FLD Stock Earnings Reports

Q1 2026 was a challenging quarter for Fold due to a large Bitcoin price decline that reduced customer transaction volumes and engagement. Key operational progress: Fold launched the Fold Credit Card into early access (>1,000 cardholders, >8,000 on the waitlist) with a phased rollout to validate underwriting, fraud controls, servicing and economics; the company plans to scale the card as additional capital facilities are secured. The Bitcoin Gift Card remains an important acquisition channel—Fold is restructuring retail economics to reduce or eliminate upfront customer fees to accelerate distribution and adoption (notably Kroger pilot success). Fold also launched a Bitcoin bonus program for employers (e.g., Steak 'n Shake) as a potential new B2B growth vector. Financial highlights: transactional volume was down 31% YoY and revenue down 21% YoY; Q1 operating expenses were $13.4M (down ~19% YoY); net loss improved to $29.2M from $48.9M a year ago; adjusted EBITDA was negative $5.8M (versus -$4.2M prior year). Balance sheet and capital structure: cash and equivalents $11.5M at quarter end (up from $7.7M at year-end); Fold holds 826 BTC (~$67M fair value) with 430 BTC pledged as collateral under a Two Prime credit facility; previously outstanding convertible notes were extinguished to simplify capital structure. Management reiterates that all products generate positive contribution margins and the near-term focus is responsible scaling of the credit card, careful fixed cost management, broader user acquisition (gift cards, retail distribution) and securing credit facilities to support growth.