Key Highlights

  • FRMO Corp (OTCPINK:FRMO) is listed for a fiscal first quarter 2027 announcement after the close on October 26, 2026, and published market data showed no consensus estimate and no reported figures at the time of writing.
  • For fiscal 2026, ended May 31, 2026, net income attributable to the company was USD 2.9 million, or USD 0.07 per diluted share, against USD 100.5 million, or USD 2.28, a year earlier.
  • The fourth quarter of fiscal 2026 brought a net loss of USD 45.6 million, or USD 1.04 per share, and excluding unrealized gains and losses the full year was a loss of USD 7.0 million.
  • Total book value was USD 647.2 million at May 31, 2026, with equity attributable to shareholders of USD 331.0 million, or USD 7.52 per share, against a published market value near USD 287.07 million.

What This Preview Covers

This is a results preview, not a results report: no reported figures for the fiscal first quarter, which ended August 31, 2026, were available at the time of writing. FRMO invests in asset management businesses and earns consulting and advisory fees, substantially all from Horizon Kinetics Holding Corporation. As of August 31, 2025 it held 21.80% of Horizon Kinetics Hard Assets LLC, which it consolidates, and 4.42% of the holding company. A year ago, the first quarter of fiscal 2026 produced a net loss of USD 15.9 million, or USD 0.36 per share, against income of USD 34.5 million, or USD 0.78, after unrealized losses on one equity investment cut revenue to a loss of USD 62.3 million.

Why FRMO Results Swing So Widely

Accounting rules require FRMO to record unrealized gains and losses on equity securities and digital assets in income, so quarterly profit follows the market value of its holdings rather than its fees. Consulting and advisory fees and other income were only USD 4.3 million in fiscal 2026 against USD 4.8 million in fiscal 2025, while the net result swung from USD 100.5 million of income to USD 2.9 million. The company therefore also reports a non-GAAP figure that removes the unrealized items, which showed a loss of USD 7.0 million, or USD 0.16 per share, in fiscal 2026 against income of USD 54.3 million, or USD 1.23, in fiscal 2025.

Risks and What to Watch

Fee income depends on one asset manager, the portfolio is concentrated and partly in digital assets, and trading in the shares on the OTC Pink market is thinner than on a national exchange. Published market data put the value of FRMO Corp (OTCPINK:FRMO) near USD 287.07 million, about 0.87 times the USD 331.0 million of equity attributable to shareholders at May 31, simple arithmetic on two published figures from different dates. Investors can watch the first quarter result when published, the change in book value per share from USD 7.52, the size of unrealized gains or losses and any comment from chief executive Murray Stahl and president Steven Bregman.

Where Things Stand

The answer is that nothing has been reported yet, so the result is unknown. The last full year showed how far GAAP profit can swing, from USD 100.5 million in fiscal 2025 to USD 2.9 million in fiscal 2026, because the portfolio is marked to market. For FRMO Corp (OTCPINK:FRMO), book value per share against USD 7.52 and the unrealized gain or loss line will matter more than the roughly USD 4.3 million of annual fees.