"FOFA reports positive adjusted EBITDA of $360,000, a significant accomplishment for such a young and fast-growing company."
CENTENNIAL, Colo., May 18, 2026 (GLOBE NEWSWIRE) -- OTCMarkets: FOFA OTC Markets: FOFA OTCMarkets: FOFA - Family Office of America, Inc. ("FOFA," "Family Office of America," or the "Company") today announced financial results for the quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Net revenue totaled $783,126 for the three months ended March 31, 2026, compared to no revenue in the prior year period.
- Gross profit totaled $783,126.
- Income from operations was $274,872, compared to an operating loss of $(103,321) in the prior year period.
- Net income totaled $263,789, or $0.01 basic and diluted earnings per share, compared to a net loss of $(103,321), or $(0.00) per share, in the prior year period.
- EBITDA (a non-GAAP financial measure) totaled approximately $332,649 for the first quarter of 2026.
- Adjusted EBITDA (a non-GAAP financial measure), excluding stock-based compensation and warrant expense, totaled approximately $360,462.
- Cash and cash equivalents increased to $343,220 as of March 31, 2026, compared to $155,798 as of December 31, 2025.
- Stockholders' equity increased to $966,111 as of March 31, 2026, compared to $664,509 at year-end 2025.
Management Commentary
Patrick Adams, Chief Executive Officer of Family Office of America, stated:
"We are very pleased to have achieved profitability within our second quarter of operations and believe the Company is well-positioned to generate profitability on an annual basis going forward. This is quite impressive for such a young growth company. During the first quarter of 2026, we continued executing on our strategy to build a national family office and accounting services platform through both organic growth and strategic acquisitions. The successful integration of the Toone and Benson acquisitions contributed to meaningful revenue growth and profitability during the quarter."
Adams continued, "We remained focused on expanding our recurring revenue base, strengthening our client relationships and identifying additional acquisitions. We believe the market opportunity for integrated family office, accounting, tax preparation, bookkeeping, and advisory services remains significant, particularly among small and mid-sized businesses and high-net-worth clients seeking personalized service.
"We are encouraged by our first quarter financial performance, including positive operating cash flow and profitability, and we believe we are building a scalable operating platform capable of supporting continued expansion."
Rico Conte, Director of Acquisitions added, "Our focus remains on identifying and executing on additional acquisition opportunities that align with our long-term growth objectives. We currently have a robust pipeline of opportunities and are in ongoing communications across several of them, and we expect to execute on a significant number this year." Conte further stated, "To better enhance the product offerings already available to Family Office of America clients we have been developing a proprietary automation technology to serve our business clients, which we intend to make available in the near future. This is a very exciting opportunity as the industry continues to consolidate and automate toward better efficiency."
First Quarter 2026 Financial Results
Net revenue for the three months ended March 31, 2026 was $783,126, compared to no revenue for the same period in 2025. The increase was primarily attributable to the Company's acquisitions and expansion of accounting and family office related services.
Operating expenses for the first quarter of 2026 totaled $508,254, compared to $103,321 during the prior year period. Operating expenses during the quarter included general and administrative expenses of $477,648, stock-based compensation expense of $16,439, warrant expense of $11,374, and marketing expense of $2,793.
Income from operations for the first quarter of 2026 was $274,872, compared to an operating loss of $(103,321) in the prior year period.
Net income for the first quarter of 2026 was $263,789, or $0.01 per basic and diluted share, compared to a net loss of $(103,321), or $(0.00) per share, in the prior year period.
As of March 31, 2026, the Company had cash and cash equivalents of $343,220, compared to $155,798 as of December 31, 2025. Net cash provided by operating activities during the first quarter of 2026 was $225,707.
Acquisition and Growth Strategy Update
During the quarter, the Company continued integrating assets acquired from Benson Family Office & Accounting Services, LLC following the January 1, 2026 acquisition. The Company believes the acquisition expands its service offerings and client base while supporting its long-term growth strategy.
The Company also continued operations associated with Family Office of Maryland, LLC and the previously announced acquisition of certain non-attest accounting assets from Toone & Associates, LLP.
Non-GAAP Financial Measures
This press release includes EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The Company defines EBITDA as net income before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further excludes non-cash stock-based compensation expense and warrant expense.
Management believes these non-GAAP financial measures provide investors with additional insight into the operational performance of the business and facilitate period-to-period comparisons. These non-GAAP measures should not be considered as alternatives to net income, operating income, cash flows from operations, or any other measure of financial performance prepared in accordance with U.S. generally accepted accounting principles (GAAP).
The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA:
| Three Months Ended March 31, 2026 | |||
| Net income | $263,789 | ||
| Interest expense | 1,259 | ||
| Income taxes, net | 13,685 | ||
| Amortization expense | 53,916 | ||
| EBITDA | $332,649 | ||
| Stock-based compensation | 16,439 | ||
| Warrant expense | 11,374 | ||
| Adjusted EBITDA | $360,462 | ||
About Family Office of America, Inc.
Family Office of America, Inc. is focused on providing family office and related financial services, including accounting, tax preparation, bookkeeping, financial reporting, advisory, and related professional services to individuals and businesses.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "expects," "intends," "plans," "may," "will," "should," "could," "continue," "potential," and similar expressions. Such statements are based upon current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including, but not limited to, the Company's ability to execute its growth strategy, integrate acquisitions, obtain additional financing, generate revenue growth, maintain profitability, and general economic and market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements except as required by law.
Investor Relations Contact
Patrick Adams
CEO
padams@fofausa.com
Family Office of America, Inc.
6898 S. University Blvd., Suite 100
Centennial, CO 80122
