The earnings call highlighted strong revenue growth, a narrowing adjusted EBITDA loss, and strategic acquisitions and partnerships. However, challenges such as a slight increase in net loss and expected seasonal revenue decline were noted. The positive market trends and strategic positioning suggest optimism for future growth.

Company Guidance -

Q3 2025

During the Forge Second Quarter Fiscal 2025 Financial Results Conference Call, several key metrics were highlighted. Forge reported a revenue of $27.6 million for Q2 2025, marking a 10% increase from the prior quarter, and a trading volume of $756 million, a 9% rise from $692 million in the previous quarter. The adjusted EBITDA loss was narrowed to $5.4 million, a significant improvement from an $8.9 million loss in Q1 2025. The trading volume for the first half of 2025 was $1.4 billion, surpassing the entire 2024 volume of $1.3 billion. Additionally, custodial administration fees were $9.1 million, with custodial client cash balances slightly declining to $440 million from $460 million in Q1. Forge maintained a net loss of $16.6 million on a GAAP basis, slightly higher than Q1's $16.2 million. The company also repurchased 315,000 shares at an average price of $13.15 per share. Looking forward, Forge is on track to achieve adjusted EBITDA breakeven in 2026, supported by the operational scalability of its new marketplace, the integration of the Accuidity acquisition, and cost efficiencies from offshoring technology development.

Record-Breaking Revenue and Growth

Q2 2025 marked the second consecutive quarter of record revenue since going public, with revenue reaching $27.6 million, an increase of 10% from the prior quarter.

Narrowest Quarterly Adjusted EBITDA Loss

The quarter saw the narrowest adjusted EBITDA loss as a public company at $5.4 million, improving from an $8.9 million loss in the previous quarter.

Strong Trading Volume

Trading volume increased 9% from $692 million to $756 million quarter-over-quarter, with significant contributions from institutional trading.

Significant Improvement in Adjusted EBITDA

Adjusted EBITDA loss improved by 39% quarter-over-quarter, driven by increased revenues and decreased operating costs.

Strategic Acquisitions and Partnerships

The acquisition of Accuidity expanded asset management and wealth capabilities. Partnerships with ICE and Fortune were established for data services.

Positive Market Trends

The private market is showing renewed strength with the strongest first half IPO performance since 2021, and private AI sector performance outpacing public benchmarks.

Forge Global Holdings (FRGE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

FRGE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-1.05 / -	-1.5	―	―	―
Aug 01, 2025	2025 (Q2)	-1.17 / -1.34	-1.2	-11.67% (-0.14)
May 07, 2025	2025 (Q1)	-1.37 / -1.29	-1.5	14.00% (+0.21)
Mar 05, 2025	2024 (Q4)	-1.34 / -1.20	-2.25	46.67% (+1.05)
Nov 06, 2024	2024 (Q3)	-1.30 / -1.50	-1.65	9.09% (+0.15)
Aug 07, 2024	2024 (Q2)	-1.70 / -1.20	-2.1	42.86% (+0.90)
May 07, 2024	2024 (Q1)	-1.72 / -1.50	-1.8	16.67% (+0.30)
Mar 26, 2024	2023 (Q4)	-1.57 / -2.25	-2.25	0.00% (0.00)
Nov 07, 2023	2023 (Q3)	-1.54 / -1.65	-1.8	8.33% (+0.15)
Aug 08, 2023	2023 (Q2)	-1.67 / -2.10	-0.45	-366.67% (-1.65)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FRGE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$21.92	$20.60	-6.02%
May 07, 2025	$12.08	$13.41	+11.01%
Mar 05, 2025	$12.23	$10.04	-17.91%
Nov 06, 2024	$19.65	$16.95	-13.74%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Forge Global Holdings (FRGE) report earnings?

Forge Global Holdings (FRGE) is schdueled to report earning on Nov 05, 2025, TBA (Confirmed).

What is Forge Global Holdings (FRGE) earnings time?

Forge Global Holdings (FRGE) earnings time is at Nov 05, 2025, TBA (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is FRGE EPS forecast?

FRGE EPS forecast for the fiscal quarter 2025 (Q3) is -1.05.

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