FRMO Corp. Announces Fiscal 2024 Results and Annual Meeting
FRMO Corp. (OTC Pink: FRMO) reported its fiscal 2024 results, ending May 31, 2024. Total book value reached $403.3 million ($9.16 per diluted share), with $242.1 million ($5.50 per share) excluding non-controlling interests. Annual net income attributable to the company was $72,558,671 ($1.65 per diluted share), compared to a loss of $12,603,972 in 2023. Current assets increased to $276.1 million from $201.3 million in the previous year. The company reported significant unrealized gains from equity securities and investments. FRMO's interest in Horizon Kinetics Hard Assets (HKHA) remained stable at 21.84%. The Annual Meeting is scheduled for September 5, 2024, at The Harvard Club of New York City and via webcast.
FRMO Corp. (OTC Pink: FRMO) ha riportato i risultati fiscali per il 2024, conclusisi il 31 maggio 2024. Il valore contabile totale ha raggiunto 403,3 milioni di dollari (9,16 dollari per azione diluita), con 242,1 milioni di dollari (5,50 dollari per azione) escludendo gli interessi non controllanti. Il reddito netto annuo attribuibile alla società è stato di 72.558.671 dollari (1,65 dollari per azione diluita), rispetto a una perdita di 12.603.972 dollari nel 2023. Gli attivi correnti sono aumentati a 276,1 milioni di dollari, rispetto ai 201,3 milioni di dollari dell'anno precedente. L'azienda ha riportato guadagni non realizzati significativi da titoli azionari e investimenti. L'interesse di FRMO in Horizon Kinetics Hard Assets (HKHA) è rimasto stabile al 21,84%. L'Assemblea Annuale è prevista per il 5 settembre 2024, al The Harvard Club di New York City e tramite webcast.
FRMO Corp. (OTC Pink: FRMO) informó sus resultados fiscales para 2024, que terminaron el 31 de mayo de 2024. El valor contable total alcanzó los 403,3 millones de dólares (9,16 dólares por acción diluida), con 242,1 millones de dólares (5,50 dólares por acción) excluyendo los intereses no controladores. El ingreso neto anual atribuible a la compañía fue de 72.558.671 dólares (1,65 dólares por acción diluida), en comparación con una pérdida de 12.603.972 dólares en 2023. Los activos corrientes aumentaron a 276,1 millones de dólares desde 201,3 millones de dólares en el año anterior. La empresa reportó ganancias no realizadas significativas de valores de capital e inversiones. El interés de FRMO en Horizon Kinetics Hard Assets (HKHA) se mantuvo estable en 21,84%. La Junta Anual está programada para el 5 de septiembre de 2024, en The Harvard Club de Nueva York y a través de webcast.
FRMO Corp. (OTC Pink: FRMO)는 2024 회계연도 결과를 발표했습니다. 해당 회계연도는 2024년 5월 31일에 종료되었습니다. 총 장부 가치는 4억 33만 달러(희석 주당 9.16 달러)에 도달했으며, 비지배 지분을 제외하면 2억 421만 달러(주당 5.50 달러)입니다. 회사의 연간 순이익은 72,558,671 달러(희석 주당 1.65 달러)로, 2023년에는 12,603,972 달러의 손실이 있었습니다. 유동 자산은 전년의 2억 1,300만 달러에서 2억 761만 달러로 증가했습니다. 회사는 주식 증권 및 투자에서 상당한 미실현 이익을 보고했습니다. FRMO의 Horizon Kinetics Hard Assets (HKHA)에 대한 지분은 21.84%로 안정세를 유지했습니다. 연례 회의는 2024년 9월 5일 뉴욕 시의 하버드 클럽에서 개최되며, 웹캐스트를 통해 진행됩니다.
