
11 New Hotels To Visit This Summer
Summer brings steamy days, balmy nights and, with so many exciting hotel openings, the call for a vacation. But with so many possibilities, where to go and perhaps, more importantly, where to stay? Maybe southern Spain, for a round of golf with Gibraltar shining in the background, or Osaka, for a drink at an F. Scott Fitzgerald-inspired speakeasy.
No matter your whim, this group of just-opened hotels (and some soon-to-debut stunners) has you covered. So, mark your calendars and compose your away messages because these fresh properties have finally opened up their booking pages.
Waldorf Astoria New York's amazing accommodations. Waldorf Astoria New York
When Waldorf Astoria New York closed for renovations in 2017, a part of Manhattan shut down with it. Tourists who dreamed of visiting the fabled address for a refined, luxury-filled getaway had to look elsewhere. And locals who frequented Peacock Alley for elevated pours and people-watching were forced to find another bar to do so.
But the iconic property finally reopened July 15, flaunting renovated interiors from architecture firm Skidmore, Owings & Merrill and designer Pierre-Yves Rochon. While exciting new treats highlight the opening — 375 of Manhattan's most spacious accommodations, a reimagined Park Avenue Lobby and kaiseki-inspired restaurant Yoshoku — the inclusion of timeless touches (the restored Waldorf Astoria Clock, the spruced-up Peacock Alley) also help usher in the hotel's new era of quiet grandeur.
Rooms at Rosewood Amsterdam retain Old World charm. Rosewood Amsterdam
The Rosewood Hotel Group has again excelled at what it does best: offering luxury hospitality that is deeply rooted in place. Take what it's done in the Netherlands, for example. Rosewood, with help from the Dutch design firm Piet Boon, converted a stately, 16th-century building that once served as the Palace of Justice, into a new hotel — all while preserving the originally tiled staircases, crown moldings and other details of Old World charm in the process.
The May 1 opening revealed 134 ornate rooms and suites with subtle design accents (the pleated headboards evoke the folds of judicial robes); a 1924 refurbished teak and mahogany saloon boat; and a lobby inspired by Amsterdam's iconic Rijksmuseum, with 10,000 pieces of art curated around the hotel.
Fairmont Golden Prague celebrates Czech artistry. Fairmont Golden Prague Fairmont Golden Prague
In 1974, Czech architect Karel Filsak designed the former InterContinental Prague in the Brutalist architectural style that dominated the day. Fairmont Golden Prague gave the historic building a careful restoration, while also celebrating Czech artistry within its walls, as seen in the curated art installations, heritage ceiling carvings and locally made glassware displayed throughout the 320 guest rooms and common spaces.
The tranquil, steady presence of the Vltava River can be felt everywhere you turn, including the window seats in guest rooms, Prague's only heated outdoor pool and the spa's riverside relaxation garden.
Ontario's new Hard Rock Hotel hits all the right notes. Hard Rock Hotel London Ontario, Canada Hard Rock Hotel London Ontario, Canada
This new Hard Rock Hotel embraces the bold. A 32-foot metallic guitar sculpture out front reveals as much. Music is the unquestioned focal point here, with the hotel in Canada's largest indoor entertainment complex and in the country's first designated UNESCO City of Music. However, the 164-room hotel centers around much more than a stage for screaming rock stars; instead, music is thoughtfully integrated into every element of a guest's stay.
The brand's signature Sound of Your Stay program provides expertly curated playlists, an in-room Victrola record player and the opportunity to have a top-of-the-line guitar delivered to the room for a jam session during your visit. Tunes are also incorporated into the hotel's wellness offerings, from the high-energy tracks played in the underwater pool to the on-demand yoga flows paired to a mellow soundtrack.
Waldorf Astoria Osaka includes its own version of the Peacock Alley. Waldorf Astoria Osaka Waldorf Astoria Osaka
When this Waldorf Astoria opened in April, it marked the storied hotel brand's debut in Japan. The team wisely tapped Hong Kong-based architect André Fu, whose resumé includes Forbes Travel Guide Four-Star Shangri-La Tokyo, to infuse Waldorf Astoria's iconic look with Japanese techniques and materials. The result is stunning and simultaneously subtle. A keen eye will spot clever peacock motifs, the Waldorf's signature calling card, seamlessly woven into geometric designs.
