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Overview of FRMO Corporation
FRMO Corporation is a specialized financial services company that operates through its strategic 4.95% interest in Horizon Kinetics, LLC, an investment advisory and independent research firm. Established in 1993 and headquartered in White Plains, New York, FRMO has carved a niche in the financial industry by providing in-depth analysis of under-researched companies and complex financial scenarios. Its primary clientele includes institutional investors who seek actionable insights into information-poor markets and unconventional investment opportunities.
Core Business Model
FRMO's business model revolves around delivering high-value investment research and advisory services. By leveraging its partnership with Horizon Kinetics, the company gains access to a wealth of expertise and resources, enabling it to offer unique and data-driven strategies tailored to institutional investors. The company focuses on uncovering opportunities in areas that are often overlooked by mainstream analysts, thereby providing its clients with a competitive edge in the market. Revenue generation is likely tied to advisory fees, research subscriptions, and performance-based incentives, aligning its success with that of its clients.
Market Position and Differentiation
Operating in the competitive financial services sector, FRMO distinguishes itself through its commitment to independent research and its focus on complex, under-analyzed investment scenarios. This approach positions the company as a trusted partner for institutional investors seeking to navigate less transparent market segments. Unlike larger financial institutions that may prioritize volume over depth, FRMO's boutique model emphasizes quality, precision, and strategic insight. Its association with Horizon Kinetics further enhances its credibility and operational capacity.
Industry Context and Challenges
FRMO operates within the broader financial advisory and asset management industry, a sector characterized by intense competition, regulatory scrutiny, and evolving client expectations. The company's niche focus on information-poor markets offers a unique value proposition but also presents challenges, such as the need to continuously innovate and maintain the accuracy and relevance of its research. Additionally, the reliance on institutional clients means that economic downturns or shifts in investment priorities could impact its revenue streams.
Strategic Partnerships and Expertise
The company's stake in Horizon Kinetics is a cornerstone of its operational strategy. Horizon Kinetics is known for its contrarian investment philosophy and deep analytical capabilities, which align closely with FRMO's mission to provide differentiated insights. This partnership not only enhances FRMO's service offerings but also underscores its commitment to delivering expertise-driven solutions.
Conclusion
FRMO Corporation exemplifies a focused and strategic approach to financial services, leveraging its partnership with Horizon Kinetics to deliver unparalleled investment research and advisory services. By concentrating on under-researched markets and complex financial scenarios, the company has established itself as a valuable resource for institutional investors seeking unique and actionable insights. Its boutique model, emphasis on quality, and strategic partnerships position it as a distinctive player in the financial services industry.
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.
FRMO Corp. (OTC Pink: FRMO) reported its financial results for the second quarter of 2021, ending November 30, 2020. The company's book value increased to $180.1 million ($4.09 per share) from $161.9 million ($3.68 per share) year-over-year. Net income for the quarter was $11.7 million ($0.27 per share), a significant turnaround from a loss of $481,719 in Q2 2019. Current assets rose to $111.9 million, while total liabilities increased to $15.0 million. The company also holds a 21.15% interest in Horizon Kinetics Hard Assets LLC.
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