Forge(FRGE) - 2024 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2024 was $19.1 million, a 4$18.4 million in Q3 2023[1] - Total revenues for the three months ended September 30, 2024, were $19,216,000, an increase of 3.5$18,563,000 for the same period in 2023[22] - Total marketplace revenues reached $8.6 million in Q3 2024, up 21$7.1 million in the year-ago quarter[1] - Marketplace revenues reached $8,713,000 for the three months ended September 30, 2024, up 19.6$7,283,000 in the same period last year[22] Trading Activity - Trading volume in Q3 2024 was $338.1 million, representing a 44$234.1 million in Q3 2023[1] - Volume for trades was $338,075,000 for the three months ended September 30, 2024, compared to$426,318,000 in the previous quarter, reflecting a decline in trading activity[28] - Trading solutions trades decreased to 680 for the three months ended September 30, 2024, down from 831 in the previous quarter[28] Losses and Expenses - Total operating loss for Q3 2024 was $20.9 million, compared to$21.5 million in the year-ago quarter[3] - Net loss for Q3 2024 was $18.8 million, slightly improved from$19.0 million in Q3 2023[3] - Adjusted EBITDA loss for Q3 2024 was $11.4 million, compared to$10.4 million in the year-ago quarter[4] - Operating loss for the three months ended September 30, 2024, was $(20,903,000), compared to$(21,513,000) for the same period in 2023[22] - Net loss attributable to Forge Global Holdings, Inc. for the three months ended September 30, 2024, was $(18,342,000), compared to$(18,348,000) in the same period last year[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $(11,414,000), worsening from$(7,917,000) in the previous quarter[25] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $114.5 million, down from$144.7 million at the end of 2023[6] - Cash, cash equivalents, and restricted cash at the end of the period were $115,557,000, down from$121,564,000 at the end of the previous quarter[23] - Total assets under custody remained stable at $16.6 billion, unchanged from the previous quarter[10] - Assets under custody reached$16,620,450,000 as of September 30, 2024, slightly up from $16,600,408,000 in the previous quarter[31] Customer Engagement - The number of custodial accounts increased to 2.28 million, up from 2.02 million in the year-ago quarter[10] - Total custodial accounts increased to 2,281,976 as of September 30, 2024, up from 2,211,108 as of June 30, 2024, indicating growth in customer engagement[31] Other Financial Metrics - Basic net loss per share for the three months ended September 30, 2024, was$(0.10), consistent with $(0.11) for the same period in 2023[22] - Cash used in operating activities for the three months ended September 30, 2024, was$(5,828,000), compared to $(14,431,000) for the previous quarter[23] - Total operating expenses for the three months ended September 30, 2024, were$40,046,000, an increase from $39,928,000 in the same period of 2023[22] - The company reported a change in fair value of warrant liabilities of$(932,000) for the three months ended September 30, 2024, compared to $(907,000) in the same period last year[23] - The company reported a net loss attributable to noncontrolling interest of$(502,000) for the three months ended September 30, 2024, compared to $(316,000) in the previous quarter[25] - Share-based compensation expense was$7,622,000 for the three months ended September 30, 2024, slightly down from $7,859,000 in the previous quarter[25] New Initiatives - Forge launched Forge Price, providing pricing transparency for approximately 250 pre-IPO companies, enhancing market access for investors[12]