Forum Markets Incorporated (FRMM) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.0M and net income was $7.9M; results included a $13.9M non-cash digital-asset fair-value gain.

• Forum Edge AI, formed in October with Edge Node, is pursuing GPU deployments at existing powered data centers and communications tower sites; discussions with potential partners are active.

Financial highlights

• Q3 revenue was $2.0M versus $1.4M in Q2 2026; all Q3 revenue came from commercial aircraft engine leases.

• Net income was $7.9M versus a $216.7M net loss YoY; continuing-operations income was $7.9M versus losses of $12.4M in Q2 2026 and $208.7M in Q3 2025.

• Adjusted EBITDA was $12.8M versus losses of $7.4M in Q2 2026 and $0.1M in Q3 2025; Q3 included a $13.9M non-cash digital-asset fair-value gain.

• Q3 SG&A was $8.7M versus $224.6M YoY, primarily as non-cash stock-based compensation declined to $2.7M from $208.2M.

• 9M revenue was $6.2M versus $4.1M; net loss was $81.2M versus $220.8M, and Adjusted EBITDA loss was $70.6M versus $2.8M.

Outlook and guidance

• FY 2026 revenue guidance was reduced to $8M–$9M from $18M–$22M as initial AI compute deployment slowed; no AI compute revenue is expected in 2026.

• FY 2027 revenue guidance remains $125M–$175M; an update is expected after Dallas and North Carolina capacity is contracted and customer deposits and financing are finalized.

• Q4 2026 revenue is expected primarily from aircraft engine leases.