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Forum Markets Q3 revenue falls; cuts 2026 outlook

By Reuters News


Overview

  • US AI infrastructure and aerospace operator's Q3 revenue fell 51% yr/yr, all from engine leases

  • Net income turned positive, aided by $13.9 mln non-cash gain from digital assets

  • Company cut 2026 revenue outlook, now expects $8-9 mln, maintains 2027 guidance


Outlook

  • Forum Markets now expects 2026 revenue of $8 mln to $9 mln, down from $18 mln to $22 mln

  • Company no longer expects to recognize AI compute revenue in 2026

  • Forum Markets maintains 2027 revenue outlook of $125 mln to $175 mln


Result Drivers

  • SLOWER AI DEPLOYMENT - Co said it slowed deployment of initial AI compute capacity due to rapidly rising compute, equipment and financing costs, which accelerated after the midterm elections

  • ENGINE LEASES - All Q3 revenue was generated by commercial aircraft engine leases

  • DIGITAL ASSET GAINS - Net income included a $13.9 mln non-cash gain from change in fair value of digital assets


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$2 mln

Q3 Net Income

$7.85 mln

Q3 Net Income from Cont Ops

$7.86 mln

Q3 Operating Income

-$7.11 mln

Q3 Pretax Profit

$7.86 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the miscellaneous fintech infrastructure peer group is "buy"

  • Wall Street's median 12-month price target for Forum Markets, Inc is $12.00, about 306.8% above its November 11 closing price of $2.95


Reuters Recommended Reads

  • Nov 10 - Seer Q3 revenue falls, cuts 2026 outlook

  • Nov 9 - BitGo Q3 revenue drops 51% as crypto trading slows

  • Nov 9 - Bakkt Q3 revenue falls on lower crypto trading volume


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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