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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%.

Revenue$2.4M
Year over year—
Quarter over quarter-41%
Operating margin-394.2%
Net earnings−$230M

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 2025AmountQ/QY/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.

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Source: Forum Markets 10-K on SEC EDGAR.