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Forum Markets
(NASDAQ:FRMM)
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Rating:51Neutral
Price Target:
$6.50
▲(27.20% Upside)
Action:Reiterated
Date:06/12/26
The score is held down primarily by weak financial performance—massive losses and ongoing negative operating/free cash flow despite strong revenue growth. Technicals are moderately positive in the short term (price above key short/mid moving averages and positive MACD) but the longer-term trend remains weak. Corporate actions (buyback and strategic review) add support, while valuation is constrained by negative earnings and no dividend data.
Positive Factors
Revenue Growth
A ~44% TTM revenue increase to ~$9.4M shows the company is converting product-market fit into real sales. Sustained top-line growth provides a base for future margin expansion and scale economies if management controls operating expenses and converts increased revenue into sustainable cash flow.
Negative Factors
Large Losses and Cash Burn
A massive accounting loss (~-$516M) coupled with persistent negative operating and free cash flows indicates the business relies on external funding. Over months, this exhausts liquidity, constrains reinvestment, increases dilution risk, and requires a credible pathway to sustained positive cash generation to be durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A ~44% TTM revenue increase to ~$9.4M shows the company is converting product-market fit into real sales. Sustained top-line growth provides a base for future margin expansion and scale economies if management controls operating expenses and converts increased revenue into sustainable cash flow.
Read all positive factors
Forum Markets (FRMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$78.73M
Dividend YieldN/A
Average Volume (3M)10.88M
Price to Earnings (P/E)―
Beta (1Y)2.67
Revenue GrowthN/A
EPS Growth34.05%
CountryUS
Employees8
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)-35.44
Shares Outstanding13,210,145
10 Day Avg. Volume11,273,046
30 Day Avg. Volume10,878,207
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.17
Price to Sales (P/S)6.11
P/FCF Ratio-1.54
Enterprise Value/Market Cap0.45
Enterprise Value/Revenue3.73
Enterprise Value/Gross Profit3.73
Enterprise Value/Ebitda-0.07
Forecast
1Y Price Target
$10.00Price Target Upside95.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-5.17
Revenue Forecast (FY)$18.75M
Forum Markets Business Overview & Revenue Model
Company Description
Operating within the decentralized finance (DeFi) sector, ETHZilla Corp. is a technology firm. Its core mission is to facilitate global connectivity among financial institutions, enterprises, and various organizations by providing secure and readi...
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 | -440.48M | -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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $393.58M | 89.31 | 2.48% | ― | 0.81% | ― | |
58 Neutral | $929.29M | -10.68 | -47.22% | ― | ― | -6.01% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $78.73M | -0.17 | -240.64% | ― | ― | 34.05% | |
47 Neutral | $171.65M | -5.95 | -15.90% | 0.91% | 16.74% | 55.76% | |
47 Neutral | $24.27M | -1.49 | -70.61% | ― | 327.47% | 49.69% | |
46 Neutral | $352.05M | -30.39 | -13.16% | ― | ― | ― |
* Healthcare Sector Average
FRMM
Forum Markets
5.96
-3.04
-33.78%
TBRG
TruBridge
26.24
4.31
19.65%
SY
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1.71
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CNCK
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2.59
-3.21
-55.34%
FLD
Fold Holdings
0.48
-3.87
-89.01%
ANRO
Alto Neuroscience, Inc.
26.48
23.80
888.06%
Forum Markets Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Forum Markets Modifies Zippy Series B-3 Make-Whole Terms
Neutral
Jul 1, 2026
On June 30, 2026, Forum Markets, Inc. and Zippy, Inc. amended their Series B-3 Preferred Stock Purchase Agreement to modify the structure of a make-whole obligation tied to Forum Markets’ common stock. The Second Amendment replaces a single ...
Business Operations and StrategyStock Buyback
Forum Markets Extends Share Repurchase, Lowers Authorization
Neutral
Jun 30, 2026
On June 29, 2026, the Board of Directors of Forum Markets, Incorporated extended the company’s share repurchase program by one year, pushing its scheduled end date from June 30, 2026 to June 30, 2027. The amendment also broadened the program...
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...
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.