Forum Markets Incorporated : Q1 2026 Presentation

Published: 2026-05-14 08:06:10 ET FRMM

Published on 05/14/2026 at 08:06 am EDT

May 2026

First Quarter 2026 Earnings Presentation

Strategic Objective

Forum is modernizing capital markets through the tokenization of institutional-grade real-world assets.

Tokenization of Real-World Assets (RWA)

ACQUIRE + TOKENIZE

GENERATE YIELD

Earn operating income from asset use

REINVEST AND EXPAND

Compound gains into new tokenized assets

DISTRIBUTE RETURNS

Return yield to Forum and token holders

WE EXPECT TO CREATE VALUE THROUGH MULTIPLE

COMPLEMENTARY CHANNELS:

Generating revenue from yield on assets we acquire or finance prior to tokenization

Earning economics from structuring and originating tokenized products

Generating recurring revenue through managing these assets

Over time, benefitting from trading and market activity as secondary liquidity develops

FORUM 5

Forum's Asset Origination Pipelines

aircraft engine assets

platform with analytics

platform for

loans supporting

leased to leading U.S. air

and relationships across

manufactured housing

acquisition and

carriers

the auto lending

finance in on underserved

deployment of NVIDIA

Pipeline of high-demand

Al-driven auto credit

Digital origination

Short-duration bridge

Generates contractual ecosystem credit segment GPUs

cash flows from hard • Optimizing proprietary Al • Expanding from initial • Targeting annualized assets in on access- and machine learning build phase to significant returns in the mid-teens constrained morket models to enhonce scale; expects to double on first committed

Demonstrates Forum's

underwriting precision onnuol revenue and transaction

ability to structure real-world assets into trodoble digitol investment products

while expanding its dealer achieve EBITDA

and lender network profitability by late 202d

Korus targeting over S50 • Performing within million in monthly expectations on both originotions in the second operational and

half of 202d as it scales its investment metrics enterprise platform

Adds scalable, high-yield asset vertical in Al infrastructure for future tokenizotion

AI Chip Infrastructure Credit

Product

Typical Annual Return

Term

Collateral

Forum AI Chip Infrastructure Token

MID-TEENS1

60-120

DAYS

NVIDIA GPUS

KEY METRICS

Target Annualized Return: Mid-teens¹

First Deal Commitment Range: $25M -

$50M

Bridge Loan Duration: 60-120 days

Global GPU Market Projected by 2030:

$228B+

4-6%

Investment Grade Bonds

MULTI-YEAR

COMPANY CREDIT

HY Savings 3-4% DEMAND FDIC

Notes: Any reference herein to yields, returns, or other characteristics of publicly traded investment-grade bonds is provided solely for general market context. Target Rate of Return based on holding for full term of lease; ¹ Target

rate of return is based on annualized yield on committed bridge transactions and is not guaranteed. Actual results may differ materially.

Multi-Channel Distribution Strategy

INSTITUTIONAL DISTRIBUTION

(IN PROGRESS)

Building institutional channels for access-constrained, double-digit-yielding asset classes

Growing engagement from institutions around double-digit-yield, hard-asset verticals historically difficult to access

Potential co-investment structures provide a complementary revenue stream

Expanding distribution pathways to scale alongside Forum's asset base

GROWING PIPELINE OF INSTITUTIONAL DEMAND

RETAIL DISTRIBUTION

(ACTIVE TODAY)

Primary distribution platform:

User base is expected to grow through expanded offerings (trading in stocks, bonds, crypto, and private securities)

Forum plans to ramp marketing as platform adoption increases

Forum products positioned prominently within the ecosystem

IMMEDIATE DISTRIBUTION CHANNEL WITH EXPANDING REACH

1. Forum announced acquisition of 15% stake of Satschel, Inc., the parent company of Liquidity.io on 10/23/25

FINANCIAL RESULTS

Forum by the Numbers

FORUM BY THE NUMBERS

$2.9M

-$76M

Q1 2026 Adj. EBITDA1

$144.5M

Net Asset Value2

$9.93

Net Asset Value per share3

KEY METRICS REFLECT FORUM'S EARLY PLATFORM PERFORMANCE, BALANCE SHEET POSITION AND EXPECTED ASSET YIELD:

Q1 2026 Revenue: reflects early platform activity and income generated from real-world asset and financing activities

Q1 2026 Adjusted EBITDA: provides a non-GAAP view of operating performance as Forum continues investing in platform growth

Total Asset Value: represents the asset base supporting Forum's current yield generation and future tokenization activity

Anticipated Average Blended Yield on Asset Base: reflects expected yield across planned income-producing asset deployments once recorded on the balance sheet

Primarily attributable to realized losses on disposition of digital assets

As of April 30, 2026

Based on approximately 14.5 million shares outstanding as of April 30, 2026

Capital Allocation

DISCIPLINED CAPITAL ALLOCATION TO SCALE THE PLATFORM AND ENHANCE SHAREHOLDER VALUE

III

FORUM 11

Outlook

LOOKING AHEAD, THE COMPANY EXPECTS:

I II III

To exit 2026 with between S100 million and S175 million in assets under management (AUM) across our tokenized and pre-tokenization credit portfolios.

Full year 2026 total revenue to be in the range of S18 million to S22 million

Targeting AUM at year-end 2027 to be S30 0 million to S't00 million, which the Company believes would result in year-over-yea r revenue growth of 50% to 10 0% in 2027

APPENDIX

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

Consolidated Income Statement

(in thousands) (Unaudited)

March 31,

2026

2025

Revenues

$ 2,859

$ -

Total cost of revenues

Gross income

2,859

Selling, general and administrative expense

7,492

1,967

Operating income (loss)

(4,633)

(1,967)

Interest expense

(1,001)

Other income

(71,900)

Income (loss) before income taxes

Income tax benefit

Net Income (loss) from Continuing Operations

(77,534)

(1,961)

Net Income (loss) from Discontinued Operations Deemed Dividend

Net Income (loss)

1,270

(76,264)

(408)

(2,369)

Other Comprehensive Income (loss)

(202)

(65)

Total Comprehensive Loss

(76,466)

(2,434)

Basic and Diluted Net Loss per Common Share - Continuing operation

$ (3.64)

$ (5.54)

Basic and Diluted Net Loss per Common Share - Discontinured operation

$ 0.06

$ (1.15)

Weighted average Common Stock outstanding - basic

21,300

354

Weighted average Common Stock outstanding - diluted

21,300

354

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

GAAP to Non-GAAP Reconciliation

(in thousands) For the three months ended March 31,

2026

2025

Net income (loss) from continuing operations

$ (77,534)

$ (1,961)

Income tax benefit

Depreciation and amortization

473

Interest expense

1,001

EBITDA

(76,060)

(1,961)

Stock-based compensation(1)

104

578

Business development & integration expenses(2)

Offering costs(3)

Loss on disposal and non-cash impairment charges(4)

Adjusted EBITDA

$ (75,956)

$ (1,383)

non-cash stock-based compensation expense associated with employee and non-employee equity awards

expenses related to integration costs for completed acquisitions and expenses related to potential acquisition targets and additional business line

one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period

non-recurring or one time charges

Disclaimer

Forum Markets Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 12:05 UTC.