WHITE PLAINS, NY / ACCESS Newswire / February 26, 2026 / FRMO Corp. (the “Company” or “FRMO”) (OTC PINK:FRMO) today announced the filing of its restated financial statements for the fiscal years ending May 31, 2025 and 2024 and the financial information for each of the interim periods included within those years, and the Company’s quarterly financial statements as of and for the three months ended August 31, 2025 (the “Affected Periods”).
The Company also plans to file its quarterly report as of and for the three and six months ended November 30, 2025 on February 26, 2026, which will bring the Company back into compliance with the OTC Markets Group’s (“OTC”) annual and quarterly filing requirements. The Company anticipates that it will file its quarterly report for the three and nine months ended February 28, 2026 no later than 45 days after the end of the fiscal quarter, in accordance with the OTC’s quarterly reporting obligations.
“Completing this restatement, which brings the Company back into full compliance with reporting and listing requirements, marks an important milestone in our ongoing work to enhance stakeholder confidence,” said Murray Stahl, Chief Executive Officer of FRMO. “Looking ahead, our focus is a continued commitment to execution and maintaining the highest standards of compliance. With the restatement behind us, we believe the company is well positioned as we enter our next phase of growth.”
The Company determined that a restatement was required to correct the valuation of deferred tax liabilities and the provision for income taxes in the Company’s financial statements. The restatements did not change cash and cash equivalents, total assets, net income or loss from operations before the provision of income taxes, cash paid for income taxes, or cash flows from operations. The following tables present the restatements of the provision for income taxes and the deferred tax liability for each quarterly reporting date in each of the Affected Periods.
(Components may not sum due to rounding)
About FRMO Corp. FRMO Corp. is an intellectual capital firm that provides consulting and advisory services in the asset management sector and engages in the mining of digital assets.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.
WHITE PLAINS, NY / ACCESS Newswire / February 26, 2026 / FRMO Corp. (the “Company” or “FRMO”) (OTC Pink:FRMO) reported its financial results for the fiscal year 2026 second quarter ended November 30, 2025.
Financial Highlights
FRMO’s total book value as of November 30, 2025 was $530.0 million. Excluding the non-controlling interests, equity attributable to shareholders was $293.3 million ($6.66 per share). This compares with total book value at the prior fiscal year end on May 31, 2025 of $617.8 million (as restated). Excluding the non-controlling interests, equity attributable to shareholders was $319.6 million ($7.26 per share) at May 31, 2025 (as restated).
Current assets, comprised primarily of cash and cash equivalents, amounted to $46.4 million as of November 30, 2025, and $46.3 million as of May 31, 2025. Total liabilities were $81.8 million as of November 30, 2025, and $95.6 million as of May 31, 2025 (as restated), comprised primarily of deferred taxes and securities sold, not yet purchased.
FRMO’s net loss attributable to the Company for the quarter ended November 30, 2025 was $13.0 million ($0.30 per diluted share), compared to net income of $115.6 million ($2.63 per diluted share) a year earlier. The equity security investment that accounts for the net loss is identified as Investment A in Note 4 of the Interim Condensed Consolidated Financial Statements under Investment Concentration.
For the six months ended November 30, 2025, FRMO’s net loss attributable to the Company was $26.4 million ($0.60 per diluted share), compared to net income of $145.0 million ($3.29 per diluted share) a year earlier.
Net loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets net of taxes for the three months ended November 30, 2025 was $7.3 million ($0.17 per diluted share) compared to net income of $46.1 million ($1.05 per diluted share) for the three months ended November 30, 2024 (as restated). The six-month figures, as of the same end dates, are a net loss of $8.6 million ($0.20 per diluted share) in 2025 compared to net income of $53.3 million ($1.21 per diluted share) in 2024 (as restated).
Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets net of taxes is a measure not based on GAAP and is defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” at the end of this release.
Valuation of securities and digital assets are subject to change after November 30, 2025. The market value of several securities and digital assets might have changed substantially since that date. We look forward to finding new ways to expand our digital assets mining operations.
The interim condensed consolidated financial statements include the accounts of FRMO Corporation and its controlled subsidiaries (collectively referred to as the “Company”). As of November 30, 2025 and May 31, 2025, the Company held a 21.77% and 21.82% equity interest in Horizon Kinetics Hard Assets LLC (“HKHA”), a company formed by Horizon Kinetics Holding Corporation (“HKHC”) or (“Horizon”) and certain officers, principal stockholders and directors of the Company. The Company owns 4.42% of HKHC and earns substantially all of its advisory fees from HKHC (see Note 4 – Investments, Investments under the Equity Method of Accounting). Due to the common control and ownership between HKHA and the Company’s principal stockholders and directors, HKHA has been consolidated within the Company’s financial statements. The noncontrolling interest of 78.23% and 78.12% in HKHA has been eliminated from results of operations for the periods ended November 30, 2025 and November 30, 2024. Total stockholders’ equity includes, as a separate item, the amount attributable to the noncontrolling interests.
