Forge Global Q2 revenue $27.6M (record), Adjusted EBITDA loss narrows to $5.4M

Forge Global Holdings, Inc.

2025-Q2 EPS reported -$2.30 revenue$53,035,000

2Q25 total revenue less transaction-based expenses $27.6M, +10% QoQ; 1H25 revenue $52.7M, +28% YoY.
Net loss $16.6M ($1.34 GAAP EPS loss); Adjusted EPS loss $0.99; net loss increased 2% QoQ.
Adjusted EBITDA loss improved to $5.4M (lowest as public company) from $8.9M prior quarter.
Trading volume $756.1M (+77% YoY); net take rate 2.4%; total custodial accounts 2.6M (+4% QoQ).
Guidance: Expects H2 organic revenue and Adjusted EBITDA growth rates inline with H1; Q3 seasonally lower.

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