FORUM MARKETS Inc
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $6.5M | — | — | — | — |
| Research and development | — | $1.4M | $2.3M | $2.2M | $1.0M |
| Operating expenses | $240.0M | $4.4M | $13.5M | $17.9M | $15.6M |
| Operating income | -$233.4M | -$4.4M | -$13.5M | -$17.9M | -$15.6M |
| Interest expense | — | — | $44,828 | $28,175 | $25,433 |
| Pretax income | -$443.5M | -$2.6M | -$22.3M | -$39.7M | -$20.3M |
| Income tax expense | — | $2,000 | -$2.3M | -$942,749 | -$23,204 |
| Net income | -$450.5M | -$14.2M | -$19.9M | -$38.7M | -$20.3M |
| Balance Sheet | |||||
| Cash and equivalents | $8.0M | — | — | — | — |
| Current assets | $13.6M | $5.1M | $3.6M | $8.9M | $11.2M |
| Total assets | $306.3M | $12.8M | $5.3M | $19.7M | $62.7M |
| Current liabilities | $40.9M | $3.5M | $5.1M | $5.7M | $19.7M |
| Total liabilities | $66.9M | $3.5M | $5.4M | $8.3M | $23.4M |
| Stockholders' equity | $239.4M | $9.3M | -$127,000 | $11.3M | $39.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$26.1M | -$1.2M | -$10.9M | -$12.1M | -$19.4M |
| Depreciation and amortization | — | $58,277 | $105,675 | — | — |
| Stock-based compensation | $213.4M | $280,000 | $2.2M | $2.6M | $2.9M |
| Capital expenditure | $244.3M | — | — | — | — |
| Free cash flow | -$270.3M | — | — | — | — |
| Share repurchases | $46.3M | — | — | — | — |
| Impairments | — | — | — | $33.5M | — |
Shares outstanding 14.5M · Free float 59.2%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.