What is Forge Global's operating income?

Forge Global's total operating income in 2024 was -$82.26 million, based on the following breakdown: Total Gross Profit: $78.66 million Total Operating Expenses: $160.92 million

Forge Global (FRGE) Financials

$45.00 0.00 (0.00%)

As of 11/6/2026

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Annual Income Statements for Forge Global

This table shows Forge Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-9.71	-18	-112	-90	-66
Consolidated Net Income / (Loss)	-9.71	-18	-112	-92	-68
Net Income / (Loss) Continuing Operations	-9.71	-18	-112	-92	-68
Total Pre-Tax Income	-11	-18	-112	-91	-67
Total Operating Income	-7.62	-9.79	-135	-91	-82
Total Gross Profit	48	125	69	69	79
Total Revenue	52	128	69	70	79
Operating Revenue	52	128	69	70	79
Total Cost of Revenue	3.89	3.03	0.48	0.43	0.67
Operating Cost of Revenue	3.89	3.03	0.48	0.43	0.67
Total Operating Expenses	55	135	204	161	161
Selling, General & Admin Expense	8.44	25	37	39	32
Marketing Expense	1.53	5.09	4.75	3.49	4.33
Depreciation Expense	2.41	5.39	6.03	6.95	6.66
Other Operating Expenses / (Income)	40	98	151	111	118
Total Other Income / (Expense), net	-2.90	-8.32	23	0.72	15
Interest & Investment Income	-	-	-	6.42	5.68
Other Income / (Expense), net	-0.49	-6.02	21	-5.70	9.81
Income Tax Expense	-0.80	0.39	0.33	0.82	1.07
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-0.05	-1.33	-1.51
Basic Earnings per Share	($0.26)	($0.34)	($0.78)	($0.52)	($0.36)
Weighted Average Basic Shares Outstanding	37.31M	54.30M	143.84M	173.40M	183.16M
Diluted Earnings per Share	($0.26)	($0.34)	($0.80)	($0.52)	($0.36)
Weighted Average Diluted Shares Outstanding	37.31M	54.30M	145.01M	173.40M	183.16M
Weighted Average Basic & Diluted Shares Outstanding	-	51.75M	172.64M	179.50M	188.14M

This table shows Forge Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-18	-26	-19	-14	-18	-16	-16	-13	-18
Consolidated Net Income / (Loss)	-19	-26	-19	-14	-19	-16	-16	-12	-18
Net Income / (Loss) Continuing Operations	-19	-26	-19	-14	-19	-16	-16	-12	-18
Total Pre-Tax Income	-19	-26	-19	-14	-19	-16	-15	-12	-20
Total Operating Income	-22	-24	-25	-18	-21	-19	-16	-13	-21
Total Gross Profit	18	19	19	22	19	18	25	28	21
Total Revenue	19	19	19	22	19	19	25	28	21
Operating Revenue	19	19	19	22	19	19	25	28	21
Total Cost of Revenue	0.15	0.18	0.03	0.26	0.07	0.32	0.19	0.16	0.29
Operating Cost of Revenue	0.15	0.18	0.03	0.26	0.07	0.32	0.19	0.16	0.29
Total Operating Expenses	40	43	44	40	40	37	42	40	42
Selling, General & Admin Expense	8.52	11	10	6.76	7.50	7.12	8.94	8.02	12
Marketing Expense	0.91	1.02	1.09	1.24	1.02	0.99	1.22	1.53	1.26
Depreciation Expense	1.71	1.71	1.82	1.78	1.75	1.31	0.99	0.91	1.00
Other Operating Expenses / (Income)	29	29	31	30	30	28	30	28	27
Restructuring Charge	-	-	-	0.00	0.00	-	-	1.99	0.25
Total Other Income / (Expense), net	2.85	-1.77	6.23	3.87	2.36	3.03	1.29	0.59	1.04
Interest & Investment Income	1.73	-	1.71	1.50	1.31	-	1.04	0.80	0.61
Other Income / (Expense), net	1.12	-3.63	4.52	2.37	1.05	1.86	0.25	-0.22	0.43
Income Tax Expense	0.29	0.05	0.22	0.26	0.30	0.29	1.02	0.19	-1.30
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.61	-0.44	-0.37	-0.32	-0.50	-0.32	-0.03	0.14	0.01
Basic Earnings per Share	($0.11)	($0.15)	($1.55)	($1.13)	($1.49)	($0.08)	($1.29)	($1.01)	($1.37)
Weighted Average Basic Shares Outstanding	173.96M	173.40M	11.99M	12.18M	12.28M	183.16M	12.53M	12.47M	13.34M
Diluted Earnings per Share	($0.11)	($0.15)	($1.55)	($1.13)	($1.49)	($0.08)	($1.29)	($1.01)	($1.37)
Weighted Average Diluted Shares Outstanding	173.96M	173.40M	11.99M	12.18M	12.28M	183.16M	12.53M	12.47M	13.34M
Weighted Average Basic & Diluted Shares Outstanding	175.27M	179.50M	181.04M	183.16M	185.01M	188.14M	12.33M	13.60M	13.76M

