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Company Overview
FRMO Corporation is an investment advisory and independent research company with a storied history since its incorporation in 1993 in White Plains, New York. Specializing in in-depth analysis of under-researched companies, the firm provides comprehensive insight into complex investment situations, specifically tailored for institutional investors. Utilizing a unique business structure through its 4.95% interest in Horizon Kinetics, LLC, FRMO has developed a niche in producing rigorous, unbiased research that empowers market participants with detailed financial analysis and strategic advisory services.
Business Model and Operations
FRMO Corporation operates by leveraging its investment advisory expertise to deliver meticulously researched reports and analysis. Their business model is founded on:
- Independent Research: The firm specializes in deep-dive analysis on companies that are often overlooked by mainstream research channels, providing unique insights into operational challenges and financial intricacies.
- Advisory Services: Focused on institutional investors, FRMO offers guidance that integrates thorough due diligence, risk assessment, and strategic investment recommendations based on their comprehensive investigations.
- Data-Driven Analysis: Employing rigorous methodologies and nuanced financial models, the company identifies hidden value within complex, information-poor investment opportunities.
This operational framework allows FRMO to establish itself as a trusted source for investors seeking clarity on ambiguous market opportunities, enhancing their decision-making with specialized expertise and analytical depth.
Market Position and Industry Relevance
Within the competitive landscape of investment advisory services, FRMO distinguishes itself through its dedication to independent research and its focus on areas that lack widespread attention. The company addresses a significant market gap by evaluating lesser-known entities and complex financial scenarios, ensuring their clients receive insights that are not influenced by prevailing market narratives. Keywords such as "investment advisory," "independent research," and "institutional investors" are intrinsic to the company's dialogue, reflecting their expertise in niche market analysis.
Core Strengths and Value Proposition
At its core, FRMO Corporation excels in uncovering nuanced details that are typically overlooked by conventional market analyses. Their unique approach is grounded in:
- Analytical Rigor: Every report is the result of extensive research, ensuring that findings are both reliable and actionable.
- Specialized Insight: Focusing on under-researched companies, FRMO provides investors with access to previously obscure financial insights.
- Client-Focused Strategy: Tailored to the needs of institutional investors, the firm consistently prioritizes precision and clarity to support informed decision-making.
This combination of in-depth research, methodological precision, and a staunch commitment to independence has carved out a valuable role for FRMO in the investment community, making it a reputable reference point for financial analysis and research-driven advisory services.
Industry Terminology and Analytical Methodologies
FRMO Corporation employs industry-specific methodologies that include detailed risk assessment, quantitative analysis, and market validation techniques. Their research process is underpinned by concepts such as due diligence, financial modeling, and scenario analysis, each of which is critical to comprehensively understanding the complexities of under-researched companies. This strategic use of industry jargon and economic indicators not only validates their expertise but also enhances the overall credibility of their insights, providing a clear framework for analyzing potential investments.
Competitive Landscape
In a highly competitive advisory market, FRMO Corporation’s approach of combining independent research with proprietary analytical techniques sets it apart. While many firms offer similar services, FRMO’s focus on information-poor segments and its ability to extract value from nuanced financial data has ensured a distinctive position among its peers. As competitors also strive to enhance transparency and depth in their research, FRMO’s methodological independence and focused expertise continue to be seen as pivotal strengths in its sector.
FRMO Corp. reported strong financial results for the second quarter of 2023, ending November 30, 2022, with a net income of $34.87 million ($0.79 per share), compared to a loss of $0.35 million a year prior. Total book value increased significantly to $443.4 million, up from $314.3 million, driven by substantial unrealized gains from equity securities. Current assets rose to $341 million, with total liabilities at $34.1 million. The Company will also host a conference call on January 17, 2023. Director Allan Kornfeld resigned effective December 31, 2022, acknowledged for his contributions.
FRMO Corp. reported strong financial results for Q1 2023 ending August 31, 2022. The company's total book value rose to $345.9 million ($7.86 per share), up from $314.3 million the previous fiscal year. Net income attributable to FRMO increased significantly to $7.5 million ($0.17 per share) compared to $961,000 ($0.02 per share) last year. Current assets improved to $255.4 million from $223.8 million, while total liabilities grew slightly to $25.3 million. The company noted a solid position in cryptocurrency and equity markets, with plans for expansion.
