Clarity (formerly Hiive)

Since launching our fundraise, the most common question is: how do we stack up against Forge, which is being acquired by Charles Schwab for $660M? The short answer: pretty well. Forge recently released its Q3 financials, enabling us to draw some comparisons on this most recent quarter. First, Hiive appears to have significantly more liquidity. We closed $458 million of transaction volume in Q3, excluding another $85 million of transactions executed on our platform, but brokered by other parties (a rapidly growing service we provide to companies). Forge reported $420 million of trade volume in the quarter. However, it seems they double count their trading volume by adding both sides of the transaction (as if they were separate). Indeed, the footnotes to Forge’s financials state “volume is defined as [....] 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 of volume for us”. In short, their actual volume is roughly half of what they report. Next, Hiive is profitable. We generated a tidy $4.7 million in net income during the quarter (just 3.5 years since we launched). By contrast, Forge booked a staggering net loss of $18.2 million on $21.26 million of total Q3 revenues! That’s an almost 100% negative net margin. Is Forge losing so much money because it is investing more in its business, and therefore growing faster than Hiive? Doesn’t seem to be the explanation since we grew transaction volumes and trading revenues faster than Forge on both a Q/Q and an LTM basis as of 9/30. What's driving this difference? From where I sit, it comes down to two things. The first is our intensely mission driven team. We hire roughly 1 out of every 100 applicants and each of those hires is motivated by our campaign to change an industry. We all hustle; we all ship; and excellence is the baseline, not the aspiration. The second is our technology. We were founded to be a product-first, tech-enabled services business. We did not have the baggage of existing manual processes when building our platform. We built our product under strong technical leadership with a deliberate and disciplined roadmap - modeled like a software company, not like a legacy bank or brokerage trying to modernize. The result is a coherent, flexible and scalable liquidity management technology that truly makes life better for our customers, and outstrips our competitors. #liquidity

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