F
FG Nexus Inc.
Period
FY 2025
Revenue
$2.41M
Net Income
$-66.74M
Total Assets
$163.84M
Equity
$143.49M
Shares Out
6.26M
Op. Cash Flow
$-6.25M
Business
FG Nexus Inc. is a holding company with two primary segments: digital assets and merchant banking. In digital assets, the company operates as a treasury holder of Ethereum and other digital assets, focusing on tokenization of real-world assets including affordable housing and reinsurance. In merchant banking, the company provides strategic and regulatory support to special-purpose acquisition companies (SPACs) and co-sponsors new SPACs through FG Merchant Partners, LP.
Summary from 10-K filed 2026-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue | 2 | 779,000 | 17 | 20 | 8 | |
| General and administrative expenses | −15 | −9 | 11 | 8 | 9 | |
| Stock-based compensation | −8 | −2 | — | — | — | |
| Realized loss on digital assets | −6 | — | — | — | — | |
| Unrealized measurement of fair value of ETH digital assets | −38 | — | — | — | — | |
| Impairment and other | −5,000 | −1 | −5,000 | — | — | |
| Loss from operations | −64 | −12 | −16 | — | — | |
| Interest expense, net | −132,000 | −303,000 | −520,000 | — | — | |
| Loss on equity holdings | −6 | −15 | — | — | — | |
| Foreign currency transaction gain (loss) | 2 | −2,000 | −1,000 | — | — | |
| Bargain purchase on acquisition and other (expense) income, net | −8,000 | 2 | — | — | — | |
| Total other expense, net | −4 | −13 | 3 | — | — | |
| Loss from continuing operations before income taxes | −68 | −24 | −13 | — | −7 | |
| Income tax benefit | 73,000 | 92,000 | 998,000 | — | — | |
| Net loss from continuing operations | −68 | −24 | −12 | 1 | −7 | |
| Net income from discontinued operations (Note 7) | 892,000 | 23 | −2 | — | −145,000 | |
| Net loss | −67 | −1 | −15 | 1 | −7 | |
| Net loss attributable to non-controlling interest | — | −160,000 | −564,000 | — | 1 | |
| Discount on repurchase of Series A Preferred Shares | 16,000 | — | — | — | — | |
| Dividends declared on Series A Preferred Shares | −2 | −1 | — | 2 | 2 | |
| Net loss attributable to common shareholders | −69 | −3 | −14 | −701,000 | −10 | |
| Continuing operations - basic | −26.02 | −120.98 | −29.38 | −0.09 | −1.99 | |
| Continuing operations - diluted | −26.02 | −120.98 | −29.38 | −0.09 | — | |
| Discontinued operations - basic | 0.33 | 108.82 | −5.84 | — | — | |
| Discontinued operations - diluted | 0.33 | 108.82 | −5.84 | — | — | |
| Total - basic | −25.69 | −12.16 | −35.22 | −0.09 | −1.96 | |
| Total - diluted | −25.69 | −12.16 | −35.22 | — | — | |
| Weighted average common shares outstanding - basic | 3 | 211,000 | 400 | 8 | 5 | |
| Weighted average common shares outstanding - diluted | 3 | 211,000 | 400 | 8 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 13 | 7 | 6 | 3 | 16 | |
| ETH digital assets | 119 | — | — | — | — | |
| Equity securities, at fair value (cost basis of $0 and $8,679) | — | 6 | 11 | 841,000 | 1 | |
| Other equity securities and other holdings | 15 | 54 | 17 | — | — | |
| Property, plant and equipment, net | 2 | 2 | 11 | — | — | |
| Assets of discontinued operations | 14 | 40 | 10 | — | — | |
| Other assets | 304,000 | 606,000 | 486,000 | 712,000 | 745,000 | |
| Total assets | 164 | 109 | 62 | 49 | 41 | |
| Accounts payable and accrued expenses | 5 | 842,000 | 5 | — | — | |
| Short-term debt, net of issuance costs | 2 | 2 | 2 | — | — | |
| Deferred income taxes, net | 365,000 | 2 | 3 | — | — | |
| Liabilities of discontinued operations | 9 | 30 | 7 | — | — | |
| Other liabilities | 3 | 228,000 | 102,000 | 225,000 | 575,000 | |
| Total liabilities | 20 | 35 | 25 | 12 | 7 | |
| Commitments and contingencies (Note 16) | — | — | — | — | — | |
| Series A Preferred Shares, $25.00 par and liquidation value, 10,000,000,000 shares authorized and 888,884 shares issued and outstanding as of December 31, 2025 and 1,000,000 shares authorized and 894,580 shares issued and outstanding as of December 31, 2024 | 22 | 22 | — | 22 | 22 | |
| Common stock, $0.001 par value; 180,000,000,000 shares authorized, 8,698,994 issued, and 7,080,747 outstanding as of December 31, 2025, and 800,000 shares authorized and 253,581 shares issued and outstanding as of December 31, 2024 | 70,000 | 29,000 | 225,000 | 9,000 | 6,000 | |
| Treasury stock (1,618,248 shares at cost) | −26 | — | −19 | — | — | |
| Additional paid-in capital | 217 | 51 | 56 | 50 | 46 | |
| Accumulated deficit | −69 | −229,000 | 2 | −35 | −34 | |
| Accumulated other comprehensive (loss) income | −608,000 | 1 | −5 | — | — | |
| Total stockholders equity | 143 | 74 | 37 | 47 | 34 | |
| Total liabilities and stockholders equity | 164 | 109 | 62 | 49 | 41 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net unrealized holding loss on equity holdings | 3 | 5 | 6 | −13 | −7 | |
