Forum Markets Incorporated (FRMM) investor relations material

Executive summary

• Expanded asset origination pipelines into AI infrastructure financing, aircraft engine leasing, auto credit, and manufactured housing finance, with a focus on tokenizing institutional-grade real-world assets and forming strategic co-investment partnerships.

• Completed strategic transformation to a blockchain-enabled capital markets platform, exiting legacy operations and focusing on digital asset management and tokenization.

• Initiated a formal strategic review, established a special committee, and executed a significant share repurchase program, retiring 28% of shares outstanding post-quarter.

• Continued focus on scaling the platform, broadening distribution, and building a multi-channel model for both retail and institutional investors.

• Acquired a 15% stake in Satschel, Inc., parent of Liquidity.io, to expand retail distribution and upgraded the platform to expand offerings.

Financial highlights

• Q1 2026 revenue was $2.9 million, primarily from $1.8 million in staking and $1.1 million from aircraft engine leasing, up from $0 in Q1 2025.

• Net loss for Q1 2026 was $77.5 million, mainly due to realized and non-cash losses on digital asset dispositions and fair value adjustments.

• Adjusted EBITDA loss was $76 million for the quarter.

• As of April 30, 2026, total assets were $170.5 million, with $62.5 million in cash and equivalents; cash and equivalents were $65.9 million as of March 31, 2026.

• Net asset value per share was $9.93, based on 14.5 million shares outstanding.

Outlook and guidance

• 2026 year-end assets under management expected between $100 million and $175 million, revised from $125 million–$200 million, reflecting capital used for share repurchases.

• Full-year 2026 revenue now expected in the range of $18 million–$22 million, down from $18 million–$26 million.

• Targeting $250 million–$400 million AUM by year-end 2027, with anticipated 50%–100% year-over-year revenue growth in 2027.

• Revenues expected to be driven by digital asset/tokenization strategies, aircraft engine leasing, and AI chip infrastructure financing targeting mid-teens annualized returns.

• Strategic review ongoing, with timing uncertain but expected to conclude by year-end.