The company's operational viability is increasingly questionable, as evidenced by a $40.3 million operating loss in 2026Q1 and a highly erratic combined ratio that reached -146.7% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | -6.82M | -2.35M | 17.35M | 17.09M | 12.48M | 4.15M | -17.42M | 5.5M | 1.21M | 38.15M | 32.26M | 27.13M | 18.96M | 5.09M | 359K |
| Revenue Growth % | -184.68% | -113.52% | 1.49% | 37% | 200.87% | 123.8% | -416.98% | 354.97% | -96.83% | 18.27% | 18.89% | 43.05% | 272.52% | 1318.11% | - |
| Medical Costs & Claims | 148K | 291K | 25.49M | 21.48M | 10.65M | 5.75M | 0 | 0 | 42.73M | 26.98M | 24.86M | 16.78M | 8.14M | 4.32M | 67K |
| Medical Cost Ratio % | -2.17% | -12.4% | 146.95% | 125.64% | 85.38% | 138.53% | 0% | 0% | 3536.92% | 70.72% | 77.08% | 61.85% | 42.93% | 84.93% | 18.66% |
| Gross Profit | -6.97M | -2.64M | -8.14M | -4.38M | 1.82M | -1.6M | -17.42M | 5.5M | -41.52M | 11.17M | 7.39M | 10.35M | 10.82M | 767K | 292K |
| Gross Margin % | 102.17% | 112.4% | -46.95% | -25.64% | 14.62% | -38.53% | 100% | 100% | -3436.92% | 29.28% | 22.92% | 38.15% | 57.07% | 15.07% | 81.34% |
| Gross Profit Growth % | - | 67.62% | -85.83% | -340.3% | 214.14% | 90.83% | -416.98% | 113.24% | -471.76% | 51.08% | -28.58% | -4.38% | 1311.21% | 162.67% | - |
| Operating Expenses | 30.69M | 62.85M | 16.73M | 11.9M | 736K | 5.74M | 5.7M | 2.38M | -39.94M | 9.68M | 7.27M | 12.69M | 5.09M | 1.91M | 474K |
| OpEx / Revenue % | -449.91% | -2678.94% | 96.44% | 69.64% | 5.9% | 138.29% | -32.72% | 43.21% | -3305.96% | 25.36% | 22.55% | 46.76% | 26.87% | 37.54% | 132.03% |
| Depreciation & Amortization | 414K | 291K | 829K | 841K | 0 | 0 | 0 | 0 | 124K | 73K | 67K | 53K | 26K | 10K | 0 |
| Combined Ratio % | -452.08% | -2691.35% | 243.39% | 195.28% | 91.28% | 276.83% | -32.72% | 43.21% | 230.96% | 96.09% | 99.63% | 108.61% | 69.79% | 122.47% | 150.7% |
| Operating Income | -37.66M | -65.48M | -24.88M | -16.29M | 1.09M | -7.33M | -23.12M | 3.12M | -1.58M | 1.49M | 119K | -2.34M | 5.73M | -1.14M | -182K |
| Operating Margin % | 552.08% | 2791.35% | -143.39% | -95.28% | 8.72% | -176.83% | 132.72% | 56.79% | -130.96% | 3.91% | 0.37% | -8.61% | 30.21% | -22.47% | -50.7% |
| Operating Income Growth % | - | -163.25% | -52.74% | -1596.88% | 114.84% | 68.29% | -840.85% | 297.28% | -206.03% | 1153.78% | 105.09% | -140.78% | 600.79% | -528.57% | - |
| EBITDA | -37.25M | -65.19M | -24.05M | -15.45M | 1.09M | -7.33M | -23.12M | 3.12M | -1.46M | 1.56M | 186K | -2.28M | 5.75M | -1.13M | -182K |
| EBITDA Margin % | 546.01% | 2778.94% | -138.62% | -90.36% | 8.72% | -176.83% | 132.72% | 56.79% | -120.7% | 4.1% | 0.58% | -8.42% | 30.35% | -22.27% | -50.7% |
| Interest Expense | 22K | 132K | 360K | 520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 54.26M | 2.09M | -2.24M | -3.5M | 0 | 0 | 0 | 3.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -98.62M | -67.71M | -23M | -13.3M | 1.09M | -7.33M | -23.12M | 3.12M | -1.58M | 1.49M | 119K | -2.34M | 5.73M | -1.14M | -182K |
| Pretax Margin % | 1445.56% | 2886.06% | -132.57% | -77.84% | 8.72% | -176.83% | 132.72% | 56.79% | -130.96% | 3.91% | 0.37% | -8.61% | 30.21% | -22.47% | -50.7% |
| Income Tax | -14K | 807K | -139K | -998K | 0 | 0 | -665K | 738K | -308K | 1.2M | 108K | -663K | 2.08M | -396K | -62K |
| Effective Tax Rate % | 0.01% | -1.19% | 0.6% | 7.5% | 0% | 0% | 2.88% | 23.65% | 19.47% | 80.29% | 90.76% | 28.38% | 36.36% | 34.62% | 34.07% |
| Net Income | -95.62M | -68.51M | -1.16M | -14.08M | 1.09M | -8.51M | -22.46M | 311K | 804K | 294K | 11K | -1.67M | 3.65M | -748K | -120K |
| Net Margin % | 1401.7% | 2920.46% | -6.66% | -82.36% | 8.72% | -205.31% | 128.91% | 5.66% | 66.56% | 0.77% | 0.03% | -6.17% | 19.22% | -14.69% | -33.43% |
| Net Income Growth % | -1375.22% | -5831.95% | 91.8% | -1393.84% | 112.78% | 62.09% | -7320.9% | -61.32% | 173.47% | 2572.73% | 100.66% | -145.89% | 587.43% | -523.33% | - |
