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FRMO Corp. Announces Fiscal 2025 Third Quarter Results and Conference Call

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- FRMO Corp. (the 鈥淐ompany鈥� or 鈥淔RMO鈥�) (OTC Pink: FRMO) reported its financial results for the 2025 third quarter ended February 28, 2025.

Financial Highlights

FRMO鈥檚 total book value as of February 28, 2025 was $751 million. Excluding the non-controlling interests, equity attributable to shareholders was $385 million ($8.74 per share). This compares with total book value at the prior fiscal year end on May 31, 2024 of $403.3 million. Excluding the non-controlling interests, equity attributable to shareholders was $242.1 million ($5.50 per share).

Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $567.2 million as of February 28, 2025, and $276.1 million as of May 31, 2024. Total liabilities were $72.6 million as of February 28, 2025, and $35.9 million as of May 31, 2024, comprised primarily of securities sold, not yet purchased, and deferred taxes.

FRMO鈥檚 net (loss) income attributable to the Company for the quarter ended February 28, 2025 $(28,703,459) ($(0.65) per diluted share) compared to $12,988,910 ($0.30 per diluted share) a year earlier. The equity security investment that accounts for the significant net income increase is identified as Investment A in Note 4 of the Interim Condensed Consolidated Financial Statements under Investment Concentration.

For the nine months ended February 28, 2025, FRMO鈥檚 net income attributable to the Company was $142,706,066 ($3.24 per diluted share), compared to $50,021,124 million ($1.14 per diluted share) a year earlier.

Net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities and digital assets net of taxes for the three months ended February 28, 2025 was $(11,199,861) ($(0.25) per diluted share) compared to $14,653,283 ($0.33) per diluted share) for the three months ended February 29, 2024. The nine-month figures, as of the same end dates, are $64,019,546 ($1.45 per diluted share) and $36,480,505 ($0.83 per diluted share).

Net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain 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 鈥淚nformation Regarding Non-GAAP Measures鈥� at the end of this release.

Valuation of securities and digital assets are subject to change after February 28, 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 February 28, 2025 and May 31, 2024, the Company held a 21.88% and 21.84% equity interest in Horizon Kinetics Hard Assets LLC (鈥淗KHA鈥�), a company formed by Horizon Kinetics LLC (鈥淗orizon鈥�) and certain officers, principal stockholders and directors of the Company. Through July 31, 2024, the Company held a 4.95% interest in Horizon, and on August 1, 2024, Horizon completed its previously announced merger with Scott鈥檚 Liquid Gold Inc., which was renamed Horizon Kinetics Holding Corporation (鈥淗KHC鈥�). The Company now owns 4.42% of HKHC and earns substantially all of its advisory fees from HKHC and through July 31, 2024 from Horizon (see Note 4 鈥� Investments, Investments under the Equity Method of Accounting). Due to the common control and ownership between HKHA and the Company鈥檚 principal stockholders and directors, HKHA has been consolidated within the Company鈥檚 financial statements. The noncontrolling interest of 78.12 % and 78.21% in HKHA has been eliminated from results of operations for the periods ended February 28, 2025 and February 29, 2024. Total stockholders鈥� equity includes, as a separate item, the amount attributable to the noncontrolling interests.

Further details are available in the Company鈥檚 Condensed Consolidated Financial Statements for the three months and nine months ended February 28, 2025 and February 29, 2024. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at . These documents are also available on the FRMO website at .

Conference Call

Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host a conference call on Tuesday, April 22, 2025 at 4:15 p.m. Eastern Time. Only questions submitted to [email protected] 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 3Q2025 Quarterly Conference Call on Apr 22, 2025 4:15 PM EDT at:

After registering, you will receive a confirmation email containing information about joining the webinar.

United States: +1 (562) 247-8422
Access Code: 524-995-845
Audio PIN: Shown after joining the webinar

An audio replay link will be available on the FRMO website () until the summary transcript is posted.

About FRMO Corp.
FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.

FRMO had 44,022,781 shares of common stock outstanding as of February 28, 2025.

For more information, visit our website at .

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 鈥� 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 鈥渂elieve,鈥� 鈥渆xpect鈥� and 鈥渁nticipate鈥� 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.

Further information on our risk factors is contained in our quarterly and annual reports as filed on our website and on .

Information Regarding Non-GAAP Measures

Net income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities and digital assets is net (loss) income attributable to the Company exclusive of unrealized (losses) gains from equity securities and digital assets, net of tax. Net (loss) income attributable to the Company is the GAAP measure most closely comparable to net income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities and digital assets.

Management uses net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities and digital assets, along with other measures, to gauge the Company鈥檚 performance and evaluate results, which can be skewed when including unrealized (loss) gain from equity securities and digital assets, which may vary significantly between periods. Net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities is provided as supplemental information, and is not a substitute for net (loss) income attributable to the Company and does not reflect the Company鈥檚 overall profitability.

The following table reconciles the net (loss) income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities and digital assets to net (loss) income attributable to the Company for the periods indicated:

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Th茅r猫se Byars

Corporate Secretary

Email: [email protected]

Telephone: 646-495-7337

Source: FRMO Corp.