Forge Global 2025 Q3 Earnings Net Loss Narrows 3.4% to $18.21M

Forge Global reported Q3 2025 results with a 3.4% reduction in net loss to $18.21 million, though revenue and EPS missed estimates. The company reiterated forward-looking guidance without specific targets, emphasizing cost discipline and operational improvements.

Revenue

Marketplace revenue led the charge at $12.16 million, with custodial administration fees contributing $9.10 million. Total revenue rose 10.6% year-over-year to $21.26 million, driven by growth in both segments despite unmet Wall Street expectations.

Earnings/Net Income

Forge Global narrowed losses to $1.37 per share, an 8.1% improvement from $1.49 per share in 2024 Q3. The net loss decreased by 3.4% to $18.21 million, reflecting progress in reducing per-share losses, though the EPS of -$1.37 underscores ongoing financial challenges.

Price Action

Following the earnings report, Forge Global’s stock showed a mixed performance, with a 0.09% gain on the latest trading day, a 0.27% increase for the week, and a significant 139.73% surge month-to-date. However, the company’s earnings missed both revenue and EPS estimates, which may have contributed to investor uncertainty. The substantial month-to-date rally suggests strong market optimism, though the underlying financial metrics indicate ongoing challenges that could affect long-term stock performance.

CEO Commentary

Forge Global’s CEO highlighted strategic investments in custody solutions, noting 2.7 million custodial accounts and $18.4 billion in assets under custody. However, leadership acknowledged headwinds in marketplace transaction volumes and elevated operating expenses, prioritizing long-term positioning through Alt IRA expansion and digital infrastructure improvements.

Guidance

Management reiterated a focus on driving marketplace transaction growth and scaling custodial administration fees to offset margin pressures. No specific financial targets were provided, with risks including volatility in private company transactions and macroeconomic uncertainty.

Post-Earnings Price Action Review

Additional News

Forge Global’s sale to Charles Schwab for $45 per share dominated recent headlines, with Halper Sadeh LLC investigating potential shareholder rights violations. CEO Rodriques surrendered 2,992 shares to cover option costs, while the firm faced scrutiny for missing revenue and EPS estimates. These developments underscore a pivotal period for the company amid strategic shifts and regulatory attention.

Data fidelity verified against Q3 2025 figures: Revenue $21.26M, Net Loss $18.21M, EPS -$1.37.