This table details how cash moves in and out of Forge Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	13	34	119	-49	-40
Net Cash From Operating Activities	-2.53	11	-69	-41	-41
Net Cash From Continuing Operating Activities	-2.53	11	-69	-41	-41
Net Income / (Loss) Continuing Operations	-9.71	-18	-112	-92	-68
Consolidated Net Income / (Loss)	-9.71	-18	-112	-92	-68
Depreciation Expense	2.41	5.39	6.03	6.95	6.66
Amortization Expense	1.64	2.80	4.00	3.15	2.65
Non-Cash Adjustments To Reconcile Net Income	4.39	15	43	39	20
Changes in Operating Assets and Liabilities, net	-1.25	6.22	-9.71	0.55	-1.77
Net Cash From Investing Activities	-23	-3.26	-6.65	-8.16	5.47
Net Cash From Continuing Investing Activities	-23	-3.26	-6.65	-8.16	5.47
Purchase of Property, Plant & Equipment	-1.16	-1.05	-6.53	-0.53	-1.09
Sale and/or Maturity of Investments	-	0.00	0.00	2.12	6.56
Other Investing Activities, net	-	0.00	0.00	-9.75	0.00
Net Cash From Financing Activities	39	27	193	0.06	-3.89
Net Cash From Continuing Financing Activities	39	27	193	0.06	-3.89
Other Financing Activities, net	-0.03	1.60	41	0.06	-3.89
Effect of Exchange Rate Changes	0.00	0.00	1.16	0.38	-0.58
Cash Income Taxes Paid	-	-	-	0.15	0.91

This table details how cash moves in and out of Forge Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-4.39	-11	-15	-9.12	-6.01	-9.30	-35	-16	-22
Net Cash From Operating Activities	-3.55	-6.57	-12	-14	-5.83	-7.90	-13	-7.77	-11
Net Cash From Continuing Operating Activities	-3.55	-6.57	-12	-14	-5.83	-7.90	-13	-7.77	-11
Net Income / (Loss) Continuing Operations	-19	-26	-19	-14	-19	-16	-16	-12	-18
Consolidated Net Income / (Loss)	-19	-26	-19	-14	-19	-16	-16	-12	-18
Depreciation Expense	1.71	1.71	1.82	1.78	1.75	1.31	0.94	0.75	0.90
Amortization Expense	0.75	0.83	0.64	0.66	0.67	0.68	0.61	0.51	0.42
Non-Cash Adjustments To Reconcile Net Income	7.45	14	5.31	4.64	7.77	3.83	5.60	4.73	4.39
Changes in Operating Assets and Liabilities, net	5.50	3.59	-1.15	-7.47	2.83	2.24	-3.79	-1.32	1.15
Net Cash From Investing Activities	-0.53	-4.87	-0.40	6.29	-0.17	-0.25	-22	-4.82	-11
Net Cash From Continuing Investing Activities	-0.53	-4.87	-0.40	6.29	-0.17	-0.25	-22	-4.82	-11
Purchase of Property, Plant & Equipment	-0.01	-0.41	-0.40	-0.27	-0.17	-0.25	-0.05	-0.10	-0.05
Purchase of Investments	-	-	0.00	-	-	-	-22	-19	-19
Sale and/or Maturity of Investments	-	2.12	0.00	6.56	-	-	0.53	15	18
Net Cash From Financing Activities	0.02	0.26	-2.08	-0.90	-0.39	-0.52	-0.65	-4.27	-0.13
Net Cash From Continuing Financing Activities	0.02	0.26	-2.08	-0.90	-0.39	-0.52	-0.65	-4.27	-0.13
Other Financing Activities, net	0.02	0.26	-2.08	-0.90	-0.39	-0.52	-0.65	-0.13	-0.13
Effect of Exchange Rate Changes	-0.33	0.54	-0.25	-0.08	0.39	-0.63	0.36	0.71	0.08

