cmorr

@SurrogateCap @forummarkets Just speculating, I've got no clue. Maybe they liquidated just enough marketable securities for buybacks. Problem is that $FRMM spends far more on G&A than the revenue they generate. Over time, assets will likely keep going down.

@ChadMorris1470 @forummarkets they had 12.44k ETH left - there is no subsequent event that they sold that ETH in April, $27.3m, and payed off the collateral ok I see the $33m marketable securities so your theory 66m + 27m - 26 + 33m - 25m = $75m they used 12m in April for something else?

@forummarkets $frmm As of March 31, you list $66m in cash You used $25m cash for April buybacks You report $62.5m in cash as of April 30 Is the 10Q cash wrong or ?

@AndersVarunaldo @GSQHoldings Didn't love it. Took on $7.5M debt. Q1 G&A ~$7M so @gsqholdings needs strong gross margins going forward. Hopefully @justin_kenna knows what he's doing; there's not a lot of balance sheet runway. Still have eth but liabilities are high. What'd you think?

@ChadMorris1470 @GSQHoldings Thoughts on Q1 ?

Save the date shareholders, this might be really interesting. Gamesquare @GSQHoldings $GAME 💪🏼

If change in control of $FRMM, Rudisill gets 2% of the greater of NAV or market cap. Criminal that he can crater the stock price & still get 2% of NAV. Rudisill is very bad at running a company but decent at scamming shareholders

$FRMM G&A trending at $30M/yr without share based comp. With share comp it's $35M-$40M. Way higher than the optimistic revenue estimates. Sadly $FRMM is a slush fund for Rudisill & friends

@AngryMillenia1 @stoolpresidente The story telling centers around their comedy careers & travelling to shows. Sas is underrated, SOABD definitely dies without Sas

@stoolpresidente Dave -Bad Take - They are increasing their following and their connections in the comedian world, which only elevates their podcast.

But you should let it stand based on your current salary while having a 2nd career. My issue is having to pay people to give up a 2nd job that they prob shouldn’t have in 1st place. Historically the most successful people at Barstool focus on just barstool

$FRMM $7.5M G&A with hardly any stock comp. At ~$30M/yr we've got less than 3 yrs. Management/board also have ~1 million RSUs vesting in Aug so there's plenty of dilution in addition to cash costs.

Guessing $FRMM will show little revenue but G&A needs to be reasonable. Salaries/stock comp shouldn't be terrible but are Rudisill & crew siphoning through consulting firms, spending on lavish travel, etc. Shareholders have no reason to trust them. Hope they can prove us wrong

