FRMO (FRMO) Q4 2025 earnings summary

Executive summary

• Net income attributable to the company rose to $107.5 million, up from $72.6 million year-over-year.

• Total revenue surged to $263.4 million from $138.4 million year-over-year, driven by significant unrealized gains from equity securities.

• Equity attributable to the company increased to $352.98 million, with total stockholders' equity at $651.2 million as of May 31, 2025.

• The company completed a transition in its equity interest from Horizon Kinetics LLC to Horizon Kinetics Holding Corporation (HKHC) following a merger.

Financial highlights

• Unrealized gains from equity securities were $169.1 million, up from $66.2 million year-over-year.

• Digital assets at fair value increased to $16.95 million from $10.98 million year-over-year.

• Operating expenses remained low at $1.5 million, with general and administrative expenses at $1.35 million.

• EPS (basic and diluted) increased to $2.44 from $1.65 year-over-year.

• Deferred tax liability rose to $60.0 million from $33.7 million year-over-year.

Outlook and guidance

• The company continues to focus on strategic investments in public and private companies, emphasizing intellectual capital and early-stage value opportunities.

• No material impact expected from recently issued accounting pronouncements.