Fold (FLD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $5.6 million, down 21% year-over-year, primarily due to a significant drop in Bitcoin prices and lower transaction volumes.

• Net loss for Q1 2026 was $29.2 million, improved from $48.9 million in Q1 2025, driven by lower non-cash charges.

• Adjusted EBITDA loss was $5.8 million, a 37% increase from the prior year, mainly due to higher compensation and administrative expenses.

• The company launched new products, including the Fold Credit Card and Bitcoin Bonus Program, and expanded its Bitcoin Gift Card distribution.

• Nearly 2,000 new verified accounts were added, bringing the total to almost 85,000.

Financial highlights

• Transaction volumes declined 31–32% year-over-year; revenue fell 21% to $5.6 million for Q1 2026.

• Operating expenses decreased 19% to $13.4 million from $16.6 million in Q1 2025.

• Net loss per share was $(0.59) for Q1 2026, improved from $(1.92) in Q1 2025.

• Adjusted EBITDA loss per share was $(0.12) for Q1 2026.

• Cash and cash equivalents at March 31, 2026 were $11.5 million, up from $7.7 million at year-end 2025.

Outlook and guidance

• Management expects continued rollout and expansion of the Bitcoin Rewards Credit Card, prioritizing the 80,000-person waitlist.

• Anticipate multiple product launches and platform expansions in the coming quarters.

• Management believes the company is well-positioned for growth as Bitcoin markets recover and expects sufficient liquidity for at least one year.

• Anticipates continued volatility in revenues due to Bitcoin price fluctuations and macroeconomic conditions.