Forge Global Holdings, Inc. (FRGE) Earnings History

Forge Global Holdings, Inc. - Q3 2025 Earnings

Filed at: Nov 13, 2025, 4:31 PM EST|Read from source

EXECUTIVE SUMMARY

Forge Global Holdings reported mixed results for Q3 2025, with growth in marketplace revenues offset by increased operating expenses leading to a wider operating loss. The company continues to expand its custody solutions, showing growth in total custodial accounts and assets under custody.

POSITIVE HIGHLIGHTS

  • •

    Marketplace revenues, less transaction-based expenses, increased to $20.97B in Q3 2025 from $18.27B in Q3 2024, representing a 14.7% YoY increase.

    positive
  • •

    Total custodial accounts grew to 2,703,045 in Q3 2025 from 2,281,976 in Q3 2024, a 18.5% YoY increase.

    positive
  • •

    Assets under custody increased to $18.4B in Q3 2025 from $16.6B in Q3 2024, a 10.8% YoY increase.

    positive
  • •

    Number of trades in the period increased to 875 in Q3 2025 from 646 in Q3 2024, a 35.4% YoY increase.

    positive

CONCERNS & RISKS

  • •

    Operating loss widened to $20.55M in Q3 2025 from $18.70M in Q3 2024, driven by increased operating expenses.

    negative
  • •

    Net loss attributable to Forge Global Holdings increased to $18.22M in Q3 2025 from $15.64M in Q3 2024.

    negative
  • •

    Adjusted EBITDA was a loss of $11.56M in Q3 2025, compared to a loss of $10.88M in Q3 2024, indicating worsening underlying operational profitability.

    negative
  • •

    Total operating expenses increased to $41.52M in Q3 2025 from $36.97M in Q3 2024, an increase of 12.3%.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$20.97M
+14.8%
Prior year: $18.27M
Annual (YTD)
$78.66M
N/A
Prior year: $69.39M
Net Income
Quarterly
$-18.22M
-16.5%
Prior year: $-15.64M
Annual (YTD)
$-66.33M
N/A
Prior year: $-90.22M
EPS (Diluted)
Quarterly
N/A
N/A
Operating Income
Quarterly
$-20.55M
-10.0%
Prior year: $-18.70M
Annual (YTD)
$-82.26M
N/A
Prior year: $-91.45M
EPS (Basic)
Quarterly
N/A
N/A

MARGIN ANALYSIS

Operating Margin
Current Quarter
-98.0%
Prior Year
-102.3%
YoY Change
+435 bps
Net Margin
Current Quarter
-86.9%
Prior Year
-85.6%
YoY Change
-128 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT COMMENTARY

The company is furnishing additional financial information, key business metrics, and data to further assist investors.

— Forge Global Holdings, Inc., Q3 2025 2025 Earnings Call

Adjusted EBITDA is presented as a non-GAAP financial measure to evaluate ongoing operations and for internal planning and forecasting purposes.

— Forge Global Holdings, Inc., Q3 2025 2025 Earnings Call

The company believes Adjusted EBITDA helps illustrate underlying trends in its business and its historical operating performance on a more consistent basis.

— Forge Global Holdings, Inc., Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Assets Under Custody
18.4
+10.8% YoY
Prior year: 16.6
billions
Custodial Client Cash
454
-3.4% YoY
Prior year: 470
millions
Distinct Private Companies Transacted In Ltm
137
-3.5% YoY
Prior year: 142
companies
Marketplace Revenues Less Transaction Based Expenses Ltm
55.2M
+51.2% YoY
Prior year: 36.5M
dollars
Net Take Rate Ltm
2.5
-13.8% YoY
Prior year: 2.9
percent
Number Of Trades Ltm
3.4K
+33.7% YoY
Prior year: 2.6K
trades
Total Custodial Accounts
2.7M
+18.4% YoY
Prior year: 2.3M
accounts
Total Number Of Issuers With Iois
547
+6.0% YoY
Prior year: 516
issuers
Transaction Volume Ltm
2.2
+69.5% YoY
Prior year: 1.3
billions

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.