This table presents Forge Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	416	258	364	311	264
Total Current Assets	2.33	88	207	163	119
Cash & Equivalents	1.67	75	193	145	105
Restricted Cash	-	1.62	1.83	1.06	1.12
Short-Term Investments	-	-	-	-	0.00
Accounts Receivable	-	5.38	3.54	4.07	4.71
Prepaid Expenses	0.65	5.15	8.38	13	8.21
Plant, Property, & Equipment, net	0.00	0.50	8.00	5.19	2.92
Total Noncurrent Assets	414	169	149	142	141
Noncurrent Note & Lease Receivables	-	13	7.37	5.59	7.41
Goodwill	-	138	134	130	126
Other Noncurrent Operating Assets	414	15	7.58	6.92	7.55
Total Liabilities & Shareholders' Equity	416	258	364	311	264
Total Liabilities	55	64	38	42	37
Total Current Liabilities	0.42	38	26	24	25
Short-Term Debt	-	-	-	-	0.00
Accounts Payable	0.00	10	9.22	11	8.25
Current Employee Benefit Liabilities	-	21	13	11	13
Other Current Liabilities	-	6.52	3.90	2.52	3.46
Total Noncurrent Liabilities	55	26	12	18	12
Long-Term Debt	-	-	-	-	7.41
Other Noncurrent Operating Liabilities	55	26	12	18	4.21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-53	-53	325	268	227
Total Preferred & Common Equity	-53	-53	319	264	224
Preferred Stock	0.00	-	-	0.00	0.00
Total Common Equity	-53	-53	319	264	224
Common Stock	0.00	26	509	544	571
Retained Earnings	-53	-79	-190	-281	-347
Treasury Stock	-	-	-	-0.63	-0.63
Accumulated Other Comprehensive Income / (Loss)	-	0.00	0.69	0.91	0.57
Noncontrolling Interest	-	0.00	6.07	4.91	3.16

This table presents Forge Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	318	299	286	277	249	243	252
Total Current Assets	170	149	137	129	107	100	78
Cash & Equivalents	155	130	120	114	70	54	32
Restricted Cash	1.30	1.08	1.09	1.10	1.13	1.14	1.15
Short-Term Investments	-	-	-	-	22	26	28
Accounts Receivable	3.87	5.55	4.52	4.96	5.85	8.12	8.08
Prepaid Expenses	10	12	11	8.89	8.44	10	8.39
Plant, Property, & Equipment, net	0.32	4.54	3.99	3.50	2.17	1.56	1.07
Total Noncurrent Assets	147	145	145	144	140	141	173
Noncurrent Note & Lease Receivables	5.76	6.24	6.76	7.44	7.43	9.60	9.44
Goodwill	131	129	128	127	126	126	158
Other Noncurrent Operating Assets	5.08	10	9.93	9.25	6.21	5.65	4.98
Total Liabilities & Shareholders' Equity	318	299	286	277	249	243	252
Total Liabilities	32	42	36	38	33	39	46
Total Current Liabilities	21	24	21	24	21	25	31
Short-Term Debt	-	-	-	-	-	-	3.63
Accounts Payable	9.60	14	8.47	9.33	9.07	9.51	11
Current Employee Benefit Liabilities	8.80	7.04	9.08	11	9.60	14	15
Other Current Liabilities	2.30	2.92	3.36	3.45	2.76	2.03	1.51
Total Noncurrent Liabilities	11	18	15	14	11	13	15
Long-Term Debt	-	-	-	-	-	9.60	9.44
Other Noncurrent Operating Liabilities	11	18	15	14	11	3.86	5.48
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	286	257	249	238	217	204	206
Total Preferred & Common Equity	280	252	245	235	214	201	203
Preferred Stock	-	-	-	-	0.00	0.00	0.00
Total Common Equity	280	252	245	235	214	201	203
Common Stock	535	551	558	566	576	576	596
Retained Earnings	-255	-299	-313	-331	-363	-376	-394
Treasury Stock	-	-0.63	-0.63	-0.63	-0.63	-0.63	-0.63
Accumulated Other Comprehensive Income / (Loss)	0.60	0.77	0.72	0.93	0.79	1.19	1.26
Noncontrolling Interest	5.12	4.43	4.08	3.75	3.27	3.72	3.76

