activities revolve around research, development, and securing financing for its drug candidates.

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    AI Analysis | Feedback

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    McAndrew Rudisill - Chief Executive Officer

    McAndrew Rudisill was appointed Chief Executive Officer of Forum Markets, Incorporated (FRMM) in September 2025. He joined the company's Board of Directors in July 2025.

    John T. Saunders - Chief Financial Officer

    John T. Saunders was promoted to Chief Financial Officer on November 14, 2025. He assumed this role after Omar Jimenez resigned as CFO in December 2024, at which point Blair Jordan, the Interim CEO, also served as interim principal financial and accounting officer.

    Quan A. Vu - Chief Operating Officer & Chief Business Officer

    Mr. Vu is a highly experienced strategy, corporate/business development, finance, and operations executive with 20 years of biopharma experience. Prior to joining 180 Life Sciences, Mr. Vu served as a CBO/CFO consultant for LS Associates and as a Managing Director and Co-Head of Healthcare IT at Solganick & Co., a technology investment bank providing M&A advisory. He also served as CEO of Baleena Bioscience, a company focused on consolidating biotechnology/medical device assets with the aim of going public.

    Robert Spake - General Counsel

    Robert Spake was appointed as General Counsel of Forum Markets, Incorporated on March 3, 2026.

    Blair Jordan - Former Interim Chief Executive Officer & Interim Principal Financial and Accounting Officer

    Blair Jordan served as the Interim Chief Executive Officer of 180 Life Sciences Corp. and, following the resignation of Omar Jimenez, took on the additional interim role of principal financial and accounting officer in December 2024. He was appointed CEO on February 4, 2025. During his tenure as Interim CEO, Jordan was instrumental in the company's strategic pivot into the online gaming industry.

    AI Analysis | Feedback

    The key risks to Forum Markets (symbol: FRMM), which operates as 1180 Life Sciences Corp., a clinical-stage biotechnology company, are as follows:
    1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biotechnology company, 1180 Life Sciences Corp.'s success is critically dependent on the successful progression of its therapeutic candidates through rigorous and lengthy clinical trials and subsequent regulatory approvals. The company has products under Phase IIb and preclinical trials. Drug development is associated with high costs, extended timelines, and a high attrition rate, with less than 12% of candidate drugs making it to market. Any setbacks at various stages, such as unexpected adverse events, lack of demonstrated efficacy, difficulties in patient recruitment, regulatory delays, or outright rejection, could lead to substantial financial losses and missed opportunities.
    2. Funding Challenges and Financial Distress: The development of new therapeutics is an extremely capital-intensive endeavor. Forum Markets (FRMM) faces significant financial risks, as indicated by a high Probability of Financial Distress of 77.29% as of September 2025 and a GuruFocus GF Score of 31/100, reflecting poor overall financial health. The company has also reported a stockholders' deficit and did not meet the minimum stockholders' equity required for continued listing on Nasdaq, raising concerns about potential delisting. A tightening capital market and cautious investor sentiment further exacerbate the challenges for early-stage biotechnology companies to secure necessary funding.
    3. Intellectual Property (IP) Challenges: The protection of its product development platforms, including fibrosis and anti-TNF, Synthetic Cannabidiol (CBD) Analogs, and a7nAChR platforms, is fundamental to 1180 Life Sciences Corp.'s business. Intellectual property provides the legal framework for new discoveries and a competitive advantage. Challenges related to securing, maintaining, and defending its intellectual property can significantly impede the company's ability to commercialize its products. Furthermore, the expiration of patents (patent cliff) and potential challenges from generic competitors pose ongoing threats to the long-term revenue streams of biotechnology firms.

    AI Analysis | Feedback

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    Peer Outperformance in Application Software

