Fold (FLD) Q4 2025 earnings summary

Executive summary

• Achieved $31.8 million in revenue for FY 2025, a 34% year-over-year increase, and completed the first year as a public company focused on scaling a Bitcoin financial services platform.

• Total transaction volume reached $960 million, up 46% year-over-year.

• Launched new products: Bitcoin Gift Card, Bitcoin Rewards Credit Card (with over 80,000 on the wait list), and Bitcoin-based enterprise solutions.

• Retired convertible notes, streamlining capital structure for growth and reducing dilution risk.

• Faced industry-wide slowdown in Q4 due to Bitcoin price volatility, impacting revenues, transaction volumes, and user growth.

Financial highlights

• Q4 2025 revenue reached $9.1 million, up 8% year-over-year; full-year 2025 revenue was $31.8 million, up 34%.

• Year-to-date transaction volumes totaled $960 million, a 46% increase year-over-year.

• FY 2025 operating loss was $27.8 million; adjusted EBITDA loss was $17.2 million.

• Net loss for FY 2025 was $69.6 million, or $1.65 per share.

• Cash and equivalents stood at $7.7 million at year-end; working capital was negative $2.3 million, including a $10 million Bitcoin-backed loan.

Outlook and guidance

• 2026 growth expected from broader Credit Card rollout, consumer product expansion, and enterprise business line growth.

• Transaction volumes and revenue anticipated to increase as new products scale, especially the Credit Card.

• No specific 2026 revenue guidance provided due to early stage of Credit Card launch.