FORUM MARKETS Inc FRMM
is a financial technology company focused on developing infrastructure that supports the origination, financing, and distribution of RWAs
through blockchain-enabled capital markets.
the Company further focused its business model toward building and operating platforms designed to originate and finance real-world financial
assets that could ultimately be distributed through tokenized capital markets. This evolution reflects management's view that long-term
Last close
3.38
2026-10-23
Market cap
$44.6M
2026-06-30 share count
52-week range
1.76 - 7.15
Valuation FY2025 figures against the last close
P/S6.8x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-54.32
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | — | — | — | — | — | — | — | — | — |
| Cost of revenue | — | — | $216.0K | — | — | — | — | — | — | — |
| R&D | — | $1.4M | $2.3M | $2.2M | $1.0M | $2.2M | $2.0M | — | — | — |
| SG&A | $240.0M | $4.4M | $10.6M | $15.5M | $11.2M | $3.2M | $5.6M | $599.1K | $343.9K | — |
| Total operating expenses | $240.0M | $4.4M | $13.5M | $17.9M | $15.6M | $5.6M | $20.9M | — | — | — |
| Operating income | -$233.4M | -$4.4M | -$13.5M | -$17.9M | -$15.6M | -$5.6M | -$20.9M | -$599.1K | -$343.9K | — |
| Interest expense | — | — | $44.8K | $28.2K | $25.4K | $184.6K | — | — | — | — |
| Pre-tax income | -$443.5M | -$2.6M | -$22.3M | -$39.7M | -$20.3M | -$10.9M | -$25.4M | $1.5M | $319.1K | — |
| Income tax | — | $2.0K | $2.3M | $942.7K | $23.2K | $20.4K | $9.5K | $413.2K | $195.4K | — |
| Net income | -$450.5M | -$6.2M | -$19.9M | -$38.7M | -$20.3M | -$10.9M | -$25.4M | $1.0M | $123.8K | — |
| EPS, basic | -54.32 | -28.56 | -52.59 | -387.18 | -12.96 | — | -0.02 | 0.25 | 0.04 | — |
| EPS, diluted | -54.32 | -28.56 | -52.59 | -387.18 | -12.96 | -0.66 | -2.30 | 0.07 | 0.01 | — |
| Shares, diluted (wtd. avg.) | 8.2M | 91,537 | 379,089 | 100,021 | 1.6M | — | 4.2M | 14.9M | 9.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.0M | $4.6M | $1.7M | $7.0M | $8.2M | $2.1M | $83.4K | $567.2K | $428.4K | $67.2K |
| Short-term investments | $4.4M | — | — | — | — | — | — | — | — | — |
| Total current assets | $13.6M | $5.1M | $3.6M | $8.9M | $11.2M | $4.0M | $748.3K | $270.9K | $470.3K | $67.2K |
| Property, plant and equipment | — | — | — | — | — | — | $54.3K | — | — | — |
| Goodwill | — | — | $0 | $0 | $37.0M | $36.9M | $36.4M | — | — | — |
| Other intangibles | — | $7.6M | $1.6M | $1.7M | $1.9M | $2.0M | $2.1M | — | — | — |
| Total assets | $306.3M | $12.8M | $5.3M | $19.7M | $62.7M | $55.5M | $51.9M | $118.4M | $117.1M | $240.0K |
| Accounts payable | $1.5M | $306.0K | $1.9M | $1.8M | $586.6K | $8.5M | $4.1M | $94.7K | $24.5K | $78.1K |
| Short-term debt | — | $13.0K | $12.9K | — | — | — | — | — | — | — |
| Total current liabilities | $40.9M | $3.5M | $5.1M | $5.7M | $19.7M | $21.4M | $9.6M | $546.1K | $208.1K | $218.1K |
| Total liabilities | $66.9M | $3.5M | $5.4M | $8.3M | $23.4M | $25.2M | $13.3M | $4.6M | $4.2M | $218.1K |
| Retained earnings | -$592.0M | -$141.5M | -$127.3M | -$107.4M | -$68.7M | -$48.4M | -$37.5M | $1.2M | $120.7K | -$3.1K |
| Total equity | $239.4M | $9.3M | -$127.0K | $11.3M | $39.3M | $30.3M | $38.6M | -$7.7M | $5.0M | $21.9K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$26.1M | -$1.2M | -$10.9M | -$12.1M | -$19.4M | -$3.9M | -$3.3M | -$789.2K | -$497.4K | — |
| Stock-based compensation | $213.4M | $280.0K | $2.2M | $2.6M | — | $1.1M | $340.4K | — | — | — |
| Capital expenditure | $244.3M | — | — | — | — | — | — | — | — | — |
| Investing cash flow | -$127.6M | — | — | — | — | $14.5M | -$708.1K | $474.9K | -$115.9M | — |
| Financing cash flow | $158.2M | $4.0M | $5.9M | $10.9M | $25.4M | -$8.7M | -$106.5M | $156.8K | $116.8M | — |
| Buybacks | $46.3M | — | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-076369.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | $6.5M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | — | $123.8K | $1.0M | -$25.4M | -$10.9M | -$20.3M | -$38.7M | -$19.9M | -$6.2M | -$450.5M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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