Forge Global Holdings, Inc. (FRGE) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 13, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FRGE SEC filings page.
Forge Global Holdings, Inc. (FRGE) reported $92.9M in revenue over the twelve months to Sep 30, 2025, up 16.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Forge's near-99% gross margins mask a business still converting revenue into large operating losses and recurring cash outflows.
Revenue reached$79.3M in FY2024 while operating cash flow remained-$40.5M ; scale has not yet translated into cash generation. That sits alongside operating margin improving from-194.6% in FY2022 to-103.7% in FY2024, so losses are narrowing without changing the cash-consuming model.
Total liabilities fell from
Near-
Financial Health Signals
Scored against banks for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Forge Global Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Forge Global Holdings, Inc. earned a return on assets of -25.2% in fiscal year 2024, which is the profit it made on every dollar of assets on its books. This is up from -29.0% the prior year. Earnings ranks banks on that return over three years, and Forge Global Holdings, Inc. scores 4/100 among other banks.
Forge Global Holdings, Inc. reported revenue of $79.3M in fiscal year 2024, against $69.8M in fiscal year 2023. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Forge Global Holdings, Inc. scores 46/100 among other banks.
Forge Global Holdings, Inc. funded 84.8% of its assets with shareholders' equity at the end of fiscal year 2024, holding $223.6M of equity against $263.5M of assets. Capital ranks banks on that cushion, and Forge Global Holdings, Inc. scores 98/100 among other banks.
Not available for Forge Global Holdings, Inc., and counted as zero in the overall score.
Not available for Forge Global Holdings, Inc., and counted as zero in the overall score.
Forge Global Holdings, Inc. reported a net loss of $66.3M in fiscal year 2024, against a loss of $90.2M in fiscal year 2023. Stability ranks banks on how steady net income has been across five years, and Forge Global Holdings, Inc. scores 32/100 among other banks.
Forge Global Holdings, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Forge Global Holdings, Inc. reported a net loss of $66.3M while operations used $40.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Forge Global Holdings, Inc. generated $21.3M in revenue in Q3 2025. This represents an increase of 10.6% from the same quarter a year earlier. Against the prior quarter it is down 23.4%.
Forge Global Holdings, Inc.'s EBITDA was -$19.5M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.0% from the same quarter a year earlier. Against the prior quarter it is down 63.9%.
Forge Global Holdings, Inc. reported -$18.2M in net income in Q3 2025. This represents an increase of 0.6% from the same quarter a year earlier. Against the prior quarter it is down 44.9%.
Forge Global Holdings, Inc. earned -$1.37 per diluted share (EPS) in Q3 2025. Against the prior quarter it is down 35.6%.
Cash & Balance Sheet
Forge Global Holdings, Inc. recorded an outflow of $11.4M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents a decrease of 91.5% from the same quarter a year earlier. Against the prior quarter it is down 44.8%.
Forge Global Holdings, Inc. held $32.3M in cash as of Q3 2025; long-term debt is not reported for that period.
Not reported for Q3 2025.
Margins & Returns
Forge Global Holdings, Inc.'s gross margin was 98.7% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
Forge Global Holdings, Inc.'s operating margin was -96.7% in Q3 2025, reflecting core business profitability. Against the prior quarter it is down 50.4 percentage points. No change is given against Q3 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Forge Global Holdings, Inc.'s net profit margin was -85.7% in Q3 2025, showing the share of revenue converted to profit. This is up 9.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 40.4 percentage points.
Forge Global Holdings, Inc.'s ROE was -9.0% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.7 percentage points.
Capital Allocation
Forge Global Holdings, Inc. repurchased no shares in Q3 2025.
Forge Global Holdings, Inc. invested $47K in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 62.4% from the same quarter a year earlier. Against the prior quarter it is down 53.0%.
Not reported for Q3 2025.
