Forum Markets (FRMM) reported third-quarter 2026 results on November 12, 2026, with revenue of $2 million, up from $1.4 million in the second quarter, driven by the addition of two commercial aircraft engines. Net income from continuing operations reached $7.9 million, or $0.52 per basic share, though that figure was driven largely by a $13.9 million noncash gain from the change in fair value of digital assets. Adjusted EBITDA was $12.8 million, including that gain, compared with a loss of $7.4 million in the previous quarter.
The company lowered its 2026 revenue guidance to $8 million to $9 million, down from $18 million to $22 million, because it no longer expects AI compute revenue to begin in 2026. Its 2027 revenue guidance of $125 million to $175 million was maintained as discussions continue with multiple offtake partners for its compute capacity. Management pointed to tightening market conditions, citing a 15% rise in rental rates for the latest generation of GPUs over the past month and a 15% increase in AI server prices signaled by suppliers for systems shipping in early 2027, driven by memory shortages.S1
The balance sheet reflects a mix of volatile and stable holdings. Digital asset holdings stood at $35.5 million as of September 30, 2026, which the company said creates significant swings in reported results as market values fluctuate. Cash and marketable securities totaled $15.4 million, alongside property and equipment of $41.8 million, consisting primarily of five commercial aircraft engines on long-term lease to two large U.S. airlines. Net asset value was $136.4 million, or approximately $9.40 per share, at the end of the quarter. Management also noted that unsecured AI infrastructure bonds are now yielding above 15% as lenders reprice debt and widen spreads.S1
Capital returns continued during the quarter, with the company repurchasing about 330,000 shares for $1.9 million at an average price of $5.82. Year-to-date repurchases total $33.2 million, representing 7.4 million shares retired since January 1, 2026, and $19.8 million remains available under the current authorization. The company also invested $23.7 million in the third quarter to acquire two additional aircraft engines for its aviation portfolio.S1
