Forum Markets — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $2.0 million, a decrease from $4.1 million in Q3 2025; all revenue was generated from commercial aircraft engine leases.
• Q3 2026 net income was $7.9 million ($0.52 basic, $0.47 diluted per share), compared to a net loss of $216.7 million ($174.54 diluted per share) in Q3 2025.
• Q3 2026 Adjusted EBITDA was $12.8 million, compared to an Adjusted EBITDA loss of $0.1 million in Q3 2025.
• Q3 2026 net income included a non-cash gain of $13.9 million from the change in fair value of digital assets.
• For the nine months ended Sept. 30, 2026, revenue was $6.2 million, up from $4.1 million in the prior-year period.
• Nine-month 2026 net loss from continuing operations was $82.1 million, compared to a loss of $212.0 million in the prior-year period.
• Nine-month 2026 Adjusted EBITDA was a loss of $70.6 million, compared to a loss of $2.8 million in the prior-year period.
• Selling, general and administrative expenses were $8.7 million in Q3 2026, down from $224.6 million in Q3 2025, primarily due to a reduction in non-cash stock-based compensation from $208.2 million to $2.7 million.
• As of Sept. 30, 2026, total assets were $166.8 million, down from $306.3 million at year-end 2025.
• Cash, cash equivalents, and marketable securities totaled $15.4 million as of Sept. 30, 2026, compared to $12.4 million at year-end 2025.
• Digital assets were valued at $35.5 million as of Sept. 30, 2026, down from $61.6 million at year-end 2025.
• Staking receivables were fully eliminated during the period, down from $181.0 million at year-end 2025.
• Property and equipment, net, was $41.8 million as of Sept. 30, 2026, consisting primarily of commercial aircraft engines, compared to $0 at year-end 2025.
• Total stockholders' equity was $136.4 million as of Sept. 30, 2026, down from $239.4 million at year-end 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was revised to $8 million to $9 million, down from the previous range of $18 million to $22 million.
• The revised 2026 guidance reflects a decision to slow the deployment of initial AI compute capacity due to rising compute pricing, equipment costs, and financing costs following the midterm elections.
• The Company no longer expects to recognize AI compute revenue in 2026; fourth-quarter revenue is expected to be generated primarily by the commercial aircraft engine portfolio.
• Full-year 2027 revenue guidance remains unchanged at $125 million to $175 million.
• The Company will update its 2027 guidance once Dallas and North Carolina capacity is fully contracted and the mix of customer deposits and financing is finalized.
• Market trends indicate GPU pricing has risen, with the market trending toward higher upfront deposits as a percentage of contract value due to equipment and debt capital costs.

Business Segments and Product Lines:

• The Company formed a Forum Edge AI joint venture with Edge Node in October to deploy high-performance GPU compute capacity across existing data centers and communications tower sites.
• During Q3 2026, the Company deployed approximately $23.7 million to acquire two additional commercial aircraft engines, bringing its portfolio to five engines on long-term lease to two of the largest U.S. airlines.
• The Company is in active discussions with multiple potential partners to secure its compute capacity.

Market and Competitive Landscape:

• The midterm elections significantly disrupted the AI compute market, accelerating rising costs for equipment, compute, and financing.
• These conditions have increased the value of data center capacity that is already permitted, powered, and built, which the Company possesses.
• Demand for the Company's capacity is described as exceptionally strong.

Risks and Challenges:

• Risks include the inability to contract compute capacity on expected terms or at all, and potential delays in site capacity, power availability, permitting, equipment delivery, or customer contracts.
• Risks exist regarding equipment financing availability on assumed terms or amounts, and the Company's ability to achieve profitable operations.
• Fluctuations in the market price of ETH impact accounting and financial reporting, potentially causing significant balance sheet and income statement fluctuations.
• Risks include impairment charges if the market price of crypto assets falls below cost basis, regulatory changes, and potential litigation.

Management Commentary and Tone:

• Chairman and CEO McAndrew Rudisill stated the Company established its AI infrastructure platform as the primary focus of capital and growth, believing it can become a substantial business.
• Rudisill emphasized the focus is on contracting capacity on terms that make sense for shareholders and building a durable, scalable, and profitable business with a steady hand.
• Management noted the question is not whether capacity can be contracted, but ensuring terms are optimal given the current market environment.

Other Key Points:

• During Q3 2026, the Company repurchased approximately 330,000 shares for approximately $1.9 million.
• Since Jan. 1, 2026, the Company has repurchased approximately 7.4 million shares for approximately $33.2 million, all of which have been retired.
• The Company has approximately $19.8 million remaining under its share repurchase authorization.
• A live webcast conference call was hosted on Nov. 12, 2026, by McAndrew Rudisill and CFO John Saunders.