This table displays calculated financial ratios and metrics derived from Forge Global's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	147.96%	-45.82%	0.63%	13.62%
EBITDA Growth	0.00%	-87.21%	-1,269.34%	16.49%	27.46%
EBIT Growth	0.00%	-94.90%	-622.88%	14.97%	25.42%
NOPAT Growth	0.00%	-28.52%	-1,279.51%	32.28%	10.04%
Net Income Growth	0.00%	-90.48%	-504.92%	18.19%	25.89%
EPS Growth	0.00%	-30.77%	-135.29%	35.00%	30.77%
Operating Cash Flow Growth	0.00%	531.21%	-731.19%	39.75%	2.23%
Free Cash Flow Firm Growth	0.00%	0.00%	-145.89%	48.01%	1.28%
Invested Capital Growth	0.00%	-67.43%	11.52%	-6.02%	-1.75%
Revenue Q/Q Growth	0.00%	0.00%	-15.63%	3.31%	-0.59%
EBITDA Q/Q Growth	0.00%	0.00%	-24.88%	-0.73%	14.46%
EBIT Q/Q Growth	0.00%	0.00%	-23.01%	-0.50%	13.40%
NOPAT Q/Q Growth	0.00%	0.00%	-19.77%	3.57%	6.50%
Net Income Q/Q Growth	0.00%	0.00%	-21.50%	-0.07%	13.14%
EPS Q/Q Growth	0.00%	0.00%	42.45%	-500.00%	16.28%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-11.49%	5.63%	-3.39%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	9.62%	-0.45%
Invested Capital Q/Q Growth	0.00%	0.00%	-2.17%	-5.03%	-1.82%
Profitability Metrics	-	-	-	-	-
Gross Margin	92.47%	97.63%	99.30%	99.38%	99.15%
EBITDA Margin	-7.87%	-5.94%	-150.23%	-124.67%	-79.59%
Operating Margin	-14.75%	-7.64%	-194.63%	-130.98%	-103.70%
EBIT Margin	-15.70%	-12.34%	-164.68%	-139.14%	-91.33%
Profit (Net Income) Margin	-18.81%	-14.45%	-161.29%	-131.12%	-85.52%
Tax Burden Percent	92.36%	102.13%	100.29%	100.90%	101.60%
Interest Burden Percent	129.65%	114.60%	97.65%	93.39%	92.17%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1.48%	-2.88%	-76.38%	-50.58%	-47.37%
ROIC Less NNEP Spread (ROIC-NNEP)	260.07%	26.96%	-63.58%	-34.42%	-39.23%
Return on Net Nonoperating Assets (RNNOA)	-1.21%	-3.80%	33.25%	19.75%	19.97%
Return on Equity (ROE)	-2.69%	-6.67%	-43.13%	-30.83%	-27.40%
Cash Return on Invested Capital (CROIC)	0.00%	98.84%	-87.28%	-44.37%	-45.60%
Operating Return on Assets (OROA)	-1.95%	-4.69%	-36.76%	-28.81%	-25.23%
Return on Assets (ROA)	-2.33%	-5.49%	-36.00%	-27.15%	-23.63%
Return on Common Equity (ROCE)	0.40%	1.27%	-22.17%	-30.26%	-26.96%
Return on Equity Simple (ROE_SIMPLE)	18.29%	35.14%	-35.04%	-34.74%	-30.34%
Net Operating Profit after Tax (NOPAT)	-5.33	-6.85	-95	-64	-58
NOPAT Margin	-10.32%	-5.35%	-136.24%	-91.68%	-72.59%
Net Nonoperating Expense Percent (NNEP)	-261.55%	-29.83%	-12.81%	-16.16%	-8.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-23.85%	-25.40%
Cost of Revenue to Revenue	7.53%	2.37%	0.70%	0.62%	0.85%
SG&A Expenses to Revenue	16.34%	19.56%	53.44%	55.75%	39.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	107.22%	105.28%	293.93%	230.36%	202.85%
Earnings before Interest and Taxes (EBIT)	-8.11	-16	-114	-97	-72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.07	-7.61	-104	-87	-63
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.93	2.28	0.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.61	4.50	1.77
Price to Revenue (P/Rev)	6.97	3.98	4.30	8.61	2.17
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.15	5.80	0.84	3.75	0.57
Enterprise Value to Revenue (EV/Rev)	14.95	5.30	1.58	6.59	0.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	62.28	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.88	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.14	-0.52	-0.57	-0.51
Leverage Ratio	1.15	1.22	1.20	1.14	1.16
Compound Leverage Factor	1.50	1.39	1.17	1.06	1.07
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	114.71%	127.22%	1.87%	1.83%	1.39%
Common Equity to Total Capital	-14.71%	-27.22%	98.13%	98.17%	98.61%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.78	4.84	3.70	6.99	0.79
Noncontrolling Interest Sharing Ratio	114.71%	119.07%	48.59%	1.85%	1.63%
Liquidity Ratios	-	-	-	-	-
Current Ratio	5.59	2.32	7.84	6.74	4.74
Quick Ratio	4.02	2.14	7.45	6.15	4.37
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	235	-108	-56	-55
Operating Cash Flow to CapEx	-217.56%	1,034.25%	-1,053.37%	-7,866.41%	-3,725.46%
Free Cash Flow to Firm to Interest Expense	0.00	102.02	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-1.05	4.73	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-1.53	4.27	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.12	0.38	0.22	0.21	0.28
