Forge Global Holdings Reports 24.7% Revenue Growth in Q2 2025

Forge Global Holdings, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $27.7 million, a 24.7% increase from $22.3 million in the same period last year. The company's marketplace revenue surged by 59.5% year-over-year to $18.6 million, driven by a 110% increase in trading volume. However, custodial administration fees fell by 14% to $9.1 million, attributed to lower cash administration fees and a decline in custodial client cash balances. The overall operating loss for the quarter was $12.8 million, a reduction from a loss of $17.7 million in the prior year.

In comparison to the previous fiscal period, Forge's total revenues for the first half of 2025 reached $53.0 million, up 28% from $41.5 million in the first half of 2024. The increase was primarily due to a significant rise in marketplace activity, with trading volume doubling year-over-year. Operating expenses for the first half of 2025 were $82.0 million, slightly down from $83.9 million in the same period last year, reflecting the company's efforts to manage costs amid growth.

Strategically, Forge announced the acquisition of Accuidity, LLC, a U.S.-based asset management firm, for $10 million in cash and 1.2 million shares of common stock, which is expected to enhance its service offerings. The company also launched a new generation marketplace platform, which is anticipated to drive further engagement and revenue growth. As of June 30, 2025, Forge reported a total of 2,598 custodial accounts, an 18% increase from the previous year, and assets under custody of $18.1 billion, up 9% year-over-year.

Operationally, Forge's employee headcount remained stable at approximately 300, with a focus on aligning resources to support its growth initiatives. The company reported a net loss attributable to common stockholders of $12.6 million for the quarter, compared to a loss of $13.7 million in the same quarter of 2024. The net loss per share was $(1.01), an improvement from $(1.13) in the prior year. Looking ahead, Forge anticipates continued growth in marketplace activity and custodial services, although it remains cautious about macroeconomic conditions that could impact investor behavior and market dynamics.

In terms of liquidity, Forge ended the quarter with $54.3 million in cash and cash equivalents, down from $105.1 million at the end of 2024. The company has initiated a share repurchase program, with approximately $5.9 million remaining available for repurchase. Despite the challenges, Forge's management expressed confidence in its strategic direction and the potential for future growth, particularly through the integration of Accuidity and enhancements to its technology platform.