Key Points – Flag Ship Acquisition said it is pursuing a strategic review while actively repurchasing shares, having bought back about 5.8 million shares for roughly $24.9 million since April.
Management said the board’s special committee is evaluating strategic alternatives and expects the process to continue through at least year-end. – First-quarter revenue rose to about $2.9 million from $2.4 million in Q4 2025, but the company posted a large net loss of about $77.5 million due mainly to realized losses on digital assets
The company said this may be the last quarter with major mark-to-market adjustments tied to digital assets. – The company is expanding into AI infrastructure financing and tokenized real-world assets, while upgrading Liquidity.io to support broader trading and distribution. Management also trimmed full-year 2026 guidance after the buybacks, lowering expected revenue to $18 million to $22 million and AUM to $100 million to $175 million. Flag Ship Acquisition (NASDAQ:ETHZ), referred to by executives as Forum Markets during its first-quarter 2026 earnings call, said it is continuing to build its platform around tokenized real-world assets while also using capital for share repurchases and evaluating strategic alternatives.
Chairman and CEO McAndrew Rudisill said the company has made progress expanding its asset origination pipelines, including entering AI infrastructure financing and developing potential co-investment partnerships with major financial investment firms. He also acknowledged what he called “a meaningful disconnect” between the market’s valuation of the company and management’s view of the platform’s intrinsic value. “We’ve taken deliberate steps to directly address that gap, including activity through our share repurchase program and initiating a formal strategic review aimed at preserving the long-term opportunity in front of us,” Rudisill said. Share Repurchases and Strategic Review Rudisill said the company repurchased…