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Forum Markets (Nasdaq: FRMM) is an institutional RWA tokenization platform that takes private assets through underwriting and structuring, then issues compliant digital securities on Ethereum L2, relying on a FINRA-licensed broker-dealer partner that also acts as transfer agent and MPC custodian for primary issuance and secondary market access. Four verticals anchor the pipeline: auto loans, manufactured home loans, aerospace equipment and commercial real estate, sourced from originators including Karus and Zippy, with AI-assisted underwriting offchain.
The first tokenized asset launched on the partner's venue in February 2026, and in April the company disclosed participation in an AI chip infrastructure bridge facility with an option to tokenize that investment. Revenue spans pre-tokenization holding yield, origination and structuring fees, recurring management fees on token AUM, and per-trade secondary fees. Versus crypto-native RWA protocols, its division of labor is issuer and balance-sheet holder, using securities-law frameworks and qualified custody to define eligible participants rather than contract whitelists alone.
Forum Markets (FRMM) reported its latest results for Q2 FY2026 (quarter ended June 30, 2026): revenue of US$1.365 million, net income of -US$12.818 million, EPS of -US$0.73, operating income of -US$9.942 million, gross margin 29.2%, operating cash flow of -US$12.444 million, total assets of US$159.03 million, and digital-asset carrying value of approximately US$21.64 million (after selling the majority of its ETH in March 2026, with remaining holdings). The business generates cash-flowing assets across four verticals: commercial aviation (aircraft engine leasing), AI infrastructure, modular housing financing, and auto financing. Revenue declined 53% sequentially (versus US$2.9 million in Q1), mainly due to the elimination of US$1.8 million in digital-asset staking revenue after exiting ETH. Management (Rudisill) stated it is prioritizing capital deployment into cash-generating assets and revenue growth, targeting operating cash-flow positivity by early 2027, and maintaining full-year 2026 revenue guidance of US$18–22 million. Key risks include an early-stage transition with a small revenue base dependent on asset-deployment timing, prior large mark-to-market crypto losses, and an ongoing strategic-alternatives review.
McAndrew Rudisill — Chairman & Chief Executive Officer; 25 years in private and public equity and credit markets, founder of Pelagic Capital Advisors and former Chief Investment Officer at Capital Vacations and Bridger Aerospace.
John T. Saunders — Chief Financial Officer; senior finance executive across aerospace, defense and digital assets, former CFO of Bridger Aerospace.
Robert Spake — General Counsel; focuses on capital markets, fintech and regulatory compliance, former Head of Litigation at Republic.