Accounts Receivable Turnover	0.00	0.00	15.55	18.35	18.08
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	16.33	10.59	19.56
Accounts Payable Turnover	4,045.79	0.59	0.05	0.04	0.07
Days Sales Outstanding (DSO)	0.00	0.00	23.47	19.89	20.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.09	617.39	7,360.83	8,430.57	5,129.22
Cash Conversion Cycle (CCC)	-0.09	-617.39	-7,337.36	-8,410.67	-5,109.04
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	359	117	130	123	120
Invested Capital Turnover	0.14	0.54	0.56	0.55	0.65
Increase / (Decrease) in Invested Capital	0.00	-242	13	-7.86	-2.15
Enterprise Value (EV)	772	679	110	460	69
Market Capitalization	360	509	298	601	172
Book Value per Share	($1.42)	($1.02)	$1.85	$1.50	$1.21
Tangible Book Value per Share	($1.42)	($3.73)	$1.08	$0.76	$0.53
Total Capital	361	193	325	268	227
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00
Net Debt	-1.67	-76	-195	-146	-106
Capital Expenditures (CapEx)	1.16	1.05	6.53	0.53	1.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.24	-26	-14	-6.89	-12
Debt-free Net Working Capital (DFNWC)	1.91	50	181	139	94
Net Working Capital (NWC)	1.91	50	181	139	94
Net Nonoperating Expense (NNE)	4.38	12	17	28	10
Net Nonoperating Obligations (NNO)	-1.67	-76	-195	-146	-106
Total Depreciation and Amortization (D&A)	4.04	8.19	10	10	9.31
Debt-free, Cash-free Net Working Capital to Revenue	0.46%	-20.57%	-20.84%	-9.87%	-15.42%
Debt-free Net Working Capital to Revenue	3.70%	39.09%	260.15%	198.93%	118.52%
Net Working Capital to Revenue	3.70%	39.09%	260.15%	198.93%	118.52%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.36	($0.78)	($0.52)	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	0.00	51.75M	143.84M	173.40M	183.16M
Adjusted Diluted Earnings per Share	$0.00	$0.36	($0.80)	($0.52)	($0.36)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	51.75M	145.01M	173.40M	183.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	51.75M	172.64M	179.50M	188.14M
Normalized Net Operating Profit after Tax (NOPAT)	-3.03	-6.23	-91	-64	-58
Normalized NOPAT Margin	-5.87%	-4.87%	-131.08%	-91.68%	-72.59%
Pre Tax Income Margin	-20.36%	-14.14%	-160.81%	-129.95%	-84.18%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-3.37	-6.85	0.00	0.00	0.00
NOPAT to Interest Expense	-2.22	-2.97	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-3.86	-7.31	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.70	-3.43	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-26.78%	-50.95%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Forge Global's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
DEI Shares Outstanding	174,286,157.00	175,272,598.00	179,499,587.00	181,040,289.00	183,158,492.00	-	188,142,822.00	12,328,245.00	13,601,362.00
DEI Adjusted Shares Outstanding	11,619,077.00	11,684,840.00	11,966,639.00	12,069,353.00	12,210,566.00	-	12,542,855.00	12,328,245.00	13,601,362.00
DEI Earnings Per Adjusted Shares Outstanding	-1.58	-2.21	-1.56	-1.14	-1.50	-	-1.29	-1.02	-1.34
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	16.75%	13.30%	24.31%	33.27%	3.52%	-2.47%	31.46%	24.49%	10.64%
EBITDA Growth	-21.67%	-2.52%	9.64%	45.72%	2.77%	41.83%	18.63%	8.07%	-7.83%
EBIT Growth	-19.78%	-1.76%	9.29%	41.53%	2.64%	39.98%	20.81%	14.56%	-1.32%
NOPAT Growth	49.30%	12.19%	-8.89%	21.74%	2.84%	23.41%	34.15%	27.28%	1.69%
Net Income Growth	-17.03%	-0.26%	10.66%	44.06%	0.60%	39.14%	14.72%	11.40%	3.36%
EPS Growth	8.33%	-130.00%	10.66%	44.06%	0.60%	46.67%	14.72%	10.62%	8.05%
Operating Cash Flow Growth	68.88%	27.35%	30.14%	-5.94%	-64.28%	-20.21%	-3.70%	46.14%	-94.85%
Free Cash Flow Firm Growth	-105.30%	71.99%	87.05%	86.18%	23.76%	-18.56%	-4.74%	-132.70%	-499.01%
Invested Capital Growth	-3.19%	-6.02%	-6.42%	-5.00%	-4.96%	-1.75%	-1.78%	3.20%	28.46%
Revenue Q/Q Growth	11.02%	2.67%	0.96%	15.80%	-13.76%	-3.26%	36.08%	9.66%	-23.36%
EBITDA Q/Q Growth	24.16%	-42.29%	29.35%	28.81%	-35.85%	14.87%	1.17%	19.58%	-59.35%
EBIT Q/Q Growth	21.95%	-37.56%	26.96%	25.43%	-29.95%	15.20%	3.63%	19.55%	-54.10%
NOPAT Q/Q Growth	4.61%	-13.49%	-2.44%	29.42%	-18.42%	10.54%	11.93%	22.07%	-60.10%
Net Income Q/Q Growth	24.47%	-38.37%	27.59%	26.08%	-34.22%	15.28%	-1.46%	23.21%	-46.39%
