FRGE Forge Global Holdings, Inc.

Overview and Growth

In fiscal 2024, Forge Global Holdings, Inc. recorded $79.33M of revenue, net loss of $66.33M, and an operating cash outflow of $40.53M. The $79.33M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 13.6% above fiscal 2023 revenue of $69.82M, marking a year-over-year increase. Diluted earnings per share were -$0.36, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $263.51M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.3x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $78.66M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 99.2% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $82.26M operating loss before non-operating and tax effects. An operating margin of -103.7% reflected costs exceeding revenue-level gross profit by 103.7% of sales. The company ended the period with a net loss of $66.33M, extending the operating result through all remaining items. The net loss equaled 83.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported negative EBITDA of $75.61M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $66.78M, establishing the deficit before tax effects. Pretax margin was -84.2%, reflecting a pre-tax loss equal to 84.2% of revenue. The company recognized $1.07M of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 29.3%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 25.2%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $90.22M in fiscal 2023 to $66.33M.

Liquidity and Capital Structure

Total assets were $263.51M, supported by $36.76M of liabilities and $226.74M of shareholder equity. The near-term balance sheet paired $119.17M of current assets with $25.14M of current liabilities at the reporting date. At 4.74x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $105.14M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 418.2% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 86.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 14.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 39.9% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $310.73M in fiscal 2023, the current asset base moved 15.2% and finished lower. Reported equity changed 15.5% from $268.42M in fiscal 2023, placing the current capital base lower year over year. Cash and equivalents were 27.4% lower than fiscal 2023 cash of $144.72M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $40.53M, showing that operations absorbed cash during the period. Capital spending of $792.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $41.33M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 52.1% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 15.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2024. Analysis generated Sep 24, 2026.