Forum Markets Incorporated (FRMM) investor relations material

Executive summary

• Focused on disciplined capital allocation, monetizing real-world assets, and building a portfolio of cash-generating assets in scalable, complex markets with durable demand, including commercial aviation, AI infrastructure, modular home, and auto financing.

• Repurchased and retired 7.1 million shares (35% of prior outstanding) at an average price of $4.42 per share, addressing perceived undervaluation and reducing shares outstanding to 13.2 million.

• Continued expansion in tokenized real-world assets, notably commercial aircraft engines and AI infrastructure, with proprietary pipeline access and regulated digital infrastructure supporting scalable origination.

• Board’s Special Committee process advancing, with an update expected before the next earnings call.

• Announced acquisition of a 15% stake in Satschel, Inc., parent of Liquidity.io, to enhance digital asset distribution.

Financial highlights

• Q2 2026 revenue was $1.4 million, down from $2.9 million in Q1, primarily due to the elimination of $1.8 million in staking revenue after selling most Ethereum holdings.

• Net loss from continuing operations was $12.4 million, a significant improvement from $77.5 million in Q1.

• Adjusted EBITDA loss was $7.4 million, compared to $76 million in Q1, reflecting a cleaner expense structure post-digital asset repositioning.

• General and administrative expenses were $10.3 million, including $3.8 million in non-cash stock-based compensation and $1.8 million in one-time cash charges.

• Total assets as of June 30, 2026, were $159.1 million, including $48.4 million in cash and marketable securities.

Outlook and guidance

• Full-year 2026 revenue guidance remains $18 million–$22 million, with revenue expected to be weighted toward the second half of the year.

• AI infrastructure is expected to contribute over 50% of H2 revenue, with $8–$12 million anticipated from this segment in Q4.

• Aircraft engine revenue for H2 projected at $5–$6 million, with potential for further engine acquisitions.

• Targeting cash-flow-positive operations by early 2027.

• Targeting year-end 2027 AUM of $300M–$400M, with anticipated year-over-year revenue growth of 50%–100% in 2027.