Operational efficiency is severely compromised, as demonstrated by a 2025Q4 OCF/NI ratio of 0.06 and a $25.3 billion free cash flow outflow that highlights the capital-intensive nature of the current business model.
Forum Markets, Incorporated (FRMM) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -56.96M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M | -3.32M | -789.23K | -497.36K |
| Operating CF Margin % | - | -397.92% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -1000.03% | - | 86.44% | 9.94% | 37.39% | -400.3% | -16.67% | -320.49% | -58.68% | - |
| Net Income | -527.44M | -443.53M | -6.17M | -19.94M | -38.73M | -20.32M | -10.88M | -25.39M | -14.5M | 123.76K |
| Depreciation & Amortization | 1.41M | 0 | 58.28K | 105.67K | 109K | 109.95K | 125.33K | 72.24K | 23.08K | 0 |
| Stock-Based Compensation | 4.63M | 213.45M | 308.17K | 2.28M | 2.97M | 5M | 1.12M | 13.3M | 4.6M | 0 |
| Deferred Taxes | 0 | 0 | -292.42K | -2.35M | -942.75K | -24.8K | -20.43K | -9.5K | 0 | 0 |
| Other Non-Cash Items | 491.13M | 205.5M | 2.88M | 8.99M | 21.74M | 4.67M | 3.46M | 5.68M | 9.2M | -567.56K |
| Working Capital Changes | -23.98M | -1.46M | 1.73M | -14.1K | 2.72M | -8.81M | 2.33M | 3.04M | -117.52K | -53.56K |
| Change in Receivables | -1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.29M | 1.35M | 173.75K | 286.41K | 1.21M | -5.73M | 2.23M | 2.9M | 0 | -53.56K |
| Cash from Investing | -73.6M | -127.63M | 0 | 0 | 0 | 0 | 14.49M | -708.15K | 474.88K | -115.92M |
| Capital Expenditures | -16.81M | 0 | 0 | 3 | 0 | 0 | 0 | -144.4K | -30.83K | 0 |
| CapEx % of Revenue | 156.1% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | - | - | - | - | - | - | - | - |
| Investments | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 118.17M | 116.59M |
| Other Investing | 252.08M | 0 | 0 | -3 | 0 | 0 | 1.2M | -649.83K | 505.7K | -115.92M |
| Cash from Financing | 132.44M | 158.15M | 4.04M | 5.91M | 10.87M | 25.41M | -8.73M | 3.94M | 156.84K | 116.78M |
| Debt Issued (Net) | -105.15M | -105.26M | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 237.74M | 309.82M | 2.57M | 6M | 11.48M | 26.67M | -9.01M | 1.13M | 0 | 0 |
| Dividends Paid | 0 | 0 | -8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -77.58M | 0 | 0 | 0 | -1.01M | 0 | -9.01M | 0 | 0 | 0 |
| Other Financing | -151K | -46.41M | 10.81M | 196.47K | 413 | -2.06M | -129.36K | 124.37K | 156.84K | 116.78M |
| Net Change in Cash | 1.88M | 4.47M | 2.61M | -4.99M | -1.25M | 6.12M | 2.03M | -483.82K | -157.51K | 361.14K |
| Free Cash Flow | -73.77M | -26.05M | -1.48M | -10.92M | -12.13M | -19.37M | -3.87M | -3.46M | -3.95M | -497.36K |
| FCF Margin % | -684.92% | -397.92% | - | - | - | - | - | - | - | - |
| FCF Growth % | - | - | 86.44% | 9.94% | 37.39% | -400.3% | -11.81% | 12.33% | -694.19% | - |
| FCF per Share | -4.32 | -3.19 | -16.17 | -288.12 | -1212.76 | -2347.77 | -810.54 | -596.26 | -987.49 | -124.34 |
| FCF Conversion (FCF/Net Income) | 0.14x | 0.06x | 0.24x | 0.55x | 0.31x | 0.95x | 0.36x | 0.13x | 0.05x | -4.02x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FRMM stock.
Forum Markets, Incorporated (FRMM) generated $-26.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Forum Markets, Incorporated (FRMM) reported negative free cash flow of $26.1M in 2025, indicating capital requirements exceeded cash from operations.
Forum Markets, Incorporated (FRMM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unsustainable Operational Burn Rate
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Accruals
According to recent SEC filings, Ethzilla Corp.'s operating cash flow consistently trails net income, with the 2025Q4 period showing an OCF/NI ratio of 0.06, highlighting a significant disconnect between reported accounting losses and the actual cash outflows required to sustain the company's current operational pivot.
The persistent gap between net income and operating cash flow suggests that the company's earnings are heavily impacted by non-cash items, likely including massive stock-based compensation. Investors should monitor whether this divergence narrows as the company attempts to transition from a biotech shell to a digital asset treasury.
Free Cash Flow Remains Deeply Negative
As reported in financial statements, Ethzilla Corp. has maintained a negative free cash flow trajectory, culminating in a $25.3 billion outflow in 2025Q4, which underscores the extreme capital intensity required to support its current strategic shift toward Ethereum accumulation and gaming-related development initiatives.
The lack of positive free cash flow suggests that the company is currently unable to self-fund its operations through core business activities. This trajectory warrants further investigation into how long the existing treasury can support such significant cash burn before requiring external financing or asset liquidation.
Aggressive Capital Allocation Amidst Losses
Based on Ethzilla Corp.'s reported figures, the company utilized $46.2 billion for share repurchases in 2025Q4, a move that appears counterintuitive given the concurrent $25.3 billion operating cash outflow and the company's ongoing struggle to achieve a sustainable, revenue-generating business model in the digital asset space.
Such aggressive capital deployment while the core business is burning cash suggests a management focus on equity support rather than operational reinvestment. This strategy may indicate a reliance on the perceived value of the treasury rather than the underlying health of the gaming or biotech segments.
Cash Flow Statement Masks Operational Reality
Analysis of the cash flow statement reveals that Ethzilla Corp.'s reported figures are heavily distorted by massive stock-based compensation adjustments, such as the $213.2 billion recorded in 2025Q4, which effectively masks the true economic cost of the company's aggressive talent acquisition and corporate restructuring efforts.
The cash flow statement obscures the extent to which the company is diluting shareholders to fund its pivot. Analysts should be wary of the reported cash position, as the high burn rate suggests that the liquidity of these assets may be more constrained than the headline numbers imply.