FGNXMEDIUM SIGNALMANAGEMENT10-K

FGNX completed a corporate name change from Fundamental Global Inc. and underwent significant balance sheet restructuring with substantially reduced debt levels and strengthened equity position.

The rebranding to FG Nexus Inc. with new ticker symbols suggests a strategic repositioning around digital assets and merchant banking operations. The dramatic debt reduction of 94.5% combined with meaningfully higher stockholders' equity indicates improved financial stability and reduced leverage risk for investors.

Comparing 2026-03-27 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet strengthened considerably, with total debt declining from $5.5M to $301K while stockholders' equity grew notably from $42.5M to $74.2M. Cash position improved from $7.8M to $13.4M, and total assets expanded to $163.8M despite total liabilities falling 42.3%. Revenue grew modestly by 20.7% to $32.0M, though operating cash flow remained negative at -$6.3M versus the prior year's -$4.7M.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-94.5%
$5.5M→$301K

Debt reduced 94.5% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
+74.6%
$42.5M→$74.2M

Equity base grew 74.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+71.9%
$7.8M→$13.4M

Cash position surged 71.9% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+49.7%
$109.5M→$163.8M

Asset base grew 49.7% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
-42.3%
$35.3M→$20.4M

Liabilities reduced 42.3% — deleveraging improves balance sheet strength and financial flexibility.

Operating Cash Flow
Cash Flow
-32.6%
-$4.7M→-$6.3M

Operating cash flow fell 32.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+20.7%
$26.5M→$32.0M

Revenue growing 20.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-31
ADDED
BUSINESS FG Nexus Inc., formerly known as Fundamental Global Inc.
( FGNX , the Company , we , or us ), is a holding company incorporated in the state of Nevada.
On December 9, 2022, we completed our reincorporation from a Delaware corporation to a Nevada corporation.
On September 5, 2025, we changed our name from Fundamental Global Inc.
Our common stock and Series A preferred shares are currently listed on Nasdaq under the symbols FGNX and FGNXP, respectively.
We currently conduct business through our business segments including digital assets and merchant banking.
The address of our principal executive offices is 6408 Bannington Road , Charlotte, North Carolina 28226 , and our telephone number is (704) 994-8279 .
Recent Developments Reverse Stock Split On January 21, 2026, our Board of Directors approved a reverse stock split of the authorized, issued and outstanding shares of our common stock, par value $0.001 per share (the Common Stock ) at a ratio of one (1)-for-five (5) (the Reverse Stock Split ).
The Reverse Stock Split became effective on February 13, 2026 (the Effective Date ), at 9:30 a.m., Eastern Time, and our common shares began trading on a split-adjusted basis at the commencement of trading on the same day.
After the Reverse Stock Split, we had 6,555,124 shares of Common Stock outstanding.
REMOVED
( FG , FGF or the Company , we , or us ) is a holding company incorporated in the state of Nevada.
On Decem ber 9, 2022, FG completed its reincorporation from a Delaware corporation to a Nevada corporation.
Our Common Stock and Series A Preferred are currently listed on Nasdaq under the symbols FGF and FGFPP, respectively.
The address of FG s principal executive offices is 108 Gateway Blvd, Suite 204, Mooresville, North Carolina 28117 , and its telephone number is (704) 994-8279 .
Recent Developments On February 29, 2024, FGF and FG Group Holdings, Inc.
Upon completion of the Merger, the combined company was renamed to Fundamental Global Inc., and the common stock and Series A cumulative preferred stock of the combined company continued to trade on the Nasdaq Stock Market LLC (the Nasdaq ) under the tickers FGF and FGFPP, respectively.
( Strong Global Entertainment or SGE ) entered into an acquisition agreement (the Acquisition Agreement ) with FG Acquisition Corp.
As the Company was the majority shareholder of Strong Global Entertainment, the financial results of Strong Global Entertainment are presented on a consolidated basis in the Company s consolidated financial statements included in this Annual Report on Form 10-K (this Form 10-K ).
On October 10, 2024, the Company s Board of Directors (the Board ) approved a reverse stock split of the Company s authorized, issued and outstanding shares of the Company s common stock at a ratio of one (1)-for-twenty-five (25) (the Reverse Stock Split ).
The Reverse Stock Split became effective on October 31, 2024 (the Effective Date ), at 5:00 p.m., Eastern Time.
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