FGNX
FG Nexus Inc.
Next earnings Aug 5, 2026 · consensus $-6.58 EPS, $714K rev
$4.86
▼ -11.96%$4.86▼ -93.92%
over 1Y
L $4.23H $191.50
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-12.0%
1W-10.8%
1M-40.8%
3M+0.8%
YTD-69.9%
1Y-93.9%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Buy
A serial-restructuring shell now repackaged as a volatile ETH treasury — trades below stated NAV, but the asset is unknowable and the business is a $2.4M-revenue afterthought.
Net income -$66.7M · FY2025
FGNX is not an operating business you can underwrite — it is a Nevada holding-company shell (formerly Fundamental Global) that has cycled through reinsurance (sold 2025-2026), the 90-year-old Strong cinema-services unit (transferred to a CVR trust in Aug 2025), studios and screen systems (sold 2024), and, since a July 2025 private placement, reinvented itself as an 'Ethereum digital asset treasury.' The revenue line is meaningless: $2.41M in FY2025 against a -$66.7M net loss (a -2,766% net margin) and a -$68.7M accumulated deficit. The P/S of 13.2x is noise; the real question is the balance sheet. FY2025 equity is $143M against just $20.4M of liabilities (0.14x), and the disclosed digital-asset stack was 40,093 ETH worth $119.4M at 2025-12-31. On that basis the $31.7M market cap looks like a deep discount to NAV — and that is the entire bull case.
Is FGNX a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 5 @ ~0.81 est
- Short put 4.5 @ ~0.54 est
debit $27max +$23max −$27BE 4.73
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $7.59M | $20.1M | $17.1M | $779K | $2.41M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | -$16.3M | -$11.7M | -$64.0M |
| Net income | -$7.19M | $1.09M | -$14.6M | -$1.31M | -$66.7M |
| Diluted EPS | — | — | -$35.22 | -$12.16 | -$25.69 |
| Net margin | -94.6% | 5.4% | -85.7% | -168.8% | -2765.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-239.4%
FCF yield-22.6%
Quality & risk
ROIC (est.)-34.7%
Free cash flow-$6.30M
Total debt$2.22M
Net cash$11.2M
Piotroski F-Score3/7
Capital returns
Buyback yield93.7%
Dividend yield (est.)—
Shareholder yield93.7%
Shares Δ YoY+413.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-07-01
Leadership change (Item 5.02) plus Reg FD press release; management reshuffle
- 8-K Officer / director change2026-06-09
Officer/director change (5.02) and other-events disclosure to investors
- 8-K Reg FD disclosure2026-05-19
Reg FD press release — investor/business update, likely ETH treasury
- 10-Q Quarterly report2026-05-07
Q1'26: ETH treasury fell to ~$65M from $119M at YE; crypto NAV hit
- 8-K Reg FD disclosure2026-05-05
Reg FD press release update to shareholders
- 10-K/A Restated periodic report2026-04-17
Amended FY25 10-K (Part III/corrections), no new operating data
- 8-K Other event2026-04-07
Other-events disclosure (Item 8.01), no financial statements
- S-3 Shelf registration (potential raise)2026-03-27
FY25 net loss -$66.7M on ETH-treasury pivot; renamed FG Nexus, 1-for-5 split
- S-3 Shelf registration (potential raise)2026-03-27
FY25 net loss -$66.7M on ETH-treasury pivot; renamed FG Nexus, 1-for-5 split
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-302026-07-01open ↗8-KPeriod ending 2026-06-032026-06-09open ↗8-KPeriod ending 2026-05-182026-05-19open ↗3Period ending 2026-05-072026-05-15open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-042026-05-05open ↗SCHEDULE 13GFiling2026-05-04open ↗10-K/APeriod ending 2025-12-312026-04-17open ↗424B5Filing2026-04-14open ↗EFFECTFiling2026-04-10open ↗EFFECTFiling2026-04-10open ↗424B5Filing2026-04-10open ↗
Frequently asked
- Is FG Nexus Inc. (FGNX) a buy?
- FGNX currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. A serial-restructuring shell now repackaged as a volatile ETH treasury — trades below stated NAV, but the asset is unknowable and the business is a $2.4M-revenue afterthought.
- What is FG Nexus Inc.'s quality score?
- FGNX scores 36.22517840241518/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001591890, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 7/4/2026, 4:28:30 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 12:28 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.