Forum Markets Incorporated (FRMM) investor relations material

Executive summary

• Forum Edge AI was formed with Edge Node in October to deploy GPU compute at existing powered data centers and communications tower sites, targeting faster deployment with less upfront capital than new construction.

• Capacity contracting and capital deployment are being paced to preserve risk-adjusted returns amid higher GPU, equipment, and financing costs.

• Aircraft-engine income and secured lending assets provide diversification as the AI infrastructure platform develops.

Financial highlights

• Q3 revenue was $2.0M, versus $1.4M in Q2 2026 and $4.1M in Q3 2025; gross profit was $1.6M on $0.4M cost of revenue.

• Continuing-operations net income was $7.9M, or $0.52 basic and $0.47 diluted EPS; Adjusted EBITDA was $12.8M. Both included a $13.9M non-cash digital-asset fair-value gain.

• SG&A was $8.7M, including $2.7M of non-cash stock-based compensation.

• Nine-month revenue was $6.2M.

Outlook and guidance

• FY 2026 revenue guidance was reduced to $8M–$9M from $18M–$22M; no AI compute revenue is expected in 2026, and Q4 revenue is expected primarily from aircraft-engine leases.

• FY 2027 revenue guidance remains $125M–$175M; updates are expected after Dallas and North Carolina capacity is contracted and customer deposits and financing are finalized.

• Contract terms under review include GPU pricing, upfront deposits, offtake duration, and potential revisions or terminations, with trade-offs for revenue, margins, and cash flow.