This intriguing blend of art deco opulence and Japanese-style minimalism shines in the 252 rooms and suites, some of Osaka's largest, which all come with spa-inspired bathrooms and floor-to-ceiling windows with automated drapes and linen curtains controlled from the bed. The Osaka rendition of the signature Peacock Alley is stunning, boasting panoramic views. Still, it's the speakeasy-style bar, Canes & Tales, that represents the best fusion of East and West. Step behind an unmarked green door to find yourself transported back to a Jazz Age bar mixing cocktails inspired by F. Scott Fitzgerald.
Orient Express finally takes its luxury travel standards to hotels. Orient Express Minerva Orient Express Minerva
The Orient Express is often credited with ushering in a new era of luxury train travel, and this reputation carries over to the Accor brand's first venture into stationary accommodations — a 93-room hotel in Rome. Embodying the company's timeless elegance, the history-rich property is next to the Pantheon in a building that dates back to 1620, which later served as a popular destination for high-society travelers embarking on the Grand Tour.
Today, visitors will find warm, sumptuous woods and luxurious fabrics in each unique room imagined by Franco-Mexican artist-architect Hugo Toro, who also crafted all the furniture. In a city known for its rooftops, Gigi Rigolatto Roma has an enviable seventh-floor perch with a view of terra-cotta rooftops, the Pantheon's dome and St. Peter's Basilica. A stop by the Bellini Bar offers a picture-perfect toast.
Fairmont La Hacienda Costa del Sol brings golf excitement to Andalusia. Fairmont La Hacienda Costa del Sol Fairmont La Hacienda Costa del Sol
Andalusia, the southernmost region of Spain, where the Mediterranean meets coastal mountains, has remained a well-kept secret until now. At Fairmont La Hacienda, which opened in the spring, Spanish architecture firm Daar Studio used earth tones and landscaping to make the 311-room resort blend seamlessly with the Andalusian terrain. Most of the Studio Ibu-designed rooms have uninterrupted vistas of the sea and all feature abundant natural materials, as well as private terraces.
Besides the stunning scenery, the resort also delivers two award-winning golf courses with views of Gibraltar and Africa. The other big draw is internationally renowned Spanish chef Benito Gómez's restaurant, Dalmar, which celebrates the culinary flavors of Andalusia's coast with modern flair.
Mandarin Oriental Qianmen, Beijing is a charming escape. Mandarin Oriental Qianmen, Beijing Mandarin Oriental Qianmen, Beijing
Mandarin Oriental Qianmen gives guests a unique opportunity to immerse themselves in a neighborhood of hutongs , or traditional narrow streets. The luxury hotel group has renovated 42 courtyard houses, modernizing the interiors while maintaining the classic siheyuan (courtyard house) architectural style. The result is an utterly charming escape to another world.
The Beijing hotel features elevated food and beverage options, including Cantonese and Chaozhou cuisine at Yan Garden by Chef Fei, all-day Italian dining at VICINI, historically inspired cocktails at the lively two-story TIAO cocktail bar and afternoon tea at Maple Lounge. And if you're in need of some relaxation, spend the day at the hotel's spa, a 10,000-square-foot escape that promises traditionally inspired treatments in a sleek, modern setting. Soon-To-Open Properties Faena New York
When Faena New York opens in August, it will bring a touch of the playful, art deco decadence to West Chelsea that has characterized the brand's Five-Star Miami Beach property for the past decade. The Argentina-based hospitality group plans to infuse the new hotel with Latin flair, with help from South American chef Francis Mallmann, known for his work on Chef's Table and Miami's Four-Star Los Fuegos. Mallmann's new open-fire cooking restaurant, La Boca, is named after a vibrant neighborhood in Buenos Aires.
Additionally, the 17,000-square-foot South American-inspired wellness sanctuary, Tierra Santa Healing House, promises total rejuvenation through a combination of traditional rituals and advanced treatments.
