secwatch.observer — SEC 8-K summary
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Issuer:     FORUM MARKETS Inc (FRMM)
CIK:        0001690080
Form:       8-K
Filed at:   2026-05-14T12:13:35+00:00
Accession:  0001213900-26-056234
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/0001213900-26-056234-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1690080/000121390026056234/ea0290759-8k_forum.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-056234

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer