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Sep 30, 2025
Forge Q3 2025 Earnings Report
Forge reported a net loss in Q3 2025 as marketplace revenues grew year-over-year, offset by declines in custodial administration fees.
Key Takeaways
Forge's Q3 2025 results showed strong marketplace revenue growth driven by increased trading volume. However, the company continued to operate at a net loss, with custodial fee revenues declining due to lower client cash balances and interest rates. Operating expenses slightly increased due to one-time charges and higher technology costs.
Q3 2025 revenue reached $21.26M, up from $19.22M in Q3 2024.
Net loss attributable to Forge was $18.22M in Q3 2025, slightly better than $18.34M last year.
Custodial administration fees declined 13% YoY due to lower cash balances and interest rates.
Marketplace revenue grew 40% YoY, benefiting from higher trading activity.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Forge expects continued growth in marketplace activity but notes headwinds in custodial fee revenue and operating expenses.
Positive Outlook
- Increased private market trading activity
- Higher trading volume expected to continue
- Expanded international client base
- Continued cost discipline and headcount alignment
- Integration of Accuidity acquisition broadening product offering
Challenges Ahead
- Ongoing net losses expected in near term
- Decline in custodial client cash balances
- Lower interest rate environment reducing fee revenue
- Seasonality impacts trading volume
- Increased technology and platform expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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