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:ReiteratedDate:01/24/26
Overall score is pressured most by very weak financial performance (large losses and ongoing cash burn) and bearish technicals (below key moving averages with negative MACD). Corporate actions are a relative positive—especially the convertible note redemption and strategic moves—but they do not yet offset the current profitability, cash-flow, and trend concerns.
Positive Factors
Convertible Note Redemption
Eliminating ~$516M of outstanding convertible notes removes a major dilution and claim on equity, materially simplifying the capital structure and reducing future conversion-related overhang. This structural change enhances strategic optionality and lowers governance complexity for 2–6 months and beyond.
Negative Factors
Large Ongoing Net Losses
A multi-hundred-million dollar trailing loss versus minimal revenue signals an unproven, cash-burning business model. Persistent large losses undermine reinvestment capacity, prolong the path to sustainable profitability, and increase reliance on financing or asset disposals over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Convertible Note Redemption
Eliminating ~$516M of outstanding convertible notes removes a major dilution and claim on equity, materially simplifying the capital structure and reducing future conversion-related overhang. This structural change enhances strategic optionality and lowers governance complexity for 2–6 months and beyond.
Read all positive factors
Forum Markets (FRMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$53.42M
Dividend YieldN/A
Average Volume (3M)10.88M
Price to Earnings (P/E)―
Beta (1Y)2.16
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees3
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)-12.05
Shares Outstanding19,012,232
10 Day Avg. Volume11,273,046
30 Day Avg. Volume10,878,207
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.18
Price to Sales (P/S)0.00
P/FCF Ratio-1.13
Enterprise Value/Market Cap9.36
Enterprise Value/Revenue121.61
Enterprise Value/Gross Profit121.61
Enterprise Value/Ebitda-2.18
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)570
Revenue Forecast (FY)$30.41M
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
6
Very Negative
Balance Sheet
28
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.11M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 4.11M | -58.28K | -105.67K | 0.00 | 0.00 | 0.00 |
| EBITDA | -229.16M | -6.32M | -22.13M | -39.53M | -20.05M | -9.69M |
| Net Income | -225.11M | -6.17M | -19.94M | -38.73M | -20.32M | -10.88M |
Balance Sheet | ||||||
| Total Assets | 1.01B | 12.76M | 5.26M | 19.65M | 62.71M | 55.53M |
| Cash, Cash Equivalents and Short-Term Investments | 53.31M | 4.59M | 1.98M | 6.97M | 8.22M | 2.11M |
| Total Debt | 496.76M | 154.50K | 1.05M | 1.34M | 1.96M | 3.78M |
| Total Liabilities | 564.18M | 3.51M | 5.39M | 8.31M | 23.39M | 25.25M |
| Stockholders Equity | 445.14M | 9.25M | -127.73K | 11.34M | 39.32M | 30.29M |
Cash Flow | ||||||
| Free Cash Flow | -19.37M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M |
| Operating Cash Flow | -19.37M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M |
| Investing Cash Flow | -252.37M | 0.00 | 0.00 | 0.00 | 0.00 | 14.49M |
| Financing Cash Flow | 830.17M | 4.04M | 5.91M | 10.87M | 25.41M | -8.73M |
Forum Markets Risk Analysis
Forum Markets disclosed 134 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 |
|---|---|---|---|---|---|---|---|
55 Neutral | $233.29M | 73.44 | 3.23% | ― | 3.75% | ― | |
53 Neutral | $747.84M | -8.12 | -45.01% | ― | ― | -7.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $275.60M | -9.99 | -14.28% | 0.91% | -3.80% | -2176.08% | |
45 Neutral | $63.78M | -1.58 | 46.70% | ― | ― | -1898.55% | |
44 Neutral | $53.42M | -0.35 | -192.62% | ― | ― | ― | |
43 Neutral | $197.09M | 31.92 | -1.11% | ― | ― | ― |
* Healthcare Sector Average
FRMM
Forum Markets
2.81
-5.99
-68.07%
TBRG
TruBridge
15.65
-11.06
-41.41%
SY
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2.75
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219.77%
CNCK
Coincheck Group
1.45
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-70.41%
FLD
Fold Holdings
1.28
-3.76
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ANRO
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23.41
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1165.41%
Forum Markets Corporate Events
Business Operations and StrategyM&A Transactions
ETHZilla Subsidiary Acquires Aircraft Engines, Expands Aviation Portfolio
Positive
Jan 23, 2026
On January 17, 2026, ETHZilla Corporation’s newly formed subsidiary ETHZilla Aerospace LLC acquired two CFM56-7B24 aircraft engines, including associated parts, records and stands, from Avean Engine Solutions, LLC for a total cash considerat...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
ETHZilla Completes Full Redemption of Convertible Notes
Positive
Dec 30, 2025
On December 9, 2025, ETHZilla Corporation entered into a Note Mandatory Redemption Agreement with an investor to repurchase all of its outstanding Convertible Notes at a premium. By the December 30, 2025 redemption deadline, the company fully rede...