| EPS (Diluted) | -1441.86 | -25.69 | -12.14 | -175.96 | -10.91 | -244.74 | -518.97 | -22.62 | -6.15 | 6.25 | 0.23 | -33.26 | 61.85 | -28.63 | -4.59 |
| EPS Growth % | -1999.89% | -111.61% | 93.1% | -1512.83% | 95.54% | 52.84% | -2194.3% | -267.8% | -198.4% | 2617.39% | 100.69% | -153.78% | 316.03% | -523.75% | - |
| EPS (Basic) | - | -25.69 | -12.14 | -175.96 | -10.91 | -244.74 | -518.97 | -22.62 | -6.34 | 6.25 | 0.23 | -33.26 | 61.85 | -28.63 | -4.59 |
| Diluted Shares Outstanding | 66.32K | 2.67M | 211.2K | 80K | 64.24K | 41.7K | 45.97K | 48.15K | 49.44K | 47.76K | 48.38K | 50.3K | 50.87K | 26.13K | 26.13K |
Investment Portfolio Volatility
As reported in recent financial filings, FGNX experienced a severe revenue decline, culminating in a negative $18.4 million top-line figure for 2026Q1, which highlights a fundamental breakdown in the company's ability to generate consistent premium growth or stable fee income within its current operating model.
The transition to negative revenue suggests that the firm is likely netting significant investment losses against its core insurance premiums. This trajectory indicates that the company's pivot toward high-risk digital assets has compromised its ability to maintain a predictable revenue base.
Based on the provided quarterly data, the combined ratio has fluctuated wildly, reaching an anomalous -146.7% in 2025Q3, which suggests that traditional underwriting metrics are currently failing to capture the true economic reality of the firm's volatile investment-linked insurance operations.
The extreme variance in the combined ratio implies that the company's insurance segment is not functioning as a stable source of float. Investors should monitor whether these underwriting swings are a byproduct of aggressive accounting adjustments or genuine operational instability in the reinsurance book.
According to the latest income statement analysis, the company's net income is heavily decoupled from its core insurance operations, with the firm reporting a $38.6 million loss in 2026Q1 despite minimal claims activity, suggesting that investment portfolio impairments are the primary driver of recent financial performance.
The reliance on non-operating gains to offset core business losses warrants further investigation into the valuation of the firm's cryptocurrency holdings. It appears that the company's capital is being deployed into speculative assets that lack the liquidity or stability required to support a traditional insurance carrier's balance sheet.
As indicated by the reported financial statements, the firm's operating income has remained consistently negative across most periods, with a $40.3 million operating loss in 2026Q1, suggesting that the current cost structure is unsustainable relative to the company's diminished revenue-generating capacity.
The high fixed-cost base associated with specialized deal teams appears to be a significant drag on profitability during periods of market downturn. Without a clear path to positive operating margins, the firm may face increasing pressure to liquidate assets to cover ongoing regulatory and administrative expenses.
Quick answers to the most common questions about buying FGNX stock.
For fiscal year 2025, FG Nexus Inc. (FGNX) reported total revenue of $-2.3M. This represents a 753.5% decline compared to $0.4M in 2012.
FG Nexus Inc. (FGNX) reported a net loss of $68.5M for the fiscal year ending 2025.
FG Nexus Inc. (FGNX) reported an operating income of $-65.5M, resulting in an operating profit margin of 2791.3%. This margin reflects the operational efficiency of the business before interest and taxes.
FG Nexus Inc. (FGNX) generated $-2.6M in gross profit for the year, representing a gross profit margin of 112.4%. This demonstrates the company's core pricing power and production efficiency.