Forum Markets (FRMM)
NASDAQ:FRMM
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Forum Markets
(NASDAQ:FRMM)
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Rating:44Neutral
Price Target:
$4.00
▼(-21.72% Downside)
Action:Reiterated
Date:05/20/26
The score is primarily constrained by very weak financial performance—outsized losses and ongoing negative operating/free cash flow—despite strong revenue growth and low balance-sheet leverage. Technicals are mixed-to-weak with depressed momentum, while valuation inputs are not supportive given the provided (non-interpretable) P/E and no dividend yield. Corporate actions (buybacks and strategic review) provide a modest positive offset but do not outweigh the financial and cash-burn risks.
Positive Factors
Revenue Growth
A sustained ~44% TTM revenue increase to ~$9.4M indicates meaningful commercialization and product-market fit progress. Over 2–6 months this trend supports scaling potential and revenue base expansion, which can underpin future margin improvement as fixed costs leverage and product adoption deepens.
Negative Factors
Profitability & Net Loss
A very large net loss (~-$516M) reflects persistent negative profitability that materially erodes shareholder value and limits reinvestment capacity. Over 2–6 months this scale of losses signals a non‑sustainable cost structure absent rapid revenue scaling or significant restructuring, increasing financing reliance.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A sustained ~44% TTM revenue increase to ~$9.4M indicates meaningful commercialization and product-market fit progress. Over 2–6 months this trend supports scaling potential and revenue base expansion, which can underpin future margin improvement as fixed costs leverage and product adoption deepens.
Read all positive factors
Forum Markets (FRMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$66.03M
Dividend YieldN/A
Average Volume (3M)10.88M
Price to Earnings (P/E)―
Beta (1Y)2.81
Revenue GrowthN/A
EPS Growth34.05%
CountryUS
Employees3
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)-35.44
Shares Outstanding14,542,979
10 Day Avg. Volume11,273,046
30 Day Avg. Volume10,878,207
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.11
Price to Sales (P/S)3.87
P/FCF Ratio-0.97
Enterprise Value/Market Cap0.41
Enterprise Value/Revenue2.89
Enterprise Value/Gross Profit2.89
Enterprise Value/Ebitda-0.05
Forecast
1Y Price Target
$10.00Price Target Upside95.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.44
Revenue Forecast (FY)$18.30M
Forum Markets Business Overview & Revenue Model
Company Description
ETHZilla Corp. is a technology company in the decentralized finance (DeFi) industry, which intends to connect financial institutions, businesses, and organizations worldwide by enabling secure, accessible blockchain transactions through Ethereum N...
Forum Markets Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
63
Positive
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.55M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 6.55M | -58.28K | -105.67K | 0.00 | 0.00 |
| EBITDA | -233.45M | -6.32M | -22.13M | -39.53M | -20.05M |
| Net Income | -450.52M | -6.17M | -19.94M | -38.73M | -20.32M |
Balance Sheet | |||||
| Total Assets | 306.30M | 12.76M | 5.26M | 19.65M | 62.71M |
| Cash, Cash Equivalents and Short-Term Investments | 8.02M | 4.59M | 1.98M | 6.97M | 8.22M |
| Total Debt | 26.20M | 154.50K | 1.05M | 1.34M | 1.96M |
| Total Liabilities | 66.88M | 3.51M | 5.39M | 8.31M | 23.39M |
| Stockholders Equity | 239.42M | 9.25M | -127.73K | 11.34M | 39.32M |
Cash Flow | |||||
| Free Cash Flow | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Operating Cash Flow | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Investing Cash Flow | -127.63M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 158.15M | 4.04M | 5.91M | 10.87M | 25.41M |
Forum Markets Risk Analysis
Forum Markets disclosed 33 risk factors in its most recent earnings report. Forum Markets reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Forum Markets Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $389.08M | 105.35 | 2.48% | ― | 0.81% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $223.48M | -5.47 | -14.28% | 0.91% | 16.74% | 55.76% | |
48 Neutral | $744.69M | -7.05 | -47.22% | ― | ― | -6.01% | |
46 Neutral | $263.70M | -6.44 | -13.16% | ― | ― | ― | |
45 Neutral | $56.37M | -0.56 | -70.61% | ― | 327.47% | 49.69% | |
44 Neutral | $66.03M | -0.20 | -91.49% | ― | ― | 34.05% |
* Healthcare Sector Average
FRMM
Forum Markets
4.54
-6.36
-58.35%
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FLD
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ANRO
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639.37%
Forum Markets Corporate Events
Business Operations and StrategyStock Buyback
Forum Markets Reinitiates Share Buyback, Tightens Equity Base
Positive
Apr 29, 2026
On April 29, 2026, Forum Markets, Incorporated reported that it had reinitiated its share repurchase program effective April 15, 2026 and subsequently bought back and cancelled about 5,647,351 common shares at an average price of roughly $4.26, fo...
Business Operations and StrategyRegulatory Filings and Compliance
Forum Markets Eliminates Series B Convertible Preferred Stock
Neutral
Apr 24, 2026
On April 23, 2026, Forum Markets, Incorporated filed a Certificate of Elimination in Delaware to remove the designations, preferences, limitations, and relative rights associated with its Series B Convertible Preferred Stock. As of the filing date...
Business Operations and StrategyStock Buyback
Forum Markets Launches Share Buyback and Strategic Review
Positive
Apr 17, 2026
On April 17, 2026, Forum Markets announced board-approved measures intended to close the gap between its market capitalization and its view of the firm’s intrinsic value. The company disclosed that on April 15, 2026 its board unanimously rei...
Business Operations and StrategyPrivate Placements and Financing
Forum Markets Targets AI Chip Bridge Loan Opportunities
Positive
Apr 8, 2026
On April 8, 2026, Forum Markets announced it had entered an arrangement to deploy capital into short-term bridge loans that finance the purchase and deployment of NVIDIA AI chips for data centers, with loans identified and underwritten by a third-...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Forum Markets Updates At-The-Market Sales Agreement Structure
Neutral
Apr 8, 2026
On August 13, 2025, Forum Markets entered into a sales agreement with Clear Street LLC to conduct an at-the-market offering of its common stock under a Form S-3 registration statement and related prospectus supplement, which was then amended on Au...
Executive/Board Changes
Forum Markets Approves Equity Awards for Top Executives
Positive
Apr 3, 2026
On April 2, 2026, Forum Markets’ Board approved substantial equity awards for Chief Executive Officer and Chairman McAndrew Rudisill and Chief Financial Officer John Saunders, structured as 60% performance stock units and 40% restricted stoc...
Business Operations and StrategyPrivate Placements and Financing
Forum Markets Expands Manufactured Housing Loan Portfolio Framework
Positive
Mar 27, 2026
On March 23, 2026, Forum Markets, via its wholly owned ETHZilla Modular Mortgage unit, entered into a five‑year master loan purchase and servicing framework with Zippy Loans to build a revolving portfolio of manufactured home chattel loans o...
Business Operations and StrategyPrivate Placements and Financing
Forum Markets Secures Revolving Facility for Auto Loans
Positive
Mar 13, 2026
On March 5, 2026, ETHZilla Auto Loans, a subsidiary of Forum Markets, agreed a $10 million revolving warehouse facility with Anchored Finance to finance fully secured first-lien auto loans originated via Automatic USA, which uses AI-driven credit ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.