Aemetis Ethanol Plant Passes $2 Billion Revenues Milestone; Expects $40 Million Annually From Energy Efficiency Project
CUPERTINO, CA - February 14, 2025 ( NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company operating in the U.S. and India, today announced that cumulative revenues generated by the Aemetis ethanol plant in California passed the $2 billion milestone. The company also expects improved cash flows from the Mechanical Vapor Recompression (MVR) energy efficiency project that is scheduled to be operational in the first half of 2026.
Located near Modesto, California, the Aemetis Keyes 65 million gallon per year capacity ethanol plant has been operating since 2011, delivering more than 768 million gallons of ethanol ($1.6 billion revenues) to the California market and 5.2 million tons of wet distillers grain ($400 million revenues) that has fed more than 100,000 dairy cows at about 80 dairies a lower cost, high value animal feed.
In addition to ethanol and distillers grain, the plant delivered 144 million pounds of distillers corn oil ($55 million revenues), primarily used as animal feed and commonly used as a feedstock to produce renewable fuels. The plant also delivered 89,000 tons of syrup ($5 million revenues), used as animal feed.
A key energy efficiency project at the Aemetis ethanol plant is the installation of a $25 million MVR system that will compress vapors with high capacity turbofans powered by lower carbon electricity, reducing the current use of fossil natural gas as process energy fuel. The fabrication of the equipment for the MVR project is currently underway, with installation planned for Q4 2025 and full operations in the first half of 2026.
Recent updates in the calculation of the value of energy efficiency projects at ethanol plants have increased the estimated cash flow improvement expected from the MVR project. By using lower carbon electricity, the quantity of natural gas consumed and the cost of natural gas will be reduced by an estimated 80%, partially offset by an increased cost of electricity. The 2 megawatt solar installation at the Keyes plant provides low carbon electricity that supports the decreased carbon intensity of plant operations.
Importantly, converting from natural gas to electricity will significantly reduce the carbon intensity of ethanol produced by the Aemetis plant. Based on the Treasury guidance provided in January, the MVR energy efficiency project will decrease the Section 45Z carbon intensity of the ethanol plant by about 15 points, improving the Keyes plant cash flow by an estimated $0.33 per gallon, or approximately $22 million per year.
In addition to 45Z revenues, the lower carbon intensity provided by the MVR system will increase the California Low Carbon Fuel Standard (LCFS) credits generated by the plant, with the reduction in carbon intensity expected from the MVR project expected to increase revenues by $.09 per gallon at current LCFS credit prices of $72 per metric ton.
CARB's recent updates to its LCFS regulations include significant reductions in the LCFS benchmark carbon intensity that are expected to create greater demand and lower supply of LCFS credits and to increase LCFS credit prices. At LCFS credit prices of $150 per metric ton, the MVR project would generate about $0.18 per gallon of additional revenues, or approximately a $12 million revenue increase per year.
Combined, the increase in LCFS credits, new 45Z revenues, and a significant reduction in energy costs are expected to provide more than $40 million per year of improved cash flow from the Aemetis ethanol plant starting in 2026 as a result of the MVR energy efficiency project.
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California's Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis acquired the 125-acre former Army Ammunition Production Plant site in Riverbank, California to develop a carbon sequestration project and a sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results in 2025 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biogas, biodiesel, SAF and renewable diesel, and carbon sequestration facilities; and our ability to promote, develop, finance, and deploy technologies to produce renewable fuels and biochemicals. Words or phrases such as 'anticipates,' 'may,' 'will,' 'should,' 'believes,' 'estimates,' 'expects,' 'intends,' 'plans,' 'predicts,' 'projects,' 'showing signs,' 'targets,' 'view,' 'will likely result,' 'will continue' or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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CORRECTING and REPLACING Forge Global Holdings, Inc. Reports Second Quarter Fiscal Year 2025 Results
