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Forum Markets, Incorporated

FRMM NASDAQ Categories PDF
Technology · Software - Application
Palm Beach, FL 33480, United States IPO 2025 forum-markets.com Updated Jun 26, 10:04pm
Price
$5.58
Market Cap
$81.1M
Employees
3
Beta
1.45
Avg Volume
1,231,612
CEO
McAndrew Rudisill
Business Description

Operating within the decentralized finance (DeFi) sector, ETHZilla Corp. is a technology firm. Its core mission is to facilitate global connectivity among financial institutions, enterprises, and various organizations by providing secure and readily accessible blockchain transactions, leveraging implementations of the Ethereum Network protocol. Furthermore, the company sustains its efforts in the biotechnology and gaming industries, overseeing their deployment and ongoing advancement. Founded on September 7, 2016, by Marc Feldmann, Lawrence J. Steinman, and Jonathan B. Rothbard, ETHZilla Corp. is headquartered in Palm Beach, Florida.

Business History
Price Overview
Last updated: Jun 27, 2026 8:58am (just now)
$5.58
+0.38 (+7.31%)
Day Range
$5.08 – $5.58
52-Week Range
$1.76 – $174.60
50-Day MA
$4.76
200-Day MA
$8.81
Volume
387,223.00
Analyst Price Targets
Low $11.00
Consensus $11.00
High $11.00
(1 analysts)
Share Structure
Outstanding 14,542,979.00
Float 6,158,661.00
Free Float 42.3%
Moderate free float — 42.3% of shares trade freely, ~57.7% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Small absolute float (6.2M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Last updated: Jun 27, 2026 8:58am (just now)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 24, 2026 4:50pm (2d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-0.10
Stock Price: $5.58
EPS (Diluted): -55.18
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
0.17
Stock Price: $5.58
Total Equity: $239.42M
Shares: 8,164,638
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-0.08
Market Cap: $81.15M
Total Debt: $26.20M
Cash: $8.02M
EBITDA: -$440.48M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$58.2M
Market Cap: $81.15M
Total Debt: $26.20M
Cash: $8.02M
P/S Ratio (Price per dollar of revenue)
API
Stock Price / Revenue Per Share
6.11
Stock Price: $5.58
Revenue: $6.55M
Shares: 8,164,638
EV/Sales (Total value vs revenue — works when P/E can't)
API
8.89
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
100.0%
Gross Profit: $6.55M
Revenue: $6.55M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-3,565.8%
Operating Income: -$233.45M
Revenue: $6.55M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-6,881.3%
Net Income: -$450.52M
Revenue: $6.55M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-240.6%
Net Income: -$450.52M
Total Equity: $239.42M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-126.2%
Operating Income: -$233.45M
Tax Rate: 0.0%
Equity: $239.42M
Total Debt: $26.20M
Cash: $8.02M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.33
Current Assets: $13.57M
Current Liabilities: $40.93M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.11
Short-Term Debt: $251,000
Long-Term Debt: $25.95M
Total Debt: $26.20M
Total Equity: $239.42M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$0.80
Revenue: $6.55M
Shares: 8,164,638
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$29.32
Total Equity: $239.42M
Shares: 8,164,638
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-3.19
Operating CF: -$26.05M
CapEx: $0.00
Shares: 8,164,638
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $5.58
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: -$450.52M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FRMM against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 4:50pm (2d ago)
Metric 2025
Revenue $6.5M
Cost of Revenue $0
Gross Profit $6.5M
Operating Expenses $240.0M
Operating Income -$233.5M
Net Income -$450.5M
EBITDA -$440.5M
EPS $-55.18
EPS (Diluted)
Balance Sheet (Annual)
Last updated: Jun 24, 2026 4:50pm (2d ago)
Metric 2025
Cash & Equivalents $8.0M
Total Current Assets $13.6M
Total Assets $306.3M
Current Liabilities $40.9M
Long-Term Debt $26.0M
Total Liabilities $66.9M
Total Equity $239.4M
Retained Earnings -$592.0M
Cash Flow (Annual)
Last updated: Jun 24, 2026 4:50pm (2d ago)
Metric 2025
Operating Cash Flow -$26.1M
Capital Expenditure $0
Free Cash Flow -$26.1M
Acquisitions (net) $0
Debt Repayment
Dividends Paid
Stock Buybacks $0
Net Change in Cash $4.5M
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:04pm (10h ago)
Metric 2026 2027 2028 2029
Revenue $18.6M
$17.0M – $20.2M
$45.9M
$41.9M – $49.8M
$71.5M
$65.4M – $77.6M
$117.1M
$107.0M – $127.2M
EBITDA -$18.6M
-$20.2M – -$17.0M
-$45.9M
-$49.8M – -$41.9M
-$71.5M
-$77.6M – -$65.4M
-$117.1M
-$127.2M – -$107.0M
Net Income -$40.5M
-$45.0M – -$35.9M
$4.4M
$4.0M – $4.9M
$6.8M
$6.0M – $7.5M
$0
EPS
Insider Trading (Recent)
Type codes PPurchase SSale AAward / grant MOption exercise FIn-kind (tax) CConversion GGift DReturn to issuer
All SEC Form 4 codes
Open market
P Purchase
Open-market or private purchase of shares.
S Sale
Open-market or private sale of shares.
Compensation (Rule 16b-3)
A Award / grant
Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
D Return to issuer
Securities disposed back to the company under Rule 16b-3.
F In-kind (tax)
Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
I Discretionary
Discretionary transaction under an employee plan — Rule 16b-3(f).
M Option exercise
Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
C Conversion
Conversion of a derivative security into the underlying shares.
E Short expiration
Expiration of a short derivative position.
H Long expiration
Expiration or cancellation of a long derivative position with value received.
O OTM exercise
Exercise of an out-of-the-money derivative.
X ITM exercise
Exercise of an in-the-money or at-the-money derivative.
Other exempt
G Gift
Bona fide gift of securities.
L Small acquisition
Small acquisition under Rule 16a-6.
W Inheritance
Acquisition or disposition by will or the laws of descent.
Z Voting trust
Deposit into or withdrawal from a voting trust.
Other
J Other
Other acquisition or disposition (explained in a Form 4 footnote).
K Equity swap
Transaction in an equity swap or similar instrument.
U Tender / buyout
Disposition via tender of shares in a change-of-control transaction.

Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.

Date Insider Type Shares Price Value
2026-04-28 Lomashuk Konstantin 0.00 $0.00 $0
2026-04-28 Lomashuk Konstantin 1,555,573.00 $0.00 $1,556
2026-04-28 Lomashuk Konstantin 546,433.00 $27.75 $15.2M
2026-04-02 Dalton Angela A-Award 203,562.00 $0.00 $0
2025-12-19 Dalton Angela 0.00 $0.00 $0
2026-04-02 Edwards Michael A A-Award 203,562.00 $0.00 $0
2026-04-02 SUCKLING ANDREW P A-Award 241,918.00 $0.00 $0
2026-04-02 Smith Ryan Lewis A-Award 241,918.00 $0.00 $0
2026-04-02 Saunders John Tazewell A-Award 358,592.00 $0.00 $0
2026-04-02 Rudisill McAndrew A-Award 1,884,979.00 $0.00 $0
2026-04-02 New Jason Griffin A-Award 241,918.00 $0.00 $0
2026-04-02 Heter Crystal Jane A-Award 241,918.00 $0.00 $0
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FRMM — it's generated by the pipeline (market-narrative step).
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30