Forge Global Holdings, Inc.

Forge Second Quarter Fiscal 2025 Financial Results Conference Call. On today's Forge Global Call will be Kelly Rodriguez, CEO, James Nevin, CFO, and Lindsey Rydell, Executive Vice President of Corporate Marketing and Communications. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. To ask a question, Press star one. To withdraw your question, press star one again. And now I would like to turn the call over to Lindsay Rydell. Ms. Rydell, you may begin your conference.

Thank you, operator, and thank you all for joining us today for FORGE's second quarter 2025 earnings call. Joining me today from FORGE are Kelly Rodriguez, CEO, and James Nevin, CFO. They will share prepared remarks and then take your questions at the end. Earlier this morning, we issued a press release announcing Forge's second quarter 2025 financial results. A discussion of our results today complements the press release, which is available on our investor relations page. This conference call is being webcast, and we will show slides during this presentation. The replay of the webcast, as well as the slides, will be available via the IR page of our website shortly after the conclusion of this call. We will also post to that page our prepared remarks and investor supplemental documents, which consolidate some relevant metrics. During this conference call, we may make forward-looking statements based on current expectations, forecasts, and projections as of today's date. Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause these actual outcomes to materially differ from those included in these statements. We discussed these factors in our SEC filings, including our quarterly report on Form 10-2, which will be found on the IR page of our website after it is filed. As a reminder, we are not required to update our forward-looking statements. In our presentation today, unless otherwise noted, we will be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the gap reconciliation, you should refer to the financial data contained within our press release, which is also posted to the IR page. Today's discussion will focus on the second quarter 2025 results. As always, we encourage you to evaluate both annual and quarterly results for a full picture of FORGE's performance, which can be affected by unexpected events that are outside of our control. With that, I'll turn it over to Kelly, our CEO.

Thanks, Lindsay, and good morning, everyone. We're pleased to share that Q2 2025 was another strong quarter, our second consecutive record-beating quarter of revenue, and our narrowest quarterly adjusted EBITDA loss as a public company. Before we dive into the financial highlights from the quarter, let me begin by addressing the dynamic shaping of the private market today. Private companies are staying private longer. The IPO window remains narrow, and demand for capital and liquidity solutions from companies, founders, employees, and investors continues to grow. Meanwhile, institutional and individual investors are allocating more of their portfolios to alternatives, including private market assets. This shift is reshaping how the modern portfolio looks and accelerating the need for scalable access to the private markets. We're also seeing real regulatory momentum. Policymakers are exploring how to broaden retail access to alternatives, including reports of proposed changes that would allow investors to access the private market through their 401k plans. And industry leaders are aligned in the belief that private market access should no longer be reserved for the few. The confluence of demand regulatory evolution and investment appetite is driving the need for modern private market infrastructure. Technology that can streamline transactions, increase transparency and scale across investor types. This is a massive opportunity and it's the perfect moment for our next generation strategy to meet the market. Across four key verticals, trading, data, custody, and wealth, we see accelerating demand for the modern private infrastructure that Forge is delivering. In trading, investors and shareholders are looking for competence, control, and more seamless execution, while companies are looking for capital and liquidity solutions from trusted providers. In data, transparency and pricing standards like ForgePrice are becoming essential tools for decision-making and benchmarking. In custody, we see an increasing need for integrated solutions that consolidate private market positions and create an efficient experience for wealth managers and RIAs. And in wealth, advisors and asset managers are looking for curated, compliant vehicles to serve growing client appetite for private market exposure as part of their alternative strategies. Forge is strategically positioned at the intersection of these trends, and our next generation strategy is designed to address this opportunity. We invested heavily in our new technology foundation, our next generation platform, built to integrate trading infrastructure, proprietary data, asset management, and custody into a seamless client experience. All of this is extensible through our APIs and with the platforms people already know and trust. So whether you're an investor or shareholder trading through Forge, a company raising primary or secondary capital through Forge investment funds, an online brokerage or RIA delivering private market access to clients through your own platform, or a fund manager researching the next important investment opportunity. You can rely on the FORGE platform to deliver the tools, insights, and execution you need. The recent launch of our Next Generation Marketplace is designed to reduce friction and enable investors to transact with confidence and autonomy. We've anticipated an adjustment period And while it's still early, we're encouraged by the engagement we're seeing on the marketplace as new users adapt to a more autonomous experience. We've also established Forge Price as the industry's most trusted pricing standard, providing daily pricing for nearly 200 of the most sought-after private companies. This data underpins our index business and has led to partnerships with Yahoo Finance, ICE Data Services, and Fortune Media, owners of the Fortune 500, who will use our data to create new private company lists. But it's not just about data or technology. It's about how we're delivering the right solutions at the right time. Ford Global Advisors is developing a range of investment vehicles to broaden access to new investors. including retail and non-accredited investors, with products ranging from index-based strategies to diversified exposure funds. And later this year, we aim to launch our first registered fund, made possible by our acquisition of liquidity. These vehicles will soon be available, giving investors even more ways to participate in the private market. We see custody as a foundational component of a modern private market experience. We're actively building custody solutions that unify account management and create a compliant, scalable foundation for future platform growth, serving wealth and investment advisors who want to deliver private market exposure seamlessly to their clients. We're not just improving how people access the private market, we're defining what access should look like. Our goal is to become the central nervous system of the private market, delivering the broadest order book, setting the standard for pricing and transparency, and enabling seamless access across a range of investor types, all through one integrated platform. That vision came to light at our first Forged Future private summit held in New York in June. we brought together leading private companies, investors, policymakers, and media to discuss what the future of the private market should look like. And a key takeaway is that the private market is no longer an edge case, but a critical piece of every investor's future. And now we need to continue to deliver the infrastructure to meet the moment. That's what we're building it for. As we move through the second half of 2025, our focus is on three clear priorities. First, opening the market to new participants. We're launching investment vehicles that meet client demand for low-cost, diversified access to private market shares, connecting investors, including retail and non-accredited, directly through Forge. Second, expanding our technology-enabled competitive edge. We're continuing to evolve the next generation marketplace to support the elevated experience, speed, and service that makes Forge the easiest place to transact. And we're expanding our partnerships, delivering access to our modern API-native technology architecture to amplify future growth. Finally, executing with discipline. we're balancing innovation with operational focus. By automating workflows and simplifying transactions, we're unlocking operating leverage and remain on track to reach adjusted EBITDA breakeven in 2026. Now, I'll turn it over to James to dive deeper into our financial performance for the quarter and first half of the year.