| Loss from equity method holdings | 5 | 11 | 3 | −8 | −1 | |
| Loss on disposal of fixed assets | 5,000 | — | — | — | — | |
| Net realized gain on sale of equity holdings | −1 | −306,000 | −1,000 | 14 | 5 | |
| Realized loss on digital assets | 6 | — | — | — | — | |
| ETH rewards for staking | −2 | — | — | — | — | |
| Depreciation and amortization | 304,000 | 408,000 | 841,000 | — | — | |
| Amortization and accretion of operating leases | — | 75,000 | 138,000 | — | — | |
| Impairment of property and equipment | — | 1 | — | — | — | |
| Gain on merger of FGF and FGH (Note 5) | — | −2 | — | — | — | |
| Deferred income taxes | −2 | −639,000 | — | — | — | |
| Stock compensation expense | 8 | 2 | 2 | 255,000 | 559,000 | |
| Other assets | 316,000 | 1 | 378,000 | 114,000 | −233,000 | |
| Current income taxes | −148,000 | 58,000 | 345,000 | — | — | |
| Accounts payable and accrued expenses | 6 | 3 | 817,000 | −129,000 | 600,000 | |
| Operating lease obligations | — | −23,000 | −151,000 | — | — | |
| Net cash used in operating activities from continuing operations | −7 | −4 | 2 | — | — | |
| Net cash (used in) provided by operating activities from discontinued operations | 413,000 | −299,000 | −1 | — | — | |
| Net cash used in operating activities | −6 | −4 | 156,000 | −11 | −14 | |
| Proceeds from sales of equity securities | 3 | 5 | 198,000 | 698,000 | 803,000 | |
| Proceeds from redemption of Saltire preferred shares | 8 | — | — | — | — | |
| Purchases of ETH, net of sales | −138 | — | — | — | — | |
| Purchases of equity securities | −887,000 | — | — | — | — | |
| Proceeds from sales of property and equipment | — | 6 | — | — | — | |
| Collection of note receivable, net | 3,000 | 203,000 | — | — | — | |
| Cash acquired in Merger of FGF and FGH | — | 2 | — | — | — | |
| Net cash (used in) provided by investing activities from continuing operations | −128 | 13 | 92,000 | — | — | |
| Net cash provided by (used in) investing activities from discontinued operations | 6 | −140,000 | −787,000 | — | — | |
| Net cash (used in) provided by investing activities | −123 | 13 | −695,000 | −3 | 6 | |
| Payment of withholding taxes in connection with vesting of RSUs | −397,000 | −21,000 | — | — | — | |
| Proceeds from Private Placement Offering, net of costs | 169 | — | — | — | — | |
| Proceeds from sales under ATM Offering, net of costs | 14 | — | — | — | — | |
| Payment of dividends on preferred shares | −2 | −1 | — | −2 | −2 | |
| Distribution of cash to CVR Trust | −18 | — | — | — | — | |
| Net borrowings on credit facility | — | 97,000 | — | — | — | |
| Purchases of common shares | −26 | — | — | — | — | |
| Purchases of Series A preferred shares | −127,000 | — | — | — | — | |
| Principal payments on long-term debt | — | −5 | — | — | — | |
| Principal payments on short-term debt | −247,000 | −603,000 | — | — | — | |
| Net cash provided by (used in) financing activities from continuing operations | 136 | −7 | 1 | — | — | |
| Net cash (used in) provided by financing activities from discontinued operations | −408,000 | −2,000 | 2 | — | — | |
| Net cash provided by (used in) financing activities | 136 | −7 | 3 | 2 | 12 | |
| Effect of exchange rate changes on cash and cash equivalents from continuing operations | 24,000 | −11,000 | 21,000 | — | — | |
| Effect of exchange rate changes on cash and cash equivalents from discontinued operations | — | −36,000 | 95,000 | — | — | |
| Net decrease in cash and cash equivalents from continuing operations | 1 | 2 | 3 | — | — | |
| Net increase in cash and cash equivalents from discontinued operations | 6 | −477,000 | 28,000 | — | — | |
| Net increase in cash and cash equivalents | 7 | 2 | 3 | −13 | 3 | |
| Digital assets received as part of Private Placement Offering (Note 1) | 24 | — | — | — | — |
Filings
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Frequently asked questions
What is FG Nexus Inc.'s CIK number?
FG Nexus Inc.'s SEC CIK number is 0001591890 (1591890). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find FG Nexus Inc.'s SEC filings?
All of FG Nexus Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did FG Nexus Inc. last report earnings?
FG Nexus Inc. (FGNX) most recently filed an earnings 8-K with the SEC on Nov 21, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-25-024549). This is FG Nexus Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is FG Nexus Inc.'s most recent earnings 8-K?
FG Nexus Inc.'s latest earnings 8-K (Item 2.02) was filed Nov 21, 2025 under accession 0001493152-25-024549. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View FG Nexus Inc.'s latest earnings 8-K →
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