@Finsee_main @fgthiel gets compensated like a prodigy. But he's a senile old man

$MARA Q1 2026 earnings: The End of 'Full HODL' as MARA Pivots to AI Infrastructure MARA's Q1 2026 represents a massive structural break from its past. Facing a 22% drop in Bitcoin prices, revenues decelerated 18% YoY to $174.6M, while GAAP Net Loss exploded to $1.3B due to brutal mark-to-market accounting on its digital assets. But the real story is on the balance sheet: management abruptly reversed its famous 'Full HODL' strategy, selling off 26% of its Bitcoin stack ($1.5B worth) to aggressively retire 30% of its convertible debt. This radical de-risking paves the way for a capital-intensive pivot into AI infrastructure, highlighted by the acquisition of a 485 MW power plant (Long Ridge) and a joint venture with Starwood. The pure-play mining era for MARA is officially over. Full article with charts - link in bio 🐂 𝐁𝐮𝐥𝐥 𝐂𝐚𝐬𝐞 • 𝐁𝐚𝐥𝐚𝐧𝐜𝐞 𝐒𝐡𝐞𝐞𝐭 𝐃𝐞-𝐑𝐢𝐬𝐤𝐞𝐝 — By retiring $1B+ in 2030 and 2031 convertible notes at a 9% discount, MARA removed a massive debt overhang that was threatening its transition, clearing the runway for new AI-focused capital. • 𝐎𝐰𝐧𝐢𝐧𝐠 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐀𝐬𝐬𝐞𝐭 — The Long Ridge acquisition instantly secures a 485 MW (scaling to 505 MW) combined-cycle gas turbine. Controlling behind-the-meter, low-cost power ($0.015/kWh all-in) is the ultimate moat in the AI data center race. 🐻 𝐁𝐞𝐚𝐫 𝐂𝐚𝐬𝐞 • 𝐌𝐢𝐧𝐢𝐧𝐠 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐦𝐩𝐫𝐞𝐬𝐬𝐢𝐧𝐠 — Despite a 33% increase in hashrate, total blocks won decreased 2%. Network difficulty is outpacing MARA's rig deployments, driving the purchased energy cost per BTC up to $40,047. • 𝐌𝐚𝐬𝐬𝐢𝐯𝐞 𝐄𝐱𝐞𝐜𝐮𝐭𝐢𝐨𝐧 𝐑𝐢𝐬𝐤 — Transitioning from a cryptocurrency miner to an institutional-grade Tier-3 AI data center operator requires completely different core competencies, tenant relationships, and billions in CapEx. ⚖️ 𝐕𝐞𝐫𝐝𝐢𝐜𝐭: ⚪ Neutral. The strategic pivot to AI infrastructure makes perfect long-term sense given power constraints, but dumping 20,880 BTC at a local low to fund it destroys the core thesis for legacy shareholders. MARA is currently in a complex, high-risk transition phase. 𝐊𝐞𝐲 𝐓𝐡𝐞𝐦𝐞𝐬 🟢🟢 𝐓𝐡𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐯𝐞𝐫𝐬𝐚𝐥: 𝐒𝐞𝐥𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐒𝐭𝐚𝐜𝐤 [NEW] For years, MARA's central pitch was its 'Twin Turbo HODL' strategy. This quarter, that trend violently reversed. MARA sold 20,880 BTC at an average price of $70,137, generating ~$1.5B to repurchase convertible debt and pay down credit lines. While management frames this as 'opportunistic monetization,' shedding 26% of their strategic reserve in a single quarter signals a permanent shift away from being a Bitcoin proxy stock toward becoming a traditional infrastructure operator. 🟢 𝐋𝐨𝐧𝐠 𝐑𝐢𝐝𝐠𝐞: 𝐂𝐚𝐩𝐭𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐌𝐚𝐜𝐫𝐨 𝐏𝐨𝐰𝐞𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭 [NEW] Management explicitly stated that 'AI adoption is accelerating faster than power can be brought on to meet demand.' To capitalize on this macro bottleneck, MARA acquired Long Ridge. It brings 1,600 acres, an existing PJM interconnection, and an operating combined-cycle gas turbine. By securing immediate, low-cost ($0.015/kWh) behind-the-meter generation, MARA bypasses the 5-10 year utility interconnection queues stifling hyperscalers. 🟢 𝐒𝐭𝐚𝐫𝐰𝐨𝐨𝐝 𝐉𝐕: 𝐓𝐡𝐞 𝐂𝐚𝐩𝐢𝐭𝐚𝐥-𝐋𝐢𝐠𝐡𝐭 𝐀𝐈 𝐁𝐥𝐮𝐞𝐩𝐫𝐢𝐧𝐭 To mitigate the massive CapEx required for AI data centers, MARA is heavily relying on its new joint venture with Starwood. MARA contributes the land and power (valued as upfront equity), while Starwood handles EPC (Engineering, Procurement, Construction) and secures hyperscaler tenants. Currently, ~90% of MARA's non-hosted capacity is being evaluated for this conversion. ⚪ 𝐌𝐢𝐧𝐢𝐧𝐠 𝐔𝐧𝐢𝐭 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐃𝐞𝐭𝐞𝐫𝐢𝐨𝐫𝐚𝐭𝐢𝐧𝐠 [NEW] A specific data point contradicts management's narrative of 'upgrading compute capacity in a capital-disciplined manner.' While the cost per petahash improved slightly (3%), the actual Purchased Energy Cost per BTC mined spiked from $35,728 in 25Q1 to $40,047 in 26Q1. Rising global network difficulty is severely degrading the yield of MARA's energy inputs. 🔴 𝐌𝐚𝐫𝐤-𝐭𝐨-𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐂𝐡𝐚𝐨𝐬 GAAP net loss of $1.3B was almost entirely driven by a $1.0B fair value hit on digital assets due to a 22% BTC price drop in the quarter. Until the AI infrastructure segment generates meaningful revenue, MARA's GAAP financials will remain dangerously volatile and disconnected from underlying cash generation. ⚪ 𝐄𝐱𝐚𝐢𝐨𝐧 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐓𝐚𝐫𝐠𝐞𝐭𝐬 𝐒𝐨𝐯𝐞𝐫𝐞𝐢𝐠𝐧 𝐀𝐈 While Starwood targets US hyperscalers, MARA closed a majority stake in Exaion to target Sovereign AI and enterprise private clouds in Europe and Canada. This technology-focused acquisition allows MARA to capture international governments prioritizing local data residency over public cloud deployments. 𝐎𝐭𝐡𝐞𝐫 𝐊𝐏𝐈𝐬 𝐄𝐧𝐞𝐫𝐠𝐢𝐳𝐞𝐝 𝐇𝐚𝐬𝐡𝐫𝐚𝐭𝐞: 72.2 EH/s Accelerating. Up 33% YoY from 54.3 EH/s. The company deployed approximately 5,000 new miners and upgraded 2.4 EH of its fleet with next-generation used ASIC hardware to improve efficiency (17.6 J/TH) without paying premium prices for new rigs. 𝐑𝐞𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐢𝐧𝐠 & 𝐂𝐨𝐬𝐭 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬: $12M Annualized Savings MARA executed a 15% workforce reduction during Q1, recognizing that the talent needed to scale a mining farm is fundamentally different from what is required to build a digital infrastructure enterprise. This resulted in a $45.9M one-time restructuring charge. 𝐀𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐄𝐁𝐈𝐓𝐃𝐀: -$1.04 Billion Decelerating violently from -$483.6M YoY. This non-GAAP measure completely failed to shield the company from the mark-to-market bloodbath of its shrinking Bitcoin stack, rendering standard operational margin analysis nearly impossible this quarter. 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 & 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐑𝐮𝐧-𝐑𝐚𝐭𝐞: Trending Below Q1 Levels Accelerating margin improvement expected. Following the 15% workforce reduction, management guides that G&A will normalize lower as the $12M in annualized savings flow through the income statement. 𝐋𝐨𝐧𝐠 𝐑𝐢𝐝𝐠𝐞 𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐩𝐚𝐜𝐢𝐭𝐲: 505 MW by H2 2026 Accelerating capability. The newly acquired combined-cycle gas turbine is currently authorized to sell 485 MW to the grid, but expects regulatory authorization to hit its full 505 MW nameplate in the second half of 2026. 𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐓𝐡𝐞 𝐄𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐇𝐎𝐃𝐋 𝐄𝐫𝐚? You sold roughly 26% of your Bitcoin holdings to retire debt. Given the massive CapEx requirements for building 600 MW of AI data centers, should investors expect the continued liquidation of your BTC treasury to fund physical infrastructure build-outs? 𝐓𝐞𝐧𝐚𝐧𝐭 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭𝐬 𝐯𝐬 𝐒𝐩𝐞𝐜𝐮𝐥𝐚𝐭𝐢𝐨𝐧 You noted ~90% of non-hosted capacity is being considered for AI conversion and expect to sign 'one or more' tenant leases by year-end. How much capital will MARA commit to site preparation prior to having a binding, signed PPA or colocation agreement from a hyperscaler? 𝐌𝐢𝐧𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬 Purchased energy cost per BTC crossed $40,000 this quarter despite fleet upgrades. At what hash price or network difficulty level does MARA simply unplug its older-generation miners rather than letting them erode margins?

