Forum Markets Earnings Call Transcripts
Fiscal Year 2026
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Q2 revenue declined due to the exit from staking, but the business shifted focus to income-producing assets, notably aviation and AI infrastructure. Share repurchases reduced outstanding shares by 35%, and guidance for 2026 revenue remains $18–$22 million, with AI expected to drive H2 growth.
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The business is scaling cash-flowing assets across four verticals, prioritizing AI compute and aircraft engines for high yields and steady growth. Tokenization remains a future opportunity, with regulatory clarity needed for expansion. Strong liquidity, disciplined capital allocation, and significant share buybacks support shareholder value.
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Q1 2026 saw revenue growth and a major shift toward real-world asset income, but a large net loss due to digital asset sales. Share repurchases and a strategic review are underway, with AI infrastructure and aircraft engine leasing as key growth areas.
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The conference detailed a strategy centered on acquiring and tokenizing real-world assets across major verticals, distributing yield to token holders via a regulated platform. Expansion into new asset classes, strict regulatory compliance, and a focus on institutional distribution were emphasized as drivers for future growth.
Fiscal Year 2025
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Revenue for 2025 was $6.5M with a net loss of $450.5M, reflecting a strategic shift to yield-generating real-world assets and tokenization. 2026 guidance targets $125–$200M AUM and $18–$26M revenue, with positive cash flow expected in 2027.
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Q3 marked a transformative shift to a digital asset platform, with $4.1M in revenue from ETH staking and $931M raised for growth. Total assets reached $1.01B, and the company is set to launch tokenized real-world assets in Q4, targeting higher yields and scalable on-chain income.