FRGE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.3M+10.6% | $27.7M+24.5% | $25.3M+31.5% | $18.6M-2.5% | $19.2M+3.5% | $22.3M+33.3% | $19.2M+24.3% | $19.1M+13.3% |
| Cost of Revenue | $288K+294.5% | $155K-39.5% | $192K+562.1% | $316K+74.6% | $73K-50.7% | $256K+208.4% | $29K+52.6% | $181K+108.0% |
| Gross Profit | $21.0M+9.6% | $27.6M+25.2% | $25.1M+30.7% | $18.3M-3.2% | $19.1M+4.0% | $22.0M+32.4% | $19.2M+24.3% | $18.9M+12.8% |
| SG&A Expenses | $4.0M+115.7% | $2.1M-14.5% | $2.3M-55.5% | $1.4M-68.3% | $1.9M+0.4% | $2.5M-28.9% | $5.1M+84.2% | $4.4M+10.5% |
| Operating Income | -$20.5M+1.7% | -$12.8M+27.3% | -$16.5M+34.2% | -$18.7M+23.4% | -$20.9M+2.8% | -$17.7M+21.7% | -$25.0M-8.9% | -$24.4M+12.2% |
| EBITDA | -$19.5M-2.0% | -$11.9M+24.9% | -$15.5M+33.1% | -$17.4M+23.4% | -$19.2M+3.3% | -$15.9M+23.7% | -$23.2M-9.5% | -$22.7M+13.7% |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $1.7M+13.3% | $1.9M+22.9% |
| Income Tax | -$1.3M-534.9% | $189K-26.7% | $1.0M+370.4% | $294K+488.0% | $298K+2.4% | $258K-11.9% | $216K+16.8% | $50K-58.7% |
| Net Income | -$18.2M+0.6% | -$12.6M+8.3% | -$16.2M+13.2% | -$15.6M+39.4% | -$18.3M0.0% | -$13.7M+44.9% | -$18.6M+12.1% | -$25.8M+1.2% |
| EPS (Basic) | -$1.37+8.1% | -$1.01+10.6% | -$1.29+16.8% | -$0.08+46.7% | -$1.49-1254.5% | -$1.13-707.1% | -$1.55-1191.7% | -$0.15-7.1% |
| EPS (Diluted) | -$1.37 | -$1.01 | -$1.29 | -$0.08+46.7% | -$1.49 | -$1.13 | -$1.55 | -$0.15-7.1% |
| Diluted Shares (Avg) | 13M | 12M | 13M | N/A | 12M | 12M | 12M | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
FRGE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $252.0M-8.9% | $242.8M-15.0% | $249.5M-16.5% | $263.5M-15.2% | $276.6M-12.9% | $285.7M-12.4% | $298.7M-11.7% | $310.7M-14.6% |
| Current Assets | $78.3M-39.5% | $100.0M-27.0% | $107.4M-27.8% | $119.2M-26.9% | $129.4M-24.1% | $137.0M-22.3% | $148.7M-20.1% | $163.1M-21.2% |
| Cash & Equivalents | $32.3M-71.8% | $54.3M-54.9% | $70.5M-45.6% | $105.1M-27.4% | $114.5M-26.2% | $120.5M-24.5% | $129.6M-26.1% | $144.7M-25.1% |
| Short-Term Investments | $28.4M | $26.4M | $21.5M | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $8.1M+63.1% | $8.1M+79.5% | $5.9M+5.4% | $4.7M+15.7% | $5.0M+28.0% | $4.5M-3.4% | $5.6M+69.0% | $4.1M+14.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $147.0M+21.5% | $120.9M0.0% | $120.9M0.0% | $120.9M0.0% | $120.9M0.0% | $120.9M0.0% | $120.9M | $120.9M0.0% |
| Total Liabilities | $45.6M+19.2% | $38.6M+6.7% | $32.7M-22.4% | $36.8M-13.1% | $38.3M+19.8% | $36.2M+18.2% | $42.1M+56.6% | $42.3M+10.6% |
| Current Liabilities | $30.7M+27.5% | $25.1M+20.2% | $21.4M-11.2% | $25.1M+3.8% | $24.1M+16.4% | $20.9M+19.0% | $24.1M+40.4% | $24.2M-8.2% |
| Non-Current Liabilities | $14.9M+5.1% | $13.5M-11.9% | $11.3M-37.3% | $11.6M-35.8% | $14.2M+26.0% | $15.3M+17.2% | $17.9M+85.6% | $18.1M+52.3% |
| Total Equity | $202.6M-13.6% | $200.5M-18.3% | $213.5M-15.3% | $223.6M-15.2% | $234.5M-16.4% | $245.4M-15.3% | $252.2M-17.4% | $263.5M-17.5% |