SAN FRANCISCO--(BUSINESS WIRE)--Forge Global Holdings, Inc. ('Forge' or the 'Company') (NYSE:FRGE), today announced a correction to its press release issued on July 30, 2025, announcing the Company's unaudited financial results for the second quarter and six months ended June 30, 2025. The correction relates to non-cash entries recorded in connection with the valuation and accounting presentation of the Company's warrant liabilities and conforms reporting and presentation in the prior release and supplemental materials to the results and presentation to be reported in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. The correction had no impact on the Company's revenues, cash flows, Adjusted EBITDA or Adjusted EPS reported in the prior release and supplemental materials. The correction resulted in Net Loss improving to $12.4 million and $28.6 million for the three and six months ended June 30, 2025, respectively, versus $16.6 million and $32.8 million for the same periods reported in the prior release, and Net Loss Per Share attributable to Forge of $(1.01) and $(2.30) for the three and six months ended June 30, 2025, respectively, versus $(1.34) and $(2.63) for the same periods reported in the prior release. These corrections are reflected in the updated Second Quarter Fiscal Year 2025 Results and Highlights, financial statements and related tables as well as supplemental materials. The updated release reads: FORGE GLOBAL HOLDINGS, INC. REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS 1H25 Total Revenues Less Transaction-Based Expenses increased 28% year-over-year to $52.7 million on strength of second consecutive quarter of record revenue as a public company. 2Q25 Total Revenues Less Transaction-Based Expenses increased 10% quarter-over-quarter to $27.6 million from $25.1 million. 1H25 Net Loss decreased 13% year-over-year to $28.6 million and decreased 23% quarter over quarter in 2Q25 to $12.4 million. 1H25 Adjusted EBITDA loss improved 33% year-over-year from $21.4 million to $14.3 million. 2Q25 Adjusted EBITDA loss of $5.4 million, lowest as a public company. 1H25 Trading Volume increased to $1.4 billion up 110% year-over-year, exceeding full year 2024 trading volume. Forge Global Holdings, Inc. ('Forge') (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, and technology and investment solutions for the private market, today announced its financial results for the quarter ended June 30, 2025. 'Q2 marked a milestone quarter for Forge as we launched our new marketplace experience on our Next Generation Platform and achieved our second consecutive record quarter in terms of revenue, and our narrowest quarterly EBITDA loss since going public,' said Kelly Rodriques, CEO of Forge. 'Across four key verticals — trading, data, custody, and wealth — we see accelerating demand for the modern private market infrastructure that Forge is delivering. Forge is strategically positioned at the intersection of these trends — and our Next Generation Strategy is designed to address this opportunity.' 'We expect second half year-over-year organic revenue and Adjusted EBITDA growth rates to continue inline with the year-over-year growth rates we have seen in the first half,' said James Nevin, CFO of Forge. 'Revenues in Q3 are generally lower than Q2 and Q4 driven by seasonality.' Financial Highlights for the Second Quarter of 2025 Revenue: Total revenues less transaction-based expenses were $27.6 million compared to $25.1 million, a 10% increase quarter-over-quarter, and Forge's second consecutive highest revenue quarter as a public company. Operating Loss: Total operating loss improved to $12.8 million from $16.5 million in the prior quarter. Net Loss: Net loss was $12.4 million compared to $16.2 million quarter-over-quarter. Adjusted EBITDA: Total Adjusted EBITDA loss improved to $5.4 million from $8.9 million in the prior quarter, Forge's lowest Adjusted EBITDA loss as a public company. Earnings Per Share (EPS): Second quarter Net loss per share attributable to Forge was $(1.01) and Adjusted EPS was $(0.99). Cash Flow from Operating Activities: Net cash used in operating activities was $7.8 million compared to $12.8 million in the prior quarter. Available Liquidity: Cash and cash equivalents and investments as of June 30, 2025 were $81.8 million. Share Count: Basic weighted-average number of shares used to compute net loss per share attributable to common stockholders, after adjusting for the Reverse Stock Split, for the quarter ended June 30, 2025, was 12,474,069 shares and fully diluted outstanding share count as of June 30, 2025 was 13,080,129 shares. For the quarter ending September 30, 2025, Forge estimates that it will have 12,478,622 weighted average basic shares outstanding, which will be used to calculate earnings per share in a loss position. Fully diluted outstanding share count includes all common shares outstanding plus shares that would be issued in respect to outstanding restricted stock units, options and warrants, net of shares to be withheld in respect to exercise price of the respective instruments. Instruments that are out of the money are excluded from the fully diluted outstanding share count. *Percentages may not be replicated based on the rounded figures presented. KPIs for the Second Quarter 2025 Trading Volume increased from $692.4 million to $756.1 million, up 9% quarter-over-quarter and 77% over the prior year quarter. Net Take Rate increased from 2.3% to 2.4% quarter-over-quarter. Total