FLDDW Stock Earnings Reports

Q1 2026 was a challenging quarter for Fold due to a sharp Bitcoin price pullback that depressed consumer activity. Key operating impacts: transaction volumes were down 31% YoY and revenue down 21% YoY, with adjusted EBITDA of negative $5.8M and a GAAP net loss of $29.2M. Operating expenses improved (down ~19% YoY to $13.4M). Cash and equivalents were $11.5M at quarter end. Fold holds 826 BTC (~$67M fair value), of which 430 BTC is pledged as collateral under a credit facility.

On the product/front-end: Fold launched the Fold Credit Card into early access in March and is intentionally throttling rollout; there are >1,000 live cardholders and a waitlist of >8,000. Early cohort behavior is encouraging (multi-product engagement, primary-card usage), and Fold expects the card to drive transaction volume, acquisition, and engagement as rollout scales. The company is working to secure additional capital facilities (revolving/warehouse-style financing) to support scaling the credit card program.

Other growth initiatives: the Bitcoin Gift Card (notably Kroger pilot) continues to be a strong acquisition channel; Fold plans to restructure gift-card economics (reducing or eliminating upfront customer fees) to accelerate distribution and adoption. Fold launched a Bitcoin bonus program with Steak 'n Shake, targeting payroll/benefits and employer adoption, with the view this can scale into broader B2B products (payroll, treasury, benefits). Management emphasizes that all products generate positive contribution margins today, and the strategy is to responsibly scale credit, manage fixed costs, and accelerate user acquisition as market conditions improve.