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Fundamental Global
(NASDAQ:FGNX)
Fundamental Global (FGNX) vs. SPDR S&P 500 ETF (SPY)
Fundamental Global Business Overview & Revenue Model
Fundamental Global Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -4.73M | 17.35M | 17.09M | 12.48M | 4.15M | -17.42M |
| Gross Profit | -10.45M | -8.14M | -4.38M | 1.82M | -1.60M | -17.42M |
| EBITDA | -5.32M | -21.81M | -11.94M | 1.09M | -7.33M | -23.12M |
| Net Income | -16.28M | -1.16M | -14.08M | 1.09M | -8.51M | -22.46M |
Balance Sheet | ||||||
| Total Assets | 244.74M | 109.47M | 62.14M | 71.75M | 75.81M | 55.50M |
| Cash, Cash Equivalents and Short-Term Investments | 7.50M | 13.56M | 16.55M | 3.79M | 8.73M | 4.43M |
| Total Debt | 1.92M | 3.74M | 9.46M | 8.77M | 7.29M | 9.84M |
| Total Liabilities | 13.72M | 35.27M | 25.14M | 25.05M | 23.53M | 28.43M |
| Stockholders Equity | 231.02M | 74.20M | 35.15M | 46.70M | 52.28M | 27.07M |
Cash Flow | ||||||
| Free Cash Flow | -5.71M | -4.09M | 1.42M | -11.10M | 512.00K | -11.30M |
| Operating Cash Flow | -5.72M | -4.05M | 1.58M | -11.02M | 2.04M | -11.28M |
| Investing Cash Flow | -153.45M | 13.24M | 92.00K | -3.45M | -1.15M | -1.16M |
| Financing Cash Flow | 161.43M | -7.38M | 1.24M | 1.94M | 3.25M | -3.94M |
Fundamental Global Technical Analysis
Fundamental Global Risk Analysis
Fundamental Global Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.12B | 9.19 | 18.68% | 4.00% | 0.76% | ― | |
75 Outperform | $909.27M | 2.26 | 82.04% | ― | ― | ― | |
74 Outperform | $661.84M | 9.54 | 10.39% | 2.12% | 18.70% | 62.14% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $2.79B | 66.68 | ― | ― | 24.81% | 55.93% | |
57 Neutral | $2.06B | -380.97 | -0.57% | 2.55% | 11.71% | -101.08% | |
40 Underperform | $119.91M | -0.28 | -7.90% | ― | -42.13% | -797.10% |
Fundamental Global Corporate Events
On December 18, 2025, FG Nexus Inc. reported that under its previously announced common stock buyback program it had repurchased approximately 7.0 million shares between October 23 and December 17, 2025, at an average price of about $3.17 per share, representing more than 16% of its outstanding common stock and executed at a discount to the company’s net asset value (NAV). As of December 17, 2025, FG Nexus held 40,088 ETH, roughly $25.2 million in cash and USDC, and $11.9 million in total debt, with 36.5 million common shares outstanding (including 0.5 million underlying pre-funded warrants) and an estimated NAV of about $3.53 per share, underscoring a balance sheet strategy centered on digital assets and capital returns that may support shareholder value and reinforce its positioning in the emerging tokenized-asset and digital-treasury space.
On December 19, 2025, FG Nexus Inc. attempted to hold its adjourned annual stockholders’ meeting, but the meeting was not called to order because a quorum of shareholders was not present. As a result, the company has postponed the annual meeting again, rescheduling it as a virtual session for December 30, 2025, and is encouraging shareholders to participate and vote online or at the adjourned meeting to ensure required corporate business can proceed.
On December 17, 2025, FG Nexus Inc. attempted to hold its annual stockholders’ meeting under a previously distributed proxy statement, but the meeting was not called to order because a quorum of shareholders was not present. As a result, the chair adjourned the annual meeting and rescheduled it as a virtual-only session for 11:00 a.m. Eastern Time on December 19, 2025, with shareholders encouraged to participate online or submit their votes electronically in advance, underscoring the importance of investor turnout to complete required governance matters.
