Key Highlights

  • Third-quarter Revenue was USD 2.0 million, against USD 4.1 million a year earlier.
  • Net income was USD 7.9 million, or USD 0.47 per diluted share.
  • Adjusted EBITDA was USD 12.8 million, including a USD 13.9 million digital asset gain.
  • Full-year 2026 revenue guidance is now USD 8 million to USD 9 million.

Forum Markets (NASDAQ:FRMM) reported third-quarter 2026 revenue of USD 2.0 million, against USD 4.1 million in the third quarter of 2025 and an estimate of USD 3.50 million. All third-quarter revenue came from the company's commercial aircraft engine leases. Net Income was USD 7.9 million, or USD 0.52 per basic share and USD 0.47 per diluted share, against a net loss of USD 216.7 million, or USD 174.54 per diluted share, in the prior-year period.

Adjusted EBITDA was USD 12.8 million, against an adjusted EBITDA loss of USD 0.1 million. Net income and adjusted EBITDA for the quarter included a non-cash gain of USD 13.9 million from the change in Fair Value of the company's digital assets. The company describes itself as sourcing and operating cash-generating Assets in AI infrastructure, commercial aerospace and AI-powered consumer finance.

Business Highlights

In October, the company formed its Forum Edge AI joint venture with Edge Node to deploy high-performance GPU compute capacity across existing powered data centers and communications tower sites. The company describes the approach as designed to bring capacity online faster and with less upfront Capital than building new data centers. It is in active discussions with multiple potential partners for its compute capacity.

During the quarter, it deployed approximately USD 23.7 million to acquire two additional commercial aircraft engines, bringing its portfolio to five engines on long-term Lease to two of the largest U.S. airlines.

Chairman and CEO McAndrew Rudisill said the company established its AI infrastructure platform through the joint venture and made it the primary focus of its capital and growth. He said the midterm elections disrupted an already tightening AI compute market, and that rising costs for equipment, compute and financing increase the value of Data Center capacity that is already permitted, powered and built.

Expenses and Nine-Month Results

Selling, general and administrative expenses were USD 8.7 million in the third quarter, against USD 224.6 million a year earlier, and USD 10.3 million in the second quarter. The company attributes the year-over-year change primarily to a reduction in non-cash stock-based compensation expense to USD 2.7 million from USD 208.2 million.

For the nine months ended September 30, 2026, revenue was USD 6.2 million, against USD 4.1 million. Net loss from continuing operations was USD 82.1 million, against USD 212.0 million, and net loss was USD 81.2 million, against USD 220.8 million. Adjusted EBITDA for the nine months was a loss of USD 70.6 million, against a loss of USD 2.8 million.

Balance Sheet, Guidance and Repurchases

As of September 30, 2026, total assets were USD 166.8 million, against USD 306.3 million at December 31, 2025. Digital assets totaled USD 35.5 million, against USD 61.6 million at year-end 2025, and strategic Equity investments were unchanged at USD 45.7 million. Total stockholders' equity was USD 136.4 million, against USD 239.4 million.

The company now guides to full-year 2026 revenue of USD 8 million to USD 9 million, compared with prior guidance of USD 18 million to USD 22 million. It maintained its 2027 revenue outlook. The company stated that guidance is to be updated once its Dallas and North Carolina capacity is fully contracted and the mix of customer deposits and financing is finalized.

During the quarter, it repurchased approximately 330,000 shares of its common stock for approximately USD 1.9 million.

The reported items for the quarter are revenue of USD 2.0 million, net income of USD 7.9 million, adjusted EBITDA of USD 12.8 million, the digital asset gain and the updated guidance. The company is listed on the Nasdaq Stock Market.