Revenue growth remains highly inconsistent, fluctuating between a 2.5% contraction in 2024Q4 and a 33.3% expansion in 2024Q2, while operating margins reached a deeply negative -95.3% in 2025Q3.
| Sales/Revenue | 92.88M | 79.33M | 69.82M | 69.38M | 128.06M | 47.76M | 24.05M |
| Revenue Growth % | 16.4% | 13.62% | 0.63% | -45.82% | 168.15% | 98.58% | - |
| Cost of Goods Sold | 81.8M | 113.67M | 431K | 483K | 3.03M | 0 | 0 |
| COGS % of Revenue | - | 143.28% | 0.62% | 0.7% | 2.37% | - | - |
| Gross Profit | 11.09M | -34.34M | 69.39M | 68.9M | 125.02M | 47.76M | 24.05M |
| Gross Margin % | 11.93% | -43.28% | 99.38% | 99.3% | 97.63% | 100% | 100% |
| Gross Profit Growth % | - | -149.48% | 0.71% | -44.89% | 161.79% | 98.58% | - |
| Operating Expenses | 79.35M | 47.93M | 160.84M | 203.94M | 134.81M | 55.37M | 38.7M |
| OpEx % of Revenue | - | 60.42% | 230.36% | 293.93% | 105.28% | 115.95% | 160.9% |
| Selling, General & Admin | 43.67M | 41.27M | 153.88M | 41.63M | 30.14M | 45.06M | 37.85M |
| SG&A % of Revenue | - | 52.02% | 220.4% | 60% | 23.54% | 94.36% | 157.37% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 4.62M | 2.46M |
| R&D % of Revenue | - | - | - | - | - | 9.67% | 10.23% |
| Other Operating Expenses | 3.04M | 6.66M | 6.95M | 162.31M | 104.67M | 5.7M | -1.61M |
| Operating Income | -68.26M | -82.26M | -91.45M | -135.04M | -9.79M | -7.62M | -14.65M |
| Operating Margin % | -73.49% | -103.7% | -130.98% | -194.63% | -7.64% | -15.95% | -60.9% |
| Operating Income Growth % | - | 10.04% | 32.28% | -1279.51% | -28.52% | 47.99% | - |
| EBITDA | -63.67M | -72.95M | -81.34M | -130.81M | -4.6M | -3.57M | -13.04M |
| EBITDA Margin % | -68.55% | -91.96% | -116.5% | -188.54% | -3.59% | -7.48% | -54.24% |
| EBITDA Growth % | 20.16% | 10.32% | 37.82% | -2744.4% | -28.72% | 72.61% | - |
| D&A (Non-Cash Add-back) | 4.59M | 9.31M | 10.11M | 4.23M | 5.19M | 4.04M | 1.6M |
| EBIT | -65.52M | -82.26M | -91.45M | -111.69M | -8.91M | -4.33M | -14.97M |
| Net Interest Income | 3.62M | 5.67M | 6.42M | 2.68M | -2.31M | -2.4M | -170K |
| Interest Income | 3.62M | 5.67M | 6.42M | 2.68M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 2.31M | 2.4M | 170K |
| Other Income/Expense | 5.66M | 15.49M | 719K | 23.46M | -8.32M | -2.9M | -492K |
| Pretax Income | -62.61M | -66.78M | -90.73M | -111.58M | -18.11M | -10.52M | -15.14M |
| Pretax Margin % | -67.41% | -84.18% | -129.95% | -160.81% | -14.14% | -22.02% | -62.95% |
| Income Tax | 203K | 1.07M | 819K | 327K | 386K | -803K | 100K |
| Effective Tax Rate % | -0.32% | -1.6% | -0.9% | -0.29% | -2.13% | 7.64% | -0.66% |
| Net Income | -62.62M | -66.33M | -90.22M | -111.86M | -18.5M | -9.71M | -15.24M |
| Net Margin % | -67.42% | -83.62% | -129.22% | -161.22% | -14.45% | -20.34% | -63.36% |
| Net Income Growth % | 18.13% | 26.48% | 19.34% | -504.68% | -90.48% | 36.26% | - |
| Net Income (Continuing) | -62.81M | -67.84M | -91.55M | -111.91M | -18.5M | -9.71M | -15.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.76M | 3.16M | 4.91M | 6.07M | 0 | 0 | 0 |
| EPS (Diluted) | -4.69 | -5.43 | -7.80 | -11.98 | -5.11 | -3.42 | -4.42 |
| EPS Growth % | 17.53% | 30.42% | 34.83% | -134.34% | -49.42% | 22.62% | - |
| EPS (Basic) | - | -5.43 | -7.80 | -11.66 | -5.11 | -3.42 | -4.42 |
| Diluted Shares Outstanding | 13.34M | 12.21M | 11.56M | 9.67M | 3.62M | 3.45M | 3.45M |
| Basic Shares Outstanding | 13.34M | 12.21M | 11.56M | 9.59M | 3.62M | 3.45M | 3.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Persistent Negative Gross Margins
As reported in recent financial filings, Forge Global's revenue growth remains highly inconsistent, fluctuating between a 2.5% contraction in 2024Q4 and a 33.3% expansion in 2024Q2, reflecting the company's extreme sensitivity to the cyclical nature of private market liquidity and broader venture capital exit windows.
The erratic revenue trajectory suggests that the firm's top-line performance is tethered to external macro conditions rather than predictable, recurring platform adoption. Investors should monitor whether the recent 10.6% growth in 2025Q3 represents a sustainable recovery or merely a temporary uptick in secondary market activity.
Based on reported figures, Forge Global exhibits highly erratic gross margins that swung from 99.2% in 2025Q1 to a negative 33.3% in 2025Q3, indicating that the company's cost of revenue is not scaling linearly with transaction volume and may be burdened by significant, non-variable clearing costs.
This extreme volatility in gross profitability is atypical for a software-oriented platform and suggests that the underlying unit economics are currently failing to achieve operational leverage. The recurring periods of negative gross margins warrant further investigation into whether the company is subsidizing trades to maintain market share.
According to the income statement data, Forge Global's operating income remains deeply negative, with operating margins reaching -95.3% in 2025Q3, demonstrating that the firm has yet to achieve the necessary scale to cover its fixed overhead and regulatory compliance costs through its current revenue streams.
The persistent gap between gross profit and operating expenses suggests that the company's cost structure is heavily front-loaded with fixed investments. Without a significant and sustained increase in transaction volume, the current operating model appears to be structurally incapable of reaching profitability in the near term.
As indicated by recent financial statements, the emergence of stock-based compensation, which reached $5.0 million in 2025Q3, further complicates the assessment of net income, as these non-cash expenses mask the true extent of the cash burn required to retain the specialized talent necessary for platform operations.
The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet the resulting dilution and accounting complexity make it difficult to gauge the underlying operational efficiency. Investors should remain cautious of the disconnect between reported net losses and the actual cash requirements of the business.
Quick answers to the most common questions about buying FRGE stock.
For fiscal year 2024, Forge Global Holdings, Inc. (FRGE) reported total revenue of $79.3M. This represents a 229.9% increase compared to $24.0M in 2019.
Forge Global Holdings, Inc. (FRGE) reported a net loss of $66.3M for the fiscal year ending 2024.
Forge Global Holdings, Inc. (FRGE) reported an operating income of $-82.3M, resulting in an operating profit margin of -103.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Forge Global Holdings, Inc. (FRGE) generated $-34.3M in gross profit for the year, representing a gross profit margin of -43.3%. This demonstrates the company's core pricing power and production efficiency.