Witness the Great Migration from gorgeous grounds. The Ritz-Carlton, Masai Mara Safari Camp The Ritz-Carlton, Masai Mara Safari Camp
Imagine waking up in a tented suite with a view of the Sand River and golden savannahs stretching as far as the eye can see and having a front row seat to one of nature's most dramatic phenomena: the Great Migration. When The Ritz-Carlton, Masai Mara Safari Camp opens in August in the 580-square-mile Masai Mara National Reserve in Kenya, this dream of seeing millions of wildebeests, zebras and other animals on their annual trek will be a reality.
The 'camp' consists of 20 architecturally unique tented suites, each with a private deck, plunge pools and butler service. Days will consist of guided safaris in the open-air Land Cruiser at sunrise, listening to a symphony of more than 500 species of birds and dining by firelight under the expansive night sky.
Experience luxury from the world's second-tallest building. Park Hyatt Kuala Lumpur Park Hyatt Kuala Lumpur
This towering Kuala Lumpur property promises to elevate luxury to the highest level, thanks to its positioning on the top 17 floors of the world's second-tallest building (behind the Burj Khalifa), the 118-story Merdeka 118. The 252-room hotel, scheduled to open in August, will be a food and beverage destination with its 75th floor, which will house Merdeka Grill, a sleek, modern grill; Park Lounge, an all-day restaurant; and Cacao Mixology & Chocolate, the city's first chocolate-themed bar and its highest bar.
Guests can indulge in ancient Malaysian healing practices at ESSA Spa, a sanctuary on the 99th floor. Inspired by Malaysia's rich cultural traditions, the hotel's interiors from G.A Group (which has done the design for Atlantis The Royal and JW Marriott Hotel Nara) are minimalist and elegant, allowing the breathtaking views from the massive windows to take center stage. MORE FROM FORBES Forbes 27 Hotels With Luxury Car Collaborations By Melinda Sheckells Forbes Forbes Travel Guide's Best Hotel Bars For 2025 By Jennifer Kester Forbes 18 Undiscovered Beach Getaways By Forbes Travel Guide Forbes From Anguilla To Australia, Forbes Travel Guide's 2025 Star Award Winners By Jennifer Kester
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("Forge" or the "Company") (NYSE:FRGE), today announced a correction to its press release issued on July 30, 2025, announcing the Company's unaudited financial results for the second quarter and six months ended June 30, 2025. The correction relates to non-cash entries recorded in connection with the valuation and accounting presentation of the Company's warrant liabilities and conforms reporting and presentation in the prior release and supplemental materials to the results and presentation to be reported in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. The correction had no impact on the Company's revenues, cash flows, Adjusted EBITDA or Adjusted EPS reported in the prior release and supplemental materials. 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REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS 1H25 Total Revenues Less Transaction-Based Expenses increased 28% year-over-year to $52.7 million on strength of second consecutive quarter of record revenue as a public company. 2Q25 Total Revenues Less Transaction-Based Expenses increased 10% quarter-over-quarter to $27.6 million from $25.1 million. 1H25 Net Loss decreased 13% year-over-year to $28.6 million and decreased 23% quarter over quarter in 2Q25 to $12.4 million. 1H25 Adjusted EBITDA loss improved 33% year-over-year from $21.4 million to $14.3 million. 2Q25 Adjusted EBITDA loss of $5.4 million, lowest as a public company. 1H25 Trading Volume increased to $1.4 billion up 110% year-over-year, exceeding full year 2024 trading volume. Forge Global Holdings, Inc. ("Forge") (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, and technology and investment solutions for the private market, today announced its financial results for the quarter ended June 30, 2025. "Q2 marked a milestone quarter for Forge as we launched our new marketplace experience on our Next Generation Platform and achieved our second consecutive record quarter in terms of revenue, and our narrowest quarterly EBITDA loss since going public," said Kelly Rodriques, CEO of Forge. "Across four key verticals — trading, data, custody, and wealth — we see accelerating demand for the modern private market infrastructure that Forge is delivering. Forge is strategically positioned at the intersection of these trends — and our Next Generation Strategy is designed to address this opportunity." "We expect second half year-over-year organic revenue and Adjusted EBITDA growth rates to continue inline with the year-over-year