EPS Q/Q Growth	21.43%	-36.36%	27.59%	26.08%	-34.22%	20.00%	-1.46%	21.71%	-35.64%
Operating Cash Flow Q/Q Growth	73.96%	-85.28%	-88.30%	-16.61%	59.62%	-35.58%	-62.44%	39.44%	-46.09%
Free Cash Flow Firm Q/Q Growth	73.46%	14.54%	3.88%	36.62%	-46.43%	-32.91%	15.09%	-40.81%	-276.95%
Invested Capital Q/Q Growth	-4.10%	-5.03%	2.68%	1.58%	-4.05%	-1.82%	2.65%	6.73%	19.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	99.20%	99.05%	99.85%	98.85%	99.62%	98.30%	99.24%	99.44%	98.65%
EBITDA Margin	-96.60%	-133.88%	-93.69%	-57.60%	-90.73%	-79.85%	-57.99%	-42.53%	-88.43%
Operating Margin	-115.89%	-128.10%	-129.98%	-79.22%	-108.78%	-100.59%	-65.11%	-46.27%	-96.66%
EBIT Margin	-109.85%	-147.17%	-106.47%	-68.56%	-103.31%	-90.56%	-64.14%	-47.06%	-94.61%
Profit (Net Income) Margin	-102.12%	-137.63%	-98.71%	-63.01%	-98.06%	-85.88%	-64.03%	-44.84%	-85.65%
Tax Burden Percent	101.56%	100.19%	101.15%	101.87%	101.61%	101.88%	106.69%	101.54%	93.36%
Interest Burden Percent	91.54%	93.34%	91.66%	90.21%	93.42%	93.09%	93.58%	93.85%	96.97%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-41.77%	-49.47%	-51.41%	-33.43%	-48.25%	-45.95%	-31.18%	-22.64%	-44.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-39.61%	-44.10%	-50.44%	-32.24%	-45.16%	-43.67%	-27.01%	-19.08%	-40.17%
Return on Net Nonoperating Assets (RNNOA)	22.93%	25.31%	27.31%	16.71%	23.45%	22.23%	12.77%	8.15%	14.84%
Return on Equity (ROE)	-18.84%	-24.16%	-24.09%	-16.73%	-24.81%	-23.72%	-18.41%	-14.49%	-29.99%
Cash Return on Invested Capital (CROIC)	-47.33%	-44.37%	-43.62%	-42.11%	-43.82%	-45.60%	-39.56%	-40.27%	-59.14%
Operating Return on Assets (OROA)	-21.57%	-30.47%	-24.60%	-17.74%	-27.75%	-25.02%	-19.98%	-16.18%	-33.25%
Return on Assets (ROA)	-20.05%	-28.50%	-22.81%	-16.30%	-26.34%	-23.73%	-19.95%	-15.42%	-30.10%
Return on Common Equity (ROCE)	-18.52%	-23.72%	-23.65%	-16.42%	-24.39%	-23.34%	-18.11%	-14.24%	-29.48%
Return on Equity Simple (ROE_SIMPLE)	-32.62%	0.00%	-35.41%	0.00%	0.00%	0.00%	-30.46%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-17	-18	-12	-15	-13	-12	-8.98	-14
NOPAT Margin	-81.12%	-89.67%	-90.98%	-55.45%	-76.15%	-70.41%	-45.57%	-32.39%	-67.66%
Net Nonoperating Expense Percent (NNEP)	-2.16%	-5.36%	-0.97%	-1.19%	-3.10%	-2.28%	-4.17%	-3.57%	-4.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-6.37%	-6.82%	-4.95%	-6.14%	-5.77%	-5.32%	-4.20%	-6.55%
Cost of Revenue to Revenue	0.80%	0.95%	0.15%	1.15%	0.38%	1.70%	0.76%	0.56%	1.35%
SG&A Expenses to Revenue	45.88%	59.12%	53.73%	30.35%	39.01%	38.30%	35.32%	28.89%	55.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	215.09%	227.15%	229.83%	178.07%	208.40%	198.89%	164.35%	145.71%	195.30%
Earnings before Interest and Taxes (EBIT)	-20	-28	-20	-15	-20	-17	-16	-13	-20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	-26	-18	-13	-17	-15	-15	-12	-19
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	2.28	1.37	1.08	1.02	0.77	0.50	1.17	1.13
Price to Tangible Book Value (P/TBV)	2.45	4.50	2.81	2.25	2.23	1.77	1.21	3.15	5.18
Price to Revenue (P/Rev)	5.24	8.61	4.71	3.34	3.01	2.17	1.24	2.58	2.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.57	3.75	1.75	1.15	1.04	0.57	0.13	1.26	1.17
Enterprise Value to Revenue (EV/Rev)	3.00	6.59	2.99	1.86	1.61	0.87	0.19	1.83	1.99
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.06
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.05
Financial Leverage	-0.58	-0.57	-0.54	-0.52	-0.52	-0.51	-0.47	-0.43	-0.37
Leverage Ratio	1.10	1.14	1.12	1.12	1.13	1.16	1.16	1.16	1.19
Compound Leverage Factor	1.01	1.06	1.03	1.01	1.06	1.08	1.08	1.09	1.15
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.49%	5.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.65%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.49%	4.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.79%	1.83%	1.73%	1.64%	1.58%	1.39%	1.51%	1.74%	1.71%
Common Equity to Total Capital	98.21%	98.17%	98.27%	98.37%	98.43%	98.61%	98.49%	93.77%	92.33%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.16	-0.22
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.23	0.81
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.16	-0.16
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.20	-0.27
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.50	1.02
