The Albany Gazette - FRMO Corp. Announces Fiscal 2026 Results and Annual Meeting

WHITE PLAINS, NY / ACCESS Newswire / August 27, 2026 / FRMO Corp. (the "Company" or "FRMO") (OTCID:FRMO) reported its financial results for the fourth quarter and fiscal year ended May 31, 2026.

FRMO's total book value as of May 31, 2026 was $647.2 million. Excluding the non-controlling interests, equity attributable to shareholders was $331.0 million ($7.52 per share). This compares with total book value at the prior fiscal year end on May 31, 2025 of $626.1 million. Excluding the non-controlling interests, equity attributable to shareholders was $327.9 million ($7.45 per share) at May 31, 2025.

The Company's consulting and advisory fees increased during the three months ended May 31, 2026 compared to the same period in the prior year due to fees earned from its royalty participation with Horizon Kinetics Holding Corporation. HKHC recognized significant incentive fees during the Company's quarter ended May 31, 2026.

Current assets, comprised primarily of cash and cash equivalents, amounted to $47.7 million as of May 31, 2026, and $46.3 million as of May 31, 2025. Total liabilities were $100.1 million as of May 31, 2026, and $99.8 million as of May 31, 2025, comprised primarily of deferred taxes and securities sold, not yet purchased.

FRMO's net loss attributable to the Company for the quarter ended May 31, 2026 was $45.6 million ($1.04 per diluted share), compared to a net loss of $26.6 million ($0.60 per diluted share) a year earlier. The equity security investment that primarily accounts for the net loss is identified as Investment A in Note 4 of the Consolidated Financial Statements under Investment Concentration.

For the year ended May 31, 2026, FRMO's net income attributable to the Company was $2.9 million ($0.07 per diluted share), compared to net income of $100.5 million ($2.28 per diluted share) a year earlier.

Net loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets net of taxes for the three months ended May 31, 2026 was $11.4 million ($0.26 per diluted share) compared to net income of $2.5 million ($0.06 per diluted share) for the three months ended May 31, 2025. The annual figures for the years ended May 31, 2026 and 2025, as of the same end dates, are a net loss of $7.0 million ($0.16 per diluted share) in 2026 compared to net income of $54.3 million ($1.23 per diluted share) in 2025.

Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets net of taxes is a measure not based on GAAP and is defined and reconciled to the most directly comparable GAAP measures in "Information Regarding Non-GAAP Measures" at the end of this release.

Valuation of securities and digital assets are subject to change after May 31, 2026. The market value of several securities and digital assets might have changed substantially since that date. We look forward to finding new ways to expand our digital assets mining operations.

The consolidated financial statements include the accounts of FRMO Corporation and its controlled subsidiaries (collectively referred to as the "Company"). As of May 31, 2026 and 2025, respectively, the Company held a 21.78% and 21.82% equity interest in Horizon Kinetics Hard Assets LLC ("HKHA"), a company formed by Horizon Kinetics Holding Corporation ("HKHC") or ("Horizon") and certain officers, principal stockholders and directors of the Company. The Company owns 4.42% of HKHC and earns substantially all of its advisory fees from HKHC (see Note 4 - Investments). Due to the common control and ownership between HKHA and the Company's principal stockholders and directors, HKHA has been consolidated within the Company's financial statements. The noncontrolling interest of 78.22% and 78.18% in HKHA has been eliminated from results of operations for the periods ended May 31, 2026 and 2025, respectively. Total stockholders' equity includes, as a separate item, the amount attributable to the noncontrolling interests.

Further details are available in the Company's Consolidated Financial Statements for the years ended May 31, 2026 and 2025. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO website at www.frmocorp.com.

Annual Meeting

Co-CEOs Peter Doyle and Steven Bregman, and David Arndt, CFO, will host the 2026 Annual Meeting of Shareholders (the "Annual Meeting") on Thursday, September 10, 2026 at 2:30 pm Eastern Time, to be held at:

Vinson & Elkins, L.L.P.
1114 Avenue of the Americas, 32nd Floor
New York, NY 10036
https://www.virtualshareholdermeeting.com/FRMO2026

To access the virtual Annual Meeting, please have your proxy card at hand and enter your unique 16-digit control number. Only shareholders with valid control numbers will be able to vote and ask questions via the electronic portal. Guests may register for the webcast by entering their first and last names and a valid email address. Shareholders and guests may submit questions in advance to [email protected] by 11:59 P.M. Eastern Time on Sunday, September 6, 2026.

Admission to the FRMO in person Annual Meeting is limited to stockholders who owned Common stock as of the close of business on July 14, 2026, the record date, or their duly appointed proxies, and one guest. Proof of ownership of FRMO stock and valid government-issued photo identification must be presented in order to be admitted to the physical Annual Meeting. Guests must also present valid government-issued photo identification. If your shares are held in the name of a bank, broker, or other holder of record, you must bring a brokerage statement or other proof of ownership (or the equivalent proof of ownership as of the close of business on the record date of the stockholder who granted you the Proxy). If your shares are held in certificate form, ownership will be verified by consulting the list of Registered Shareholders as of the record date. Registration will begin at 1:30 PM.

About FRMO Corp.

FRMO Corp. is an intellectual capital firm that provides consulting and advisory services in the asset management sector and engages in the mining of digital assets.

FRMO had 44,022,781 shares of common stock outstanding as of May 31, 2026.

For more information, visit our website at www.frmocorp.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like "believe," "expect" and "anticipate" mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.

Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings.

Contact

Thérèse Byars
Corporate Secretary
Email: [email protected]
Telephone: 646-495-7337
www.frmocorp.com

Information Regarding Non-GAAP Measures

Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets is net income or loss attributable to the Company exclusive of unrealized gains or losses from equity securities and digital assets, net of tax. Net income or loss attributable to the Company is the GAAP measure most closely comparable to net income attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets.

Management uses net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets, along with other measures, to gauge the Company's performance and evaluate results, which can be skewed when including unrealized gain or loss from equity securities and digital assets, which may vary significantly between periods. Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities is provided as supplemental information, and is not a substitute for net income or loss attributable to the Company and does not reflect the Company's overall profitability.

The following table reconciles the net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets to net income or loss attributable to the Company (in thousands) for the periods indicated:

SOURCE: FRMO Corp

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