Forge Global — Q2 2025 Earnings Presentation
22 slides from Forge Global's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Results
Je Forge Q2 2025 Results 30 July 2025
Slide 2: Disclaimer
Disclaimer Disclosures Forward-Looking Statements This presentation has been prepared for use by Forge Global Holdings, Inc. (“Forge”) Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the federal for informational purposes only and may not be
Slide 3: Disclaimer
Disclaimer Financial Data and Use of Projections and Illustrative Presentations The financial information and operating metrics contained in this presentation are unaudited and do not conform to Regulation S-X. Such information and data may not be included in, may be adjusted in or may be presented
Slide 4: Disclaimer
Disclaimer Use of Non-GAAP Financial Metrics Use of Other Data In addition to Forge’s financial results determined in accordance with generally accepted accounting principles in the The data contained herein is derived from various internal and external sources. All United States of America ("GAAP")
Slide 5: Executive Leadership
Executive Leadership Kelly Rodriques James Nevin Chief Executive Officer Chief Financial Officer FinTech executive with more than 33 years of experience 25+ years in financial and capital markets experience Previously CEO of PENSCO (acq. NASDAQ:OPB), Totality London Stock Exchange Group (LSEG) incl.
Slide 6: Kelly Rodriques, CEO, Forge Global
Kelly Rodriques, CEO, Forge Global
Slide 7: Private Market Dynamics
Private Market Dynamics Extended Private Lifecycle Alternatives Go Mainstream Democratization of Access Number and Median Age of Traditional Alternatives Private Market Retail Investor VC-Backed IPOs1 Portfolio Portfolio2 Allocation in the US3 $ 3 .0 T 1 6 14 3 0 $2.4T 245 CAGR 76.2% $ 2 .5 T 1 4 2
Slide 8: Market Opportunity - Accelerating Demand Across Four Key Verticals
Market Opportunity - Accelerating Demand Across Four Key Verticals Trading Data Custody Wealth Copyright ©2025 Forge Global, Inc. All rights reserved 8
Slide 9: Why Forge Is Uniquely Positioned To Win
Why Forge Is Uniquely Positioned To Win Trading Infrastructure Companies Proprietary Data API Investors Next Generation Platform Asset Management Shareholders NGM Custody Partners Copyright ©2025 Forge Global, Inc. All rights reserved 9
Slide 10: Copyright ©2025 Forge Global, Inc. All rights reserved
Copyright ©2025 Forge Global, Inc. All rights reserved 10
Slide 11: 2025 Strategic Priorities
2025 Strategic Priorities Opening The Market To New Participants With new investment vehicles and products Expanding our Technology-Enabled Competitive Advantage Through our modern, API-native technology architecture Executing With Discipline By balancing innovation with operational focus Copyright
Slide 12: James Nevin, CFO, Forge Global
James Nevin, CFO, Forge Global
Slide 13: FRGE 2Q25
FRGE 2Q25 Second consecutive quarter of record revenue as a public company 28% year-over-year growth in revenue, net of transaction-related expenses, for H1 2025 Lowest adjusted EBITDA loss as public company Momentum accelerating with the launch of the Next Generation Marketplace, expanded data dist
Slide 14: Q2 Revenues
Q2 Revenues $MMs Q2 2025 Q1 2025 Q2 2024 Gross marketplace revenues ($MMs) $1.1 $0.1 $18.6 $1.4 $16.0 Marketplace revenue $18.6 $16.0 $11.7 Custodial administration fees $9.1 $9.3 $10.6 Qtr Ended 3/31/25 Volume¹ Net Take Rate² Other³ Qtr Ended 6/30/25 Gross custodial administration fees ($MMs) Trans
Slide 15: Q2 operating expense and Adj EBITDA
Q2 operating expense and Adj EBITDA $MMs Q2 2025 Q1 2025 Q2 2024 Total operating expenses $40.4 $41.6 $39.7 Net loss ($16.6) ($16.2) ($14.0) Adj EBITDA ($5.4) ($8.9) ($7.9) Adjusted EBITDA ($MMs) $1.1MM improvement from net revenue less related costs $1.1 $(5.4) $2.5 $1.2 $(1.3) $(8.9) Qtr Ended 3/3
Slide 16: James Nevin, CFO, Forge Global
James Nevin, CFO, Forge Global
Slide 17: YTD YoY Financials
YTD YoY Financials $MMs except EPS H1 2025 H1 2024 % Change Revenue, net $52.7 $41.2 28% Total operating expenses $82.0 $83.9 (2%) Net loss ($32.8) ($33.0) 1% Adj EBITDA ($14.3) ($21.4) 33% EPS – basic and diluted ($2.63) ($2.67) 1% Adjusted EPS 1 – basic and diluted ($2.30) ($3.22) 29% 1 Adjusted E
Slide 18: James Nevin, CFO, Forge Global
James Nevin, CFO, Forge Global
Slide 19: Kelly Rodriques, CEO, Forge Global
Kelly Rodriques, CEO, Forge Global
Slide 20: Trends in Private Markets
Trends in Private Markets Buy-Side Indications of Interest Median Bid-Ask Spread Median Discount to Last Funding Round 3% Spread Last Funding Round Buy Side 64% IOIs Buyer Seller -9% -21% June Sell Side May IOIs Copyright ©2025 Forge Global, Inc. All rights reserved 20
Slide 21: Investment Highlights
Investment Highlights Massive private market opportunity Technology driven competitive advantage Clear path to profitability Copyright ©2025 Forge Global, Inc. All rights reserved 21
Slide 22: Q2 2025 Results
Je Forge Q2 2025 Results 30 July 2025
Forge Global Holdings — Q2 2025 Earnings Presentation on 6ix