Fold (FLD) Q3 2025 earnings summary

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.