| Retained Earnings | -$393.9M-18.9% | -$375.7M-20.0% | -$363.1M-21.3% | -$347.0M-23.6% | -$331.3M-30.0% | -$313.0M-32.3% | -$299.3M-41.4% | -$280.6M-47.4% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
FRGE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.4M-94.9% | -$7.8M+46.1% | -$12.8M-3.7% | -$7.9M-20.2% | -$5.8M-64.3% | -$14.4M-5.9% | -$12.4M+30.1% | -$6.6M+27.3% |
| Depreciation & Amortization | $1.0M-42.7% | $909K-49.0% | $941K-48.2% | $1.3M-23.1% | $1.7M+2.2% | $1.8M+1.9% | $1.8M+1.5% | $1.7M+14.2% |
| Stock-Based Compensation | $5.0M-34.2% | $3.4M-56.3% | $6.5M-31.1% | N/A | $7.6M-17.4% | $7.9M-10.8% | $9.5M+27.9% | N/A |
| Capital Expenditures | $47K-62.4% | $100K-62.5% | $51K-87.3% | $0-100.0% | $125K+792.9% | $267K+853.6% | $400K+463.4% | $414K+298.1% |
| Free Cash Flow | -$11.4M-91.5% | -$7.9M+46.4% | -$12.9M-0.9% | -$7.9M-13.1% | -$6.0M-67.1% | -$14.7M-7.7% | -$12.8M+28.2% | -$7.0M+23.7% |
| Investing Cash Flow | -$10.6M-6031.2% | -$4.8M-176.7% | -$21.5M-5282.3% | -$248K+94.9% | -$173K+67.3% | $6.3M+333.6% | -$400K-463.4% | -$4.9M-167.7% |
| Financing Cash Flow | -$125K+68.3% | -$4.3M-374.0% | -$653K+68.5% | -$521K-299.6% | -$394K-1813.0% | -$900K-434.6% | -$2.1M-318.5% | $261K+193.3% |
| Share Buybacks | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
FRGE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.7%-1.0pp | 99.4%+0.6pp | 99.2%-0.6pp | 98.3%-0.8pp | 99.6%+0.4pp | 98.9%-0.6pp | 99.9%0.0pp | 99.1%-0.4pp |
| Operating Margin | -96.7% | -46.3%+33.0pp | -65.1% | -100.6% | -108.8% | -79.2% | -130.0% | -128.1% |
| Net Margin | -85.7%+9.7pp | -45.4%+16.2pp | -63.9%+32.9pp | -84.2% | -95.5%+3.4pp | -61.6% | -96.8% | -135.3% |
| Return on Equity | -9.0%-1.2pp | -6.3%-0.7pp | -7.6%-0.2pp | -7.0%+2.8pp | -7.8%-1.3pp | -5.6%+3.0pp | -7.4%-0.4pp | -9.8%-1.6pp |
| Return on Assets | -7.2%-0.6pp | -5.2%-0.4pp | -6.5%-0.2pp | -5.9%+2.4pp | -6.6%-0.9pp | -4.8%+2.8pp | -6.2%0.0pp | -8.3%-1.1pp |
| Current Ratio | 2.55-2.8x | 3.98-2.6x | 5.01-1.1x | 4.74-2.0x | 5.37-2.9x | 6.55-3.5x | 6.16-4.7x | 6.74-1.1x |
| Debt-to-Equity | 0.23+0.1x | 0.190.0x | 0.150.0x | 0.160.0x | 0.160.0x | 0.150.0x | 0.17+0.1x | 0.160.0x |
| Asset Turnover | 0.080.0x | 0.110.0x | 0.100.0x | 0.070.0x | 0.070.0x | 0.080.0x | 0.060.0x | 0.060.0x |
| FCF Margin | -53.6%-22.7pp | -28.4%+37.6pp | -50.9%+15.5pp | -42.5%-5.8pp | -31.0%-11.8pp | -66.0%+15.7pp | -66.4% | -36.6%+17.8pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Forge Global Holdings, Inc. FRGE | FY2024 | $79.3M | -$66.3M | -83.6% | $623.0M | 30/100 |
| Bitcoin Depot Inc. BTM | FY2025 | $614.9M | -$6.2M | -1.0% | $5.6M | 9/100 |
| BTCS Inc. BTCS | FY2025 | $16.5M | -$33.4M | N/A | $75.0M | 37/100 |
| Fold Holdings, Inc. FLD | FY2025 | $31.8M | -$69.6M | N/A | $29.7M | 33/100 |
| Metalpha Technology Holding Limited MATH | FY2021 | $226K | -$5.1M | N/A | $52.8M | — |
| The9 Limited NCTY | FY2025 | $15.4M | -$58.5M | N/A | $50.4M | 20/100 |
