Forum Markets Q1 net loss $77.5M, revenue $2.9M; cuts 2026 AUM & revenue outlook; buyback $25M

FORUM MARKETS Inc

Revenue $2.9M from aircraft engine leases ($1.1M) and staking ($1.8M); net loss $77.5M on digital asset losses.
Adjusted EBITDA loss of $76M; cash and equivalents $65.9M at quarter end.
After quarter end, repurchased 5.8M shares (28% outstanding) for $25M; shares outstanding ~14.5M as of April 30.
Entered AI infrastructure financing via NVIDIA GPU-backed bridge loans targeting mid-teens returns.
2026 guidance: AUM exit $100M-$175M (from $125M-$200M); revenue $18M-$22M (from $18M-$26M); 2027 AUM target $250M-$300M.

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