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.20	-0.20
Altman Z-Score	6.08	7.72	4.06	3.44	2.59	1.49	0.44	2.05	1.17
Noncontrolling Interest Sharing Ratio	1.72%	1.85%	1.85%	1.82%	1.69%	1.63%	1.63%	1.72%	1.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	8.23	6.74	6.16	6.55	5.37	4.74	5.01	3.98	2.55
Quick Ratio	7.68	6.15	5.60	5.98	4.96	4.37	4.57	3.53	2.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	-9.23	-8.87	-5.62	-8.23	-11	-9.29	-13	-49
Operating Cash Flow to CapEx	-25,335.71%	-1,587.44%	-3,093.75%	-5,404.87%	-3,368.21%	-3,185.48%	-25,162.75%	-7,772.00%	-24,157.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.23	0.26	0.27	0.28	0.31	0.34	0.35
Accounts Receivable Turnover	19.54	18.35	16.65	17.19	18.08	18.08	14.97	14.37	14.25
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	229.48	10.59	29.95	36.52	41.81	19.56	25.46	32.74	40.61
Accounts Payable Turnover	0.03	0.04	0.04	0.07	0.06	0.07	0.07	0.08	0.10
Days Sales Outstanding (DSO)	18.68	19.89	21.92	21.23	20.19	20.18	24.38	25.40	25.61
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10,468.57	8,430.57	8,889.94	5,195.31	6,411.20	5,129.22	5,068.57	4,459.10	3,843.25
Cash Conversion Cycle (CCC)	-10,449.89	-8,410.67	-8,868.02	-5,174.07	-6,391.02	-5,109.04	-5,044.19	-4,433.70	-3,817.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	129	123	126	128	123	120	124	132	158
Invested Capital Turnover	0.51	0.55	0.57	0.60	0.63	0.65	0.68	0.70	0.66
Increase / (Decrease) in Invested Capital	-4.26	-7.86	-8.64	-6.73	-6.40	-2.15	-2.24	4.10	35
Enterprise Value (EV)	202	460	220	147	128	69	16	166	185
Market Capitalization	354	601	346	264	240	172	106	235	230
Book Value per Share	$1.61	$1.50	$1.40	$1.36	$1.28	$1.21	$1.13	$16.27	$14.90
Tangible Book Value per Share	$0.83	$0.76	$0.69	$0.65	$0.59	$0.53	$0.46	$6.04	$3.26
Total Capital	286	268	257	249	238	227	217	214	219
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.60	13
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.60	9.44
Net Debt	-156	-146	-131	-122	-116	-106	-93	-72	-49
Capital Expenditures (CapEx)	0.01	0.41	0.40	0.27	0.17	0.25	0.05	0.10	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.68	-6.89	-6.17	-5.46	-10	-12	-7.13	-7.00	-11
Debt-free Net Working Capital (DFNWC)	150	139	125	116	105	94	86	75	51
Net Working Capital (NWC)	150	139	125	116	105	94	86	75	48
Net Nonoperating Expense (NNE)	3.90	9.14	1.49	1.68	4.21	2.88	4.67	3.45	3.83
Net Nonoperating Obligations (NNO)	-156	-146	-131	-122	-116	-106	-93	-72	-49
Total Depreciation and Amortization (D&A)	2.46	2.53	2.46	2.44	2.42	1.99	1.55	1.26	1.32
Debt-free, Cash-free Net Working Capital to Revenue	-9.88%	-9.87%	-8.38%	-6.89%	-12.84%	-15.42%	-8.35%	-7.71%	-11.42%
Debt-free Net Working Capital to Revenue	221.57%	198.93%	169.21%	146.70%	131.97%	118.52%	100.69%	82.39%	55.14%
Net Working Capital to Revenue	221.57%	198.93%	169.21%	146.70%	131.97%	118.52%	100.69%	82.39%	51.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	($0.15)	($1.50)	($1.20)	($1.50)	($0.08)	($1.29)	($1.01)	($1.37)
Adjusted Weighted Average Basic Shares Outstanding	173.96M	173.40M	11.99M	12.18M	12.28M	183.16M	12.53M	12.47M	13.34M
Adjusted Diluted Earnings per Share	($0.11)	($0.15)	($1.50)	($1.20)	($1.50)	($0.08)	($1.29)	($1.01)	($1.37)
Adjusted Weighted Average Diluted Shares Outstanding	173.96M	173.40M	11.99M	12.18M	12.28M	183.16M	12.53M	12.47M	13.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	175.27M	179.50M	12.07M	12.21M	12.33M	188.14M	12.33M	13.60M	13.76M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-17	-18	-12	-15	-13	-12	-7.59	-14
Normalized NOPAT Margin	-81.12%	-89.67%	-90.98%	-55.45%	-76.15%	-70.41%	-45.57%	-27.37%	-66.82%
Pre Tax Income Margin	-100.55%	-137.37%	-97.59%	-61.85%	-96.51%	-84.30%	-60.02%	-44.16%	-91.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Forge Global’s Q3 2025 results show modest revenue growth compared with the prior-year period, but profitability and cash generation remain significant concerns. Revenue was $21.3 million, up approximately 11% from $19.2 million in Q3 2024, although it declined 23% from $27.7 million in Q2 2025. Gross profit remained strong at $21.0 million, representing a gross margin of approximately 98.6%.