@GSQHoldings @justin_kenna, can you address cash. $4M payment to 'click' due early March leaves little cash. Please get shareholder approval before anymore eth sales (except from yield). Raise @ $1.5/sh was predicated on eth treasury

@stoolgambling Dave, Frank, Mintzy Over/Under Seltzers, Water (for Frank/Mintz)

You have $15 to build your MLB experience What are you choosing?

@OhioTate Meek definitely saved you today. The only entertaining part

Meek trending in the United States. Hate him or love him, you watched. #Meek

@BarstoolBigCat Very soft move. Viewership dropped by half instantly. Meek was the mvp

Meek

@OhioTate Meek was the only interesting part when it got to 3. Dana crying about Lucas on minigolf and now this. Dana is a soft pussy

Meek Phil spitting on Dana Beers was ruled an ejectable offense. Dana was given the option to spit on Meek + get sitting privileges (or keep the ejection). Meek chose to walk off stream before we got an answer. Dana and Blutman will have a primetime standoff for $30K tomorrow.

@massagebro44 @OhioTate Agreed. Dana is a whiner

@OhioTate You’re such a pussy. How is anything goes and then you disqualify someone for fighting back when someone did something fucked up to him after trying to physically bully him since morning. The “toeing the line” is such a bitch cop out.

@LucasGuido13 @TheBoyy43 @StoolAfterDark You'd have to kick Dana out too if thats the case

@TheBoyy43 @StoolAfterDark Tate is on his way and will be handling, this is the chance to be hard on crime

We (very incorrectly) tried to throw Meek Phil a bone and he threw it right back at us How do you not comprehend that spitting on someone is wrong?

@BarstoolBigCat Man, this group is soft. Meek responded to Dana getting physical. It's all fair

He actually did that? Absolute scumbag

@GSQHoldings @ESPORTSTAssoc Concerned about cash with upcoming payment of $4M to 'click' & top up to 'tubebuddy'. Can we get a reiteration of earlier guarantees that the original 15,600 eth investment won't be touched & payments will be satisfied with eth yield/operating cash flow

We’re proud to share that GameSquare has been recognized with the 2026 ESTA Industry Award for Esports Innovation. Presented by the @ESPORTSTAssoc at EsportsNext 2026, this reflects the work across our platform, spanning creative, data, talent, and media, and the continued impact of FaZe Esports. Congrats to our team, players, partners and shareholders on this achievement. Read the full release: hubs.ly/Q04d-PhN0

@capybaraReborn $FRMM appears to be abandoning tokenization with only ~$80M cash & liquidity.io shut. A million RSUs vest in Aug & PSUs could vest if price exceeds $5 for 30 days. Hope rudisill & the board don't dump on shareholders but their previous actions give no confidence

$FRMM implies in this tweet its NAV per share is around $12/share. I doubt they would outright lie in their communications so it is likely this includes their equity stakes in startups (I wouldn’t). In the short term however, what matters to those holding the stock is whether Forum will buyback up to what it estimates NAV at or what is liquid NAV. We’ll soon see the answer to that, however this begs the question what changed between now and before when the same strategy could have made it a 30-40$ stock. All of this is strange.