# Forum Markets, Incorporated (FRMM)

> Source: Nexqual · https://nexqual.com/FRMM · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Forum Markets, Incorporated (FRMM), nexqual.com/FRMM" · informational, not investment advice.

**Price:** USD 3.38 (+1.50% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 3.33 · day 3.18–3.4 · 52w 1.76–24.44 · market cap $44.6M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.8M, net income -$536M (-4971.7% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $1.6M; 4 not under a Rule 10b5-1 plan ($1.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Buy (mean 1.00 on a 1–5 scale) (1 analysts), mean target USD 11 (range 10–12).
- Total return with dividends: 1Y -81.3% vs S&P 500 +13.4%; 5Y -100.0% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD 0.19, revenue estimate $3.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $6.5M | $10.8M |
| Operating income | -$15.6M | -$17.9M | -$13.5M | -$4.4M | -$233M | -$245M |
| Net income | -$20.3M | -$38.7M | -$19.9M | -$14.2M | -$451M | -$536M |
| EPS (diluted) | -$2462.40 | -$3871.80 | -$525.90 | -$28.56 | -$54.32 | — |
| Free cash flow | — | — | — | — | -$270M | — |
| Operating margin | — | — | — | — | -3565.8% | -2271.6% |
| Net margin | — | — | — | — | -6881.3% | -4971.7% |
| Cash + short-term investments | $8.2M | $7.0M | $1.7M | $4.6M | $12.4M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.1x · P/B 0.3x · Earnings yield -1200.35%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-21 | Lomashuk Konstantin |  | 250,000 | $1.5M | 16.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15 | Lomashuk Konstantin |  | 2,562 | $16K | 0.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-09 | Lomashuk Konstantin |  | 3,387 | $21K | 0.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07…2026-07-08 | Lomashuk Konstantin |  | 4,802 | $30K | 0.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Buy (mean 1.00 on a 1–5 scale), 1 analysts; mean target USD 11 (low 10, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | StoneX | Target raised | Speculative Buy | $9 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -81.3% | -100.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -81.4% | -82.3% |
| Volatility (annualized) | 119.3% | 159.2% |
| Max drawdown | -91.8% (Oct 2025→Apr 2026) | -100.0% (Nov 2021→Apr 2026) |

## Peers (Software - Application)
NICE (NICE Ltd) USD 121.18 +3.44% · APPF (AppFolio, Inc.) USD 210.62 -3.09% · DSGX (The Descartes Systems Group Inc) USD 93.96 -0.04% · TTAN (ServiceTitan, Inc.) USD 87.06 +2.18% · IDCC (InterDigital, Inc.) USD 327.28 -1.44% · YMM (Full Truck Alliance Co. Ltd.) USD 8.29 -0.72%

## More
Full page: https://nexqual.com/FRMM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aircraft Engine Rental Revenue | $1.4M | 100.0% | — |
| Aircraft Engine Rental | $1.4M | 100.0% | — |
| Total revenue | $1.4M | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-05-14)

- "Forum is updating its full-year 2026 outlook to reflect the capital deployed into its share repurchase program."
- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.18 | $-0.14 | -232.1% | $3.6M | 2 |
| Next quarter (ends 2026-12-31) | $-0.29 | $-0.02 | +1350.0% | $6.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $-5.64 | $-5.09 | +10.7% | $14.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.98 | $0.55 | -279.8% | $132.7M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-12): ±108.0%; last 3 reports averaged ±14.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 233.1% | ±108.0% |
| 2027-01-15 | 84 | 184.9% | ±31.8% |
| 2027-03-19 | 147 | 156.9% | ±55.5% |
| 2027-06-17 | 237 | 121.7% | ±79.0% |