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Forum Markets (FRMM) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Forum Markets (FRMM) Q2 2026 earnings results →
Q2 2026 939¢ of every $1 of revenue lost · operating margin -728.4%
Forum Markets made $1.4M in Q2 2026. Operating margin -728.4%, net loss $12.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.4M in Q2 2026, down 52% from the previous quarter.
Gross margin was 29.2%. Operating costs exceeded revenue by $9.9M, an operating margin of -728.4%. The quarter ended with a net loss of $12.8M, narrower than the previous quarter's $76.3M loss.
Operating cash flow was −$12.4M. Non-cash charges added back $936K of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $4.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $1.4M | — | -728.4% | −$12.8M | −$12.4M |
| Q1 2026 | 10-Q | May 15, 2026 | $2.9M | — | -162.0% | −$76.3M | −$20.4M |
| Q4 2025 | 10-K | Apr 1, 2026 | $2.4M | — | -394.2% | −$230M | −$7.6M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $4.1M | — | n/m | −$217M | −$16.4M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Forum Markets
Forum Markets, Incorporated ( formerly ETHZilla Corporation) (the “ Company ,” “ Forum ,” “ we ,” “ our ” or “ us ”) is a financial technology company focused on developing infrastructure that supports the origination, financing, and distribution of RWAs through blockchain-enabled capital markets. During 2025 and early 2026, the Company further focused its business model toward building and operating platforms designed to originate and finance real-world financial assets that could ultimately be distributed through tokenized capital markets. This evolution reflects management’s view that long-term value creation in blockchain-enabled financial markets will be driven primarily by operating businesses that originate and structure income-generating assets, rather than by passive digital asset holdings.
In its own words, from its 10-K, filed Apr 1, 2026.
Forum Markets against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -728.4% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FRMM Forum Markets | Q2 2026 | $1.4M | — | -728.4% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Forum Markets 10-Q on SEC EDGAR · CIK 1690080 · Finance Services
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results