Business Operations and StrategyExecutive/Board Changes
ETHZilla expands board and optimizes capital structure
Positive
Dec 19, 2025
On December 19, 2025, ETHZilla Corporation expanded its Board of Directors to seven members and appointed Angela Dalton, founder and CEO of Signum Growth, and veteran institutional investor Michael Edwards as independent Class I directors, with Da...
Private Placements and FinancingShareholder Meetings
ETHZilla Approves Convertible Notes Share Issuance
Neutral
Dec 16, 2025
On December 16, 2025, ETHZilla Corporation held a special meeting where stockholders representing 79.8% of voting shares were present. The meeting resulted in the approval of a proposal to issue shares underlying senior secured convertible notes, ...
Business Operations and StrategyM&A Transactions
ETHZilla Acquires Stake in Zippy for Blockchain Integration
Positive
Dec 10, 2025
On December 9, 2025, ETHZilla Corporation acquired a 15% stake in Zippy, Inc., a company providing mortgage loans and related services, through a series of agreements. This acquisition allows ETHZilla to integrate its blockchain platforms with Zip...
Business Operations and StrategyPrivate Placements and Financing
ETHZilla Corporation’s Strategic Note Redemption Agreement
Positive
Dec 10, 2025
On December 9, 2025, ETHZilla Corporation entered into a Note Mandatory Redemption Agreement to repurchase and redeem its outstanding convertible notes, valued at approximately $516 million, by December 30, 2025. This strategic move aims to stream...
Business Operations and StrategyM&A Transactions
ETHZilla Acquires Stake in Zippy for Tokenization
Positive
Dec 10, 2025
On December 10, 2025, ETHZilla Corporation announced the acquisition of a 15% stake in Zippy, Inc., a digital lending platform, as part of a strategic move to tokenize manufactured home loans on-chain. This acquisition is expected to enhance ETHZi...
Business Operations and StrategyM&A Transactions
ETHZilla Acquires 20% Stake in Karus Inc.
Positive
Dec 3, 2025
On December 2, 2025, ETHZilla Corporation acquired a 20% stake in Karus Inc., an AI-powered data analytics platform for the consumer auto finance industry, through a combination of cash and stock transactions. This strategic investment aims to int...
Business Operations and StrategyExecutive/Board Changes
ETHZilla Cancels CEO and Directors’ Stock Awards
Neutral
Dec 1, 2025
ETHZilla Corporation announced the rescission and cancellation of restricted common stock awards granted to its CEO and directors on November 12, 2025, following shareholder feedback. This decision, made on December 1, 2025, reflects the company&#...
Stock Buyback
ETHZilla Cancels Over 2 Million Treasury Shares
Neutral
Nov 25, 2025
On November 21, 2025, ETHZilla Corporation canceled 2,099,741 treasury shares of common stock, which had been repurchased under a Board-approved share repurchase program. Following this cancellation, the total number of issued and outstanding shar...
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial DisclosuresPrivate Placements and Financing
ETHZilla Appoints New CFO Amid Strategic Growth
Positive
Nov 14, 2025
On November 12, 2025, ETHZilla Corporation appointed John Saunders as the Chief Financial Officer and Secretary, effective following the filing of the company’s quarterly report. This appointment is part of a broader strategy to strengthen e...
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.