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Visual22 Oct 2025
Epiroc's cash spent on M&A
FRMO (FRMO) investor relations material
FRMO Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary20 Oct, 2025
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.
Winland consolidation: What are the implications?
Path-dependent ETF shorting strategy outlook?
Data center power/water demand: long-term impact?
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Q2 202620 Jan, 2026
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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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