FRMO Corp. (OTC Pink: FRMO) a rapporté ses résultats fiscaux pour 2024, se terminant le 31 mai 2024. La valeur comptable totale a atteint 403,3 millions de dollars (9,16 dollars par action diluée), avec 242,1 millions de dollars (5,50 dollars par action) en excluant les intérêts non contrôlants. Le revenu net annuel attribuable à la société était de 72 558 671 dollars (1,65 dollar par action diluée), contre une perte de 12 603 972 dollars en 2023. Les actifs courants ont augmenté à 276,1 millions de dollars contre 201,3 millions de dollars l'année précédente. La société a signalé des gains non réalisés significatifs provenant de titres de participation et d'investissements. La participation de FRMO dans Horizon Kinetics Hard Assets (HKHA) est demeurée stable à 21,84 %. L'Assemblée annuelle est prévue pour le 5 septembre 2024, au Harvard Club de New York et via webcast.
FRMO Corp. (OTC Pink: FRMO) berichtete über seine Geschäftsergebnisse für das Jahr 2024, das am 31. Mai 2024 endete. Der Gesamtkapitaleintrag erreichte 403,3 Millionen Dollar (9,16 Dollar pro verwässerter Aktie), wobei 242,1 Millionen Dollar (5,50 Dollar pro Aktie) ohne nicht kontrollierende Interessen berücksichtigt wurden. Der jährliche Nettogewinn, der dem Unternehmen zuzurechnen ist, betrug 72.558.671 Dollar (1,65 Dollar pro verwässerter Aktie), im Vergleich zu einem Verlust von 12.603.972 Dollar im Jahr 2023. Die Umlaufvermögen stiegen auf 276,1 Millionen Dollar, gegenüber 201,3 Millionen Dollar im Vorjahr. Das Unternehmen berichtete über erhebliche unrealisierte Gewinne aus Aktienwerten und Investitionen. FRMOs Beteiligung an Horizon Kinetics Hard Assets (HKHA) blieb stabil bei 21,84%. Die Jahreshauptversammlung ist für den 5. September 2024 im Harvard Club in New York City und per Webcast geplant.
- Total book value increased to $403.3 million from $284.1 million in the previous year
- Annual net income attributable to the company rose to $72,558,671 from a loss of $12,603,972 in 2023
- Current assets grew to $276.1 million from $201.3 million year-over-year
- Significant unrealized gains from equity securities and investments reported
- Total liabilities increased to $35.9 million from $19.4 million in the previous year
Financial Highlights
FRMO’s total book value as of May 31, 2024 was
Current assets, comprised primarily of cash and equivalents, equity securities, and digital assets, amounted to
Annual net income (loss) attributable to the Company in the fiscal year ended May 31, 2024 was
For the three months ended May 31, 2024, FRMO’s net income (loss) attributable to the Company was
Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities and digital assets net of taxes for the three months ended May 31, 2024 was
Net income (loss) attributable to the Company excluding the effect of unrealized gain (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 May 31, 2024. 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 asset mining operations.
As of May 31, 2024 and 2023, the Company held a
Further details are available in the Company’s Consolidated Financial Statements for the fiscal year ended May 31, 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.
Annual Meeting
Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host the 2024 Annual Meeting of Shareholders (“Meeting”) on Thursday, September 5, 2024, at 2:30 p.m. Eastern Time, to be held at
The Harvard Club of
For admission to the physical Annual Meeting at The Harvard Club, please see the FRMO representative in the lobby who will provide the necessary code for access.
No cameras, recording equipment, electronic devices, large bags, briefcases, or packages will be permitted in the Annual Meeting. Dress code for the Harvard Club is business casual (no jeans, sneakers, or athletic wear permitted).
