Filing Flows › Forum Markets (FRMM) › Q4 2025
Forum Markets (FRMM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 1, 2026
Forum Markets (FRMM) reported revenue of $2.4M for the fourth quarter 2025 (Q4 2025) and -41% from the quarter before. Operating margin was -394.2%.
Forum Markets, Q4 2025: revenue $2.4M, operating margin -394.2%, net loss $230M, operating cash flow −$7.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4M | -41% | — |
| Operating profit | −$9.6M | — | — |
| Net earnings | −$230M | — | — |
| Operating cash flow | −$7.6M | — | — |
What changed
Revenue was $2.4M in Q4 2025, down 41% from the previous quarter.
Operating costs exceeded revenue by $9.6M, an operating margin of -394.2%. The quarter ended with a net loss of $229.7M, wider than the previous quarter's $216.7M loss. Net interest and other expense of $221.9M was the main reason.
Operating cash flow was −$7.6M. Non-cash charges added back $4.5M of share-based compensation. Working capital and other items added $217.5M. Capital expenditures of $795K exceeded it, leaving free cash flow of −$8.4M.
Questions
What was Forum Markets' revenue in the fourth quarter 2025?
Forum Markets (FRMM) reported revenue of $2.4M for the fourth quarter 2025 (Q4 2025) and -41% from the quarter before.
Was Forum Markets profitable in the fourth quarter 2025?
Operating loss was $9.6M (-394.2% of revenue) and net loss $230M.
Source: Forum Markets 10-K on SEC EDGAR.