Forum Markets (FRMM)
NASDAQ:FRMM
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Forum Markets
(NASDAQ:FRMM)
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Rating:41Neutral
Price Target:
$2.00
▼(-60.86% Downside)
Action:ReiteratedDate:04/11/26
The score is held down primarily by very weak financial performance (massive losses and ongoing cash burn) and bearish technicals (price far below key moving averages with negative MACD). Corporate events add some upside optionality through new lending/finance initiatives, but valuation support is limited given negative earnings and no dividend data.
Positive Factors
Low leverage
Modest leverage (debt-to-equity ~0.11) reduces interest burden and preserves borrowing capacity versus highly leveraged peers. That balance-sheet flexibility supports multi-quarter execution of loan purchases, warehouse financing and tokenization initiatives without immediate liquidity stress, aiding longer-term strategic optionality.
Negative Factors
Very large net loss
A massive net loss (~-$450.5M) overwhelms revenue gains and materially erodes equity resilience. Such scale of losses forces reliance on external capital, compresses management flexibility, and raises multi-quarter execution risk for building profitable lending franchises absent clear structural changes to margins or expense profile.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Modest leverage (debt-to-equity ~0.11) reduces interest burden and preserves borrowing capacity versus highly leveraged peers. That balance-sheet flexibility supports multi-quarter execution of loan purchases, warehouse financing and tokenization initiatives without immediate liquidity stress, aiding longer-term strategic optionality.
Read all positive factors
Forum Markets (FRMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.81M
Dividend YieldN/A
Average Volume (3M)10.88M
Price to Earnings (P/E)―
Beta (1Y)1.85
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees3
SectorHealthcare
Sector Strength45
IndustrySoftware - Application
Share Statistics
EPS (TTM)-12.05
Shares Outstanding20,313,110
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 Cap1.46
Enterprise Value/Revenue14.11
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-0.25
Forecast
1Y Price Target
$5.00Price Target Upside-2.15% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
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
12
Very Negative
Balance Sheet
53
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.11M | 6.55M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 6.55M | -58.28K | -105.67K | 0.00 | 0.00 |
| EBITDA | -229.16M | -233.45M | -6.32M | -22.13M | -39.53M | -20.05M |
| Net Income | -217.04M | -450.52M | -6.17M | -19.94M | -38.73M | -20.32M |
Balance Sheet | ||||||
| Total Assets | 1.01B | 306.30M | 12.76M | 5.26M | 19.65M | 62.71M |
| Cash, Cash Equivalents and Short-Term Investments | 558.90M | 8.02M | 4.59M | 1.98M | 6.97M | 8.22M |
| Total Debt | 546.76M | 26.20M | 154.50K | 1.05M | 1.34M | 1.96M |
| Total Liabilities | 564.18M | 66.88M | 3.51M | 5.39M | 8.31M | 23.39M |
| Stockholders Equity | 445.14M | 239.42M | 9.25M | -127.73K | 11.34M | 39.32M |
Cash Flow | ||||||
| Free Cash Flow | -19.37M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Operating Cash Flow | -19.37M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M |
| Investing Cash Flow | -252.37M | -127.63M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 830.17M | 158.15M | 4.04M | 5.91M | 10.87M | 25.41M |
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 | $268.02M | 73.44 | 3.23% | ― | 3.75% | ― | |
54 Neutral | $727.72M | -8.12 | -45.01% | ― | ― | -7.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $63.52M | -1.58 | 46.70% | ― | ― | -1898.55% | |
47 Neutral | $258.56M | -9.99 | -14.28% | 0.91% | -3.80% | -2176.08% | |
41 Neutral | $39.81M | -0.06 | -91.49% | ― | ― | ― | |
39 Underperform | $231.08M | 31.92 | -1.11% | ― | ― | ― |
* Healthcare Sector Average
FRMM
Forum Markets
1.96
-6.56
-77.00%
TBRG
TruBridge
17.98
-6.24
-25.76%
SY
So-Young International
2.58
1.77
218.52%
CNCK
Coincheck Group
1.70
-3.80
-69.09%
FLD
Fold Holdings
1.25
-1.99
-61.42%
ANRO
Alto Neuroscience, Inc.
22.78
20.70
995.19%
Forum Markets Corporate Events
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.