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Jun 30, 2025
Forge Q2 2025 Earnings Report
Forge reported its second quarter fiscal year 2025 results, achieving record revenue as a public company and its lowest quarterly Adjusted EBITDA loss.
Key Takeaways
Forge Global Holdings, Inc. delivered a strong second quarter in fiscal year 2025, marked by record revenue and significantly improved Adjusted EBITDA. The company's strategic initiatives, including the launch of its Next Generation Marketplace, are driving growth across its key verticals.
Total revenues less transaction-based expenses increased 10% quarter-over-quarter to $27.6 million, marking the second consecutive record revenue quarter as a public company.
Adjusted EBITDA loss improved to $5.4 million, the lowest as a public company, demonstrating enhanced operational efficiency.
Trading Volume surged by 77% year-over-year to $756.1 million, indicating strong marketplace activity.
The company launched its Next Generation Marketplace and completed the acquisition of Accuidity, expanding its investment management and wealth capabilities.
Revenue by Segment
Forward Guidance
Forge expects year-over-year organic revenue and Adjusted EBITDA growth rates in the second half of the year to continue in line with the first half's growth rates. However, Q3 revenues are generally anticipated to be lower than Q2 and Q4 due to seasonality.
Positive Outlook
- Anticipated continued year-over-year organic revenue growth in the second half of 2025.
- Expected continued year-over-year Adjusted EBITDA growth in the second half of 2025.
- Strategic positioning at the intersection of accelerating demand for modern private market infrastructure.
- Next Generation Strategy designed to address significant market opportunities.
- Continued focus on growth across four key verticals: trading, data, custody, and wealth.
Challenges Ahead
- Revenues in Q3 are generally lower than Q2 and Q4 due to seasonality.
- Potential for market conditions to affect private company valuations and trading volume.
- Reliance on prevailing interest rates for cash administration fee revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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