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Forge Global Holdings Inc. (FRGE+2.08%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Forge's commitment to democratizing access to private markets through a comprehensive suite of private market solutions. This includes a technology-driven platform connecting buyers and sellers of private shares with investment and custody opportunities.
Forge's revenue for the year was primarily driven by fees from its marketplace and custody solutions. Marketplace revenue increased by 46% to $37.5 million, while custodial administration fees decreased by 5% to $41.8 million.
Total revenues, less transaction-based expenses, increased by 13% to $78.7 million. The company's net loss was $66.3 million, down from $90.2 million in the previous year.
Forge reported a gross profit of $1.9 million for the quarter, compared to $4 million in the previous year, with the decline attributed to reduced production.
Operating expenses totaled $160.9 million, with compensation and benefits accounting for $113 million of that total. Professional services and technology and communications expenses decreased by $3.5 million and $2 million, respectively.
Forge's cash and cash equivalents as of December 31, 2024, were $105.1 million. The company believes its existing cash will be sufficient to meet its operating working capital and capital expenditure requirements for the next twelve months.
Forge also announced a share repurchase program of up to $10 million, which may be modified, suspended, or terminated at any time.
The filing includes a discussion of the company's growth strategy, which focuses on scaling alongside clients, expanding into new segments, and enhancing private market accessibility through innovative products.
Forge identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience. The company is addressing this issue to ensure compliance with regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forge Global Holdings Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.