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Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 21,260 $ 19,216 $ 74,295 $ 60,740
Transaction-based expenses:        
Transaction-based expenses (288) (73) (635) (358)
Total revenues, less transaction-based expenses 20,972 19,143 73,660 60,382
Operating expenses:        
Compensation and benefits 26,396 28,750 83,080 87,377
Technology and communications 5,903 3,185 14,919 8,894
General and administrative 4,049 1,877 8,447 9,447
Professional services 1,933 2,435 5,468 6,257
Advertising and market development 1,261 1,015 4,004 3,348
Depreciation and amortization 1,002 1,748 2,897 5,345
Rent and occupancy 723 1,036 2,456 3,278
Acquisition-related transaction costs 254 0 2,242 0
Total operating expenses 41,521 40,046 123,513 123,946
Operating loss (20,549) (20,903) (49,853) (63,564)
Interest and other income:        
Interest income 609 1,307 2,454 4,511
Change in fair value of warrant liabilities 182 931 79 7,659
Change in fair value of contingent consideration 211 0 211 0
Other income, net 41 119 171 288
Total interest and other income 1,043 2,357 2,915 12,458
Loss before provision for income taxes (19,506) (18,546) (46,938) (51,106)
Provision for income taxes (1,296) 298 (91) 772
Net loss (18,210) (18,844) (46,847) (51,878)
Net income (loss) attributable to noncontrolling interest 13 (502) 128 (1,188)
Net loss attributable to Forge Global Holdings, Inc. $ (18,223) $ (18,342) $ (46,975) $ (50,690)
Net loss per share attributable to Forge Global Holdings, Inc. common stockholders:        
Basic (in dollars per share) $ (1.37) $ (1.49) $ (3.67) $ (4.17)
Diluted (in dollars per share) $ (1.37) $ (1.49) $ (3.67) $ (4.17)
Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders:        
Basic (in shares) 13,341 12,277 12,785 12,151
Diluted (in shares) 13,341 12,277 12,785 12,151
Marketplace revenue        
Revenues:        
Total revenues $ 12,162 $ 8,713 $ 46,756 $ 28,912
Custodial administration fees        
Revenues:        
Total revenues $ 9,098 $ 10,503 $ 27,539 $ 31,828