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FRMO (FRMO) investor relations material

FRMO Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary14 Aug, 2025

Executive summary

  • Net income attributable to the company rose to $107.5 million, up from $72.6 million year-over-year.

  • Total revenue surged to $263.4 million from $138.4 million year-over-year, driven by significant unrealized gains from equity securities.

  • Equity attributable to the company increased to $352.98 million, with total stockholders' equity at $651.2 million as of May 31, 2025.

  • The company completed a transition in its equity interest from Horizon Kinetics LLC to Horizon Kinetics Holding Corporation (HKHC) following a merger.

Financial highlights

  • Unrealized gains from equity securities were $169.1 million, up from $66.2 million year-over-year.

  • Digital assets at fair value increased to $16.95 million from $10.98 million year-over-year.

  • Operating expenses remained low at $1.5 million, with general and administrative expenses at $1.35 million.

  • EPS (basic and diluted) increased to $2.44 from $1.65 year-over-year.

  • Deferred tax liability rose to $60.0 million from $33.7 million year-over-year.

Outlook and guidance

  • The company continues to focus on strategic investments in public and private companies, emphasizing intellectual capital and early-stage value opportunities.

  • No material impact expected from recently issued accounting pronouncements.

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Frequently asked questions

FRMO Corp. operates primarily in the financial sector, focusing on investment management and related financial services. The company earns revenue through consulting and advisory fee interests primarily within the asset management industry. FRMO Corp. also invests directly in various financial and capital markets. The company is headquartered in White Plains, New York, and its shares are listed on the OTC.

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