FRMO (FRMO) investor relations material

Executive summary

• Leadership transition following the passing of Murray Stahl, with strong emphasis on continuity and the enduring investment philosophy he instilled.

• Provides consulting and advisory services in asset management and digital asset mining, with significant equity interests in Horizon Kinetics Hard Assets LLC and Horizon Kinetics Holding Corporation.

• No changes in control, recapitalizations, or material modifications to securities during the reporting period.

• No legal or regulatory issues, bankruptcies, or trading suspensions reported.

• Focus on strategic assets, long-term value creation, and maintaining a fortress balance sheet to weather market volatility.

Financial highlights

• Net income attributable to the company for the quarter was $83.4M, compared to a net loss of $23.7M for the same quarter last year.

• Nine-month net income attributable to the company was $56.9M, down from $121.3M year-over-year.

• Total assets increased to $919.5M as of February 28, 2026, from $713.4M at May 31, 2025.

• Significant unrealized gains from equity securities ($251.6M for the quarter) drove profitability.

• Over $45 million in cash and a debt-free balance sheet after the sale of land and building.

Outlook and guidance

• Intention to surpass 50% ownership in Winland by year-end to further develop an operating business.

• Management notes that results for the three and nine months ended February 28, 2026, may not be indicative of full-year results.

• New FASB accounting standards on income tax and expense disaggregation will impact future disclosures.

• Continued focus on strategic investments and maintaining a long-term investment horizon.

• Optimism about future opportunities in cryptocurrency mining and other strategic ventures.