Fold (FLD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $7.1 million, up 44–45% year-over-year, with net loss of $(48.9) million and adjusted EBITDA loss of $(4.2) million, following the first public earnings call post-NASDAQ listing and a completed merger with FTAC Emerald.

• Active accounts surpassed 600,000, with new accounts up over 300% YoY and transaction volumes up 67–70% YoY to $250 million.

• Major product launches included the Bitcoin rewards credit card and Bitcoin gift card, with over 75,000 on the credit card waitlist and expanded custody/trading services.

• Bitcoin treasury holdings increased by 50% in Q1 2025 to 1,490 BTC, valued at over $150 million, representing 80% of market capitalization.

• The company is positioned as a first mover in Bitcoin rewards and gift cards, with little direct competition in the gift card space.

Financial highlights

• Q1 2025 revenue: $7.1 million, up from $4.9 million in Q1 2024.

• Net loss for Q1 2025 was $(48.9) million, primarily due to non-cash fair value adjustments and merger-related expenses.

• Adjusted EBITDA (loss): $(4.2) million, compared to $(0.9) million in Q1 2024.

• Total transaction volume for the quarter was $250 million, a 67–70% increase YoY.

• Cash and cash equivalents at quarter-end were $11.7 million, with positive working capital of $13.3 million.

Outlook and guidance

• Full-year 2025 revenue target is $61.6 million, with Q4 expected to be the highest revenue quarter due to seasonal spending.

• Marketing expenses projected at $3 million for 2025, a tenfold increase from 2024.

• New product launches and expanded marketing are expected to drive higher volumes, revenues, and margins in 2025.

• Existing cash, receivables, and digital assets are expected to fund operations for at least the next twelve months.