    FRMM has trailed 98% of its 124 Application Software peers over 5Y. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Application Software constituents that FRMM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    11%
    of 151 industry peers · -81.7% return
    3Y
    8%
    of 136 industry peers · -96.0% return
    5Y
    2%
    of 124 industry peers · -100.0% return
    No Application Software peer with a comparable growth profile has beaten FRMM by more than 20pp over 5Y.
    Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is FRMM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Electronic Manufacturing Services 10 -4.5%87.9%147.0% FLEX 399% · TTMI 335% · JBL 268%
    Technology Distributors 9 41.5%40.5%44.9% AVT 115% · SNX 101% · CNXN 68%
    Semiconductor Materials & Equipment 28 19.0%38.5%18.3% AXTI 298% · KLAC 227% · LRCX 219%
    Communications Equipment 36 -6.2%75.3%17.2% AAOI 700% · LITE 446% · ANET 380%
    Electronic Components 24 3.9%54.9%16.5% CLS 1768% · BELFA 923% · APH 268%
    Electronic Equipment & Instruments 27 -7.8%26.6%4.8% PI 107% · OSIS 100% · CXT 61%
    Semiconductors 55 -6.9%28.4%-15.7% MU 822% · NVDA 513% · AVGO 470%
    Technology Hardware, Storage & Peripherals 21 -9.8%50.3%-27.4% WDC 540% · DELL 520% · SMCI 481%
    Internet Services & Infrastructure 6 -1.5%35.3%-29.3% GDDY 65% · VRSN 37% · AKAM -27%
    IT Consulting & Other Services 30 -22.2%-1.8%-32.0% APLD 222% · IBM 142% · GIB -9%
    Application Software ← 125 -11.5%-10.1%-49.9% PLTR 496% · AGYS 140% · FROG 91%
    Systems Software 70 -11.3%19.3%-56.2% ZETA 220% · CRWD 218% · CVLT 132%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    FRMMADSKBMRGWREHODOHUCKMedian
    NameForum Ma.Autodesk Beamr Im.Guidewir.House of.Hucklebe. 
    Mkt Price3.39262.941.02166.82-2.913.39
    Mkt Cap0.155.2----27.6
    Rev LTM117,790---318318
    Op Inc LTM-2522,175----60-60
    FCF LTM-732,804----22-22
    FCF 3Y Avg-271,907----18-18
    CFO LTM-572,896----13-13
    CFO 3Y Avg-211,994----8-8

    Growth & Margins

    FRMMADSKBMRGWREHODOHUCKMedian
    NameForum Ma.Autodesk Beamr Im.Guidewir.House of.Hucklebe. 
    Rev Chg LTM-17.9%---0.0%9.0%
    Rev Chg 3Y Avg-14.4%---9.5%12.0%
    Rev Chg Q-16.1%---0.1%8.1%
    QoQ Delta Rev Chg LTM14.5%3.8%---0.0%3.8%
    Op Inc Chg LTM-5,085.9%43.6%----5.4%-5.4%
    Op Inc Chg 3Y Avg-1,663.2%29.5%---1.1%1.1%
    Op Mgn LTM-2,341.5%27.9%----18.9%-18.9%
    Op Mgn 3Y Avg-24.4%----23.6%0.4%
    QoQ Delta Op Mgn LTM277.0%0.9%---0.0%0.9%
    CFO/Rev LTM-525.1%37.2%----3.9%-3.9%
    CFO/Rev 3Y Avg-28.8%----2.7%13.0%
    FCF/Rev LTM-681.2%36.0%----7.0%-7.0%
    FCF/Rev 3Y Avg-27.5%----5.7%10.9%

    Valuation

    FRMMADSKBMRGWREHODOHUCKMedian
    NameForum Ma.Autodesk Beamr Im.Guidewir.House of.Hucklebe. 
    Mkt Cap0.155.2----27.6
    P/S5.47.1----6.2
    P/Op Inc-0.225.4----12.6
    P/EBIT-0.125.4----12.6
    P/E-0.133.6----16.8
    P/CFO-1.019.1----9.0
    Total Yield-1,032.2%2.9%-----514.6%
    Dividend Yield0.0%0.0%----0.0%
    FCF Yield 3Y Avg-130.3%3.6%-----63.4%
    D/E0.40.1----0.3
    Net D/E0.4-0.0----0.2

