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FRMO Corporation (FRMO) delivers independent investment research and advisory services focused on under-researched market opportunities. This news hub provides institutional investors and financial professionals with timely updates on the firm's strategic developments, research publications, and market analyses.
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FRMO Corp. (OTC Pink: FRMO) announced significant changes to its Board leadership structure. Murray Stahl, who has served as Chairman since the company's inception in 2001, has stepped down from his position but will continue as Chief Executive Officer. The Board has appointed Peter Doyle as the new Chairman and Rimmy Malhotra as Vice Chairman and Lead Independent Director. Following these changes, the Board size has been set to 8 members.
FRMO Corp. (OTC Pink: FRMO) has released its fiscal 2025 third quarter results ending February 28, 2025. The company's total book value reached $751 million, with shareholders' equity at $385 million ($8.74 per share), up from $242.1 million ($5.50 per share) at the end of May 2024.
Current assets increased to $567.2 million, primarily consisting of cash and equity securities. However, the company reported a quarterly net loss of $(28.7) million ($(0.65) per share) compared to a profit of $13 million ($0.30 per share) in the previous year. For the nine-month period, net income rose to $142.7 million ($3.24 per share) from $50 million ($1.14 per share).
The company's investment portfolio showed significant changes, with equity securities at fair value reaching $504.9 million and digital assets at $13.8 million. Total liabilities increased to $72.6 million, mainly due to securities sold and deferred taxes.
FRMO Corp reported significant financial growth in Q2 FY2025. Total book value reached $821.4 million ($18.66 per diluted share) as of November 30, 2024, including $407.8 million in non-controlling interests. Net income attributable to the Company surged to $136.9 million ($3.11 per diluted share) compared to $4.7 million ($0.11 per diluted share) year-over-year.
Current assets increased to $626.1 million, primarily consisting of cash, equivalents, and equity securities. The company's significant net income increase was attributed to a specific equity security investment. FRMO appointed Melinda J. Newman to its Board of Directors, bringing the total to nine members, with five being independent.
FRMO Corp has expanded its Board of Directors to nine members with the appointment of R. Rimmy Malhotra. The board now consists of nine directors, including five independent members. Malhotra, who serves as Managing Member and Portfolio Manager for Nicoya Fund LP, brings extensive experience in investment management. He previously managed the Gratio Values Fund and currently serves on the boards of HireQuest Inc and Optex System. The appointment comes as FRMO focuses on expanding and integrating several strategic investments approaching critical mass.
FRMO Corp. reported its financial results for the 2025 first quarter ended August 31, 2024. Total book value increased to $503.1 million ($11.43 per share on a fully diluted basis), including $226.6 million of non-controlling interests. Net income attributable to the Company rose to $34,486,751 ($0.78 per diluted share) compared to $32,329,985 ($0.73 per diluted share) a year earlier.
Current assets amounted to $366.0 million, primarily comprised of cash, equivalents, and equity securities. Total liabilities were $45.2 million. The Company holds a 21.86% equity interest in Horizon Kinetics Hard Assets and a 4.95% interest in Horizon Kinetics A conference call to discuss the results is scheduled for October 22, 2024.
FRMO Corp. (OTC Pink: FRMO) reported its fiscal 2024 results, ending May 31, 2024. Total book value reached $403.3 million ($9.16 per diluted share), with $242.1 million ($5.50 per share) excluding non-controlling interests. Annual net income attributable to the company was $72,558,671 ($1.65 per diluted share), compared to a loss of $12,603,972 in 2023. Current assets increased to $276.1 million from $201.3 million in the previous year. The company reported significant unrealized gains from equity securities and investments. FRMO's interest in Horizon Kinetics Hard Assets (HKHA) remained stable at 21.84%. The Annual Meeting is scheduled for September 5, 2024, at The Harvard Club of New York City and via webcast.
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