| Condensed Consolidated Balance Sheets | |||||
| (in thousands) | |||||
| May 31, | May 31, | ||||
2024 |
|
2023 |
|||
| Assets | |||||
| Current Assets: | |||||
| Cash and cash equivalents | $ |
39,190 |
$ |
38,077 |
|
| Equity securities, at fair value |
|
221,682 |
|
155,512 |
|
| Digital assets, at fair value |
|
10,979 |
|
4,217 |
|
| Other current assets |
|
4,252 |
|
3,539 |
|
| Total Current Assets |
|
276,102 |
|
201,346 |
|
| Investment in limited partnerships and other | |||||
| equity investments, at fair value |
|
127,579 |
|
70,656 |
|
| Investments in securities exchanges |
|
6,463 |
|
4,869 |
|
| Other assets |
|
1,609 |
|
1,815 |
|
| Investment in Horizon Kinetics LLC |
|
17,205 |
|
14,608 |
|
| Participation in Horizon Kinetics LLC revenue stream |
|
10,200 |
|
10,200 |
|
| Total Assets | $ |
439,159 |
$ |
303,494 |
|
| Liabilities and Stockholders' Equity | |||||
| Current Liabilities: | |||||
| Securities sold, not yet purchased | $ |
951 |
$ |
2,353 |
|
| Other current liabilities |
|
1,258 |
|
354 |
|
| Total Current Liabilities |
|
2,209 |
|
2,707 |
|
| Deferred Tax Liability |
|
33,668 |
|
16,004 |
|
| Mortgage payable |
|
- |
|
669 |
|
| Total Liabilities |
|
35,877 |
|
19,379 |
|
| Stockholders' Equity: | |||||
| Stockholders' Equity Attributable to the Company |
|
242,137 |
|
169,283 |
|
| Noncontrolling interests |
|
161,145 |
|
114,832 |
|
| Total Stockholders' Equity |
|
403,282 |
|
284,114 |
|
| Total Liabilities and Stockholders' Equity | $ |
439,159 |
$ |
303,494 |
|
(Components may not sum to totals due to rounding)
| Condensed Consolidated Statements of Income | |||||||||||||
| (amounts in thousands, except share data) | |||||||||||||
| Three Months Ended | Years Ended | ||||||||||||
| May 31, | May 31, | May 31, | May 31, | ||||||||||
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
| (Unaudited) | |||||||||||||
| Revenue: | |||||||||||||
| Fees | $ |
709 |
$ |
737 |
|
$ |
2,715 |
$ |
3,222 |
|
|||
| Equity earnings (losses) from limited partnerships | |||||||||||||
| and limited liability companies |
|
2,188 |
|
(685 |
) |
|
5,044 |
|
1,614 |
|
|||
| Unrealized gains (losses) from investments |
|
12,410 |
|
(12,614 |
) |
|
53,935 |
# |
|
(13,661 |
) |
||
| Other |
|
1,193 |
|
402 |
|
|
4,275 |
|
4,046 |
|
|||
| Total revenue before unrealized gains (losses) from equity securities | |||||||||||||
| and digital assets |
|
16,500 |
|
(12,159 |
) |
|
65,969 |
# |
|
(4,779 |
) |
||
| Unrealized gains (losses) from equity securities |
|
32,655 |
|
(52,947 |
) |
|
66,186 |
|
(27,918 |
) |
|||
| Unrealized gains (losses) from digital assets |
|
1,001 |
|
573 |
|
|
6,272 |
|
(450 |
) |
|||
| Total Revenue |
|
50,156 |
|
(64,533 |
) |
|
138,427 |
|
(33,147 |
) |
|||
| Total Expenses |
|
332 |
|
343 |
|
|
1,556 |
|
1,837 |
|
|||
| Income (Loss) from Operations before Provision for (Benefit from) Income Taxes |
|
49,824 |
|
(64,877 |
) |
|
136,871 |
|
(34,984 |
) |
|||
| Provision for (Benefit from) Income Taxes |
|
4,742 |
|
(6,075 |
) |
|
18,420 |
|
(3,222 |
) |
|||
| Net Income (Loss) |
|
45,082 |
|
(58,802 |
) |
|
118,451 |
|
(31,762 |
) |
|||
| Less net income (loss) attributable to noncontrolling interests |
|
22,545 |
|
(38,751 |
) |
|
45,893 |
|
(19,158 |
) |
|||
| Net Income (Loss) Attributable to FRMO Corporation | $ |
22,538 |
$ |
(20,051 |
) |
$ |
72,559 |
$ |
(12,604 |
) |
|||
| Diluted Net Income (Loss) per Common Share | $ |
0.51 |
$ |
(0.46 |
) |
$ |
1.65 |
$ |
(0.29 |
) |
|||
| Weighted Average Common Shares Outstanding | |||||||||||||
| Basic |
|
44,022,781 |
|
44,022,781 |
|
|
44,022,781 |
|
44,021,069 |
|
|||
| Diluted |
|
44,027,031 |
|
44,022,781 |
|
|
44,026,529 |
|
44,021,069 |
|
|||
(Components may not sum to totals due to rounding)
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 May 31, 2024.
