Forum Markets Incorporated (FRMM) Investor presentation summary

Investment highlights

• 51% JV interest funds Phase 0, an initial ~11 MW deployment across Dallas, North Carolina and one tower site, with GPUs ordered against paired offtake agreements.

• Powered tower and hub sites enable modular deployments; Dallas is energized, North Carolina is expected to energize in Q1 2027, and first tower capacity is targeted online in Q2 2027.

• Separate project SPVs pair offtake, collateral and equipment financing, with no cross-collateralization; the JV is controlled and consolidated without carrying 100% of project equity.

Phase 0 economics and funding

• Phase 0 comprises 4,376 GPUs and ~11 MW at the meter by Q2 2027: Dallas 4 MW, North Carolina 6 MW and one tower site above 1 MW.

• At 100% JV level, project capital is $442M, including $403M of equipment; funding includes a $262M equipment facility, $138M customer deposits and $42M JV equity.

• Illustrative consolidated Phase 0 run-rate revenue is $159M and project contribution (EBITDA) is $124M, a 78% margin after operating expenses; the 51% share is $63M.

• The modeled 65% equipment advance is supported by standardized, serial-numbered GPUs with an active secondary market; the advance rate is an assumption and market rates may be higher.

Deployment and expansion

• Dallas has 2 MW energized today; the first two pods are expected to energize in January 2027, when load and revenue begin.

• Phase 1 targets 63 MW cumulative capacity, including North Carolina expansion to 9 MW and up to 50 tower sites; Phase 2 targets 120 MW, two additional regional hubs and up to 100 towers.

• Later phases are options released against measured power, utilization, ready offtake and equipment financing; capacity is added in separately funded modules against sales orders.

• Three tower portfolios include 1,107 screened sites, representing a modeled 1,107–2,214 MW at 1–2 MW per site; deployable capacity remains subject to site-level tests.