Fold (FLD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $7.1 million, up 45% year-over-year, with net loss of $(48.9) million and adjusted EBITDA loss of $(4.2) million, driven by growth in merchant offers, banking, and new product initiatives.

• Over 600,000 active accounts, with new accounts up over 300% YoY and transaction volumes up 67%, supported by the launch of Bitcoin rewards credit card and Bitcoin gift card.

• Completed public listing on NASDAQ in February 2025 via merger with FTAC Emerald, resulting in recapitalization and conversion of SAFEs.

• Bitcoin treasury holdings increased by 50% to 1,490 BTC, valued at over $150 million, with strategic focus on further accumulation.

• Strategic shift to a tenfold increase in paid marketing, with a $3 million budget for 2025 to accelerate customer acquisition and product adoption.

Financial highlights

• Q1 2025 revenue: $7.1 million, up from $4.9 million in Q1 2024; net loss: $(48.9) million, mainly due to non-cash fair value adjustments and merger-related expenses.

• Adjusted EBITDA (loss): $(4.2) million, compared to $(0.9) million in Q1 2024.

• Cash and cash equivalents at quarter-end: $11.7 million, with positive working capital of $13.3 million.

• Total transaction volume exceeded $250 million, up nearly 70% year-over-year.

• Operating expenses increased to $16.6 million from $5.8 million YoY, reflecting higher professional fees, compensation, and marketing.

Outlook and guidance

• Full-year 2025 revenue target set at $61.6 million, with Q4 expected to be the highest revenue quarter due to seasonal spending.

• Marketing expenses projected at $3 million for 2025, a tenfold increase from 2024.

• New product launches and expanded marketing expected to drive higher volumes, revenues, and margins in 2025.

• Existing cash, receivables, and digital assets expected to fund operations for at least the next twelve months.