Marketplace revenues, less transaction-based expenses, increased from $15.8 million to $18.5 million, up 17% quarter-over-quarter. Total Custodial Accounts increased from 2.5 million to 2.6 million, up 4% quarter-over-quarter. Total Assets Under Custody increased from $17.6 billion to $18.1 billion, up 3% quarter-over-quarter. Total Custodial Client Cash went from $460 million to $440 million, declining 4% quarter-over-quarter. Total Custodial Administration Fee revenues, less transaction-based expenses, decreased from $9.3 million to $9.1 million, down 2% quarter-over-quarter. Please refer to the section titled 'Use of Non-GAAP Financial Information' and the tables within this press release which contain explanations and reconciliations of the Company's non-GAAP financial measures. Business Highlights Forge Global Launches Next Generation Marketplace, Delivering a Smarter Way to Trade Private Stock: On June 26, 2025, Forge introduced its Next Generation Marketplace—the first major release on Forge's new API-first Next Generation Platform. The marketplace delivers a smarter way to discover, evaluate, and execute private market trades, transforming what historically has been a manual, opaque process into an intuitive, data-rich and more automated experience. Forge Global Partners with Fortune to Launch Private Market Lists and Rankings: On June 26, 2025, Forge announced it will partner with Fortune Media to launch a new series of lists and rankings dedicated to the private market, powered by proprietary private market data from Forge. By combining Forge's robust dataset — built on thousands of private company transactions, hundreds of thousands of investor signals and Forge's proprietary pricing methodologies — with Fortune's respected editorial expertise, these rankings will surface powerful trends and untold stories shaping the future of global business. Forge Global Expands Investment Management and Wealth Capability with Completion of Accuidity Acquisition: Two days after the close of Q2, Forge announced that it had completed its previously announced acquisition of Accuidity, LLC ('Accuidity'), a specialized asset management firm focused on private market investing, in a simultaneous sign and close transaction. Forge believes that this acquisition marks a significant step forward in Forge's long-term strategic vision to deliver private market access more broadly and to serve as a valuable contributor to the capital ecosystem of high-growth private companies. Webcast/Conference Call Details Forge will host a webcast conference call today, July 30, 2025, at 8:00 a.m. Eastern Time / 5:00 a.m Pacific Time to discuss these financial results and business highlights. The listen-only webcast is available at Investors and participants can access the conference call over the phone by dialing 1 (800) 715-9871 from the United States, or +1 (646) 307-1963 internationally. The conference ID is 6194475. Following the conference call, an on-demand replay of the webcast, as well as the slides shown during the call, will be made available on the Investor Relations page of Forge's website at Use of Non-GAAP Financial Information In addition to Forge's financial results determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"), Forge presents Adjusted EBITDA and Adjusted EPS, non-GAAP financial measures. Forge uses these non-GAAP financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes. Forge believes these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding its performance by excluding specific financial items that have less bearing on its core operating performance. Forge considers Adjusted EBITDA and Adjusted EPS to be important measures because they help illustrate underlying trends in its business and historical operating performance on a more consistent basis. However, 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's 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 as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to net loss attributable to common stockholders, the most directly comparable financial measure stated in accordance with GAAP and Adjusted EPS to EPS. Investors are encouraged to review Adjusted EBITDA and Adjusted EPS and the respective reconciliations and not to rely on any single financial measure to evaluate Forge's business. Forge defines Adjusted EBITDA as net loss attributable to Forge Global Holdings, Inc., adjusted to exclude: (i) net loss attributable to noncontrolling interest, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) share-based compensation expense, (v) interest income, (vi) change in fair value of warrant liabilities, and (vii) other significant gains, losses, and expenses such as impairments, acquisition-related transaction and reorganization costs that Forge believes are not indicative of its ongoing results. Forge defines Adjusted EPS as net loss attributable to Forge Global Holdings, Inc., adjusted to exclude: (i) net change in fair value of warrant liabilities and (ii) the tax effect of the adjustment at Forge's effective tax rate from continuing