growth rates we have seen in the first half," said James Nevin, CFO of Forge. "Revenues in Q3 are generally lower than Q2 and Q4 driven by seasonality." Financial Highlights for the Second Quarter of 2025 Revenue: Total revenues less transaction-based expenses were $27.6 million compared to $25.1 million, a 10% increase quarter-over-quarter, and Forge's second consecutive highest revenue quarter as a public company. Operating Loss: Total operating loss improved to $12.8 million from $16.5 million in the prior quarter. Net Loss: Net loss was $12.4 million compared to $16.2 million quarter-over-quarter. Adjusted EBITDA: Total Adjusted EBITDA loss improved to $5.4 million from $8.9 million in the prior quarter, Forge's lowest Adjusted EBITDA loss as a public company. Earnings Per Share (EPS): Second quarter Net loss per share attributable to Forge was $(1.01) and Adjusted EPS was $(0.99). Cash Flow from Operating Activities: Net cash used in operating activities was $7.8 million compared to $12.8 million in the prior quarter. Available Liquidity: Cash and cash equivalents and investments as of June 30, 2025 were $81.8 million. Share Count: Basic weighted-average number of shares used to compute net loss per share attributable to common stockholders, after adjusting for the Reverse Stock Split, for the quarter ended June 30, 2025, was 12,474,069 shares and fully diluted outstanding share count as of June 30, 2025 was 13,080,129 shares. For the quarter ending September 30, 2025, Forge estimates that it will have 12,478,622 weighted average basic shares outstanding, which will be used to calculate earnings per share in a loss position. 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The listen-only webcast is available at Investors and participants can access the conference call over the phone by dialing 1 (800) 715-9871 from the United States, or +1 (646) 307-1963 internationally. The conference ID is 6194475. Following the conference call, an on-demand replay of the webcast, as well as the slides shown during the call, will be made available on the Investor Relations page of Forge's website at Use of Non-GAAP Financial Information In addition to Forge's financial results determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"), Forge presents Adjusted EBITDA and Adjusted EPS, non-GAAP financial measures. Forge uses these non-GAAP financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes. Forge believes these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding its performance by excluding specific financial items that have less bearing on its core operating performance. Forge considers Adjusted EBITDA and Adjusted EPS to be important measures because they help illustrate underlying trends in its business and historical operating performance on a more consistent basis. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in Forge's industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to net loss attributable to common stockholders, the most directly comparable financial measure stated in accordance with GAAP and Adjusted EPS to EPS. Investors are encouraged to review Adjusted EBITDA and Adjusted EPS and the respective reconciliations and not to rely on any single financial measure to evaluate Forge's business. Forge defines Adjusted EBITDA as net loss attributable to Forge Global Holdings, Inc., adjusted to exclude: (i) net loss attributable to noncontrolling interest, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) share-based compensation expense, (v) interest income, (vi) change in fair value of warrant liabilities, and (vii) other significant gains, losses, and expenses such as impairments, acquisition-related transaction and reorganization costs that Forge believes are not indicative of its ongoing results. Forge defines Adjusted EPS as net loss attributable to Forge Global Holdings, Inc., adjusted to exclude: (i) net change in fair value of warrant liabilities and (ii) the tax effect of the adjustment at Forge's effective tax rate from continuing operations divided by the weighted average shares outstanding for the respective periods. Forward-Looking Statements This press release contains "forward-looking statements," which generally are accompanied by words such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "target," "goal," "expect," "should," "would," "plan," "predict," "project," "forecast," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict, indicate, or relate to future events or trends or Forge's future financial or operating performance, or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Forge's beliefs regarding its financial position and operating performance, as well as future opportunities for Forge to expand its business. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, while considered reasonable by Forge and its management, are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. You should carefully consider the risks and uncertainties described in Forge's documents filed, or to be filed, with the SEC. There may be additional risks that Forge presently does not know of or that it currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forge's expectations, plans, or forecasts of future events and views as of the date of this press release. Forge anticipates that subsequent events and developments will cause its assessments to change. However, while Forge may elect to update these forward-looking statements at some point in the future, Forge specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Forge's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. About Forge Forge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services and technology and investment solutions for the private market. Forge Securities LLC is a registered broker-dealer and a member of FINRA that operates an alternative trading system. FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Balance Sheets (In thousands of U.S. dollars, except share and per share data) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 54,310 $ 105,140 Restricted cash 1,138 1,116 Accounts receivable, net 8,119 4,706 Prepaid expenses and other current assets 10,020 8,205 Investments 26,393 — Total current assets $ 99,980 $ 119,167 Internal-use software, property and equipment, net 1,557 2,920 Goodwill and other intangible assets, net 126,055 126,456 Operating lease right-of-use assets 3,985 5,107 Payment-dependent notes receivable 9,604 7,412 Other assets, noncurrent 1,664 2,444 Total assets $ 242,845 $ 263,506 Liabilities and stockholders' equity Current liabilities: Accounts payable 2,744 1,941 Accrued compensation and benefits 13,600 13,430 Accrued expenses and other current liabilities 6,765 6,310 Operating lease liabilities, current 2,032 3,463 Total current liabilities $ 25,141 $ 25,144 Payment-dependent notes payable 9,604 7,412 Operating lease liabilities, noncurrent 3,231 3,694 Warrant liabilities 296 192 Other liabilities, noncurrent 329 322 Total liabilities $ 38,601 $ 36,764 Commitments and contingencies Stockholders' equity (1): Common stock, $0.0001 par value; 133,333 shares authorized; 12,411 and 12,427 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock, at cost; 10 shares as of both June 30, 2025 and December 31, 2024, respectively (625 ) (625 ) Additional paid-in capital 575,676 570,606 Accumulated other comprehensive income 1,193 572 Accumulated deficit (375,724 ) (346,972 ) Total Forge Global Holdings, Inc. stockholders' equity $ 200,521 $ 223,582 Noncontrolling Interest 3,723 3,160 Total stockholders' equity $ 204,244 $ 226,742 Total liabilities and stockholders' equity $ 242,845 $ 263,506 (1) Amounts have been adjusted to reflect the Reverse Stock Split. FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Operations (In thousands of U.S. dollars, except share and per share data) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Revenues: Marketplace revenue $ 18,597 $ 15,997 $ 11,679 $ 34,594 $ 20,199 Custodial administration fees 9,142 9,299 10,603 18,441 21,325 Total revenues $ 27,739 $ 25,296 $ 22,282 $ 53,035 $ 41,524 Transaction-based expenses: Transaction-based expenses (155 ) (192 ) (256 ) (347 ) (285 ) Total revenues, less transaction-based expenses $ 27,584 $ 25,104 $ 22,026 $ 52,688 $ 41,239 Operating expenses: Compensation and benefits 27,193 29,491 28,784 56,684 58,627 Technology and communications 4,667 4,349 2,649 9,016 5,709 Professional services 1,204 2,332 1,605 3,536 3,822 General and administrative 2,144 2,254 2,508 4,398 7,570 Advertising and market development 1,528 1,215 1,243 2,743 2,333 Acquisition-related transaction costs 1,988 — — 1,988 — Depreciation and amortization 909 986 1,781 1,895 3,597 Rent and occupancy 786 946 1,107 1,732 2,242 Total operating expenses $ 40,419 $ 41,573 $ 39,677 $ 81,992 $ 83,900 Operating loss $ (12,835 ) $ (16,469 ) $ (17,651 ) $ (29,304 ) $ (42,661 ) Interest and other income: Interest income 803 1,042 1,495 1,845 3,204 Change in fair value of warrant liabilities (294 ) 191 2,280 (103 ) 6,727 Other income, net 76 54 94 130 170 Total interest and other (expense) income $ 585 $ 1,287 $ 3,869 $ 1,872 $ 10,101 Loss before provision for income taxes $ (12,250 ) $ (15,182 ) $ (13,782 ) $ (27,432 ) $ (32,560 ) Provision for income taxes 189 1,016 258 1,205 474 Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) $ (28,637 ) $ (33,034 ) Net income (loss) attributable to noncontrolling interest $ 141 $ (26 ) $ (316 ) $ 115 $ (686 ) Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Basic $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Basic 12,474 12,534 12,179 12,503 12,112 Diluted 12,474 12,534 12,179 12,503 12,112 FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Cash Flows (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Cash flows from operating activities: Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) (28,637 ) $ (33,034 ) Adjustments to reconcile net loss to net cash used in operations: Share-based compensation 3,436 6,519 7,859 9,955 17,326 Depreciation and amortization 746 941 1,781 1,687 3,597 Amortization of right-of-use assets 509 613 662 1,122 1,305 Loss on impairment of long lived assets — — — — 186 Allowance for doubtful accounts 99 170 107 269 216 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Other (6 ) 4 — (2 ) (10 ) Changes in operating assets and liabilities: Accounts receivable (2,365 ) (1,317 ) 923 (3,682 ) (673 ) Prepaid expenses and other assets (1,523 ) 506 (5,353 ) (1,017 ) (4,228 ) Accounts payable 363 461 (1,004 ) 824 62 Accrued expenses and other liabilities 100 396 (4,636 ) 496 (1,854 ) Accrued compensation and benefits 4,004 (3,833 ) 2,041 171 (1,926 ) Operating lease liabilities (990 ) (904 ) (491 ) (1,894 ) (1,046 ) Net cash used in operating activities $ (7,772 ) $ (12,833 ) $ (14,431 ) $ (20,605 ) $ (26,806 ) Cash flows from investing activities: Maturity of investments and term deposits 14,673 534 6,559 15,207 6,559 Purchases of investments and term deposits (19,397 ) (22,012 ) — (41,409 ) — Purchases of property and equipment (100 ) (51 ) (267 ) (151 ) (667 ) Net cash provided by (used in) investing activities $ (4,824 ) $ (21,529 ) $ 6,292 $ (26,353 ) $ 5,892 Cash flows from financing activities: Proceeds from exercise of options 47 26 235 73 461 Taxes withheld and paid related to net share settlement of equity awards (170 ) (679 ) (1,135 ) (849 ) (3,437 ) Share buyback $ (4,139 ) $ — $ — $ (4,139 ) $ — Cash paid for fractional shares related to stock split $ (4 ) $ — $ — $ (4 ) $ — Net cash used in financing activities $ (4,266 ) $ (653 ) $ (900 ) $ (4,919 ) $ (2,976 ) Effect of changes in currency exchange rates on cash and cash equivalents $ 711 $ 358 $ (78 ) 1,069 (331 ) Net decrease in cash and cash equivalents (16,151 ) (34,657 ) (9,117 ) $ (50,808 ) $ (24,221 ) Cash, cash equivalents and restricted cash, beginning of the period $ 71,599 $ 106,256 $ 130,681 $ 106,256 $ 145,785 Cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets Cash and cash equivalents 54,310 70,472 120,475 54,310 120,475 Restricted cash 1,138 1,127 1,089 1,138 1,089 Total cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Interest expense, net (803 ) (1,042 ) (1,495 ) (1,845 ) (3,204 ) Provision for income taxes 189 1,016 258 1,205 474 Depreciation and amortization 909 986 1,781 1,895 3,597 Net loss attributable to noncontrolling interest 141 (26 ) (316 ) 115 (686 ) Loss or impairment on long lived assets — — — — 186 Share-based compensation expense 3,436 6,519 7,859 9,955 17,326 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Acquisition-related transaction costs 1,988 — — 1,988 — Other 993 — $ — 993 $ — Adjusted EBITDA $ (5,433 ) $ (8,910 ) $ (7,917 ) $ (14,343 ) $ (21,382 ) Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Income tax (expense) benefit of adjustment (4 ) 13 48 (4 ) 108 Adjusted net loss attributable to Forge Global Holdings, Inc. $ (12,290 ) $ (16,350 ) $ (15,956 ) $ (28,653 ) $ (38,967 ) Weighted average shares - basic and diluted 12,474 12,534 12,179 12,503 12,112 EPS - basic and diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Adjusted EPS - basic and diluted $ (0.99 ) $ (1.30 ) $ (1.31 ) $ (2.30 ) $ (3.22 ) Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATIONUnaudited KEY OPERATING METRICS(In thousands of U.S. dollars) Key Business Metrics Forge monitors the following key business metrics to help evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions. The tables below reflect period-over-period changes in Forge's key business metrics, along with the percentage change between such periods. Forge believes the following business metrics are useful in evaluating its business: Three Months Ended Six Months Ended Dollars in thousands June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 MARKETPLACE SOLUTIONS Trades 927 963 831 1,890 1,436 Volume $ 756,110 $ 692,391 $ 426,318 $ 1,448,501 $ 688,856 Net Take Rate 2.4 % 2.3 % 2.7 % 2.4 % 2.9 % Marketplace revenues, less transaction-based expenses $ 18,490 $ 15,831 $ 11,423 $ 34,321 $ 19,914 Average trade size (volume/trades) $ 816 $ 719 $ 513 $ 766 $ 480 Trades are defined as the total number of orders executed by Forge on behalf of private investors and