Logo

FRGE

Forge Global Holdings, Inc.

FRGE

Forge Global Holdings, Inc. • NYSE
$44.36 ▲ 0.11% (+0.05)
Market Cap $609.78 M
52w High $44.76
52w Low $6.60
Dividend Yield 0%
P/E -9.05
Volume 80.05K
Outstanding Shares 13.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.26M ▼ $13.192M ▼ $-18.223M ▼ -85.715% ▼ $-1.37 ▼ $-18.504M ▼
Q2-2025 $27.739M ▲ $13.226M ▼ $-12.58M ▲ -45.351% ▲ $-1.34 ▼ $-9.592M ▲
Q1-2025 $25.296M ▲ $41.573M ▲ $-16.172M ▼ -63.931% ▲ $-1.29 ▼ $-16.128M ▲
Q4-2024 $18.589M ▼ $11.358M ▲ $-15.643M ▲ -84.152% ▲ $-1.26 ▲ $-16.707M ▲
Q3-2024 $19.216M $11.296M $-18.342M -95.452% $-1.49 $-18.485M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $61.765M ▼ $252.028M ▲ $45.628M ▲ $202.644M ▲
Q2-2025 $80.703M ▼ $242.845M ▼ $38.601M ▲ $200.521M ▼
Q1-2025 $93.055M ▼ $249.46M ▼ $32.675M ▼ $213.515M ▼
Q4-2024 $106.208M ▼ $263.506M ▼ $36.764M ▼ $223.582M ▼
Q3-2024 $116.615M $276.573M $38.292M $234.528M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.21M ▼ $-11.354M ▼ $-10.607M ▼ $-125K ▲ $-22.004M ▼ $-11.401M ▼
Q2-2025 $-16.579M ▼ $-7.772M ▲ $-4.824M ▲ $-4.266M ▼ $-16.151M ▲ $-7.872M ▲
Q1-2025 $-16.198M ▼ $-12.833M ▼ $-21.529M ▼ $-653K ▼ $-34.657M ▼ $-12.884M ▼
Q4-2024 $-15.965M ▲ $-7.9M ▼ $-248K ▼ $-521K ▼ $-9.301M ▼ $-8.148M ▼
Q3-2024 $-18.844M $-5.827M $-173K $-394K $-6.007M $-6M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Custodial Administration Fees
Custodial Administration Fees
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Marketplace
Marketplace
 $10.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Forge Global is still in the revenue-building stage. Sales are small and have not grown meaningfully over the last few years, with activity peaking around 2021 and then flattening. Profitability is a clear weak spot: the company has posted losses every year, and its gross margins have swung between positive and negative, suggesting that the current scale of the business does not yet support its cost base. Operating and net losses are persistent, though they do appear to be narrowing slightly compared with the worst year. Overall, the income statement tells the story of a company investing heavily ahead of revenue, still searching for consistent growth and sustainable profits.

Balance Sheet

Balance Sheet The balance sheet looks relatively clean but constrained. Forge holds a meaningful cash cushion relative to its size, although cash has been drifting down from prior peaks. Debt levels are very low, so the company is not meaningfully leveraged and relies mostly on shareholder equity, largely raised around its SPAC listing. Equity remains positive and comfortably above debt, which supports solvency for now, but the ongoing losses mean the company is slowly drawing down its financial buffer unless it grows revenue or raises additional capital.

Cash Flow

Cash Flow Cash flow highlights the core challenge: the business is consuming cash rather than generating it. Operating cash flow has been negative in most recent years, reflecting the same loss pattern seen on the income statement. Free cash flow is also negative, but not because of heavy investment in physical assets—capital spending is minimal. Instead, cash burn is driven mainly by operating costs and growth investments. This structure means Forge can potentially scale without big capital outlays, but it also means that moving toward breakeven operating cash flow is critical over time.

Competitive Edge

Competitive Edge Forge operates in a niche but strategically important corner of finance: trading and data for private company shares. Its main strengths are its integrated platform, a growing network of buyers and sellers, and proprietary transaction data that is hard for new entrants to copy. The more activity occurs on its marketplace, the more valuable its pricing and data products become, reinforcing network effects. At the same time, its market is highly competitive and sensitive to the health of venture and private markets. Larger financial institutions and other fintech platforms could challenge its position, and the company’s modest revenue base suggests its market share and pricing power are still developing rather than fully established.

Innovation and R&D

Innovation and R&D Forge’s strategy leans heavily on technology and product innovation. It has built a next‑generation, API‑driven marketplace that automates many of the messy legal and operational steps in private share trading, and it wraps this with custody, liquidity programs for companies, and data products like Forge Data and its proprietary Forge Price model. The acquisition of Accuidity and the push into structured products and potential index-style offerings show an effort to broaden its toolkit and reach new types of investors. Future plans—such as monetizing data more deeply, expanding internationally, and positioning itself as core infrastructure for private markets—could be powerful if executed well. The flip side is execution risk: these initiatives require sustained spending and regulatory navigation before they translate into stable, high-margin revenue.

Summary

Forge Global is an early-stage, SPAC-listed fintech platform trying to modernize trading and data in private markets. Financially, it is still in a build-out phase: revenue is modest and not yet on a clear growth trajectory, losses are steady, and the business burns cash, though it carries relatively low debt and a reasonable cash buffer for its size. Strategically, the company’s story is more promising than its current numbers—its marketplace, proprietary data, and network effects give it a chance to become an important piece of private market infrastructure. The main questions looking ahead are whether it can reignite revenue growth, convert its product and data innovations into recurring, profitable business lines, and do so before its financial cushion becomes too thin or requires further dilution through new capital raises.

NEWS

November 10, 2025 · 11:59 AM UTC

Forge Global Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Forge Global Holdings, Inc. - FRGE

Read more

November 6, 2025 · 5:30 PM UTC

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Forge Global Holdings, Inc. (NYSE: FRGE)

Read more

November 6, 2025 · 12:00 PM UTC

Shareholder Alert: The Ademi Firm investigates whether Forge Global Holdings Inc. is obtaining a Fair Price for its Public Shareholders

Read more

November 6, 2025 · 9:39 AM UTC

FRGE Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Forge Global Holdings, Inc. is Fair to Shareholders

Read more

November 6, 2025 · 6:30 AM UTC

Charles Schwab to Acquire Forge Global, Creating Premier Destination to Democratize Access to Private Markets

Read more