FORUM MARKETS Inc

Forum Markets Inc. (formerly ETHZilla Corporation) reported a substantial increase in net loss for the first quarter of 2026, reaching $76.26 million, compared to a net loss of $2.37 million in the prior year period. Total revenue for the quarter was $2.86 million, primarily from aircraft engine rental and staking, up from no revenue in Q1 2025. The company's total assets decreased to $207.61 million from $306.30 million at year-end 2025, largely due to a significant reduction in staking receivables and digital assets, while cash and cash equivalents saw a notable increase. The company also completed a name change and ticker symbol update during the quarter.

Forum Markets reported Q1 2026 revenue of $2.9 million and a net loss of $77.5 million, primarily due to realized losses on digital asset dispositions. The company announced a significant shareholder value initiative, repurchasing 5.8 million shares (28% of outstanding shares) for approximately $25 million after the quarter end. Forum also entered AI infrastructure bridge financing and updated its 2026 outlook, lowering AUM and revenue guidance due to capital deployment for buybacks, while maintaining its 2027 revenue outlook.

Forum Markets, Incorporated (FRMM) provided an update on its share repurchase program, which was reinitiated on April 15, 2026. The company has repurchased and cancelled approximately 5,647,351 shares of its common stock at an average price of $4.26 per share, totaling $24,065,613. These repurchases were funded using existing cash, resulting in approximately 14,649,582 shares outstanding as of April 28, 2026.

Forum Markets, Inc. filed a Certificate of Elimination with the Delaware Secretary of State on April 23, 2026, to remove the designations, preferences, limitations, and relative rights of its Series B Convertible Preferred Stock. This action became effective on April 24, 2026. The company stated that no shares of the Series B Convertible Preferred Stock were ever issued or outstanding, simplifying its capital structure.

Forum Markets, Inc. announced the reinitiation of its share repurchase program, effective April 15, 2026, with authorization for repurchases potentially exceeding Rule 10b-18 limitations. Concurrently, the Board established a Special Committee, comprised entirely of independent directors, to evaluate proposals aimed at maximizing shareholder value. The company also retained Clear Street LLC as its independent financial advisor to assist the Special Committee.

FORUM MARKETS Inc. announced on April 8, 2026, the cessation of its at-the-market (ATM) equity offering program by entering into a Second Amended and Restated Sales Agreement with its agents, Clear Street LLC and TCBI Securities, Inc. This program, initially established in August 2025, allowed the company to sell common stock from time to time. The termination signifies that FRMM will no longer utilize this specific mechanism for continuous equity issuance, potentially impacting future share dilution and the company's capital raising strategy.