Fold (FLD) Q1 2026 earnings summary

Executive summary

• Q1 2026 was challenging due to a significant decline in Bitcoin prices, resulting in a 21% year-over-year revenue drop to $5.6 million and a 31–32% decrease in transaction volumes, with net loss narrowing to $29.2 million from $48.9 million.

• Foundational products launched, including the Fold Credit Card and Bitcoin Bonus Program, with over 1,000 credit cards issued and strong user engagement.

• The Bitcoin Gift Card continues to drive new customer acquisition and engagement, with reduced fees and expanded retail partnerships, notably with Kroger.

• The company is expanding into business services, targeting payroll and employee benefits through the Bitcoin Bonus Program.

• Nearly 2,000 new verified accounts were added, bringing the total to almost 85,000 as of March 31, 2026.

Financial highlights

• Revenue for Q1 2026 was $5.6 million, down 21% year-over-year, with transaction volumes down 31–32%.

• Net loss narrowed to $29.2 million from $48.9 million year-over-year, with adjusted EBITDA loss of $5.8 million.

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

• Cash and cash equivalents stood at $11.5 million at quarter-end, up from $7.7 million at year-end.

• 826 Bitcoin held in treasury, valued between $56.4 million and nearly $67 million, with 430 Bitcoin as collateral.

Outlook and guidance

• Management expects the credit card to become a major contributor to transaction volume, customer acquisition, and revenue as rollout accelerates, prioritizing the 80,000-person waitlist.

• Anticipates multiple product launches and platform expansions, with a focus on scaling responsibly and managing risk.

• Plans to secure additional capital facilities and maintain sufficient liquidity for at least one year.

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