)

FRMO (FRMO) investor relations material
FRMO Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported a mark-to-market loss due to a decline in Texas Land Trust shares and significant unrealized losses from equity securities, with no shares sold and cash increasing to $25 million.
Interim financials for the quarter ended August 31, 2025, reviewed by an independent auditor with no material modifications required for US GAAP conformity.
No changes in control, shell status, or significant legal or regulatory issues during the period.
Focus remains on building an operating company around cryptocurrency, with a 44% stake in Winland and ongoing expansion in Scrypts mining (Dogecoin and Litecoin).
Short sale positions in path-dependent ETFs now exceed $11 million at cost, contributing significantly to cash reserves.
Financial highlights
Total assets decreased to $649.1M as of August 31, 2025, from $713.4M at May 31, 2025.
Net loss attributable to the company was $(15.9)M for the quarter, compared to net income of $34.5M in the prior year quarter.
Cash and cash equivalents increased to $45.0M from $43.9M at May 31, 2025.
Dividend income dropped from $4.4 million in August 2024 to $1.1 million in August 2025 due to the absence of a prior extraordinary dividend from Wasabi Trust.
Direct Bitcoin holdings are approximately 259 coins, with most exposure through ETFs and indirect holdings via Winland and Consensus Mining.
Outlook and guidance
Management notes that interim results may not be indicative of full-year performance.
Plans to continue gradual accumulation in royalty companies, cryptocurrency mining equipment, and shorting path-dependent ETFs to manage risk and obsolescence.
Intends to eventually increase visibility and liquidity of the stock, but no immediate timeline due to management bandwidth.
If Winland ownership surpasses 50%, consolidation will occur, changing financial statement presentation and potentially shifting valuation from book value to earnings multiple.
No material impact expected from recently issued accounting pronouncements.
Next FRMO earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage