Forum Markets, Incorporated (FRMM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FRMM SEC filings page.
Forum Markets, Incorporated (FRMM) reported $6.5M in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows a capital-intensive, externally financed model: modest revenue alongside very large overhead and investment spending.
The key mismatch is between operating cash flow of-$26.1M and free cash flow of-$270M , showing that reported cash pressure was not limited to routine operations. That gap aligns with capital expenditures of$244M and financing cash flow of$158M , making investment spending a central part of the funding requirement.
Overhead dominates the current operating model: selling, general and administrative expense reached
Short-term liquidity is strained despite positive reported equity: current assets were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Forum Markets, Incorporated's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Forum Markets, Incorporated held $16.8M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $26.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Forum Markets, Incorporated scores 27/100 among other emerging companies.
Forum Markets, Incorporated had 20M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Forum Markets, Incorporated scores 3/100 among other emerging companies.
Not available for Forum Markets, Incorporated, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Not available for Forum Markets, Incorporated, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Forum Markets, Incorporated's operations used $26.1M of cash in fiscal year 2025, against $1.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Forum Markets, Incorporated scores 17/100 among other emerging companies.
Forum Markets, Incorporated's cash, cash equivalents and investments came to $16.8M at the end of fiscal year 2025, against $66.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Forum Markets, Incorporated scores 31/100 among other emerging companies.
Forum Markets, Incorporated scores -4.90, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $592.0M against total assets of $306.3M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Forum Markets, Incorporated passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Forum Markets, Incorporated reported a net loss of $450.5M while operations used $26.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Forum Markets, Incorporated generated $1.4M in revenue in Q2 2026. Against the prior quarter it is down 52.3%.
Forum Markets, Incorporated's EBITDA was -$9.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forum Markets, Incorporated reported a net loss of $12.8M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forum Markets, Incorporated earned -$0.73 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Forum Markets, Incorporated recorded an outflow of $12.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Forum Markets, Incorporated held $4.1M in cash against $14.3M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Forum Markets, Incorporated's gross margin was 29.2% in Q2 2026, indicating the percentage of revenue retained after direct costs.
Forum Markets, Incorporated's quarterly ROE was -10.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 22.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 35.3 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Forum Markets, Incorporated reported no capital expenditure in Q2 2026. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
FRMM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M | $2.9M | N/A | $4.1M | N/A | N/A | N/A | N/A |
| Cost of Revenue | $967K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $398K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | $182K+53.4% | $241K-34.0% | N/A | $252K-74.1% |
| SG&A Expenses | $10.3M+664.2% | $7.5M+280.9% | N/A | $224.6M+37574.5% | $1.4M-15.1% | $2.0M+26.4% | N/A | $596K-75.5% |
| Operating Income | -$9.9Mn/m | -$4.6Mn/m | N/A | -$220.5Mn/m | -$1.4Mn/m | -$2.0Mn/m | N/A | -$596Kn/m |
| EBITDA | -$9.0M | -$4.2M | N/A | N/A | N/A | N/A | N/A | -$582Kn/m |
| Interest Expense | $238K+8807.2% | $1.0M+39285.6% | N/A | $320Kn/m | $3K-76.5% | $3K-84.6% | N/A | $0-100.0% |
| Net Income | -$12.8Mn/m | -$76.3Mn/m | N/A | -$216.7Mn/m | -$1.7M-14759.2% | -$2.4Mn/m | N/A | -$837Kn/m |
| EPS (Basic) | -$0.73 | -$3.64 | N/A | -$16.80 | -$2.36 | -$5.54 | -$13.25 | -$5.43 |
| EPS (Diluted) | -$0.73 | -$3.64 | N/A | -$16.80 | -$2.36 | -$5.54 | -$13.25 | -$5.43 |
| Diluted Shares (Avg) | 17M | 21M | N/A | 12M | 570,813 | 353,933 | N/A | 98,064 |
Not reported in any period shown, so not listed: Income Tax.
FRMM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $159.0M+1384.3% | $207.6M+1681.9% | $306.3M+2299.7% | $1.0B+9540.2% | $10.7M+173.9% | $11.7M+238.5% | $12.8M+142.7% | $10.5M+111.2% |
| Current Assets | $14.2M+358.9% | $82.5M+1948.4% | $13.6M+163.9% | $561.9M+45759.1% | $3.1M+31.7% | $4.0M+117.2% | $5.1M+41.3% | $1.2M-63.6% |
| Cash & Equivalents | $4.1M+88.5% | $65.9M+1692.4% | $8.0M+75.6% | $53.3M+35407.2% | $2.2M+89.8% | $3.7M+444.0% | $4.6M+167.7% | $150K-94.4% |
| Short-Term Investments | $44.0Mn/m | $31.8Mn/m | $4.4Mn/m | $8.8Mn/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Accounts Receivable | $1.0M | $375K | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $44.0Mn/m | $31.8Mn/m | $4.4Mn/m | $8.8Mn/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $31.2M+485.5% | $39.3M+895.5% | $66.9M+1804.3% | $564.2M+8275.4% | $5.3M+23.2% | $3.9M-10.3% | $3.5M-34.8% | $6.7M+31.9% |
| Current Liabilities | $5.3M-1.0% | $13.3M+238.0% | $40.9M+1067.7% | $55.8M+773.9% | $5.3M+32.8% | $3.9M-3.4% | $3.5M-30.8% | $6.4M+32.8% |
| Non-Current Liabilities | $25.9Mn/m | $25.9M+757564.2% | $25.9M+370614.3% | $508.4M+144224.8% | $0-100.0% | $3K-98.9% | $7K-97.8% | $352K+17.2% |
| Long-Term Debt | $14.3M | N/A | N/A | $496.3M | N/A | N/A | N/A | N/A |
| Total Equity | $127.8M+2275.1% | $168.3M+2084.5% | $239.4M+2487.7% | $445.1M+11821.9% | $5.4Mn/m | $7.7Mn/m | $9.3Mn/m | $3.7Mn/m |
| Retained Earnings | -$681.1Mn/m | -$668.3Mn/m | -$592.0Mn/m | -$362.4Mn/m | -$145.6Mn/m | -$143.9Mn/m | -$141.5Mn/m | -$129.2Mn/m |
Not reported in any period shown, so not listed: Inventory, Goodwill.
FRMM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.4Mn/m | -$20.4Mn/m | -$7.6Mn/m | -$16.0Mn/m | -$1.5M-305.7% | -$887Kn/m | -$625Kn/m | -$240Kn/m |
| Depreciation & Amortization | $936K | $473K | N/A | N/A | N/A | N/A | N/A | $14K-57.6% |
| Stock-Based Compensation | $3.8M+3601.9% | $104K-82.0% | N/A | $34.1M+206848.0% | $103K+361.7% | $578K+144.9% | N/A | $16K-97.4% |
| Capital Expenditures | $0 | $16.8M | $795K | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$12.4M | -$37.3M | -$8.4M | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$17.8M | $71.8M | $124.7M | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$31.6Mn/m | $5.5Mn/m | -$667.0M-13328.3% | $825.1Mn/m | -$5Kn/m | -$3Kn/m | $5.0M+243.4% | -$481K-119.6% |
| Share Buybacks | N/A | N/A | $30.1M | $16.1M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
FRMM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -728.4% | -162.1% | N/A | -5364.6% | N/A | N/A | N/A | N/A |
| Net Margin | -939.0% | -2667.5% | N/A | -5273.3% | N/A | N/A | N/A | N/A |
| Return on Equity | -10.0%+22.1pp | -45.3%-14.6pp | N/A | -48.7%-26.3pp | -32.1% | -30.7% | N/A | -22.4% |
| Return on Assets | -8.1%+8.1pp | -36.7%-16.4pp | N/A | -21.5%-13.5pp | -16.1%-16.4pp | -20.3%+10.8pp | N/A | -8.0%+199.1pp |
| Current Ratio | 2.69+2.1x | 6.19+5.2x | 0.33-1.1x | 10.07+9.9x | 0.580.0x | 1.02+0.6x | 1.47+0.7x | 0.19-0.5x |
| Debt-to-Equity | 0.11 | N/A | N/A | 1.11 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.24-0.7x | 0.23-0.3x | 0.28-0.1x | 1.27-0.5x | 0.99 | 0.51 | 0.38 | 1.80 |
| Asset Turnover | 0.01 | 0.01 | N/A | 0.00 | N/A | N/A | N/A | N/A |
| FCF Margin | -911.5% | -1303.4% | N/A | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.33), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Forum Markets, Incorporated Ranks
Frequently Asked Questions
What is Forum Markets, Incorporated's annual revenue?
Forum Markets, Incorporated (FRMM) reported $6.5M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Forum Markets, Incorporated profitable?
No, Forum Markets, Incorporated (FRMM) reported a net loss of $450.5M in fiscal year 2025.
What is Forum Markets, Incorporated's return on equity (ROE)?
Forum Markets, Incorporated (FRMM) has a return on equity of -188.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Forum Markets, Incorporated's free cash flow?
Forum Markets, Incorporated (FRMM) recorded an outflow of $270.3M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Forum Markets, Incorporated's operating cash flow?
Forum Markets, Incorporated (FRMM) recorded an outflow of $26.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Forum Markets, Incorporated's total assets?
Forum Markets, Incorporated (FRMM) had $306.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Forum Markets, Incorporated's capital expenditures?
Forum Markets, Incorporated (FRMM) invested $244.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Forum Markets, Incorporated's current ratio?
Forum Markets, Incorporated (FRMM) had a current ratio of 0.33 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Forum Markets, Incorporated's liabilities-to-equity ratio?
Forum Markets, Incorporated (FRMM) had a liabilities-to-equity ratio of 0.28 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Forum Markets, Incorporated's return on assets (ROA)?
Forum Markets, Incorporated (FRMM) had a return on assets of -147.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Forum Markets, Incorporated's P/E ratio?
Forum Markets, Incorporated (FRMM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $45.5M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Forum Markets, Incorporated's price-to-sales ratio?
Forum Markets, Incorporated (FRMM) trades at 7.0x sales, its market capitalization divided by $6.5M revenue, FY2025. The market capitalization is $45.5M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Forum Markets, Incorporated's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Forum Markets, Incorporated (FRMM) held $16.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $26.1M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Forum Markets, Incorporated's Altman Z-Score?
Forum Markets, Incorporated (FRMM) has an Altman Z-Score of -4.90, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Forum Markets, Incorporated's Piotroski F-Score?
Forum Markets, Incorporated (FRMM) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Forum Markets, Incorporated's earnings high quality?
Forum Markets, Incorporated (FRMM) reported a net loss of $450.5M while operations used $26.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Forum Markets, Incorporated?
Forum Markets, Incorporated (FRMM) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Forum Markets, Incorporated it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.