FLD — Fold Holdings Inc

FLD Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics:

• Q4 Revenue: $9.1 million, an 8% increase year-over-year.
• Full Year 2025 Revenue: $31.8 million, a 34% increase year-over-year.
• Total Transaction Volumes: $960 million for the year, up 46% year-over-year.
• Verified Accounts: Increased to over 84,000, a nearly 20% year-over-year growth.
• Operating Loss: Year-to-date GAAP operating loss of $27.8 million, compared to $5.8 million in the prior year.
• Adjusted EBITDA: Negative $17.2 million, worsening from negative $6.3 million in the prior year.
• Cash Position: $7.7 million in cash and cash equivalents; total Bitcoin in treasury was 1,527, with 1,000 Bitcoin restricted as collateral.

2. Strategic Updates and Business Highlights:

• Product Launches: The Fold Bitcoin Rewards Credit Card launched, expected to significantly enhance transaction volumes and customer engagement.
• New Business Lines: Introduction of the Bitcoin bonus program for corporate partners, starting with Steak 'n Shake, aimed at integrating Bitcoin into employee rewards.
• Bitcoin Gift Card: Continued traction with partnerships, including Kroger, leading to a successful product launch and customer acquisition.
• Infrastructure Improvements: Significant enhancements to the app and user experience, including the removal of subscription fees for Fold Plus, aimed at increasing user engagement.

3. Forward Guidance and Outlook:

• 2026 Expectations: Anticipated revenue growth driven by the credit card rollout and expansion of consumer products and enterprise partnerships.
• Transaction Volumes: Expected to increase progressively throughout 2026 as new products scale.
• Customer Acquisition: Plans to aggressively onboard customers from the credit card waitlist, which currently exceeds 80,000.

4. Bad News, Challenges, or Points of Concern:

• Market Volatility: The Bitcoin ecosystem experienced significant price declines, impacting overall engagement and transaction volumes.
• Operational Losses: Substantial operating losses and negative EBITDA raise concerns about financial sustainability.
• Delayed Product Rollouts: Initial delays in launching the credit card and gift card programs due to vendor negotiations and setup efforts.
• Industry Competition: The competitive landscape for credit cards and financial services in the cryptocurrency space is intensifying, posing risks to market share.

5. Notable Q&A Insights:

• Customer Acquisition Costs: The waitlist for the credit card is expected to have low acquisition costs due to organic growth and minimal marketing spend.
• Credit Card Economics: The Fold Credit Card aims to be a profit generator, with a focus on maximizing interchange and interest revenue.
• Enterprise Partnerships: The Steak 'n Shake initiative is seen as a model for future enterprise partnerships, with significant demand from various businesses for Bitcoin integration.
• Risk Management: The rollout of the credit card will be carefully managed to ensure robust fraud and risk controls before scaling to larger customer bases.

Overall, Fold Holdings is positioned for growth in 2026, leveraging new product launches and strategic partnerships, despite facing challenges from market volatility and operational losses.