    Returns

    FRMMADSKBMRGWREHODOHUCKMedian
    NameForum Ma.Autodesk Beamr Im.Guidewir.House of.Hucklebe. 
    1M Rtn-30.1%13.7%-34.2%1.4%--6.7%-6.7%
    3M Rtn-44.4%8.4%-22.7%4.2%--13.6%-13.6%
    6M Rtn-29.1%4.7%-46.9%19.5%--13.6%-13.6%
    12M Rtn-79.6%-12.6%-57.1%-24.2%--13.6%-24.2%
    3Y Rtn-95.6%30.2%-16.4%84.7%--13.6%-13.6%
    1M Excs Rtn-27.1%13.3%-33.6%3.2%--5.0%-5.0%
    3M Excs Rtn-42.7%6.4%-20.7%-1.3%--12.7%-12.7%
    6M Excs Rtn-34.4%0.1%-51.6%14.7%--18.5%-18.5%
    12M Excs Rtn-93.1%-25.8%-68.5%-38.6%--27.4%-38.6%
    3Y Excs Rtn-188.8%-48.4%-97.4%2.0%--98.1%-97.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/14/20265/15/20264/1/202611/14/20257/23/20255/15/20253/31/202511/14/20248/12/20245/15/20243/25/202411/9/2023
    Key Financials Quarterly            
    Total Revenue132400000000
    Ebitda-11-76-229-208-1-2-1-10-1-1-13
    Operating Income-7-9-16-220-1-2-1-1-2-2-1-4
    Net Income-13-76-230-217-2-2-4-10-1-1-10
    EPS-0.75-3.58-12.04-1745.00-3.03-6.69-45.01-8.530.10-16.80-22.95-245.30
    Key Financials TTM            
    Total Revenue TTM1197400000000
    Ebitda TTM-524-515-440-213-5-3-2-3-15-18-22-44
    Operating Income TTM-252-246-240-225-5-5-5-6-9-11-13-18
    Net Income TTM-536-524-451-225-9-7-6-3-13-16-20-40
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth-735.6%-3778.7%-24053.2%-39826.5%-2956.4%-90.4%21.0%95.8%101.3%78.2%94.7%41.5%
    Operating Income Growth-436.4%-333.0%-1582.2%-36885.0%26.7%6.0%34.8%83.2%49.9%56.4%74.2%12.7%
    Net Income Growth-642.2%-3119.2%-5274.8%-25803.8%-14759.2%-121.5%-248.2%91.8%100.3%77.5%94.4%52.2%
    Margins Quarterly            
    EBITDA Margin-824.0%-2660.4%-9388.7%-5069.2%--------
    Operating Income Margin-531.6%-297.9%-653.7%-5364.6%--------
    Net Income Margin-939.0%-2667.5%-9425.5%-5273.3%--------
    Cash & Debt            
    Total Cash46685324501123
    Total Debt26275854710030110
    Net Debt / (Cash)22-3950493-1-4-53-10-1-2
    Cash Flows Quarterly            
    FCF from Operations-12-20-8-16-1-1-1-01-1-2-2
    Cash Flows TTM            
    FCF from Operations TTM-57-46-26-19-3-1-1-3-4-8-11-12
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-03016-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-3.5%-4.3%-7.2%-68.6%-3.6%-5.3%-2.6%-1.8%-5.8%-6.6%-4.6%-9.3%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-30.4%-30.9%-27.2%-17.5%-3.3%-3.6%-3.7%-4.4%-5.9%-7.4%-9.5%-13.2%

    Segment Financials

    Revenue by Segment
    $ Mil20252024
    Digital asset operations70
    Total70


    Assets by Segment
    $ Mil20252024202320222021
    Digital asset operations30613   
    iGaming  5  
    Single Segment   2063
    Total3061352063


    Price Behavior

    Price Behavior
    Market Price$3.04 
    Market Cap ($ Bil)0.1 
    First Trading Date06/27/2017 
    Distance from 52W High-83.3% 
       50 Days200 Days
    DMA Price$4.41$4.47
    DMA Trenddowndown
    Distance from DMA-31.1%-31.9%
     3M1YR
    Volatility73.4%128.8%
    Downside Capture464.49388.93
    Upside Capture161.61159.53
    Correlation (S&P 500)47.7%27.5%
    FRMM Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta3.903.873.551.512.751.90
    Up Beta4.014.234.900.843.100.48
    Down Beta3.013.865.222.042.430.85
    Up Capture177%237%182%76%151%860%
    Bmk +ve Days12182862130427
    Stock +ve Days6152356111308
    Down Capture516%435%330%192%183%114%
    Bmk -ve Days10253664121325
    Stock -ve Days15274069136417

