FRMO (FRMO) Q2 2026 earnings summary

Executive summary

• Earnings call covered fiscal Q2 2026 results, recent asset sales, and strategic positioning in crypto and exchanges.

• 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, shell status, or material legal proceedings during the reporting period.

• No stock splits, dividends, or recapitalizations in the past 12 months; no bankruptcy or trading suspensions.

• Company remains debt-free after selling a building and receiving Syntech stock as part of the proceeds.

Financial highlights

• Total assets decreased to $611.7M as of November 30, 2025, from $713.4M as of May 31, 2025.

• Net loss attributable to the company was $(26.4)M for the six months ended November 30, 2025, compared to net income of $145.0M for the same period last year.

• Revenue before unrealized gains/losses from equity securities and digital assets was $(15.9)M for the six months ended November 30, 2025, versus $118.5M year-over-year.

• No new digital mining equipment purchased; digital mining assets on balance sheet valued at $31,000.

• Cash and cash equivalents increased to $45.1M from $43.9M at the prior fiscal year end.

Outlook and guidance

• Next earnings discussion scheduled in about 6 weeks, with expectations of a different tax number due to asset value changes.

• The company expects the results of the three and six months ended November 30, 2025, may not be indicative of the full year ending May 31, 2026.

• Evaluating the impact of new FASB accounting standards on future disclosures and reporting.

• Management expresses strong confidence in current positioning and future prospects.