Forge Global Holdings Reports 10.8% Revenue Growth in Q3 2025, Net Loss of $18.2 Million

Forge Global Holdings, Inc. reported its financial results for the third quarter of 2025, revealing total revenues of $21.3 million, a 10.8% increase from $19.2 million in the same period last year. The company's marketplace revenue surged to $12.2 million, up 39.5% from $8.7 million year-over-year, while custodial administration fees decreased to $9.1 million from $10.5 million. Despite the revenue growth, Forge experienced a net loss of $18.2 million, slightly down from a loss of $18.3 million in the prior year, resulting in a net loss per share of $1.37.

Comparing the nine-month period ending September 30, 2025, to the same period in 2024, total revenues increased by 22% to $74.3 million, driven primarily by a 62% rise in marketplace revenue, which reached $46.8 million. This growth was attributed to an 82% increase in trading volume, although the net take rate decreased by 30 basis points. The custodial administration fees also saw a decline of 13% due to lower cash administration fees linked to reduced interest rates.

In terms of strategic developments, Forge completed the acquisition of Accuidity, a specialized asset management firm, on July 1, 2025. This acquisition is expected to enhance Forge's capabilities in private market investments and broaden its product offerings. The total purchase price for Accuidity was approximately $31.2 million, which included $10 million in cash and 1.15 million shares of common stock. The acquisition is anticipated to create synergies that will support Forge's growth strategy.

Operationally, Forge reported a total of 2,703 custodial accounts as of September 30, 2025, a significant increase from 2,282 accounts a year earlier. Assets under custody also rose to $18.4 billion, compared to $16.9 billion in the previous year. However, the company’s cash and cash equivalents decreased to $32.3 million from $105.1 million at the end of 2024, reflecting increased investments and operational expenditures. The company’s employee headcount remained stable, with no significant changes reported.

Looking ahead, Forge anticipates continued growth in its marketplace and custodial services, driven by increasing demand for private market access. The company is also preparing for the upcoming merger with Charles Schwab Corporation, which is expected to close in the first half of 2026. This merger is projected to enhance Forge's market position and expand its service offerings, although it will also impose certain operational restrictions until the transaction is finalized.