Forge Global 2025 Q3 Earnings Narrowed Net Loss by 3.4%

Forge Global (FRGE) reported fiscal 2025 Q3 earnings on November 14, 2025, with revenue rising 10.6% year-over-year to $21.26 million. However, the results missed Wall Street estimates by $5.68 million. The company narrowed its net loss to $18.21 million ($1.37 per share), a 3.4% improvement from $18.84 million ($1.49 per share) in the prior year. No explicit forward-looking guidance was provided beyond general statements about future opportunities.

Revenue

Forge Global’s total revenue for Q3 2025 reached $21.26 million, driven by a 10.6% year-over-year increase. Marketplace revenue led the performance at $12.16 million, while custodial administration fees contributed $9.10 million. The combined growth in these segments propelled the company’s overall revenue, reflecting resilience in its core business lines despite falling short of market expectations.

Earnings/Net Income

The company’s net loss narrowed to $18.21 million ($1.37 per share) in Q3 2025, a 3.4% reduction compared to $18.84 million ($1.49 per share) in Q3 2024. While the EPS improvement of 8.1% signals progress, the persistent net loss underscores ongoing financial challenges.

Price Action

Forge Global’s stock edged up 0.09% in the latest trading day, 0.27% in the most recent week, and surged 139.73% month-to-date as of November 14.

Post-Earnings Price Action Review

The strategy of buying FRGE on a revenue beat and holding for 30 days has shown favorable outcomes, with the stock surging post-earnings. Although the $21.26 million revenue fell $5.68 million below expectations, the 10.7% year-over-year growth indicated a positive trend. Investors who held the stock for 30 days captured gains from the market’s optimism about future growth, though volatility and company-specific factors remain risks. However, investment decisions should consider broader financial and strategic analyses, not solely earnings beats.

CEO Commentary

Forge Global’s Q3 results highlighted operational challenges, with a $18.21 million net loss and $12.16 million in revenue. Leadership emphasized “future opportunities” but provided no concrete strategic initiatives, maintaining a cautious tone focused on financial stability over aggressive growth.

Guidance

The filing contained no explicit forward-looking guidance beyond vague references to “future opportunities” and risks. Adjusted EBITDA of -$11.56 million (Q3 2025) excludes non-GAAP adjustments, but no specific performance targets were outlined.

Additional News

Three key non-earnings developments emerged in the past three weeks:

1. M&A Activity: Charles Schwab’s $45-per-share cash offer for Forge Global triggered shareholder investigations by Halper Sadeh LLC, alleging potential securities law violations.

2. Leadership Changes: CEO Rodriques surrendered 2,992 shares to cover tax liabilities, reducing his direct holdings to 407,410 shares.

3. Strategic Uncertainty: The lack of detailed guidance and the company’s focus on “future opportunities” without quantifiable metrics raised questions about long-term growth strategies.

Forge Global’s Q3 results reflect modest progress in narrowing losses but highlight the need for clearer strategic direction. With ongoing legal scrutiny and leadership transparency concerns, investors remain cautious about the company’s path to profitability.