Fold (FLD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $6.1 million, down 26% year-over-year, with a net loss of $9.7 million and adjusted EBITDA loss of $5.5 million, reflecting lower bitcoin valuations and customer activity.

• Significant investments in credit, banking, merchant distribution, and rewards are positioning the platform for broader financial services and recurring revenue.

• Over 2,000 Fold Credit Cards are in early access, more than doubling quarter-over-quarter, with strong transaction growth and profitable per-swipe economics.

• All secured debt and convertible notes were eliminated, strengthening the balance sheet and reducing monthly interest expense by $145,000.

• Platform expansion targets a broader market beyond bitcoin-native customers, aiming to deepen customer relationships and diversify revenue streams.

Financial highlights

• Q2 2026 revenue: $6.1 million, down 26% year-over-year; net loss: $9.7 million; adjusted EBITDA loss: $5.5 million.

• GAAP operating expenses decreased 4% to $13.9 million compared to Q2 2025.

• Cash and cash equivalents as of June 30, 2026: $28.4 million; working capital: $17.8 million.

• Accumulated deficit as of June 30, 2026: $209.8 million.

• Verified accounts exceeded 87,000 as of June 30, 2026, with 1,000+ new accounts added in the quarter.

Outlook and guidance

• Management expects existing cash, receivables, and credit/equity facilities to fund operations for at least one year.

• Focused on scaling the Fold Credit Card, expanding product offerings, and acquiring new users.

• Anticipates onboarding strategic financing partners to support credit card growth.

• Considering a reverse stock split to regain Nasdaq compliance after a deficiency notice.

• Expansion into asset-based revenue streams and broader financial services is planned.