Further details are available in the Company’s Condensed Consolidated Financial Statements for the three months and six months ended November 30, 2025 and November 30, 2024. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO website at www.frmocorp.com.
Conference Call
Murray Stahl, CEO, and Steven Bregman, President and CFO, will host a conference call on Tuesday, March 3, 2026 at 4:15 p.m. Eastern Time. Only questions submitted to info@frmocorp.com before 1:00 p.m. on the day of the call will be considered. You may register for the conference call by clicking on the following link:
Please register for FRMO 2Q 2026 Quarterly Conference Call on March 3, 2026 4:15 PM EDT at:
FRMO Corp. is an intellectual capital firm that provides consulting and advisory services in the asset management sector and engages in the mining of digital assets.
FRMO had 44,022,781 shares of common stock outstanding as of November 30, 2025.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.
Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets is net income or loss attributable to the Company exclusive of unrealized gains or losses from equity securities and digital assets, net of tax. Net income or loss attributable to the Company is the GAAP measure most closely comparable to net income attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets.
Management uses net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including unrealized gain or loss from equity securities and digital assets, which may vary significantly between periods. Net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities is provided as supplemental information, and is not a substitute for net income or loss attributable to the Company and does not reflect the Company’s overall profitability.
The following table reconciles the net income or loss attributable to the Company excluding the effect of unrealized gain or loss from equity securities and digital assets to net income or loss attributable to the Company for the periods indicated:
WHITE PLAINS, NY / ACCESS Newswire / January 15, 2026 / FRMO Corp. (the “Company” or “FRMO”) (OTCID:FRMO) today announced that shareholders and others should not rely upon certain of the Company’s previously issued financial statements and that it will delay filing its condensed consolidated financial statements for the three and six months ended November 30, 2025.
The Company will file a Notification of Late Filing for the period ended November 30, 2025 to provide for additional time to prepare the Company’s financial statements and related filings as well as restatements of previously issued financial statements. However, the Company does not believe that the amendments will have any impact on the Company’s cash and cash equivalents, total assets, net income or loss from operations before the provision of income taxes, cash paid for income taxes, or cash flows from operations.
On January 15, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of FRMO, in consultation with the Company’s management and CBIZ CPAs P.C. (“CBIZ”), the Company’s current independent registered public accounting firm, concluded that the Company’s previously issued consolidated financial statements as of and for the years ended May 31, 2025 and 2024 should no longer be relied upon. As set forth below, it was determined that a restatement is required to correct the valuation of deferred tax liabilities and the provision for income taxes in the Company’s financial statements. As noted above, the Company does not believe that this change will impact cash and cash equivalents, total assets, net income or loss from operations before the provision of income taxes, cash paid for income taxes, or cash flows from operations.
Additionally the Company’s previously issued unaudited interim condensed consolidated financial statements as of and for the three, six and nine months ended, August 31, 2024, November 30, 2024, and February 28, 2025, respectively, during the fiscal year ended May 31, 2025, and as of and for the three months ended August 31, 2025, should no longer be relied upon (the “Affected Periods”). Similarly, press releases, earnings releases or other communications describing the Company’s financial statements and other related financial information covering the aforementioned periods should no longer be relied upon.
The Company intends to restate the aforementioned financial statements by restating the Company’s consolidated financial statements as of and for the years ended May 31, 2025 and 2024, respectively, and the unaudited interim condensed consolidated financial statements during those periods.
The Audit Committee determined that the Company’s accounting for deferred income taxes in the Affected Periods did not comply with Financial Accounting Standards Board Accounting Standards Codification Topic 740, Income Taxes. As a result of these preliminary findings, the Audit Committee has determined that the valuation of deferred tax liabilities related to unrealized gains from investments, equity securities, and digital assets was incorrect. The Audit Committee has determined that these misstatements are material for the Affected Periods and that the correction of deferred income taxes will impact each of those financial statements.
The Audit Committee and management of the Company have discussed the matters disclosed in this press release with CBIZ.
About FRMO Corp. FRMO Corp. is an intellectual capital firm that provides consulting and advisory services in the asset management sector and engages in the mining of digital assets.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.
