Forge Global Holdings, Inc. reported a net loss of $66.3 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $90.2 million in the previous year. The company's total revenues, less transaction-based expenses, increased by 13% to $78.7 million, up from $69.4 million in 2023. This growth was primarily driven by a significant rise in marketplace revenue, which surged by 46% to $37.5 million, attributed to a 73% increase in trading volume. However, the net take rate declined by 50 basis points, reflecting competitive pressures and market conditions.
In terms of operational metrics, Forge facilitated 2,762 trades in 2024, a 57% increase from 1,756 trades in 2023. The total trading volume reached $1.3 billion, compared to $765.9 million the previous year. The company also reported a total of 2.4 million custodial accounts, with assets under custody amounting to approximately $16.9 billion, marking an 8% increase from $15.6 billion in 2023. Despite these gains, custodial administration fees decreased by 5% due to lower cash administration fees linked to declining interest rates.
Strategically, Forge has focused on enhancing its technology-driven platform and expanding its suite of private market solutions. The company has made significant investments in its marketplace, asset management services, and data solutions, which are designed to improve client engagement and streamline transactions. As of December 31, 2024, Forge had approximately 721,000 registered users, including 20,500 institutional investors, who accounted for about 57% of the transaction volume since inception.
Looking ahead, Forge aims to continue its growth trajectory by expanding its product offerings and enhancing market accessibility. The company is also exploring international opportunities, having established Forge Europe in partnership with Deutsche Börse to cater to the European private market. However, Forge acknowledges the challenges posed by a competitive landscape and macroeconomic conditions that could impact its revenue and profitability in the future. The company remains committed to managing its expenses and aligning its workforce with business needs as it navigates these complexities.
About Forge Global Holdings, Inc.
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