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRMM
    FRMM-80.4%128.8%-0.72-
    Sector ETF (XLK)11.0%28.3%0.3525.9%
    Equity (SPY)9.5%13.6%0.4128.8%
    Gold (GLD)3.6%28.7%0.1116.3%
    Commodities (DBC)37.7%21.2%1.40-8.7%
    Real Estate (VNQ)12.0%14.2%0.5515.6%
    Bitcoin (BTCUSD)-20.8%43.3%-0.4234.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRMM
    FRMM-82.8%230.3%-0.09-
    Sector ETF (XLK)15.9%26.4%0.5510.0%
    Equity (SPY)11.3%17.3%0.4810.5%
    Gold (GLD)17.5%19.1%0.743.8%
    Commodities (DBC)8.0%19.6%0.29-1.7%
    Real Estate (VNQ)1.2%18.9%-0.058.2%
    Bitcoin (BTCUSD)5.9%51.5%0.2910.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FRMM
    FRMM-61.0%174.0%-0.05-
    Sector ETF (XLK)22.4%25.3%0.818.4%
    Equity (SPY)14.9%18.0%0.708.2%
    Gold (GLD)12.0%16.5%0.593.8%
    Commodities (DBC)7.6%18.1%0.33-0.1%
    Real Estate (VNQ)5.7%20.7%0.236.0%
    Bitcoin (BTCUSD)61.3%66.2%1.015.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity2.3 Mil
    Short Interest: % Change Since 9302026-0.5%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest21.9 days
    Basic Shares Quantity17.1 Mil
    Short % of Basic Shares13.3%

    Earnings Returns History

    Updated 10/26/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/14/20269.2%-7.0%20.0%
    11/14/2025-8.2%-35.9%-57.7%
    SUMMARY STATS   
    # Positive101
    # Negative121
    Median Positive9.2% 20.0%
    Median Negative-8.2%-21.4%-57.7%
    Max Positive9.2% 20.0%
    Max Negative-8.2%-35.9%-57.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/14/20269.2%-7.0%20.0%
    11/14/2025-8.2%-35.9%-57.7%
    SUMMARY STATS   
    # Positive101
    # Negative121
    Median Positive9.2% 20.0%
    Median Negative-8.2%-21.4%-57.7%
    Max Positive9.2% 20.0%
    Max Negative-8.2%-35.9%-57.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/15/202610-Q
    12/31/202504/01/202610-K
    09/30/202511/14/202510-Q
    06/30/202507/23/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/12/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/25/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/15/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/14/202610-Q
    03/31/202605/15/202610-Q
    12/31/202504/01/202610-K
    09/30/202511/14/202510-Q
    06/30/202507/23/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/12/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/25/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/15/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/16/202210-Q
    12/31/202103/31/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/16/202110-Q
    03/31/202107/19/202110-Q
    12/31/202007/09/202110-K
    09/30/201902/05/202110-Q/A
    06/30/201902/05/202110-Q/A

    Recent Forward Guidance

    Updated 11/2/2026

    Latest: Q1 2026 Earnings Reported 5/14/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Assets Under Management (AUM)Reported100.00 Mil137.50 Mil175.00 Mil   
    2026 RevenueReported18.00 Mil20.00 Mil22.00 Mil   
    2027 Assets Under Management (AUM)Reported250.00 Mil275.00 Mil300.00 Mil   
    2027 Revenue GrowthReported50.0%75.0%100.0%   

    null

    Insider Activity

    Updated 8/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Lomashuk, Konstantin Cyber Citadel, a Cayman Islands corporationSell72320266.00250,0001,500,0007,359,828Form
    2Lomashuk, Konstantin Cyber Citadel, a Cayman Islands corporationSell72020266.302,56216,1419,302,967Form
    3Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell71420266.153,38720,8469,104,180Form
    4Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell70920266.131,1006,7439,088,258Form
    5Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell70920266.413,70223,7349,512,066Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Lomashuk, Konstantin Cyber Citadel, a Cayman Islands corporationSell72320266.00250,0001,500,0007,359,828Form
    2Lomashuk, Konstantin Cyber Citadel, a Cayman Islands corporationSell72020266.302,56216,1419,302,967Form
    3Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell71420266.153,38720,8469,104,180Form
    4Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell70920266.131,1006,7439,088,258Form
    5Lomashuk, Konstantin Cyber Citdadel, a Cayman Islands corporationSell70920266.413,70223,7349,512,066Form

    Industry Resources

    External Quote Links


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