operations divided by the weighted average shares outstanding for the respective periods. Forward-Looking Statements This press release contains 'forward-looking statements,' which generally are accompanied by words such as 'believe,' 'may,' 'could,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'target,' 'goal,' 'expect,' 'should,' 'would,' 'plan,' 'predict,' 'project,' 'forecast,' 'potential,' 'seem,' 'seek,' 'future,' 'outlook,' and similar expressions that predict, indicate, or relate to future events or trends or Forge's 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's 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's 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'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. Forge (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. December 31, 2024 Assets Current assets: Cash and cash equivalents $ 54,310 $ 105,140 Restricted cash 1,138 1,116 Accounts receivable, net 8,119 4,706 Prepaid expenses and other current assets 10,020 8,205 Investments 26,393 — Total current assets $ 99,980 $ 119,167 Internal-use software, property and equipment, net 1,557 2,920 Goodwill and other intangible assets, net 126,055 126,456 Operating lease right-of-use assets 3,985 5,107 Payment-dependent notes receivable 9,604 7,412 Other assets, noncurrent 1,664 2,444 Total assets $ 242,845 $ 263,506 Liabilities and stockholders' equity Current liabilities: Accounts payable 2,744 1,941 Accrued compensation and benefits 13,600 13,430 Accrued expenses and other current liabilities 6,765 6,310 Operating lease liabilities, current 2,032 3,463 Total current liabilities $ 25,141 $ 25,144 Payment-dependent notes payable 9,604 7,412 Operating lease liabilities, noncurrent 3,231 3,694 Warrant liabilities 296 192 Other liabilities, noncurrent 329 322 Total liabilities $ 38,601 $ 36,764 Commitments and contingencies Stockholders' equity (1): Common stock, $0.0001 par value; 133,333 shares authorized; 12,411 and 12,427 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock, at cost; 10 shares as of both June 30, 2025 and December 31, 2024, respectively (625 ) (625 ) Additional paid-in capital 575,676 570,606 Accumulated other comprehensive income 1,193 572 Accumulated deficit (375,724 ) (346,972 ) Total Forge Global Holdings, Inc. stockholders' equity $ 200,521 $ 223,582 Noncontrolling Interest 3,723 3,160 Total stockholders' equity $ 204,244 $ 226,742 Total liabilities and stockholders' equity $ 242,845 $ 263,506 Expand (1) Amounts have been adjusted to reflect the Reverse Stock Split. Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Operations (In thousands of U.S. dollars, except share and per share data) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues: Marketplace revenue $ 18,597 $ 15,997 $ 11,679 $ 34,594 $ 20,199 Custodial administration fees 9,142 9,299 10,603 18,441 21,325 Total revenues $ 27,739 $ 25,296 $ 22,282 $ 53,035 $ 41,524 Transaction-based expenses: Transaction-based expenses (155 ) (192 ) (256 ) (347 ) (285 ) Total revenues, less transaction-based expenses $ 27,584 $ 25,104 $ 22,026 $ 52,688 $ 41,239 Operating expenses: Compensation and benefits 27,193 29,491 28,784 56,684 58,627 Technology and communications 4,667 4,349 2,649 9,016 5,709 Professional services 1,204 2,332 1,605 3,536 3,822 General and administrative 2,144 2,254 2,508 4,398 7,570 Advertising and market development 1,528 1,215 1,243 2,743 2,333 Acquisition-related transaction costs 1,988 — — 1,988 — Depreciation and amortization 909 986 1,781 1,895 3,597 Rent and occupancy 786 946 1,107 1,732 2,242 Total operating expenses $ 40,419 $ 41,573 $ 39,677 $ 81,992 $ 83,900 Operating loss $ (12,835 ) $ (16,469 ) $ (17,651 ) $ (29,304 ) $ (42,661 ) Interest and other income: Interest income 803 1,042 1,495 1,845 3,204 Change in fair value of warrant liabilities (294 ) 191 2,280 (103 ) 6,727 Other income, net 76 54 94 130 170 Total interest and other (expense) income $ 585 $ 1,287 $ 3,869 $ 1,872 $ 10,101 Loss before provision for income taxes $ (12,250 ) $ (15,182 ) $ (13,782 ) $ (27,432 ) $ (32,560 ) Provision for income taxes 189 1,016 258 1,205 474 Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) $ (28,637 ) $ (33,034 ) Net income (loss) attributable to noncontrolling interest $ 141 $ (26 ) $ (316 ) $ 115 $ (686 ) Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Weighted-average shares used in computing net loss per share attributable to Forge Global Holdings, Inc. common stockholders: Basic 12,474 12,534 12,179 12,503 12,112 Diluted 12,474 12,534 12,179 12,503 12,112 Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Consolidated Statements of Cash Flows (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flows from operating activities: Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) (28,637 ) $ (33,034 ) Adjustments to reconcile net loss to net cash used in operations: Share-based compensation 3,436 6,519 7,859 9,955 17,326 Depreciation and amortization 746 941 1,781 1,687 3,597 Amortization of right-of-use assets 509 613 662 1,122 1,305 Loss on impairment of