Fold (FLD) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $8.2 million, up 59% year-over-year, with net profit of $13.4 million, reversing a loss from the prior year.

• Total accounts surpassed 615,000, with 80,000 verified accounts and transaction volumes of $265 million, up 124% YoY.

• Launched new products including Bitcoin Sends, Bitcoin Gift Card, and made progress toward the Fold Credit Card launch, expanding platform reach.

• Completed a merger and public listing in February 2025, expanding capital structure and product suite.

• Secured a $250 million equity purchase facility to support treasury and operational growth.

Financial highlights

• Year-to-date revenue was $15.3 million, up 52% from the prior year.

• Q2 net profit was $13.4 million, compared to a $2.4 million loss in Q2 2024, primarily due to a $37 million gain in Bitcoin treasury fair value.

• Adjusted EBITDA for Q2 2025 was a $4.7 million loss, reflecting higher operating expenses and public company costs.

• Cash and equivalents stood at $6.6 million, with positive working capital of $7.8 million as of June 30, 2025.

• Bitcoin holdings in treasury totaled 1,492 BTC, valued at $160 million as of June 30, 2025.

Outlook and guidance

• Full-year 2025 revenue from legacy product lines expected between $34 million and $42 million, consistent with prior guidance.

• New products, including the Bitcoin Gift Card and Credit Card, are anticipated to expand the addressable market and drive future revenue growth.

• Q4 is expected to be the highest volume and revenue quarter due to seasonal consumer spending.

• Management expects existing cash, receivables, and the $250 million equity facility to fund operations for at least the next year.

• Fold Credit Card expected to launch in late 2025, with over 75,000 on the waitlist.