Frmo Corp (FRMO) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone. This is Therese Byard speaking, and I'm the Corporate Secretary of FRMO Corp. Thank you for joining us on this call. The statements made on this call apply only as of today. The information on this call should not be construed to be a recommendation to purchase or sell any particular security or investment funds. The opinions referenced on this call are not intended to be a forecast of future events or a guarantee of future results. It should not be assumed that any of the securities transactions referenced today have been or will prove to be profitable, or that future investment decisions will be profitable or will equal or exceed the past performance of the investments. For additional information, you may visit the FRMO Corp website at frmocorp.com. Today's discussion will be led by Mr. Murray Stahl, Chairman and Chief Executive Officer, and Mr. Stephen Bregman, President and Chief Financial Officer. They will review key points related to the 2025 third quarter earnings. There was an error in the press release that the number for presenters on this call was sent out to our public. And I just wanted to ask if you received that number and would you please mute your line so that we can hear Mr. Stahl and Mr. Breslin clearly. Thank you so much. And now I'll turn the discussion over to Mr. Stahl. Okay. Thanks, Therese. Thanks, everybody, for dialing in and having patience with us. It's a little technical issue. And so we'll begin with some conceptual things. The balance sheet, the earnings, I think they speak for themselves. The numbers are self-evident. I think the thing to do is to give you an idea of how we look at these numbers, and we look at these numbers a little bit differently than you might look at these numbers with the spreadsheets....