- \n
- Total Revenues Less Transaction-Based Expenses estimated to be $24.9 million to $25.1 million, Forge\u2019s highest revenue quarter as a public company and up from $18.3 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
- \n
- Total Marketplace Revenues Less Transaction-Based Expenses estimated to be $15.7 million to $15.8 million, up from $8.4 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
- \n
- Total Volume increases 132% to $692.5 million, up from $299 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
- \n
- Total Custodial Administration Fees Less Transaction-Based Expenses estimated to be $9.2 million to $9.3 million, down from $9.8 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
SAN FRANCISCO–(BUSINESS WIRE<\/a>)–
\nForge Global Holdings, Inc. (\u201cForge\u201d) (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, and technology and investment solutions for the private market, today announced certain preliminary financial results and key business metrics for the quarter ended March 31, 2025.\n<\/p>\n\n\u201cIn Q1, improving market dynamics, post-election fervor that carried into the start of the year, and several large institutional block trades, are currently estimated to result in our best revenue quarter as a public company. This performance is estimated to exceed our internal forecasts,\u201d said James Nevin, CFO of Forge. \u201cIn addition to increased market traction in the quarter, we continued to invest in our fully automated marketplace technology and in the distribution of our proprietary and industry-leading data as validated by our Yahoo Finance partnership. We\u2019re pleased with our momentum and continued progress and look forward to sharing our full results in early May.\u201d\n<\/p>\n
\nEstimated marketplace revenue less transaction-based expenses of $15.7 million to $15.8 million exceeded internal forecasts. Trading volume increased 132% in the quarter over the prior quarter, jumping to $692.5 million. Net take rate in the quarter is estimated to be 2.3%, a decline from the prior quarter, attributable to mix of clients and several large block trades. Custodial revenue is estimated to be in line with internal forecasts.\n<\/p>\n
\nForge\u2019s estimated net loss of ($16.2) million to ($16.7) million and Adjusted EBITDA loss of ($8.9) million to ($9.3) million reflect Forge\u2019s estimated revenue improvement, less related variable compensation, which was partially offset by separation costs in connection with a CFO transition, higher technology costs related to the ramp up of off-shore resources, and seasonally higher costs such as payroll related taxes.\n<\/p>\n
\nCash and cash equivalents and short-term investments totaled $93.1 million at March 31, 2025 down from $106.2 million at December 31, 2024. In addition to cash used to fund operations, Forge pays annual bonuses in the first quarter each year, resulting in seasonally higher cash burn.\n<\/p>\n
Certain Preliminary Results for the Three Months Ended March 31, 2025<\/span><\/b><\/p>\n
\nThese financial results contain estimates for certain of Forge\u2019s financial results and key business metrics for the three months ended March 31, 2025. These estimates are based on preliminary unaudited information for the three months ended March 31, 2025, are not a comprehensive statement of Forge\u2019s financial results for this period, and are subject to change pending completion of Forge\u2019s customary financial closing procedures, final adjustments, and other developments that may arise between now and the time the review of Forge\u2019s financial statements is completed. As such, final reported results could differ from these initial estimates and any differences could be material. Forge will report its complete financial results for the first quarter of 2025 in conjunction with its quarterly earnings conference call, which is currently planned to be held on May 7.\n<\/p>\n
\nThe following are Forge\u2019s estimates for such financial results and key business metrics for the three months ended March 31, 2025:\n<\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nAs of and for the three months ended\n<\/p>\n
\nMarch 31, 2025\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nRange\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (dollars in millions)<\/i><\/p>\n<\/td>\n
\n \nLow\n<\/p>\n
\n(estimated)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nHigh\n<\/p>\n
\n(estimated)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Financial Results:<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenues, less transaction-based expenses:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMarketplace\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n15.7\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n15.8\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCustodial Administration\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n9.2\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n9.3\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenues, less transaction-based expenses\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n24.9\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n25.1\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(16.7\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(16.2\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(9.3\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(8.9\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nAs of and for the three months ended\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nMarch 31, 2025\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nDecember 31, 2024\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Key Business Metrics:<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrades\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n964\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n646\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nVolume\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n692\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n299\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Take Rate\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2.3\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2.8\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Custodial Accounts\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,508,388\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,376,099\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Assets Under Custody\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n17,635\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n16,897\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCustodial Customer Cash\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n460\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n483\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nPlease refer to the section titled \u201cUse of Non-GAAP Financial Information\u201d and the table within this press release which contains explanations and reconciliations of Forge\u2019s non-GAAP financial measures.\n<\/p>\n
- \n
- \nTrades are defined as the total number of orders executed by Forge on behalf of private investors and shareholders. Increasing the number of orders is critical to increasing Forge\u2019s revenue and, in turn, to achieving profitability.\n<\/li>\n<\/ul>\n
- \n
- \nVolume is defined as the total sales value for all securities traded through the Forge marketplace, which is the aggregate value of the issuer company\u2019s equity attributed to both the buyer and seller in a trade and as such a $100 trade of equity between buyer and seller would be captured as $200 volume for Forge. Although Forge typically captures a commission on each side of a trade, Forge may not in certain cases due to factors such as the use of a third-party broker by one of the parties or supply factors that would not allow Forge to attract sellers of shares of certain issuers. Volume is influenced by, among other things, the pricing and quality of Forge\u2019s services as well as market conditions that affect private company valuations, such as increases in valuations of comparable companies at IPO.\n<\/li>\n<\/ul>\n
- \n
- \nNet Take Rates are defined as Forge\u2019s marketplace revenues, less markets-related transaction-based expenses, divided by Volume. These represent the percentage of fees earned by the Forge marketplace on any transactions executed from the commission Forge charged on such transactions less transaction-based expenses, which is a determining factor in Forge\u2019s revenue. The Net Take Rate can vary based upon the service or product offering and is also affected by the average order size and transaction frequency.\n<\/li>\n<\/ul>\n
- \n
- \nTotal Custodial Accounts are defined as Forge clients\u2019 custodial accounts that are established on Forge\u2019s platform and billable. These relate to Forge\u2019s Custodial Administration fees revenue stream and are an important measure of Forge\u2019s business as the number of Total Custodial Accounts is an indicator of Forge\u2019s future revenues from certain account maintenance, transaction and cash administration fees.\n<\/li>\n<\/ul>\n
- \n
- \nAssets Under Custody is the reported value of all client holdings held under Forge\u2019s agreements, including cash submitted to Forge by the responsible party. These assets can be held at various financial institutions, issuers and in Forge\u2019s vault. As the custodian of the accounts, Forge collects all interest and dividends, handles all fees and transactions and any other considerations for the assets concerned. Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business.\n<\/li>\n<\/ul>\n
- \n
- \nCustodial Customer Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge\u2019s agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Customer Cash is a determining factor in Forge\u2019s revenue.\n<\/li>\n<\/ul>\n
Use of Non-GAAP Financial Information<\/span><\/b><\/p>\n
\nIn addition to Forge\u2019s financial results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Forge presents Adjusted EBITDA, a non-GAAP financial measure. Forge uses Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes. Forge believes that Adjusted EBITDA, when taken together with the corresponding GAAP financial measure, provides meaningful supplemental information regarding its performance by excluding specific financial items that have less bearing on its core operating performance. Forge considers Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in its business and historical operating performance on a more consistent basis.\n<\/p>\n
\nHowever, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in Forge\u2019s industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review Adjusted EBITDA and the reconciliation of Adjusted EBITDA to net loss, and not to rely on any single financial measure to evaluate Forge\u2019s business.\n<\/p>\n
\nForge defines Adjusted EBITDA as net loss, adjusted to exclude: (i) interest expense, net, (ii) provision for or benefit from income taxes, (iii) depreciation and amortization, (iv) share-based compensation expense, (v) change in fair value of warrant liabilities, (vi) acquisition-related transaction costs, and (vii) other significant gains, losses, and expenses (such as impairments, transaction bonus) that Forge believes are not indicative of its ongoing results.\n<\/p>\n
\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nThree Months Ended March 31, 2025\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nRange\n<\/p>\n<\/td>\n<\/tr>\n
\n \n (in millions)<\/i><\/p>\n<\/td>\n
\n \nLow\n<\/p>\n
\n(estimated)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nHigh\n<\/p>\n