For more information, visit our website at www.frmocorp.com.
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.
Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings.
Information Regarding Non-GAAP Measures
Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities, digital assets, and diluted earnings (loss) per common share is net income (loss) attributable to the Company exclusive of unrealized gains (losses) from equity securities, digital assets, and diluted earnings (loss) per common share net of tax. Net income (loss) attributable to the Company is the GAAP measure most closely comparable to net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities and digital assets.
Management uses net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities, digital assets, and diluted earnings (loss) per common share along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including unrealized gain (loss) from equity securities, digital assets, and diluted earnings per common share, which may vary significantly between periods. Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities, digital assets, and diluted earnings per common share is provided as supplemental information, and is not a substitute for net income (loss) attributable to the Company and does not reflect the Company’s overall profitability.
The following table reconciles the net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities to net income (loss) attributable to the Company for the periods indicated:
| Three Months Ended | Three Months Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||
| May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | ||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||
| Amount | Diluted earnings per common share | Amount | Diluted earnings per common share | Amount | Diluted earnings per common share | Amount | Diluted earnings per common share | ||||||||||||||||||||||
| (000’s except per common share amounts and percentages) | |||||||||||||||||||||||||||||
| Net Income (Loss) Attributable to the Company Excluding the Effect of Unrealized Gain (Loss) from Equity Securities and Digital Assets, and Diluted Earnings per Common Share Reconciliation: | |||||||||||||||||||||||||||||
| Net income (loss) attributable to the Company | $ |
22,538 |
|
$ |
0.51 |
$ |
(20,051 |
) |
$ |
(0.46 |
) |
$ |
72,559 |
|
$ |
1.65 |
$ |
(12,604 |
) |
$ |
(0.29 |
) |
|||||||
| Unrealized gain (loss) from equity securities and digital assets |
|
33,656 |
|
|
(52,374 |
) |
|
72,458 |
|
|
(28,368 |
) |
|||||||||||||||||
| Unrealized gain (loss) from equity securities and digital assets attributable to noncontrolling interests |
|
22,191 |
|
|
(39,059 |
) |
|
44,532 |
|
|
(21,907 |
) |
|||||||||||||||||
| Unrealized gain (loss) from equity securities and digital assets attributable to the Company |
|
11,465 |
|
|
(13,315 |
) |
|
27,926 |
|
|
(6,461 |
) |
|||||||||||||||||
| Tax (provision) benefit on unrealized gain (loss) from equity securities and digital assets attributable to the company |
|
(1,387 |
) |
|
463 |
|
|
(4,308 |
) |
|
240 |
|
|||||||||||||||||
| Unrealized gain (loss) from equity securities and digital assets attributable to the Company, net of taxes |
|
10,078 |
|
$ |
0.23 |
|
(12,853 |
) |
$ |
(0.29 |
) |
|
23,618 |
|
$ |
0.54 |
|
(6,222 |
) |
$ |
(0.14 |
) |
|||||||
| Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities and digital assets | $ |
12,460 |
|
$ |
0.28 |
$ |
(7,198 |
) |
$ |
(0.16 |
) |
$ |
48,940 |
|
$ |
1.11 |
$ |
(6,382 |
) |
$ |
(0.14 |
) |
|||||||
| Weighted average diluted shares outstanding |
|
44,027,031 |
|
|
44,022,781 |
|
|
44,026,529 |
|
|
44,021,069 |
|
|||||||||||||||||
(Components may not sum to totals due to rounding)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815954690/en/
Thérèse Byars
Corporate Secretary
Email: tbyars@frmocorp.com
Telephone: 646-495-7337
www.frmocorp.com
Source: FRMO Corp.
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