FG Nexus (FGNX) Q4 2025 earnings summary

Executive summary

• Transitioned to a digital asset treasury model focused on ETH and tokenization after a major private placement in July 2025, with legacy assets transferred to a CVR Trust for stockholders.

• Discontinued and sold non-core businesses, including reinsurance, managed services, and entertainment units, to streamline operations.

• Implemented significant capital actions: reverse stock split, share repurchase programs, and amendments to increase authorized shares.

Financial highlights

• Total revenue for 2025 was $2.4 million, up 209.8% year-over-year, driven by $1.5 million in ETH staking rewards and $0.5 million in merchant banking fees.

• Net loss from continuing operations was $67.6 million, compared to $24.3 million in 2024, primarily due to a $38.3 million unrealized loss on ETH and $5.8 million realized loss on ETH sales.

• Cash and cash equivalents at year-end were $13.4 million, with $119.4 million in ETH digital assets.

• Raised $168.6 million net cash and $24 million in crypto from a private placement; $14.1 million net from ATM equity sales.

• Repurchased 25.8% of common stock and 22.6% of Series A Preferred Stock outstanding prior to buyback programs.

Outlook and guidance

• Focus remains on ETH treasury and real-world asset tokenization, with plans to reinstate the ATM equity program.

• Letter of intent to sell Quebec real estate could generate $8–9 million in net pretax proceeds if completed in 2026.

• Sufficient liquidity is expected for the next twelve months, with ETH holdings readily convertible to cash.