FRGE (Forge Global Holdings, Inc.) Stock Financials & Earnings

FRGEForge Global Holdings, Inc.

Mkt Cap$623M

Technology·Software - Application·🇺🇸 United States·NYSE

Revenue (TTM)$93M

Net Income (TTM)-$63M

EPS (TTM)-$5.26

Free Cash Flow (TTM)-$40M

Gross Margin11.9%

Op. Margin-73.5%

Net Margin-67.4%

FCF Margin-43.4%

P/S Ratio (TTM)6.7x

P/E Ratio (TTM)—

YoY Rev Growth+16.4%

Employees—

Earnings Reports

▶Q3 2025

Forge Global Holdings, Inc. provides marketplace infrastructure, data services, and technology solutions for private market participants. It enables private company shareholders to trade private compa...

CEO Kelly A. RodriquesIPO Feb 1, 2021forgeglobal.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$17M	$17M	-$28M
Q1 23	$15M	$15M	-$23M
Q2 23	$17M	$17M	-$23M
Q3 23	$19M	$18M	-$22M
Q4 23	$19M	$19M	-$24M
Q1 24	$19M	-$11M	-$25M
Q2 24	$22M	-$7M	-$18M
Q3 24	$19M	-$10M	-$21M
Q4 24	$19M	-$7M	-$19M
Q1 25	$25M	$25M	-$16M
Q2 25	$28M	$391K	-$13M
Q3 25	$21M	-$7M	-$20M

Valuation

Quarter	P/S	P/E
Q4 22	4.4x	—
Q1 23	4.2x	—
Q2 23	6.5x	—
Q3 23	4.9x	—
Q4 23	7.3x	—
Q1 24	4.5x	—
Q2 24	3.4x	—
Q3 24	3.1x	—
Q4 24	2.1x	—
Q1 25	1.2x	—
Q2 25	2.6x	—
Q3 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$9M	-$11M
Q1 23	-$18M	-$18M
Q2 23	-$14M	-$14M
Q3 23	-$4M	-$4M
Q4 23	-$7M	-$7M
Q1 24	-$12M	-$13M
Q2 24	-$14M	-$15M
Q3 24	-$6M	-$6M
Q4 24	-$8M	-$8M
Q1 25	-$13M	-$13M
Q2 25	-$8M	-$8M
Q3 25	-$11M	-$11M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$2M
Q1 23	$71K
Q2 23	$28K
Q3 23	$14K
Q4 23	$414K
Q1 24	$400K
Q2 24	$267K
Q3 24	$173K
Q4 24	$248K
Q1 25	$51K
Q2 25	$100K
Q3 25	$47K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-43.3%	+26.8%
Q1 23	-22.8%	-34.6%
Q2 23	+0.5%	-8.0%
Q3 23	+16.7%	-31.3%
Q4 23	+13.3%	-2.6%
Q1 24	+24.5%	+15.2%
Q2 24	+33.3%	+1.7%
Q3 24	+3.5%	+0.1%
Q4 24	-2.5%	-14.2%
Q1 25	+31.5%	-5.6%
Q2 25	+24.5%	+1.6%
Q3 25	+10.6%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$12M	71.0%
Q1 23	$7M	47.9%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$8M	39.7%
Q4 24	$6M	29.8%
Q1 25	$7M	25.8%
Q2 25	$3M	12.4%
Q3 25	$5M	23.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$10M	$881K
Q1 23	$36M	$677K
Q2 23	$10M	$876K
Q3 23	$9M	$910K
Q4 23	$9M	$1M
Q1 24	$11M	$1M
Q2 24	$8M	$1M
Q3 24	$9M	$1M
Q4 24	$9M	$986K
Q1 25	$9M	$1M
Q2 25	$9M	$2M
Q3 25	$13M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 22	-43.3%	-157.0%	-200.3
Q1 23	-22.8%	-131.5%	-154.3
Q2 23	0.5%	-128.6%	-128.1
Q3 23	16.7%	-109.9%	-93.2
Q4 23	13.3%	-111.3%	-98.0
Q1 24	24.5%	-117.2%	-92.7
Q2 24	33.3%	-68.3%	-35.0
Q3 24	3.5%	-96.2%	-92.7
Q4 24	-2.5%	-89.9%	-92.3
Q1 25	31.5%	-63.8%	-32.3
Q2 25	24.5%	-34.6%	-10.1
Q3 25	10.6%	-87.0%	-76.4

Revenue Segments

Quarter	Custodial Administration Fees	Placement Fees	Marketplace
Q4 22	$10M	$7M	—
Q1 23	$11M	$5M	—
Q3 23	$11M	$7M	—
Q1 24	$11M	—	$9M
Q2 24	$11M	—	$12M
Q3 24	$11M	—	$9M
Q1 25	$9M	—	$16M
Q2 25	$9M	—	$19M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$193M	$0	$193M
Q1 23	$175M	$0	$175M
Q2 23	$160M	$3M	$162M
Q3 23	$155M	$3M	$158M
Q4 23	$146M	$8M	$153M
Q1 24	$129M	$2M	$131M
Q2 24	$115M	$6M	$122M
Q3 24	$116M	$1M	$117M
Q4 24	$105M	$1M	$106M
Q1 25	$70M	$23M	$93M
Q2 25	$54M	$26M	$81M
Q3 25	$32M	$29M	$62M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	11M	+0.5%
Q1 23	11M	+0.5%
Q2 23	12M	+0.9%
Q3 23	12M	+0.4%
Q4 23	12M	+0.7%
Q1 24	12M	+2.7%
Q2 24	12M	+1.5%
Q3 24	12M	+0.8%
Q4 24	12M	+0.9%
Q1 25	13M	+1.2%
Q2 25	12M	-0.5%
Q3 25	13M	+7.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 19	—	—
FY 20	$16M	3
FY 21	$43M	3
FY 22	$220K	315
FY 23	$202K	345
FY 24	$264K	300