Palm Beach – November 12, 2026 -- Forum Markets (Nasdaq: FRMM) cut its full-year 2026 revenue guidance to $8 million-$9 million from $18 million-$22 million, while holding its 2027 revenue target at $125 million-$175 million. The company reported third-quarter net income of $7.9 million, helped by a $13.9 million non-cash gain on digital assets.
Rising GPU, equipment and financing costs delay AI compute revenue
Forum no longer expects to recognize any AI compute revenue in 2026. Prior guidance assumed initial capacity would be generating revenue in the fourth quarter. The company chose to slow deployment because of rising compute pricing, equipment costs and financing costs, which it says accelerated after the midterm elections. Fourth-quarter revenue is expected to come mainly from its commercial aircraft engine portfolio.
For 2027, Forum is negotiating with multiple potential partners over how to structure contracts. Options include higher GPU pricing, larger upfront customer deposits, changes in offtake duration, and revisions to or terminations of existing contracts. Each carries trade-offs among revenue, EBITDA margins and cash flow. Forum will update guidance once its Dallas and North Carolina capacity is fully contracted and the mix of deposits and financing is set.
"The question is not whether we can contract our capacity," Chairman and CEO McAndrew Rudisill said, adding that the focus is on terms that suit shareholders.
Forum Edge AI joint venture targets existing powered sites
In October, Forum formed the Forum Edge AI joint venture with Edge Node to deploy GPU compute across existing powered data centers and communications tower sites. The approach is designed to bring capacity online faster and with less upfront capital than new construction.
Third-quarter revenue halves to $2.0 million as losses narrow sharply
Revenue fell to $2.0 million from $4.1 million a year earlier, all from commercial aircraft engine leases. The company swung to net income of $7.9 million ($0.47 per diluted share) from a $216.7 million loss in the prior-year quarter. Adjusted EBITDA was $12.8 million, against a $0.1 million loss a year earlier, and also includes the $13.9 million digital asset gain.
Selling, general and administrative expenses dropped to $8.7 million from $224.6 million. Non-cash stock-based compensation fell to $2.7 million from $208.2 million. For the nine months, revenue rose to $6.2 million from $4.1 million. Adjusted EBITDA was a $70.6 million loss, compared with a $2.8 million loss a year earlier.
Forum adds two aircraft engines for $23.7 million, bringing the portfolio to five
The engines are on long-term lease to two of the largest U.S. airlines. Property and equipment, net, stood at $41.8 million, consisting primarily of the engines.
Total assets fall to $166.8 million as staking receivables are eliminated
Total assets declined from $306.3 million at year-end 2025. The $181.0 million staking receivables balance was fully eliminated. Digital assets fell to $35.5 million from $61.6 million, and strategic equity investments held at $45.7 million. Cash, cash equivalents and marketable securities rose to $15.4 million from $12.4 million. Loans receivable and accrued interest totaled $20.9 million, an asset the company did not hold at year-end. Stockholders' equity declined to $136.4 million from $239.4 million.
Forum repurchased 330,000 shares for $1.9 million in the third quarter
Since Jan. 1, 2026, the company has bought back about 7.4 million shares for roughly $33.2 million, and all have been retired. About $19.8 million remains under the repurchase authorization.