{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-26-056234","form_type":"8-K","ticker":"FRMM","cik":"0001690080","company_name":"FORUM MARKETS Inc","filed_at":"2026-05-14T12:13:35+00:00","discovered_at":"2026-05-14T12:15:00.286353+00:00","generated_at":"2026-05-14T12:15:36.608978+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Forum Markets Q1 net loss $77.5M, revenue $2.9M; cuts 2026 AUM & revenue outlook; buyback $25M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-26-056234","json":"https://secwatch.observer/filing/0001213900-26-056234.json","markdown":"https://secwatch.observer/filing/0001213900-26-056234.md","text":"https://secwatch.observer/filing/0001213900-26-056234.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/0001213900-26-056234-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/ea0290759-8k_forum.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-14T12:15:36.608978+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f7862563c257a4441b53516394bc53ad3553b660","claim":"FORUM MARKETS Inc reported the first quarter ended March 31, 2026 results: revenue $2.9 million. Guidance lowered.","evidence_excerpt":"First Quarter 2026 GAAP Financial Highlights (in millions) For the Quarter Ended March 31, 2026 Revenue $ 2.9 Gross Profit $ 2.9 Cash and Cash Equivalents $ 65.9 ● Revenue of $2.9 million, driven primarily by aircraft engine lease revenue of $1.1 million, staking revenue of $1.8 million ● Net loss from Continuing Operations of $77.5 million, primarily","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/0001213900-26-056234-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the first quarter ended March 31, 2026"},{"label":"Revenue","value":"$2.9 million"},{"label":"Guidance","value":"lowered"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}