Here are the 10-Q quarterly reports from Forum Markets, Incorporated (FRMM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow FRMM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FRMM filings page.
Forum Markets, Incorporated (FRMM), formerly ETHZilla Corporation, reported its first full quarter as a blockchain-based real‑world‑asset (RWA) platform, combining digital-asset activities with new aviation and lending businesses. Total assets were $159.0 million at June 30 2026, down from $306.3 million at December 31 2025, reflecting reductions in digital assets and a shift into marketable securities and loans. Cash and cash equivalents were $4.1 million, and digital assets stood at $21.6 million, primarily ETH pledged as collateral.
For the three months ended June 30 2026, Forum Markets generated $1.4 million of revenue, mainly from aircraft engine rental, and a gross profit of $0.4 million. Operating expenses of $10.3 million, largely general and administrative, led to an operating loss of $9.9 million. Significant non‑operating items included $6.4 million in digital‑asset losses, a $0.6 million gain from derivative instruments, and a $2.7 million gain on a Zippy make‑whole provision, resulting in a net loss from continuing operations of $12.4 million.
Over the first six months of 2026, revenue totaled $4.2 million from staking and aircraft engine leasing, but the company recorded a substantial net loss from continuing operations of $90.0 million, driven by $12.8 million in digital‑asset losses and a $48.6 million loss on an embedded derivative tied to liquid‑staking activities, which were exited during the period. Forum Markets also expanded into auto and manufactured‑home loan receivables, with loans receivable of $17.2 million, implemented a stock repurchase program that bought back 7.1 million shares for $31.3 million, and raised $5.5 million via its at‑the‑market equity program.
Forum Markets, Incorporated reported a sharp swing into loss as it pivots to a digital-asset and real‑world‑asset tokenization model. For the three months ended March 31, 2026, it generated $2.9 million of revenue, mainly from ETH staking and aircraft engine rentals.
The company posted a net loss of $76.3 million, driven largely by a $72.9 million net other expense tied to derivatives, digital asset revaluation and a make‑whole provision, on top of a $4.6 million operating loss. Total assets fell to $207.6 million from $306.3 million as digital asset holdings declined to $28.3 million and staking receivables were unwound.
Cash and cash equivalents increased to $65.9 million, supported by large ETH sales; the company sold about 57,726 ETH for $128.1 million and ended the quarter with roughly 12,441 ETH, largely pledged against a $25.9 million collateralized loan. Forum launched aircraft engine leasing and a private Eurus Aero Token offering, built loan portfolios in auto and manufactured home finance, and later repurchased 5.75 million shares for $24.9 million while a special committee reviews strategic alternatives.