shareholders. Increasing the number of orders is critical to increasing Forge's revenue and, in turn, to achieving profitability. Volume is defined as the total sales value for all securities traded through the Forge marketplace, which is the aggregate value of the issuer company's equity attributed to both the buyer and seller in a trade and as such a $100 trade of equity between buyer and seller would be captured as $200 volume for Forge. Although Forge typically captures a commission on each side of a trade, Forge may not in certain cases due to factors such as the use of a third-party broker by one of the parties or supply factors that would not allow Forge to attract sellers of shares of certain issuers. Volume is influenced by, among other things, the pricing and quality of Forge's services as well as market conditions that affect private company valuations, such as increases in valuations of comparable companies at IPO. Net Take Rates are defined as Forge's marketplace revenues, less markets-related transaction-based expenses, divided by Volume. These represent the percentage of fees earned by the Forge marketplace on any transactions executed from the commission Forge charged on such transactions less transaction-based expenses, which is a determining factor in Forge's revenue. The Net Take Rate can vary based upon the service or product offering and is also affected by the average order size and transaction frequency. As of or for the Three Months Ended Dollars in thousands June 30,2025 March 31,2025 December 31,2024 CUSTODY SOLUTIONS Total Custodial Accounts 2,598,846 2,508,443 2,376,099 Assets Under Custody $ 18,132,637 $ 17,635,034 $ 16,897,318 Custodial Client Cash $ 440,278 $ 459,685 $ 482,946 Custodial administration fees, less transaction-based expenses $ 9,094 $ 9,273 $ 9,839 Total Custodial Accounts are defined as Forge clients' custodial accounts that are established on Forge's platform and billable. These relate to Forge's Custodial Administration fees revenue stream and are an important measure of Forge's business as the number of Total Custodial Accounts is an indicator of Forge's future revenues from certain account maintenance, transaction and cash administration fees. Assets Under Custody is the reported value of all client holdings held under Forge's agreements, including cash submitted to Forge by the responsible party. These assets can be held at various financial institutions, issuers and in Forge's vault. As the custodian of the accounts, Forge collects all interest and dividends, handles all fees and transactions and any other considerations for the assets concerned. Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business. Custodial Client Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge's agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Client Cash is a determining factor in Forge's revenue. Please note that starting in the first quarter of 2025, Forge has added Custodial Client Cash as a key business metric for its custody solution as cash administration fee revenue is highly correlated to this metric. Custodial Client Cash has been provided as a metric in Forge's quarterly supplemental information furnished with the SEC since the third quarter of 2022 and was previously called Custodial Cash Balance. Forge has not adjusted methodology, assumptions, or otherwise changed any aspects of this metric and it is comparable to prior period presentations of Custodial Cash Balance in Forge's quarterly supplemental information. Custodial Client Cash represents the value of cash held on behalf of clients held under Forge's custody solution agreements. Forge believes that disclosing Custodial Client Cash provides investors with valuable insight into custody solution revenue as cash administration fees currently make up the majority of Forge's custodial administration fee revenue. Cash administration fees are based on prevailing interest rates and custodial client cash balances. Forge has included Custodial Client Cash balances for all periods presented to facilitate comparability and trend analysis. View source version on Contacts Investor Relations Contact: Idalia Rodriguez, Arbor Advisory Groupir@ Media Contact: Lindsay Riddellpress@

Wall Street Journal
11 minutes ago
- Wall Street Journal
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For months, the economy sent off mixed signals, with employers and consumers expressing anxiety in surveys but underlying economic data generally solid. This past week, the fog lifted. On Wednesday, official data showed economic output and consumer spending slowed markedly over the first half of the year. Later that day, the Federal Reserve held interest rates steady, citing inflation and a solid labor market.