Frequency Electronics Announces 2025 Quantum Sensing Summit in New York City
Building on the success of the inaugural 2024 summit, this year's two-day program will feature keynotes, panels, and technical sessions highlighting enabling technologies such as Rydberg and NV-diamond sensors, photonic integrated circuits (PICs), frequency combs, and ultra-low-noise oscillators.
'Quantum sensing is at the heart of the next technological revolution,' said Dr. Tom McClelland, CEO of Frequency Electronics. 'This summit is designed to forge the partnerships and strategies that turn today's breakthroughs into tomorrow's deployable solutions.'
The summit is expected to attract 100–150 participants, including key government decision-makers, program managers, and industry innovators, providing a unique forum for collaboration and policy influence in the emerging quantum technology landscape.
About Frequency Electronics
Frequency Electronics, Inc. (FEI) is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI's products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare ('EW') sub-systems and state-of-the-art RF and microwave products. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
www.frequencyelectronics.com
FEI's Mission Statement: 'Our mission is to transform discoveries and demonstrations made in research laboratories into practical, real-world products. We are proud of a legacy which has delivered precision time and frequency generation products, for space and other world-changing applications that are unavailable from any other source. We aim to continue that legacy while adapting our products and expertise to the needs of the future. With a relentless emphasis on excellence in everything we do, we aim, in these ways, to create value for our customers, employees, and stockholders.'
Forward-Looking Statements
The statements in this press release regarding future earnings and operations and other statements relating to the future constitute 'forward-looking' statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, our inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, other supply chain related issues, increasing costs for materials, operating related expenses, competitive developments, changes in manufacturing and transportation costs, the availability of capital, the outcome of any litigation and arbitration proceedings, and failure to maintain an effective system of internal controls over financial reporting. The factors listed above are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the Securities and Exchange Commission. The Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024, filed on August 2, 2024 with the Securities and Exchange Commission includes additional factors that could materially and adversely impact the Company's business, financial condition and results of operations, as such factors are updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the Securities and Exchange Commission's website at www.sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company's business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this press release and any other public statement made by the Company or its management may turn out to be incorrect. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contact information: Dr. Thomas McClelland, President and Chief Executive Officer; Steven Bernstein, Chief Financial Officer; TELEPHONE: (516) 794-4500 ext.5000 WEBSITE: www.freqelec.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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SAN FRANCISCO--(BUSINESS WIRE)--Forge Global Holdings, Inc. ('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. The correction resulted in Net Loss improving to $12.4 million and $28.6 million for the three and six months ended June 30, 2025, respectively, versus $16.6 million and $32.8 million for the same periods reported in the prior release, and Net Loss Per Share attributable to Forge of $(1.01) and $(2.30) for the three and six months ended June 30, 2025, respectively, versus $(1.34) and $(2.63) for the same periods reported in the prior release. These corrections are reflected in the updated Second Quarter Fiscal Year 2025 Results and Highlights, financial statements and related tables as well as supplemental materials. The updated release reads: FORGE GLOBAL HOLDINGS, INC. 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. Fully diluted outstanding share count includes all common shares outstanding plus shares that would be issued in respect to outstanding restricted stock units, options and warrants, net of shares to be withheld in respect to exercise price of the respective instruments. Instruments that are out of the money are excluded from the fully diluted outstanding share count. *Percentages may not be replicated based on the rounded figures presented. KPIs for the Second Quarter 2025 Trading Volume increased from $692.4 million to $756.1 million, up 9% quarter-over-quarter and 77% over the prior year quarter. Net Take Rate increased from 2.3% to 2.4% quarter-over-quarter. Total Marketplace revenues, less transaction-based expenses, increased from $15.8 million to $18.5 million, up 17% quarter-over-quarter. Total Custodial Accounts increased from 2.5 million to 2.6 million, up 4% quarter-over-quarter. Total Assets Under Custody increased from $17.6 billion to $18.1 billion, up 3% quarter-over-quarter. Total Custodial Client Cash went from $460 million to $440 million, declining 4% quarter-over-quarter. Total Custodial Administration Fee revenues, less transaction-based expenses, decreased from $9.3 million to $9.1 million, down 2% quarter-over-quarter. Please refer to the section titled 'Use of Non-GAAP Financial Information' and the tables within this press release which contain explanations and reconciliations of the Company's non-GAAP financial measures. Business Highlights Forge Global Launches Next Generation Marketplace, Delivering a Smarter Way to Trade Private Stock: On June 26, 2025, Forge introduced its Next Generation Marketplace—the first major release on Forge's new API-first Next Generation Platform. The marketplace delivers a smarter way to discover, evaluate, and execute private market trades, transforming what historically has been a manual, opaque process into an intuitive, data-rich and more automated experience. Forge Global Partners with Fortune to Launch Private Market Lists and Rankings: On June 26, 2025, Forge announced it will partner with Fortune Media to launch a new series of lists and rankings dedicated to the private market, powered by proprietary private market data from Forge. By combining Forge's robust dataset — built on thousands of private company transactions, hundreds of thousands of investor signals and Forge's proprietary pricing methodologies — with Fortune's respected editorial expertise, these rankings will surface powerful trends and untold stories shaping the future of global business. Forge Global Expands Investment Management and Wealth Capability with Completion of Accuidity Acquisition: Two days after the close of Q2, Forge announced that it had completed its previously announced acquisition of Accuidity, LLC ('Accuidity'), a specialized asset management firm focused on private market investing, in a simultaneous sign and close transaction. Forge believes that this acquisition marks a significant step forward in Forge's long-term strategic vision to deliver private market access more broadly and to serve as a valuable contributor to the capital ecosystem of high-growth private companies. Webcast/Conference Call Details Forge will host a webcast conference call today, July 30, 2025, at 8:00 a.m. Eastern Time / 5:00 a.m Pacific Time to discuss these financial results and business highlights. 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. 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. 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 Expand (1) Amounts have been adjusted to reflect the Reverse Stock Split. Expand 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: 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 Expand 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 Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) 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 ) Expand 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 ) Expand Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATION Unaudited 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: 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. 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.