long lived assets — — — — 186 Allowance for doubtful accounts 99 170 107 269 216 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Other (6 ) 4 — (2 ) (10 ) Changes in operating assets and liabilities: Accounts receivable (2,365 ) (1,317 ) 923 (3,682 ) (673 ) Prepaid expenses and other assets (1,523 ) 506 (5,353 ) (1,017 ) (4,228 ) Accounts payable 363 461 (1,004 ) 824 62 Accrued expenses and other liabilities 100 396 (4,636 ) 496 (1,854 ) Accrued compensation and benefits 4,004 (3,833 ) 2,041 171 (1,926 ) Operating lease liabilities (990 ) (904 ) (491 ) (1,894 ) (1,046 ) Net cash used in operating activities $ (7,772 ) $ (12,833 ) $ (14,431 ) $ (20,605 ) $ (26,806 ) Cash flows from investing activities: Maturity of investments and term deposits 14,673 534 6,559 15,207 6,559 Purchases of investments and term deposits (19,397 ) (22,012 ) — (41,409 ) — Purchases of property and equipment (100 ) (51 ) (267 ) (151 ) (667 ) Net cash provided by (used in) investing activities $ (4,824 ) $ (21,529 ) $ 6,292 $ (26,353 ) $ 5,892 Cash flows from financing activities: Proceeds from exercise of options 47 26 235 73 461 Taxes withheld and paid related to net share settlement of equity awards (170 ) (679 ) (1,135 ) (849 ) (3,437 ) Share buyback $ (4,139 ) $ — $ — $ (4,139 ) $ — Cash paid for fractional shares related to stock split $ (4 ) $ — $ — $ (4 ) $ — Net cash used in financing activities $ (4,266 ) $ (653 ) $ (900 ) $ (4,919 ) $ (2,976 ) Effect of changes in currency exchange rates on cash and cash equivalents $ 711 $ 358 $ (78 ) 1,069 (331 ) Net decrease in cash and cash equivalents (16,151 ) (34,657 ) (9,117 ) $ (50,808 ) $ (24,221 ) Cash, cash equivalents and restricted cash, beginning of the period $ 71,599 $ 106,256 $ 130,681 $ 106,256 $ 145,785 Cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets Cash and cash equivalents 54,310 70,472 120,475 54,310 120,475 Restricted cash 1,138 1,127 1,089 1,138 1,089 Total cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Interest expense, net (803 ) (1,042 ) (1,495 ) (1,845 ) (3,204 ) Provision for income taxes 189 1,016 258 1,205 474 Depreciation and amortization 909 986 1,781 1,895 3,597 Net loss attributable to noncontrolling interest 141 (26 ) (316 ) 115 (686 ) Loss or impairment on long lived assets — — — — 186 Share-based compensation expense 3,436 6,519 7,859 9,955 17,326 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Acquisition-related transaction costs 1,988 — — 1,988 — Other 993 — $ — 993 $ — Adjusted EBITDA $ (5,433 ) $ (8,910 ) $ (7,917 ) $ (14,343 ) $ (21,382 ) Expand Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Income tax (expense) benefit of adjustment (4 ) 13 48 (4 ) 108 Adjusted net loss attributable to Forge Global Holdings, Inc. $ (12,290 ) $ (16,350 ) $ (15,956 ) $ (28,653 ) $ (38,967 ) Weighted average shares - basic and diluted 12,474 12,534 12,179 12,503 12,112 EPS - basic and diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Adjusted EPS - basic and diluted $ (0.99 ) $ (1.30 ) $ (1.31 ) $ (2.30 ) $ (3.22 ) Expand Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATION Unaudited KEY OPERATING METRICS (In thousands of U.S. dollars) Key Business Metrics Forge monitors the following key business metrics to help evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions. The tables below reflect period-over-period changes in Forge's key business metrics, along with the percentage change between such periods. Forge believes the following business metrics are useful in evaluating its business: Trades 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's revenue and, in turn, to achieving profitability. Volume is defined as the total sales value for all securities traded through the Forge marketplace, which is the aggregate value of the issuer company's 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's services as well as market conditions that affect private company valuations, such as increases in valuations of comparable companies at IPO. Net Take Rates are defined as Forge's 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's 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. Total Custodial Accounts are defined as Forge clients' custodial accounts that are established on Forge's platform and billable. These relate to Forge's Custodial Administration fees revenue stream and are an important measure of Forge's business as the number of Total Custodial Accounts is an indicator of Forge's future revenues from certain account maintenance, transaction and cash administration fees. Assets Under Custody is the reported value of all client holdings held under Forge's agreements, including cash submitted to Forge by the responsible party. These assets can be held at various financial institutions, issuers and in Forge's 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. Custodial Client 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's 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 Client Cash is a determining factor in Forge's revenue. Please note that starting in the first quarter of 2025, Forge