FRMO Corp. Releases Q3 2025 Earnings and Sets Conference Call Date
FRMO Corp. (OTC Pink: FRMO) has released its financial results for the third quarter of fiscal year 2025, ending February 28, 2025. The company reported a total book value of $751 million, with shareholder equity (excluding non-controlling interests) at $385 million, translating to $8.74 per share. This marks a significant increase from the previous fiscal year-end figures on May 31, 2024, where the total book value stood at $403.3 million and shareholder equity at $242.1 million ($5.50 per share).
Current assets, primarily comprising cash, equivalents, and equity securities, rose to $567.2 million as of February 28, 2025, up from $276.1 million on May 31, 2024. Total liabilities also increased to $72.6 million from $35.9 million during the same period, mainly due to securities sold but not yet purchased and deferred taxes.
For the quarter ended February 28, 2025, FRMO reported a net loss attributable to the company of approximately $28.7 million, or $(0.65) per diluted share, compared to a net income of $13 million, or $0.30 per diluted share, in the same quarter of the previous year. The significant swing in net income is primarily attributed to fluctuations in the valuation of certain equity security investments, detailed as “Investment A” in Note 4 of the Interim Condensed Consolidated Financial Statements.
Despite the quarterly loss, the company reported a net income of approximately $142.7 million, or $3.24 per diluted share, for the nine months ended February 28, 2025, a substantial increase from $50 million, or $1.14 per diluted share, in the corresponding period of the prior year.
When excluding the effects of unrealized gains and losses from equity securities and digital assets, net income for the three months ended February 28, 2025, was approximately $(11.2) million, or $(0.25) per diluted share, compared to $14.7 million, or $0.33 per diluted share, in the same quarter of the previous year. For the nine-month period, the adjusted net income was approximately $64 million, or $1.45 per diluted share, up from $36.5 million, or $0.83 per diluted share, year-over-year.
FRMO’s financial statements consolidate the accounts of its controlled subsidiaries. As of February 28, 2025, the company held a 21.88% equity interest in Horizon Kinetics Hard Assets LLC (HKHA). Additionally, following the merger of Horizon Kinetics LLC with Scott’s Liquid Gold Inc. (renamed Horizon Kinetics Holding Corporation, HKHC) on August 1, 2024, FRMO now owns 4.42% of HKHC and derives a significant portion of its advisory fees from this entity.
The company continues to focus on expanding its digital asset mining operations. Valuations of securities and digital assets are subject to change, and the market values may have fluctuated significantly since February 28, 2025.
FRMO’s Chairman and CEO, Murray Stahl, along with President and CFO, Steven Bregman, will host a conference call on Tuesday, April 22, 2025, at 4:15 p.m. Eastern Time. Questions for the call can be submitted in advance to [email protected] by 1:00 p.m. on the day of the call.
Further details and the company’s Condensed Consolidated Financial Statements for the three and nine months ended February 28, 2025, are available on the OTC Markets Group Disclosure and News Services and the FRMO website at www.frmocorp.com.
