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Fold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue rose 41% year-over-year to $7.4M, with net income of $0.6M, driven by strong user growth, new product launches, and expanded partnerships with Visa and Stripe.
Total transaction volume for Q3 2025 reached $235M, up 43% year-over-year, and active accounts surpassed 625,000.
The company holds 1,526 bitcoin ($154M as of Nov 6, 2025), reflecting a 53% increase since going public.
Strategic partnerships and product launches, including the Bitcoin Rewards Credit Card and Bitcoin Gift Card, are expanding the ecosystem and retail reach.
Completed a public listing and recapitalization, converting all SAFE notes to equity.
Financial highlights
Q3 2025 revenue: $7.4M (up 41% YoY); net income: $0.6M vs. net loss of $62.3M in Q3 2024; adjusted EBITDA: $(4.2)M, flat YoY.
Year-to-date revenue through September 30, 2025: $22.7M, up 48% YoY; year-to-date transaction volumes: $753M, up 74% YoY.
Operating expenses for Q3 2025 rose 42% YoY, mainly from compensation, marketing, and public company costs.
Cash and cash equivalents as of September 30, 2025: $6.7M; positive working capital of $6.1M.
Gross margin for Q3 2025 was approximately 12%; net income margin was 8%.
Outlook and guidance
Management expects continued momentum into Q4, historically the highest volume quarter, and further growth in 2026 from new product lines and increased marketing.
The Bitcoin Rewards Credit Card is targeted for initial distribution by year-end and general access in Q1 2026.
Plans to accumulate more bitcoin through operating cash flows and strategic capital raises.
Credit card launch: user conversion rate?
Gift card: negative CAC impact on strategy?
SATS per share: how does it guide capital strategy?
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Next Fold earnings date
Q4 202527 Mar, 2026
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Next Fold earnings date
Q4 202527 Mar, 2026
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