Forge Global Holdings, Inc. released its third‑quarter 2025 financial results before the market opened on November 14, 2025. The company reported total revenue of $21.26 million, down from $24.01 million consensus estimates and $24.07 million from other analysts. Revenue was up 10.9% year‑over‑year to $21.26 million from $19.22 million in the same quarter a year earlier, driven by growth in marketplace transactions but offset by a decline in custodial administration fees.
The company posted a net loss per share of $1.37, a narrower loss than the $1.49 per share reported in Q3 2024. The earnings per share of $-1.37 fell short of the $-1.03 consensus estimate by $0.34, a miss of 33%. The miss reflects a combination of lower revenue than expected and higher operating expenses, including a one‑time charge related to the July acquisition of Accuidity.
Segment analysis shows that marketplace revenue increased, reflecting stronger demand for private‑market liquidity, while custodial administration fees declined, contributing to the overall revenue shortfall. Management highlighted that the company is investing in technology and product innovation to expand access to private markets, a strategy that is expected to support future revenue growth.
Although the company did not provide explicit forward guidance for the next quarter, the CFO indicated that the company expects continued organic revenue growth in the second half of the year, noting that Q3 typically sees lower revenue due to seasonality. The acquisition of Accuidity for $9.8 million in cash, shares, and contingent consideration is positioned as a strategic move to broaden Forge Global’s service offering.
Prior to the earnings release, analysts had mixed views: UBS had downgraded the company to Neutral from Buy on November 11, while Wall Street Zen had upgraded it to Hold on November 8. No specific market reaction data is available following the release, but the earnings miss on both revenue and EPS may influence investor sentiment.
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