filed, with the SEC, including in its Quarterly Report on Form 10-Q that will be filed on or around the date of this press release. 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's 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's 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.
About Forge
Forge is a leading provider of marketplace infrastructure, data services and technology solutions for private market participants. Forge Securities LLC is a registered broker-dealer and a Member of FINRA that operates an alternative trading system.
FORGE GLOBAL HOLDINGS, INC.
Consolidated Balance Sheets
(In thousands of U.S. dollars, except share and per share data)
September 30,
2024 December 31,
(Unaudited) 2023
------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 114,454 $ 144,722
Restricted cash 1,103 1,062
Accounts receivable, net 4,955 4,067
Prepaid expenses and other current
assets 8,891 13,253
----------- ----------
Total current assets 129,403 163,104
Internal-use software, property and
equipment, net 3,500 5,192
Goodwill and other intangible assets,
net 126,983 129,919
Operating lease right-of-use assets 6,654 4,308
Payment-dependent notes receivable,
noncurrent 7,436 5,593
Other assets, noncurrent 2,597 2,615
----------- ----------
Total assets $ 276,573 $ 310,731
=========== ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 1,640 $ 1,831
Accrued compensation and benefits 11,306 11,004
Accrued expenses and other current
liabilities 7,694 8,861
Operating lease liabilities,
current 3,453 2,516
----------- ----------
Total current liabilities 24,093 24,212
Operating lease liabilities,
noncurrent 4,492 2,707
Payment-dependent notes payable,
noncurrent 7,436 5,593
Warrant liabilities 1,958 9,616
Other liabilities, noncurrent 313 185
----------- ----------
Total liabilities 38,292 42,313
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value;
184,320,636 and 176,899,814 shares
issued and outstanding as of
September 30, 2024 and December 31,
2023, respectively 19 18
Treasury stock, at cost; 157,193
shares as of September 30, 2024 and
December 31, 2023, respectively (625) (625)
Additional paid-in capital 565,529 543,846
Accumulated other comprehensive income 933 911
Accumulated deficit (331,328) (280,638)
----------- ----------
Total Forge Global Holdings, Inc.
stockholders' equity 234,528 263,512
Noncontrolling interest 3,753 4,906
----------- ----------
Total stockholders' equity 238,281 268,418
----------- ----------
Total liabilities and stockholders'
equity $ 276,573 $ 310,731
=========== ==========
FORGE GLOBAL HOLDINGS, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except share and per share data)
Three Months Ended Nine Months Ended
------------------------------------------------- ------------------------------
September 30, June 30, September 30, September 30, September 30,
2024 2024 2023 2024 2023
------------------- ------------- ------------- ------------- ---------------
Revenues:
Marketplace
revenues $ 8,713 $ 11,679 $ 7,283 $ 28,912 $ 17,638
Custodial administration
fees 10,503 10,603 11,280 31,828 33,124
----------- ----------- ----------- ----------- -----------
Total revenues 19,216 22,282 18,563 60,740 50,762
Transaction-based
expenses:
Transaction-based
expenses (73) (256) (148) (358) (250)
----------- ----------- ----------- ----------- -----------
Total revenues, less
transaction-based expenses 19,143 22,026 18,415 60,382 50,512
----------- ----------- ----------- ----------- -----------
Operating expenses:
Compensation and benefits 28,750 28,784 27,650 87,377 78,566
Technology and
communications 3,185 2,649 3,763 8,894 10,628
Professional services 2,435 1,605 2,883 6,257 8,884
Advertising and market
development 1,015 1,243 910 3,348 2,463
Rent and occupancy 1,036 1,107 1,142 3,278 3,616
General and
administrative 1,877 2,508 1,870 9,447 8,143
Depreciation and
amortization 1,748 1,781 1,710 5,345 5,246
----------- ----------- ----------- ----------- -----------
Total operating expenses 40,046 39,677 39,928 123,946 117,546
----------- ----------- ----------- ----------- -----------
Operating loss (20,903) (17,651) (21,513) (63,564) (67,034)
----------- ----------- ----------- ----------- -----------
Interest and other
income (expense):
Interest income 1,307 1,495 1,725 4,511 4,553
Change in fair value of
warrant liabilities 931 2,280 907 7,659 (2,715)
Other income, net 119 94 215 288 647
----------- ----------- ----------- ----------- -----------
Total interest and other
income 2,357 3,869 2,847 12,458 2,485
----------- ----------- ----------- ----------- -----------
Loss before provision for
income taxes (18,546) (13,782) (18,666) (51,106) (64,549)
Provision for income taxes 298 258 291 772 769
----------- ----------- ----------- ----------- -----------
Net loss (18,844) (14,040) (18,957) (51,878) (65,318)
Net loss attributable to
noncontrolling interest (502) (316) (609) (1,188) (893)
----------- ----------- ----------- ----------- -----------
Net loss attributable
to Forge Global
Holdings, Inc. $ (18,342) $ (13,724) $ (18,348) $ (50,690) $ (64,425)
===== =========== =========== =========== =========== ===========
Net loss per share
attributable to Forge
Global Holdings, Inc.
common stockholders:
Basic $ (0.10) $ (0.08) $ (0.11) $ (0.28) $ (0.37)
Diluted $ (0.10) $ (0.08) $ (0.11) $ (0.28) $ (0.37)
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2024 16:10 ET (21:10 GMT)
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