Forge Global Holdings, Inc. recently updated its second quarter fiscal year 2025 financial report, unveiling corrected figures that reflect an improved net loss for the period.
This significant revision primarily addresses non-cash entries related to the valuation and accounting presentation of the company’s warrant liabilities, ensuring conformity with the upcoming Form 10-Q filing. The adjustments did not impact key operational metrics like revenues, cash flows, Adjusted EBITDA, or Adjusted EPS.
Crucially, the correction favorably shifted the net loss for the three and six months ended June 30, 2025, to $12.4 million and $28.6 million, respectively, marking a notable improvement from previously reported figures. Similarly, Net Loss Per Share attributable to Forge also improved, signaling a healthier financial position than initially disclosed.
Beyond the corrections, Forge Global Holdings demonstrated robust performance in its second consecutive quarter as a public company, showcasing a 28% year-over-year increase in 1H25 Total Revenues Less Transaction-Based Expenses, reaching $52.7 million. This growth underscores the strength of its marketplace infrastructure in the private market.
Kelly Rodriques, CEO of Forge, emphasized the strategic milestones achieved in Q2, including the launch of their Next Generation Platform and the narrowest quarterly EBITDA loss since going public. He highlighted accelerating demand across trading, data, custody, and wealth verticals, positioning Forge as a leader in modern private market infrastructure.
James Nevin, CFO, provided a positive outlook, anticipating continued year-over-year organic revenue and Adjusted EBITDA growth rates in the second half of the year, consistent with first-half trends. Despite expected seasonal dips in Q3 revenues, the company maintains a stable financial trajectory.
Further solidifying its market position, Forge announced a partnership with Fortune Media to launch new private market rankings, leveraging Forge’s extensive proprietary data. This collaboration aims to uncover powerful trends and untold stories shaping global business through respected editorial expertise.
The company also reiterated its definitions for non-GAAP financial measures such as Adjusted EBITDA and Adjusted EPS, explaining their use for evaluating ongoing operations and internal planning. These metrics provide supplementary information by excluding items less indicative of core operating performance.
Forge also introduced “Custodial Client Cash” as a key business metric for its custody solution, reflecting its correlation to cash administration fee revenue, a major component of custodial administration fees. The report concludes with standard forward-looking statements regarding future expectations and risks.
