"Forum continues to execute against our core strategy of building a platform centered on originating, structuring, and tokenizing institutional-grade, yield-generating assets," said McAndrew Rudisill, chairman and CEO. "We've expanded our origination capabilities with our entry into AI infrastructure bridge financing through NVIDA GPU-backed transactions and have made significant progress toward establishing distribution and co-investment partnerships with banks and large institutional investment companies. These developments reinforce the strength of our model, generating yield today while building a sustainable, scalable tokenization pipeline, and we believe they position Forum well to create long-term value."
Business Highlights:
Established AI Infrastructure Financing: Announced entry into AI infrastructure financing through short-term bridge loans supporting the acquisition and deployment of NVIDA GPUs for AI data centers, targeting mid-teens annualized returns. The strategy generates immediate income while establishing a scalable pipeline of high-yield, institutional-grade assets for potential tokenization.
Announced Shareholder Value Initiatives: Announced share repurchases and the formation of a special committee of independent directors to evaluate strategic alternatives, with the goal of maximizing shareholder value. After the quarter end, the Company deployed approximately $25 million to repurchase 5.8 million shares, representing 28% of shares outstanding, all of which have been retired and cancelled. Following the repurchase, as of April 30, 2026, the Company had approximately 14.5 million shares outstanding.
"The first quarter and the weeks since have been a period of meaningful activity across the business, expanding our real-world asset base, executing a significant share repurchase program, and initiating a formal strategic review process," said John Saunders, chief financial officer. "As we look to the balance of 2026, our focus remains on growth through multiple levers: expansion of asset pipelines, increased capital deployment, and broader distribution through retail and institutional partnerships. These are positioning Forum to increase scale across our tokenization platform, and we remain on track for accelerated, year-over-year revenue growth by the end of 2026."
Outlook
Forum is updating its full-year 2026 outlook to reflect the capital deployed into its share repurchase program. Approximately $25 million was used to repurchase and retire 5.8 million shares, capital the Company views as having been deployed at a highly accretive price, but which is no longer available for deployment into revenue-generating assets. As a result, Forum expects a moderately slower pace of near-term AUM growth while maintaining its conviction in the long-term opportunity. The 2027 revenue outlook is unchanged.
The Company now expects to exit 2026 with between $100 million and $175 million in assets under management (AUM) across its tokenized and pre-tokenization credit portfolios, compared with prior guidance of $125 million to $200 million. AUM is expected to grow asymmetrically in the back half of the year as new origination pipelines come online.
The Company anticipates total revenue to be in the range of $18 million to $22 million. This compares to prior guidance of $18 million to $26 million, reflecting a moderately slower pace of near-term capital deployment, partially offset by yield income from the existing asset base and early-stage origination and structuring economics.
Forum is targeting AUM at year-end 2027 to be in the range of $250 million to $300 million, which the Company believes would result in year-over-year revenue growth of 50% to 100% in 2027.
First Quarter 2026 GAAP Financial Highlights
(in millions)
For the Quarter Ended
March 31, 2026
Revenue
$2.9
Gross Profit
$2.9
Cash and Cash Equivalents
$65.9
Revenue of $2.9 million, driven primarily by aircraft engine lease revenue of $1.1 million, staking revenue of $1.8 million
Net loss from Continuing Operations of $77.5 million, primarily attributable to realized losses on disposition of digital assets
Adjusted EBITDA loss of $76 million*
* Schedules reconciling the Company's generally accepted accounting principles in the United States ("GAAP") and non-GAAP financial results, including Adjusted EBITDA, are included later in this release (see also "Non-GAAP Financial Measures", below).
Conference Call Information
The Company will host a live webcast at 10:30 a.m. ET on May 14, 2026, to discuss its first quarter 2026 results.
To register and listen to the live webcast, please use the link found here. A replay of the webcast will be available for approximately one year in the investor's section of the Company's website at forum-markets.com.
About Forum
Forum Markets, Incorporated (NASDAQ:FRMM) is a digital asset platform modernizing capital markets through the tokenization of institutional-grade real-world assets. The Company structures and brings cash-generating assets onto blockchain-based infrastructure to unlock liquidity, broaden investor access, and enable more efficient primary issuance and secondary market activity. Forum integrates traditional asset management principles with scalable digital market architecture as it builds a new framework for how real-world value is originated, accessed, and traded. For more information, visit www.forum-markets.com.
FORUM MARKETS, INCORPORATEDCONSOLIDATED STATEMENTS OF OPERATIONS(in thousands) (Unaudited)
For the three months endedMarch 31,
2026
2025
Revenues
$ 2,859
$ -
Total cost of revenues
-
-
Gross income
2,859
-
Selling, general and administrative expense
7,492
1,967
Operating income (loss)
(4,633)
(1,967)
Interest expense
(1,001)
-
Other income
(71,900)
6
Income (loss) before income taxes
(77,534)
(1,961)
Income tax benefit
-
-
Net Income (loss) from Continuing Operations
(77,534)
(1,961)
Net Income (loss) from Discontinued Operations
1,270
(408)
Deemed Dividend
-
-
Net Income (loss)
(76,264)
(2,369)
Other Comprehensive Income (loss)
(202)
(65)
Total Comprehensive Loss
(76,466)
(2,434)
Basic and Diluted Net Loss per Common Share - Continuing operation
$ (3.64)
$ (5.54)
Basic and Diluted Net Loss per Common Share - Discontinured operation
$ 0.06
$ (1.15)
Weighted average Common Stock outstanding, basic
21,300
354
Weighted average Common Stock outstanding, diluted
21,300
354
FORUM MARKETS, INCORPORATEDCONSOLIDATED BALANCE SHEETS(in thousands) (Unaudited)
As ofMarch 31, ...
