---
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"
generated_at: "2026-05-14T12:15:36.608978+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-056234
- JSON: https://secwatch.observer/filing/0001213900-26-056234.json
- Plain text: https://secwatch.observer/filing/0001213900-26-056234.txt

## Key facts
- Earnings Releases
  FORUM MARKETS Inc reported the first quarter ended March 31, 2026 results: revenue $2.9 million. Guidance lowered.
  - Period: the first quarter ended March 31, 2026
  - Revenue: $2.9 million
  - Guidance: lowered
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/0001213900-26-056234-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.