has added Custodial Client Cash as a key business metric for its custody solution as cash administration fee revenue is highly correlated to this metric. Custodial Client Cash has been provided as a metric in Forge's quarterly supplemental information furnished with the SEC since the third quarter of 2022 and was previously called Custodial Cash Balance. Forge has not adjusted methodology, assumptions, or otherwise changed any aspects of this metric and it is comparable to prior period presentations of Custodial Cash Balance in Forge's quarterly supplemental information. Custodial Client Cash represents the value of cash held on behalf of clients held under Forge's custody solution agreements. Forge believes that disclosing Custodial Client Cash provides investors with valuable insight into custody solution revenue as cash administration fees currently make up the majority of Forge's custodial administration fee revenue. Cash administration fees are based on prevailing interest rates and custodial client cash balances. Forge has included Custodial Client Cash balances for all periods presented to facilitate comparability and trend analysis.
Business Wire
7 hours ago
- Business Wire
Avidia Bancorp, Inc. Reports Second Quarter 2025 Financial Results
HUDSON, Mass.--(BUSINESS WIRE)--Avidia Bancorp, Inc. (the 'Company') (NYSE: 'AVBC'), the holding company of Avidia Bank, today reported second quarter financial results of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank. As previously reported, Assabet Valley Bancorp completed its mutual-to-stock conversion transaction effective July 31, 2025, which resulted in the Company completing its initial public offering of shares of its common stock and becoming the stock holding company of Avidia Bank. Selected Financial Highlights for the Second Quarter of 2025 Statement of Operations: Quarterly net income was $3.9 million, compared to a net loss of $11.6 million for the first quarter. Quarterly net interest income increased by $1.4 million from the first quarter to $20.6 million. Net interest margin increased by 15 basis points from the first quarter to 3.19%. The cost of interest-bearing liabilities decreased by 13 basis points. The cost of total deposits fell 14 basis points to 1.36%. Provision for credit losses totaled $1.1 million. Quarterly non-interest income increased by $1.5 million from the first quarter to $5.2 million. Quarterly non-interest expense decreased by $2.1 million from the first quarter to $19.8 million. Salaries and employee benefits decreased $2.7 million from the first quarter as there were incentive plan terminations and increased short-term incentive payouts in the previous quarter. The efficiency ratio was 76.4%, compared to 95.2% in the first quarter. Income tax expense was $1.2 million. Balance Sheet: Total cash and cash equivalents increased by $225 million from the first quarter, primarily related to the funds received from the IPO subscription offering. Gross loans increased by $15.0 million from the first quarter to $2.25 billion. Deposits increased by $309 million from the first quarter to $2.44 billion, also primarily related to funds received from the IPO subscription offering. Federal Home Loan Bank advances decreased by $65 million from the first quarter to $260.0 million. Total capital increased by $5.4 million from the first quarter to $191.4 million. Asset Quality: Non-accrual loans to total loans was 0.50% compared to 0.53% in the first quarter. About Avidia Bancorp, Inc. Avidia Bancorp, Inc. is the bank holding company of Avidia Bank. Avidia Bank is a Massachusetts-chartered stock savings bank. With headquarters in Hudson, Massachusetts, it also operates nine full-service banking offices in western Middlesex County and eastern Worcester County, in Massachusetts. Forward-Looking Statements Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other similar expressions which do not relate to historical matters. Although we believe that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance. You should not place undue reliance on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond our control. Our actual results could differ materially from those presented in the forward-looking statements as a result of, among other factors, changes in general business and economic conditions nationwide and in our local markets, including changes which adversely affect borrowers' ability to service and repay loans; changes in customer behavior due to political, business and economic conditions, including inflation; conditions in the capital and debt markets; reductions in net interest income resulting from interest rate volatility and changes in the balances and mix of our loans and deposits; changes in market interest rates and real estate values; decreases in the value of securities and other assets or in deposit levels necessitating increased borrowing to fund loans and investments; competition from other financial institutions; changes in legislation or regulation and accounting principles, policies and guidelines; cybersecurity