Financial Performance - Forge Global achieved record revenue for the second consecutive quarter as a public company[31] - H1 2025 revenue, net of transaction-related expenses, grew by 28% year-over-year, reaching $52.7 million compared to $41.2 million in H1 2024[31, 37] - The company reported its lowest Adjusted EBITDA loss as a public company[31] - Adjusted EPS for H1 2025 was $(2.30), a 29% improvement compared to $(3.22) in H1 2024[37] Revenue Breakdown (Q2 2025) - Marketplace revenue was $18.6 million in Q2 2025, compared to $16.0 million in Q1 2025 and $11.7 million in Q2 2024[33] - Custodial administration fees were $9.1 million in Q2 2025, slightly down from $9.3 million in Q1 2025 and $10.6 million in Q2 2024[33] - Total revenues, less transaction-based expenses, were $27.6 million in Q2 2025, up from $25.1 million in Q1 2025 and $22.0 million in Q2 2024[33] Operating Expenses and Profitability - Total operating expenses were $40.4 million in Q2 2025, compared to $41.6 million in Q1 2025 and $39.7 million in Q2 2024[35] - Net loss was $(16.6) million in Q2 2025, compared to $(16.2) million in Q1 2025 and $(14.0) million in Q2 2024[35] - Adjusted EBITDA was $(5.4) million in Q2 2025, an improvement from $(8.9) million in Q1 2025 and $(7.9) million in Q2 2024[35]

Financial Performance - Forge Global achieved its best revenue quarter as a public company in Q1 2025, driven by strong Marketplace revenue[16] - Total revenues, less transaction-based expenses, were $25.1 million in Q1 2025, compared to $18.3 million in Q4 2024 and $19.2 million in Q1 2024[18] - Marketplace revenue increased to $16.0 million in Q1 2025 from $8.6 million in Q4 2024 and $8.5 million in Q1 2024[18] - Custodial administration fees were $9.3 million in Q1 2025, down from $10.0 million in Q4 2024 and $10.7 million in Q1 2024, impacted by rate reductions in Q4 2024[17, 18] - Adjusted EBITDA was a loss of $8.9 million in Q1 2025, an improvement from a loss of $10.9 million in Q4 2024 and $13.5 million in Q1 2024[22] - Net loss was $16.2 million in Q1 2025, compared to $16.0 million in Q4 2024 and $19.0 million in Q1 2024[22] Operating Expenses - Total operating expenses were $41.6 million in Q1 2025, compared to $37.0 million in Q4 2024 and $44.2 million in Q1 2024[22] - The increase in operating expenses from Q4 2024 to Q1 2025 is attributed to variable costs linked to revenue growth, costs related to CFO transition, investments in NGP, and other factors[22] Corporate Actions - Forge Global completed a reverse stock split and commenced a share buyback program[17] - Net loss per share, adjusted for the reverse stock split, was ($1.29) in Q1 2025, ($1.26) in Q4 2024, and ($1.55) in Q1 2024[23]