On December 9, 2025, FG Nexus Inc. announced the approval of a preferred share repurchase program by its Board of Directors, allowing the company to acquire up to 894,580 of its outstanding preferred shares. This initiative is designed to optimize the company’s capital structure and return value to shareholders, with repurchases being conducted in accordance with market conditions and applicable regulations. The program provides FG Nexus with flexibility in its financial strategies, although there is no obligation to repurchase a specific number of shares, and the program can be modified or discontinued at any time.
On December 8, 2025, FG Nexus Inc. announced the appointment of Scott D. Wollney as Lead Independent Director of its Board of Directors. Wollney, who has been a director for the past decade, brings over 30 years of experience in the financial services industry, currently serving as President and CEO of Atlas Financial Holdings. His leadership is expected to be crucial as FG Nexus continues to execute its ETH treasury strategy, potentially impacting the company’s operations and market positioning.
FG Nexus announced key operational highlights for the third quarter of 2025, including a $200 million capital raise and a partnership with Securitize to tokenize its shares. The company streamlined operations by distributing legacy assets to CVR Trust and planning to sell its reinsurance business and Quebec real estate. Additionally, FG Nexus implemented a $200 million share buyback program to increase net asset value and enhance shareholder value. By October 23, 2025, the company repurchased 3.4 million shares, maintaining a strong ETH and cash balance while reducing outstanding shares to boost per-share valuation metrics.
On October 29, 2025, FG Nexus Inc. entered into a master digital currency loan agreement with an unnamed lender, allowing for loans in digital currency or cash, backed by collateral and subject to margin calls. The following day, they executed a loan term sheet for a $10 million loan with a 7.9% borrow fee, using staked ETH as collateral, which is evergreen and subject to specific terms in case of default.
FG Nexus Inc. announced the sale of its FG Reinsurance Division to Devondale Holdings, led by Tom Heise, to sharpen its focus on Ethereum and reallocate resources towards ETH accumulation. The transaction, which includes cash, a promissory note, and equity ownership, is expected to enhance FG Nexus’s ETH treasury strategy while allowing Devondale to leverage blockchain technology for tokenizing reinsurance, thus positioning FG Reinsurance as a pioneer in tokenized reinsurance. The closing of the transaction is subject to regulatory approval and other conditions.
On October 14, 2025, FG Nexus Inc. filed a resale registration statement to register 40,000,000 shares of its common stock, which are tied to pre-funded warrants from a recent $200 million private placement. As of that date, a significant portion of these warrants had not been exercised. Additionally, the company has sold over 2 million shares through its ongoing $5 billion At-the-Market offering, resulting in nearly 40 million shares of common stock issued and outstanding, with a free float of approximately 38.8 million shares after accounting for shares held by affiliates.
On October 7, 2025, FG Nexus announced that its Certificate of Amendment to its amended and restated articles of incorporation was declared effective by the Nevada Secretary of State. This amendment significantly increases the company’s authorized shares to 1 trillion, consisting of 900 billion common shares and 100 billion preferred shares. This historic authorization, approved by a majority of shareholders, aims to provide FG Nexus with greater flexibility to increase ETH per share and deliver long-term shareholder value.
On October 2, 2025, FG Nexus Inc. announced an agreement with Securitize to allow shareholders to tokenize the company’s common and preferred stock on the Ethereum blockchain. This initiative positions FG Nexus as one of the first NASDAQ-listed companies to offer such a program, potentially transforming equity markets by enabling real-time settlement and programmable ownership. The move is expected to enhance shareholder experience and maintain regulatory compliance, marking a significant step in the tokenization trend within financial markets.
On September 23, 2025, FG Nexus announced that it had reached a milestone of holding 50,000 ETH, valued at approximately $210 million. This achievement is part of the company’s strategic plan to become the largest institutional holder of Ethereum, reflecting its strong belief in ETH’s potential to transform global finance.