Despite the high gross margin, operating expenses continued to substantially exceed gross profit. Operating expenses were $41.5 million in Q3, producing an operating loss of $20.5 million. The company also recorded $27.1 million of other operating expenses, which was the largest expense category and a major contributor to the loss. Net loss attributable to common shareholders widened to $18.2 million, or $1.37 per share, compared with a loss of $12.6 million, or $1.01 per share, in Q2.

Cash generation remains weak. Forge used $11.4 million in operating cash during Q3, compared with $7.8 million in Q2 and $5.8 million in Q3 2024. The company’s net cash decline was $22.0 million in Q3, following declines of $16.2 million in Q2 and $34.7 million in Q1. Although the pace of cash depletion improved from Q1, the company continues to consume cash every quarter.

The balance sheet still provides some liquidity. As of September 30, Forge held $32.3 million in cash, $28.4 million in short-term investments and $1.2 million in restricted cash. Total current assets of $78.3 million exceeded current liabilities of $30.7 million, producing a current ratio of approximately 2.6. However, cash and restricted cash declined sharply from $115.6 million at the end of Q3 2024, while debt increased to approximately $13.1 million, including $3.6 million of short-term debt.

Revenue remains above the prior-year level: Q3 2025 revenue increased approximately 11% from Q3 2024, indicating some underlying business growth despite the sequential decline.
Gross margins remain exceptionally high: Gross profit of $21.0 million on $21.3 million of revenue resulted in a margin near 99%, providing substantial potential operating leverage if expenses are reduced.
Liquidity remains adequate in the near term: Cash, restricted cash and short-term investments totaled approximately $62 million at quarter-end, while current liabilities were $30.7 million.
Cash burn improved from Q1: Quarterly net cash usage fell from $34.7 million in Q1 to $22.0 million in Q3, although the company has not yet reached cash-flow breakeven.
Investment activity is affecting reported cash flows: Forge purchased $18.9 million of investments and sold or received maturities of $17.5 million in Q3, suggesting that a portion of the investing cash flow reflects liquidity management rather than operating expansion.
Goodwill increased materially: Goodwill rose to $158.2 million in Q3 from approximately $126.1 million in Q2. This may reflect an acquisition or another transaction, but the supplied statements do not provide enough detail to assess the quality or future benefits of the added goodwill.
Revenue declined sharply sequentially: Q3 revenue fell approximately 23% from Q2, reversing the growth seen between Q1 and Q2 and highlighting volatility in Forge’s results.
Forge remains deeply unprofitable: The company reported a $20.5 million operating loss and an $18.2 million net loss attributable to common shareholders in Q3. Losses have persisted across the provided quarters.
Operating cash flow continues to be negative: Forge used cash from operations in Q1, Q2 and Q3 2025, with Q3 operating cash usage worsening from the prior quarter and the year-earlier period.
Cash reserves have fallen substantially: Cash and equivalents declined from $129.6 million in Q1 2024 and $114.5 million in Q3 2024 to $32.3 million in Q3 2025. Continued losses could force Forge to raise capital or further increase borrowing.

Overall, Forge has a valuable liquidity cushion and strong gross margins, but the financial statements still reflect a high-burn, loss-making business. Investors should focus on whether management can reduce the unusually large operating expense base, stabilize revenue and move operating cash flow toward breakeven before the company’s liquidity meaningfully deteriorates.

11/11/26 11:38 AM ETAI Generated. May Contain Errors.

Forge Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forge Global's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Forge Global's net income appears to be on a downward trend, with a most recent value of -$67.84 million in 2024, falling from -$9.71 million in 2020. The previous period was -$91.55 million in 2023. See where experts think Forge Global is headed by visiting Forge Global's forecast page.

Forge Global's total operating income in 2024 was -$82.26 million, based on the following breakdown:

Total Gross Profit: $78.66 million
Total Operating Expenses: $160.92 million

Over the last 4 years, Forge Global's total revenue changed from $51.64 million in 2020 to $79.33 million in 2024, a change of 53.6%.

In the past 8 quarters, Forge Global's cash and equivalents has ranged from $32.29 million in Q3 2025 to $155.13 million in Q3 2023, and is currently $32.29 million as of their latest financial filing in Q3 2025.

Forge Global had total debt of $0.00 at the end of 2024, compared with none in 2023, and none in 2020.

Over the last 4 years, Forge Global's book value per share changed from -1.42 in 2020 to 1.21 in 2024.

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Financial statements for NYSE:FRGE last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Forge Global (FRGE) Financials

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Forge Global (FRGE) Financials

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