Forum Markets, Incorporated reported its first meaningful revenue as a digital asset and real‑world asset tokenization platform, generating GAAP revenue of $2.4 million in Q4 2025 and $6.5 million for full year 2025. Despite this ramp, heavy operating and non‑cash items drove a full‑year net loss from continuing operations of $443.5 million, or $(54.32) per basic share, and an Adjusted EBITDA loss of $218.5 million. The balance sheet expanded sharply, with total assets of $306.3 million at year‑end, including $61.6 million of digital assets and $181.0 million of staking receivables, against total liabilities of $66.9 million. Management highlighted 2025 as a foundation‑building year and issued 2026 revenue guidance of $18–$26 million and a 2027 AUM target of $300–$400 million, aiming to move toward positive cash flow in 2027 as yield, tokenization fees, and asset management economics develop.
Forum Markets, Incorporated entered into a new five-year Master Loan Purchase Agreement and Master Loan Servicing Agreement with Zippy Loans through its subsidiary ETHZilla Modular Mortgage LLC. The program allows ongoing purchases of manufactured home chattel loan receivables originated by Zippy Loans up to an aggregate commitment of $150,000,000.
The parties also executed an initial Purchase Commitment from March 23, 2026 through June 30, 2026 with a commitment amount of up to $15,000,000. On the same date, Forum Markets acquired 31 manufactured home chattel loans for a total purchase price of $1,436,710.67, funded with cash on hand.
Zippy Loans will service the loans under a fee structure based on the aggregate outstanding loan balance and FICO-score tiers, with minimum monthly fees. The company views this as an acquisition of assets rather than a business, so no additional financial statements or pro forma information are required.