Key Highlights

  • FRMO Corp (OTCPINK:FRMO) had a published market value near USD 287.07 million, about 0.87 times its USD 331.0 million of equity attributable to shareholders at May 31, 2026, simple arithmetic on two published figures.
  • Texxon Holding (NASDAQ:NPT) trades near 0.06 times trailing revenue of USD 614.57 million, with a net loss of USD 2.80 million and a market value near USD 35.5 million in published market data.
  • Creative Global Technology (NASDAQ:CGTL) has a market value near USD 4.2 million against fiscal 2025 revenue of USD 21.15 million and a net loss of USD 13.37 million, about 0.2 times sales.
  • InsuraGuest Technologies (TSXV:ISGI) is valued near USD 1.65 million on trailing revenue of about 1.57 million, roughly 1.05 times sales, with a currency basis that is unconfirmed in published market data.

FRMO Corp (OTCPINK:FRMO): a market value below book

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. 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.

Texxon Holding (NASDAQ:NPT): 0.06 times sales on a thin margin

This is a no-catalyst piece and results preview, not a results report: no reported figures for the second half of 2026 were available at the time of writing, and another data provider estimated the next report for November 17, 2026. Texxon Holding operates through subsidiaries in China, with press releases datelined Shanghai, in two segments: supply chain trading and plastic manufacturing. It sells basic chemicals and plastic particles such as polyolefin. Published market data show a market value of USD 35.5 million on one date and USD 39.49 million on the October 26 calendar, so the exact value depends on the date used. The company completed its public offering last year, so there is only a short record of reported results for investors to compare. Trading businesses buy and resell commodities at small markups, so revenue is large and margins are thin. Texxon's market value of about USD 35.5 million is roughly 0.06 times its USD 614.57 million of trailing revenue, simple arithmetic on two published figures, but that does not make the shares cheap, because the net loss of USD 2.80 million shows that gross profit barely covers costs. Revenue fell 28.3%, so the business is also shrinking.

Creative Global Technology (NASDAQ:CGTL): 0.2 times sales and large losses

This is a no-catalyst piece and results preview, not a results report: no reported figures for the first half of fiscal 2026 were available at the time of writing, and the calendar gave no consensus estimate. Creative Global Technology Holdings is an investment holding company based in Kwun Tong, Hong Kong, founded in 2016 and a subsidiary of HSZ Holdings Limited. Its fiscal year ends September 30. It buys used consumer electronics, refurbishes or resells them wholesale and at retail, rents them out and sells online, and does some trading. Published market data classify it as specialty retail on the Nasdaq Capital Market. Foreign private issuers are not required to report quarterly, so half year reports are common for them. Fiscal 2025 revenue fell 40.61% to USD 21.15 million and the net loss was USD 13.37 million. A market value of about USD 4.2 million is roughly 0.2 times that revenue, simple arithmetic on two figures taken at different dates, and about one third of the annual loss, so a second year of losses of that size would exhaust the equity value. The shares were USD 4.72 on August 21, 2026 and USD 2.44 on October 26, a decline of about 48%, simple arithmetic on two published closes.

InsuraGuest Technologies (TSXV:ISGI): a tiny insurtech near 1.05 times sales

This is a no-catalyst piece and results preview, not a results report: no third quarter figures were available at the time of writing, and no company announcement from the last two weeks was found in the data reviewed. InsuraGuest Technologies is a software-as-a-service insurtech company listed on the TSX Venture Exchange as ISGI and quoted over the counter as ISGIF. Its product embeds short-term rental and event-based insurance into vacation rental, hotel, sports and ticketed event platforms, so a platform can offer cover at the point of booking or ticket purchase instead of sending customers elsewhere. The company has no published consensus estimate on the calendar. The published numbers conflict because they come from different pages and may use different currencies and periods. One page shows trailing revenue of 1.57 million, up 12.8%, and a trailing loss of about 600,000, while the annual figures show fiscal 2025 revenue of USD 979,049 and a loss of USD 400,216, so trailing revenue is about 60% above the annual figure, simple arithmetic on two published numbers. Nothing here is a forecast, and InsuraGuest Technologies (TSXV:ISGI) has not given guidance in the data reviewed.

Where Things Stand

The answer is that each low multiple has a reason: FRMO's book value is mostly marked investments, Texxon's sales are thin margin trading, Creative Global's sales are shrinking, and InsuraGuest is tiny. None had reported at the time of writing, and a low multiple is not evidence of a bargain. Texxon Holding (NASDAQ:NPT) faces listing rules. Next filings from FRMO Corp (OTCPINK:FRMO) will add detail. Fresh disclosure from Texxon Holding (NASDAQ:NPT) is the next test. Official notices from Creative Global Technology (NASDAQ:CGTL) remain the best guide. Further company updates from InsuraGuest Technologies (TSXV:ISGI) are awaited. Further disclosure from FRMO Corp (OTCPINK:FRMO) would clarify the picture. Official notices from Texxon Holding (NASDAQ:NPT) remain the best guide. Later reporting on Creative Global Technology (NASDAQ:CGTL) will add detail.