How did FRGE's revenue and expenses trend in Q4 2024?

Forge Global (FRGE) experienced a significant decline in revenue and a substantial increase in operating expenses in Q4 2024, leading to a substantial net loss.

1. **Revenue Trend**: The revenue for FRGE in Q4 2024 was $41.79 million, which can be broken down as follows:
- $37.54 million from the Marketplace segment
- $31.83 million from the Custodial Administration Fees segment
- $28.91 million from another segment
- $16 million from yet another segment
- $9.3 million from the Custodial Administration Fees segment again
- $6.01 million from the remaining segments
2. **Expense Trend**: The operating expenses for FRGE in Q4 2024 were not provided, but the net income was -$15.97 million. This indicates that the expenses were significantly higher than the revenue, leading to a substantial loss.
3. **Net Income**: The net income of -$15.97 million reflects the total expenses exceeding the revenue by a wide margin, resulting in a substantial financial loss for the company.

In summary, FRGE faced a challenging quarter with revenue declining and expenses soaring, leading to a substantial net loss. The company needs to address its expense management and revenue generation strategies to improve financial performance in the future.