\n(estimated)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss attributable to Forge Global Holdings, Inc.\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(16.7\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(16.2\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.9\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1.0\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1.0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1.0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation and amortization\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1.0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1.0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare-based compensation expense\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6.5\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6.5\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChange in fair value of warrant liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.2\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.2\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(9.3\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(8.9\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Forward-Looking Statements<\/span><\/b><\/p>\n
\nThis press release contains \u201cforward-looking statements,\u201d which generally are accompanied by words such as \u201cbelieve,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cpotential,\u201d \u201cseem,\u201d \u201cseek,\u201d \u201cfuture,\u201d \u201coutlook,\u201d and similar expressions that predict, indicate, or relate to future events or trends or Forge\u2019s future financial or operating performance, or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Forge\u2019s beliefs regarding its financial position and operating performance, as well as future opportunities for Forge to expand its business. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, while considered reasonable by Forge and its management, are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. You should carefully consider the risks and uncertainties described in Forge\u2019s documents filed, or to be filed, with the SEC. There may be additional risks that Forge presently does not know of or that it currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forge\u2019s expectations, plans, or forecasts of future events and views as of the date of this press release. Forge anticipates that subsequent events and developments will cause its assessments to change. However, while Forge may elect to update these forward-looking statements at some point in the future, Forge specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Forge\u2019s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.\n<\/p>\n
About Forge<\/span><\/b><\/p>\n
\nForge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services and technology and investment solutions for the private market. Forge Securities LLC is a registered broker-dealer and a Member of FINRA that operates an alternative trading system.\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250410939931\/en\/<\/a><\/span><\/p>\n
Investor Relations Contact:
\n<\/b>
Dominic Paschel
\n
ir@forgeglobal.com<\/a><\/p>\nMedia Contact:
\n<\/b>
Lindsay Riddell
\n
press@forgeglobal.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America California<\/p>\n
INDUSTRY KEYWORDS:<\/b> Professional Services Data Management Technology Finance Software Asset Management<\/p>\n
- \nCustodial Customer Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge\u2019s agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Customer Cash is a determining factor in Forge\u2019s revenue.\n<\/li>\n<\/ul>\n
- \nAssets Under Custody is the reported value of all client holdings held under Forge\u2019s agreements, including cash submitted to Forge by the responsible party. These assets can be held at various financial institutions, issuers and in Forge\u2019s vault. As the custodian of the accounts, Forge collects all interest and dividends, handles all fees and transactions and any other considerations for the assets concerned. Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business.\n<\/li>\n<\/ul>\n
- \nTotal Custodial Accounts are defined as Forge clients\u2019 custodial accounts that are established on Forge\u2019s platform and billable. These relate to Forge\u2019s Custodial Administration fees revenue stream and are an important measure of Forge\u2019s business as the number of Total Custodial Accounts is an indicator of Forge\u2019s future revenues from certain account maintenance, transaction and cash administration fees.\n<\/li>\n<\/ul>\n
- \nNet Take Rates are defined as Forge\u2019s marketplace revenues, less markets-related transaction-based expenses, divided by Volume. These represent the percentage of fees earned by the Forge marketplace on any transactions executed from the commission Forge charged on such transactions less transaction-based expenses, which is a determining factor in Forge\u2019s revenue. The Net Take Rate can vary based upon the service or product offering and is also affected by the average order size and transaction frequency.\n<\/li>\n<\/ul>\n
- \nVolume is defined as the total sales value for all securities traded through the Forge marketplace, which is the aggregate value of the issuer company\u2019s equity attributed to both the buyer and seller in a trade and as such a $100 trade of equity between buyer and seller would be captured as $200 volume for Forge. Although Forge typically captures a commission on each side of a trade, Forge may not in certain cases due to factors such as the use of a third-party broker by one of the parties or supply factors that would not allow Forge to attract sellers of shares of certain issuers. Volume is influenced by, among other things, the pricing and quality of Forge\u2019s services as well as market conditions that affect private company valuations, such as increases in valuations of comparable companies at IPO.\n<\/li>\n<\/ul>\n
- \nTrades are defined as the total number of orders executed by Forge on behalf of private investors and shareholders. Increasing the number of orders is critical to increasing Forge\u2019s revenue and, in turn, to achieving profitability.\n<\/li>\n<\/ul>\n
- Total Custodial Administration Fees Less Transaction-Based Expenses estimated to be $9.2 million to $9.3 million, down from $9.8 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
- Total Volume increases 132% to $692.5 million, up from $299 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
- Total Marketplace Revenues Less Transaction-Based Expenses estimated to be $15.7 million to $15.8 million, up from $8.4 million in the prior quarter.<\/i><\/li>\n<\/ul>\n
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