FRMO Corp. Q1 net loss widens on unrealized equity losses
Overview
US asset management consultant's fiscal Q1 revenue fell yr/yr on lower consulting and advisory fees
Net loss attributable to shareholders widened sharply, mainly due to unrealized losses on equity securities
Company posted net loss excluding unrealized gains/losses, reversing a profit in the prior-year period
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
LOWER ROYALTY FEES - Co said consulting and advisory fees decreased due to lower royalty participation from Horizon Kinetics Holding Corporation
UNREALIZED LOSSES - Net loss was primarily driven by unrealized losses on equity securities
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue | $802,000 | ||
Q1 Loss Per Share | $0.81 | ||
Q1 Operating Income Before Provision for Income Taxes | -$139.54 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)