FRMO Corp. reported its financial results for the fiscal year ending May 31, 2022, with a book value of $314.3 million ($7.14 per share), up from $298.9 million ($6.78 per share) in the previous year. Current assets rose to $223.8 million, while total liabilities decreased to $23.9 million. The company posted a net income of $2.95 million ($0.07 per share), significantly down from $60.16 million ($1.37 per share) the prior year. For Q4, net income was $14.34 million ($0.33 per share), compared to $13.97 million ($0.32 per share) in 2021. The Annual Meeting is scheduled for September 8, 2022.
FRMO Corp. reported a net loss of $(12.0 million) or $(0.27) per share for Q3 2022, down from a net income of $34.3 million or $0.78 per share in Q3 2021. The book value decreased to $268.8 million ($6.11 per share) compared to $298.9 million ($6.79 per share) a year earlier. Current assets declined to $182.5 million, down from $208.9 million. Total liabilities fell to $24.2 million. Excluding unrealized losses from equity securities, the net loss was $(9.9 million) for the quarter, significantly lower than the prior year's gain.
FRMO Corp. reported its financial results for the second quarter of 2022, ending November 30, 2021. The company posted a net loss attributable to FRMO of $350,323 ($0.01 per share), contrasting sharply with a net income of $11.67 million ($0.27 per share) for the same period last year. Book value decreased to $281.7 million from $298.9 million, with total current assets falling to $186.6 million. Unrealized losses from equity securities reached $15.1 million this quarter. The company highlighted plans to expand its cryptocurrency mining operations.
FRMO Corp. (OTC Pink: FRMO) announced its financial results for Q1 2022 ending August 31, 2021. The company reported a net income of $960,717 ($0.02 per share), a significant increase from $182,241 ($0.00 per share) year-over-year. Book value dropped to $293.5 million ($6.67 per share) from $298.9 million ($6.79 per share) in May 2021. Current assets decreased to $202.1 million, while liabilities remained stable at $29.6 million. The company holds a 21.98% stake in Horizon Kinetics Hard Assets LLC and aims to expand its cryptocurrency mining operations.
FRMO Corp. has announced the expansion of its Board of Directors with the appointment of Alice C. Brennan, Herbert M. Chain, and Dov Glickman. This increase brings the total number of directors to nine, with six being independent. Chairman Murray Stahl highlighted the new members' expertise, suggesting that their contributions will enhance the company's strategic investments, which are nearing critical mass. Each new board member brings substantial experience in areas such as risk management, accounting, and investment, which could positively impact FRMO's operational strategies.
FRMO Corp. reported fiscal year 2021 results, ending May 31, revealing a significant increase in book value to $298.9 million ($6.78 per share), up from $161.9 million ($3.68 per share) in FY 2020. The company's net income rose dramatically to $60.16 million ($1.37 per share), compared to a loss of $14.56 million a year prior. Current assets also improved to $208.9 million. The company continues to hold a 22.02% stake in Horizon Kinetics Hard Assets LLC. The annual meeting will take place on September 9, 2021, with online access for shareholders.
FRMO Corp. reported strong financial results for Q3 2021, with a net income of $34.34 million ($0.78 per share), a significant recovery from a loss of $4.53 million in Q3 2020. Book value increased to $257.9 million ($5.86 per share), up from $161.9 million in the previous year. Total assets reached $286.78 million, bolstered by current assets of $173.1 million, primarily in cash and equity securities. Current liabilities rose to $28.9 million. The company's revenue for the nine months ended February 28, 2021, was $108.26 million, compared to a loss of $3.46 million in the same period last year.
FRMO Corp. (OTC Pink: FRMO) is set to hold a follow-up conference call on January 28, 2021, at 4:15 PM ET. The call will address remaining questions from the January 21, 2021, earnings call regarding the second quarter ending November 30, 2020. Only pre-submitted questions to info@frmocorp.com will be considered. FRMO specializes in investment and revenue generation through consulting and advisory fees in asset management. As of November 30, 2020, FRMO had 44,012,781 shares outstanding.
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