incidents; fraud; natural disasters; the risk that we may be unsuccessful in implementing our business strategy; and the other risks and uncertainties disclosed in Avidia Bancorp, Inc.'s definitive prospectus dated May 13, 2025, as filed the U.S. Securities and Exchange Commission. Forward looking statements speak only as of the date of this release, and we do not undertake any obligation to update or revise any of them to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events, except as may be required by applicable law or regulation. Assabet Valley Bancorp Consolidated Balance Sheets (Unaudited) As of June 30, 2025 Change From (In thousands) June 30, 2025 March 31, 2025 June 30, 2024 March 31, 2025 June 30, 2024 Assets Cash and due from banks $ 24,667 $ 24,282 $ 15,394 $ 385 1.6 % $ 9,273 60.2 % Short-term investments 283,919 58,800 58,671 225,119 382.9 225,248 383.9 Total cash and cash equivalents 308,586 83,082 74,065 225,504 271.4 234,521 316.6 Securities available for sale, at fair value 266,249 261,946 274,900 4,303 1.6 (8,651 ) (3.1 ) Equity securities, at fair value - - 13,430 - - (13,430 ) (100.0 ) Securities held to maturity, at amortized cost 16,747 16,746 16,746 1 - 1 - Total securities 282,996 278,692 305,076 4,304 - (22,080 ) - Federal Home Loan Bank stock, at cost 12,083 14,729 16,210 (2,646 ) (18.0 ) (4,127 ) (25.5 ) Loans held for sale - 711 1,485 (711 ) (100.0 ) (1,485 ) (100.0 ) Total loans 2,248,021 2,233,033 2,145,471 14,988 0.7 102,550 4.8 Less: Allowance for credit losses (23,425 ) (21,849 ) (20,875 ) (1,576 ) 7.2 (2,550 ) 12.2 Net loans 2,224,596 2,211,184 2,124,596 13,412 0.6 100,000 4.7 Premises and equipment, net 29,098 29,020 28,133 78 0.3 965 3.4 Bank-owned life insurance 36,093 35,805 35,004 288 0.8 1,089 3.1 Accrued interest receivable 8,922 8,802 9,110 120 1.4 (188 ) (2.1 ) Net deferred tax asset 11,323 11,738 14,520 (415 ) (3.5 ) (3,197 ) (22.0 ) Goodwill 11,936 11,936 11,936 - - - - Mortgage servicing rights 3,253 3,289 3,483 (36 ) (1.1 ) (230 ) (6.6 ) Other assets 29,022 17,643 28,700 11,379 64.5 322 1.1 Total Assets $ 2,957,908 $ 2,706,631 $ 2,652,318 $ 251,277 9.3 % $ 305,590 11.5 % Liabilities Deposits $ 2,439,608 $ 2,131,068 $ 2,021,839 $ 308,540 14.5 % $ 417,769 20.7 % Federal Home Loan Bank advances 260,000 325,000 372,300 (65,000 ) (20.0 ) (112,300 ) (30.2 ) Subordinated debt 27,738 27,715 27,605 23 0.1 133 0.5 Mortgagors' escrow accounts 3,498 3,763 3,042 (265 ) (7.0 ) 456 15.0 Accrued expenses and other liabilities 35,638 33,028 40,487 2,610 7.9 (4,849 ) (12.0 ) Total liabilities $ 2,766,482 $ 2,520,574 $ 2,465,273 $ 245,908 9.8 % $ 301,209 12.2 % Capital: Retained earnings $ 207,555 $ 203,683 $ 209,682 $ 3,872 1.9 % $ (2,127 ) (1.0 ) % Accumulated other comprehensive loss (16,129 ) (17,626 ) (22,637 ) 1,497 (8.5 ) 6,508 (28.7 ) Total capital $ 191,426 $ 186,057 $ 187,045 $ 5,369 2.9 $ 4,381 2.3 % Total Liabilities and Capital $ 2,957,908 $ $ 2,652,318 $ 251,277 9.3 % $ 305,590 11.5 % Expand Assabet Valley Bancorp Consolidated Statements of Operations QTD (Unaudited) Three Months Ended June 30, 2025 Change Three Months Ended From Three Months Ended (In thousands) June 30, 2025 March 31, 2025 June 30, 2024 March 31, 2025 June 30, 2024 Interest and dividend income: Loans, including fees $ 28,883 $ 28,183 $ 27,492 $ 700 2.5 % $ 1,391 5.1 % Securities 2,555 2,651 2,833 (96 ) (3.6 ) (278 ) (9.8 ) Other 421 215 568 206 95.8 (147 ) (25.9 ) Total interest and dividend income 31,859 31,049 30,893 810 2.6 966 3.1 Interest expense: Deposits 7,242 7,731 8,285 (489 ) (6.3 ) (1,043 ) (12.6 ) Federal Home Loan Bank advances 3,647 3,792 3,985 (145 ) (3.8 ) (338 ) (8.5 ) Subordinated debt 352 315 315 37 11.7 37 11.7 Total interest expense 11,241 11,838 12,585 (597 ) (5.0 ) (1,344 ) (10.7 ) Net interest income: 20,618 19,211 18,308 1,407 7.3 2,310 12.6 Provision expense (reversal) for credit losses 1,071 17,616 (320 ) (16,545 ) (93.9 ) 1,391 (434.7 ) Net interest income, after provision expense (reversal) for credit losses 19,547 1,595 18,628 17,952 1125.5 919 4.9 Non-interest income: Customer service fees 884 901 762 (17 ) (1.9 ) 122 16.0 Net (loss) on sale of securities available for sale (78 ) (541 ) (1,366 ) 463 (85.6 ) 1,288 (94.3 ) Net recognized gain on equity securities - - 273 - - (273 ) (100.0 ) Net write down on premises and equipment no longer in use - (356 ) - 356 (100.0 ) - - Payment processing income 2,079 2,192 1,798 (113 ) (5.2 ) 281 15.6 Income on bank-owned life insurance 289 279 195 10 3.6 94 48.2 Mortgage banking income 162 16 408 146 912.5 (246 ) (60.3 ) Investment commissions 312 350 352 (38 ) (10.9 ) (40 ) (11.4 ) Debit card income 793 525 573 268 51.0 220 38.4 Credit card income 58 49 335 9 18.4 (277 ) (82.7 ) Other 747 312 115 435 139.4 632 549.6 Total non-interest income 5,246 3,727 3,445 1,519 40.8 1,801 52.3 Non-interest expense: Salaries and employee benefits 8,909 11,566 8,701 (2,657 ) (23.0 ) 208 2.4 Occupancy and equipment 2,042 2,018 2,384 24 1.2 (342 ) (14.3 ) Data processing 2,994 3,378 2,218 (384 ) (11.4 ) 776 35.0 Professional fees 1,088 661 739 427 