Where Forge Global Holdings, Inc. Ranks
Frequently Asked Questions
What is Forge Global Holdings, Inc.'s annual revenue?
Forge Global Holdings, Inc. (FRGE) reported $79.3M in total revenue for fiscal year 2024. This represents a 13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Forge Global Holdings, Inc.'s revenue growing?
Forge Global Holdings, Inc. (FRGE) revenue grew by 13.6% year-over-year, from $69.8M to $79.3M in fiscal year 2024.
Is Forge Global Holdings, Inc. profitable?
No, Forge Global Holdings, Inc. (FRGE) reported a net income of -$66.3M in fiscal year 2024, with a net profit margin of -83.6%.
What is Forge Global Holdings, Inc.'s EBITDA?
Forge Global Holdings, Inc. (FRGE) had EBITDA of -$75.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Forge Global Holdings, Inc.'s gross margin?
Forge Global Holdings, Inc. (FRGE) had a gross margin of 99.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Forge Global Holdings, Inc.'s net profit margin?
Forge Global Holdings, Inc. (FRGE) had a net profit margin of -83.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Forge Global Holdings, Inc.'s return on equity (ROE)?
Forge Global Holdings, Inc. (FRGE) has a return on equity of -29.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Forge Global Holdings, Inc.'s free cash flow?
Forge Global Holdings, Inc. (FRGE) recorded an outflow of $41.3M in free cash flow during fiscal year 2024. This represents a 1.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Forge Global Holdings, Inc.'s operating cash flow?
Forge Global Holdings, Inc. (FRGE) recorded an outflow of $40.5M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Forge Global Holdings, Inc.'s total assets?
Forge Global Holdings, Inc. (FRGE) had $263.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Forge Global Holdings, Inc.'s capital expenditures?
Forge Global Holdings, Inc. (FRGE) invested $792K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Forge Global Holdings, Inc.'s current ratio?
Forge Global Holdings, Inc. (FRGE) had a current ratio of 4.74 as of fiscal year 2024, which is generally considered healthy.
What is Forge Global Holdings, Inc.'s debt-to-equity ratio?
Forge Global Holdings, Inc. (FRGE) had a debt-to-equity ratio of 0.16 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Forge Global Holdings, Inc.'s return on assets (ROA)?
Forge Global Holdings, Inc. (FRGE) had a return on assets of -25.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Forge Global Holdings, Inc.'s Piotroski F-Score?
Forge Global Holdings, Inc. (FRGE) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Forge Global Holdings, Inc.'s earnings high quality?
Forge Global Holdings, Inc. (FRGE) reported a net loss of $66.3M while operations used $40.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Forge Global Holdings, Inc.?
Forge Global Holdings, Inc. (FRGE) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.