Fold (FLD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $4.16M, down 43.8% YoY, amid lower transaction volumes; Adjusted EBITDA loss was $4.46M.

• Strategy shifted toward balance-based financial services and rewards, with Fold Reserve and Lead Bank spending accounts launched and early balances exceeding expectations.

• TikTok Shop gift card distribution and new product launches supported customer acquisition as Bitcoin retail activity remained soft.

Financial highlights

• Q3 revenue was $4.16M vs. $7.40M; operating loss was $6.31M vs. $5.94M, and net loss was $2.65M vs. net income of $0.55M.

• GAAP operating expenses declined 21% YoY to $10.47M; professional fees fell 36%, compensation and benefits were flat, and interest expense declined 54% to $0.5M.

• Adjusted EBITDA loss was $4.46M vs. $4.20M YoY, improving from $5.5M in Q2 2026 and $5.8M in Q1 2026.

• Nine-month revenue declined 30.1% to $15.84M; net loss widened to $41.47M from $34.90M.

• Nine-month operating cash use was $20.58M; investing activities provided $54.55M, largely from bitcoin sales, while financing cash use was $19.95M.

Outlook and guidance

• Q4 priorities include growing balances, increasing product use, scaling holiday distribution and improving efficiency; Fold Reserve and credit card revenue contributions are expected to begin.

• Management expects further digital gift card distribution and partner announcements; credit card expansion and marketing depend on securing receivables financing.

• Management expects available resources and financing to fund anticipated operations for one year from the report date.

• Longer-term priorities include diversifying revenue, increasing margins, growing Reserve balances, scaling the card responsibly, controlling costs and moving toward positive cash flow.