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Forum Markets
(NASDAQ:FRMM)
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Rating:44Neutral
Price Target:
$5.50
▲(7.63% Upside)
Action:Reiterated
Date:08/20/26
The score is held down primarily by severe and persistent unprofitability and continued negative operating/free cash flow, despite strong gross margins and some revenue growth. Technicals are mixed but lean weak with the price below key moving averages, and valuation is constrained by a negative P/E and no dividend support. Corporate events are a secondary positive factor, reflecting incremental strategic and governance progress.
Positive Factors
High Gross Margin and Revenue Growth
The combination of top-line growth and an approximately 82% gross margin indicates the underlying offering can generate valuable revenue. If scale improves, this margin profile could support operating leverage, although current expenses remain excessive.
Negative Factors
Persistent and Severe Unprofitability
Losses are extremely large relative to the $10.8M revenue base and have persisted across annual and TTM periods. This suggests the current cost structure is not sustainable without major operating improvement, restructuring, or additional capital.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin and Revenue Growth
The combination of top-line growth and an approximately 82% gross margin indicates the underlying offering can generate valuable revenue. If scale improves, this margin profile could support operating leverage, although current expenses remain excessive.
Read all positive factors
Forum Markets (FRMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$77.35M
Dividend YieldN/A
Average Volume (3M)10.88M
Price to Earnings (P/E)―
Beta (1Y)2.69
Revenue GrowthN/A
EPS Growth41.70%
CountryUS
Employees8
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)-33.17
Shares Outstanding13,198,948
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$11.00Price Target Upside115.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-5.1
Revenue Forecast (FY)$18.53M
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
46
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.77M | 6.55M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 8.87M | 6.55M | -58.28K | -105.67K | 0.00 | 0.00 |
| EBITDA | -522.20M | -440.48M | -6.32M | -22.13M | -39.53M | -20.05M |
| Net Income | -527.44M | -450.52M | -6.17M | -19.94M | -38.73M | -20.32M |
Balance Sheet | ||||||
| Total Assets | 159.03M | 306.30M | 12.76M | 5.26M | 19.65M | 62.71M |
| Cash, Cash Equivalents and Short-Term Investments | 4.10M | 8.02M | 4.59M | 1.98M | 6.97M | 8.22M |
| Total Debt | 25.95M | 26.20M | 154.50K | 1.05M | 1.34M | 1.96M |
| Total Liabilities | 31.23M | 66.88M | 3.51M | 5.39M | 8.31M | 23.39M |
| Stockholders Equity | 127.80M | 239.42M | 9.25M | -127.73K | 11.34M | 39.32M |
Cash Flow | ||||||
| Free Cash Flow | -73.77M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Operating Cash Flow | -56.96M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Investing Cash Flow | -73.60M | -127.63M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 132.44M | 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 |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.37B | -13.81 | -46.46% | ― | ― | -3.04% | |
48 Neutral | $239.91M | -7.83 | -15.90% | ― | 16.74% | 55.76% | |
45 Neutral | $28.64M | -0.31 | -70.61% | ― | 84.83% | 12.54% | |
44 Neutral | $77.35M | -0.18 | -240.64% | ― | ― | 41.70% | |
41 Neutral | $275.93M | -34.70 | -8.43% | ― | ― | ― |
* Healthcare Sector Average
FRMM
Forum Markets
5.85
-42.25
-87.84%
SY
So-Young International
2.27
-1.62
-41.65%
CNCK
Coincheck Group
2.05
-2.52
-55.14%
FLD
Fold Holdings
0.45
-3.32
-88.04%
ANRO
Alto Neuroscience, Inc.
34.25
30.66
854.04%
Forum Markets Corporate Events
Executive/Board ChangesShareholder Meetings
Forum Markets Stockholders Approve Governance and Auditor Matters
Positive
Aug 19, 2026
On August 19, 2026, Forum Markets held its 2026 Annual Meeting of Stockholders, with 68.50% of eligible shares represented, establishing a quorum for corporate action. Stockholders elected McAndrew Rudisill, Ryan Smith and Jason New as Class II di...
Business Operations and Strategy
Forum Markets Expands Into Aircraft Engine Leasing
Positive
Jul 30, 2026
On July 28, 2026, Forum Markets, via its new subsidiary Eurus Aerospace Token I LLC, purchased a CFM56-7B aircraft engine and associated parts and records from Aero Engine Solutions, Inc. for $11.65 million in cash. The engine was immediately plac...
Business Operations and Strategy
Forum Markets expands aviation portfolio with new engine lease
Positive
Jul 17, 2026
On July 13, 2026, Forum Markets, through its wholly owned subsidiary Eurus Aerospace Token I LLC, acquired a CFM56-7B22 commercial aircraft engine from Aero Engine Solutions for $11.65 million in cash and immediately placed it on long-term lease t...
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...
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.