Forge(FRGE) - 2024 Q4 - Annual Results

Revenue and Financial Performance - Total revenue less transaction-based expenses for Q4 2024 was $18.3 million, a decrease from$ 19.1 million quarter-over-quarter[3] - Total marketplace revenues less transaction-based expenses increased by 46% year-over-year to $37.0 million[3] - Total revenues for the year ended December 31, 2024, were$ 79.329 million, an increase of 13.4% compared to $69.821 million in 2023[34] - Marketplace revenue for Q4 2024 was$ 8.628 million, while custodial administration fees were $9.961 million, contributing to total revenues of$ 18.589 million for the quarter[34] - Net loss for Q4 2024 was $16.0 million, down from$ 18.8 million quarter-over-quarter[5] - Net loss attributable to Forge Global Holdings, Inc. for the year was $66.333 million, compared to$ 90.221 million in the previous year, reflecting a significant reduction in losses[34] - Operating loss for the year ended December 31, 2024, was $82.263 million, a decrease from$ 91.449 million in 2023, indicating improved operational efficiency[34] - The company reported a basic net loss per share of $0.36 for the year ended December 31, 2024, compared to$ 0.52 in 2023, indicating improved per-share performance[34] - Net loss for the three months ended December 31, 2024, was $15,965 thousand, compared to a net loss of$ 18,844 thousand for the previous quarter, reflecting a decrease of 10%[36] Assets and Liabilities - Total assets decreased to $263.506 million as of December 31, 2024, down from$ 310.731 million in 2023, primarily due to a reduction in current assets[32] - Cash and cash equivalents decreased to $105.140 million in 2024 from$ 144.722 million in 2023, indicating a liquidity challenge[32] - Total liabilities decreased to $36.764 million in 2024 from$ 42.313 million in 2023, showing a reduction in financial obligations[32] - The company’s accumulated deficit increased to $346.972 million in 2024 from$ 280.638 million in 2023, highlighting ongoing challenges in achieving profitability[32] Trading and Custodial Accounts - Total trading volume reached $1.3 billion, representing a 73% increase year-over-year[11] - Total custodial accounts increased by 4% quarter-over-quarter to 2.38 million[17] - Total custodial accounts increased to 2,376,099, representing a 4% growth from 2,281,976 accounts in the previous quarter[42] - Total assets under custody grew by 2% quarter-over-quarter to$ 16.9 billion[17] - Assets under custody rose to $16,897,318 thousand, an increase of 2% from$ 16,620,450 thousand in the prior quarter[42] - Total trades for the three months ended December 31, 2024, were 646, down 5% from 680 trades in the previous quarter[40] Adjusted EBITDA and Cash Flow - Adjusted EBITDA loss for Q4 2024 was $10.9 million, an improvement from$ 11.4 million quarter-over-quarter[6] - Adjusted EBITDA for the three months ended December 31, 2024, was $(10,881) thousand, slightly improved from$ (11,414) thousand in the previous quarter[38] - Net cash used in operating activities for the three months ended December 31, 2024, was $(7,899) thousand, compared to$ (5,828) thousand in the previous quarter[36] - Cash and cash equivalents at the end of the period were $105,140 thousand, down from$ 114,454 thousand at the end of the previous quarter[36] Shareholder Actions and Compensation - Forge's board authorized a share repurchase program of up to $10 million[24] - Share-based compensation for the year ended December 31, 2024, totaled$ 30,489 thousand, down from $34,334 thousand in the previous year[38] - The weighted-average shares used in computing net loss per share increased to 183,160,263 in 2024 from 173,402,167 in 2023, reflecting potential dilution[34] New Initiatives - Forge launched Forge Price, a proprietary pricing model for approximately 200 pre-IPO companies[24]