64.6 349 47.2 Payment processing 932 1,043 992 (111 ) (10.6 ) (60 ) (6.0 ) Deposit insurance 780 632 687 148 23.4 93 13.5 Advertising 310 265 334 45 17.0 (24 ) (7.2 ) Telecommunications 96 92 101 4 4.3 (5 ) (5.0 ) Problem loan and foreclosed real estate, net 194 112 100 82 73.2 94 94.0 Other general and administrative 2,418 2,064 2,707 354 17.2 (289 ) (10.7 ) Total non-interest expense 19,763 21,831 18,963 (2,068 ) (9.5 ) 800 4.2 Income (loss) before income tax expense 5,030 (16,509 ) 3,110 21,539 (130.5 ) 1,920 61.7 Income tax expense (benefit) 1,158 (4,922 ) 759 6,080 (123.5 ) 399 52.6 Net income (loss) $ 3,872 $ (11,587 ) $ 2,351 $ 15,459 (133.4 ) % $ 1,521 64.7 % Expand Assabet Valley Bancorp Consolidated Statements of Operations YTD (Unaudited) Six Months Ended Six Months Ended June 30, 2025 Change (In thousands) June 30, 2025 June 30, 2024 From Six Months Ended June 30, 2024 Interest and dividend income: Loans, including fees $ 57,067 $ 54,750 $ 2,317 4.2 % Securities 5,206 4,953 253 5.1 Other 636 1,038 (402 ) (38.7 ) Total interest and dividend income 62,909 60,741 2,168 3.6 Interest expense: Deposits 14,973 15,872 (899 ) (5.7 ) Federal Home Loan Bank advances 7,439 8,344 (905 ) (10.8 ) Subordinated debt 667 630 37 5.9 Total interest expense 23,079 24,846 (1,767 ) (7.1 ) Net interest income: 39,830 35,895 3,935 11.0 Provision expense (reversal) for credit losses 18,687 310 18,377 5,928.1 Net interest income, after provision expense for credit losses 21,143 35,585 (14,442 ) (40.6 ) Non-interest income: Customer service fees 1,785 1,620 165 10.2 Net (loss) on sale of securities available for sale (619 ) (1,366 ) 747 (54.7 ) Net recognized gain on equity securities - 1,637 (1,637 ) (100.0 ) Net write down on premises and equipment no longer in use (356 ) - (356 ) (100.0 ) Payment processing income 4,271 3,660 611 16.7 Income on bank-owned life insurance 568 407 161 39.6 Mortgage banking income 178 858 (680 ) (79.3 ) Investment commissions 662 660 2 - Debit card income 1,318 1,109 209 18.8 Credit card income 107 566 (459 ) (81.1 ) Other 1,060 193 867 449.2 Total non-interest income 8,974 9,344 (370 ) (4.0 ) Non-interest expense: Salaries and employee benefits 20,475 17,308 3,167 18.3 Occupancy and equipment 4,060 4,468 (408 ) (9.1 ) Data processing 6,372 4,423 1,949 44.1 Professional fees 1,749 1,254 495 39.5 Payment processing 1,975 2,012 (37 ) (1.8 ) Deposit insurance 1,412 1,396 16 1.1 Advertising 575 779 (204 ) (26.2 ) Telecommunications 188 205 (17 ) (8.3 ) Problem loan and foreclosed real estate, net 306 184 122 66.3 Other general and administrative 4,484 5,031 (547 ) (10.9 ) Total non-interest expense 41,596 37,060 4,536 12.2 Income (loss) before income tax expense (11,479 ) 7,869 (19,348 ) (245.9 ) Income tax expense (benefit) (3,764 ) 1,973 (5,737 ) (290.8 ) Net income (loss) $ (7,715 ) $ 5,896 $ (13,611 ) (230.9 ) % Expand Assabet Valley Bancorp Average Balances and Average Yields And Costs (Unaudited) For the Quarters Ended June 30, 2025 March 31, 2025 June 30, 2024 (Dollars in thousands) Average Outstanding Balance Interest Average Yield/ Rate Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/ Rate Interest-earning assets: Short-term investments $ 67,357 $ 421 2.51 % $ 37,105 $ 215 2.35 % $ 49,032 $ 568 4.66 % Securities 296,321 2,555 3.46 309,608 2,651 3.47 352,204 2,833 3.24 Loans 2,229,893 28,883 5.20 2,214,952 28,183 5.16 2,015,649 27,492 5.49 Total interest-earning assets 2,593,571 31,859 4.93 2,561,665 31,049 4.92 2,416,885 30,893 5.14 Noninterest-earning assets 122,176 105,220 104,623 Total assets $ 2,715,747 $ 2,666,885 $ 2,521,508 Interest-bearing liabilities: NOW accounts $ 697,452 $ 700 0.40 % $ 690,014 $ 813 0.48 % $ 605,633 $ 737 0.49 % Money market accounts 270,969 848 1.26 260,430 842 1.31 299,203 1,117 1.50 Regular and other savings accounts 401,215 2,278 2.28 383,017 2,098 2.22 348,440 2,231 2.58 Certificates of deposit 347,419 3,416 3.94 387,556 3,978 4.16 246,367 4,200 6.86 Total interest-bearing deposits 1,717,055 7,242 1.69 1,721,017 7,731 1.82 1,499,643 8,285 2.22 FHLB advances and other borrowings (1) 333,834 3,647 4.38 339,814 3,792 4.53 362,083 3,985 4.43 Subordinated debt 27,782 352 5.08 27,691 315 4.61 27,592 315 4.59 Total interest-bearing liabilities 2,078,671 11,241 2.17 2,088,522 11,838 2.30 1,889,319 12,585 2.68 Noninterest-bearing demand deposits 415,035 336,000 388,359 Other noninterest-bearing liabilities 33,242 45,439 43,526 Total liabilities 2,526,948 2,469,961 2,321,203 Total capital 188,799 196,924 200,305 Total liabilities and capital $ 2,715,747 $ 2,666,885 $ 2,521,508 Net interest income $ 20,618 $ 19,211 $ 18,308 Net interest rate spread (2) 2.76 % 2.62 % 2.46 % Net interest-earning assets (3) $ 514,900 $ 473,143 $ 527,566 Net interest margin (4) 3.19 % 3.04 % 3.05 % Average interest-earning assets to interest-bearing liabilities 124.77 % 122.65 % 127.92 % (1) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet. (2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents net interest income divided by average total interest-earning assets. Expand
