Fold Holdings 2025 Q3 Earnings Profitability Turns as Net Income Surges 100.9%

Fold Holdings (FLD) reported a dramatic turnaround in Q3 2025, reversing a prior-year loss to post a modest profit. The company’s GAAP EPS of $0.01 exceeded estimates by $0.17, while revenue grew 41.2% to $7.40 million. However, revenue fell short of expectations by $1.8 million, and adjusted EBITDA remained negative at $4.2 million.

Revenue

Fold Holdings’ total revenue surged 41.2% year-over-year to $7.40 million in Q3 2025. Banking and payment services drove the majority of this growth, contributing $7.05 million in revenue. Custody and trading activities added $346,478, while other revenue streams totaled $866. After accounting for $2,600 in sales returns and allowances, the company’s net revenue reached $7.40 million. This performance underscores strong demand for the firm’s core financial services, particularly in the Bitcoin ecosystem.

Earnings/Net Income

The company’s profitability marked a stark contrast to the prior year, with a net income of $554,242 in Q3 2025 versus a net loss of $62.31 million in Q3 2024. This 100.9% swing reflects a significant operational turnaround. The EPS of $0.01, compared to a $10.68 loss per share the previous year, highlights the company’s progress toward stabilizing its financial position.

Post-Earnings Price Action Review

Despite the earnings beat, Fold Holdings’ stock faced downward pressure, dropping 5.77% on the latest trading day, 11.18% over the past week, and 24.81% month-to-date. A historical backtest of the buy-and-hold strategy on earnings report dates revealed poor performance, with an average return of -12.13% over three years and a 0% success rate. This suggests that market sentiment remains skeptical about the company’s ability to sustain profitability.

CEO Commentary

CEO Will Reeves highlighted key milestones, including 7,500 new accounts, $235 million in transaction volumes, and $1 million in GAAP net income. He emphasized Bitcoin’s adoption and the potential of the Bitcoin Rewards credit card, which has a waitlist of 80,000 users. Strategic priorities include expanding the gift card program to 2,000 Kroger locations and exploring new products like loans and retirement plans.

Additional News

Fold secured a $45 million revolving credit facility to support growth initiatives and maintain liquidity, complementing its existing $250 million equity purchase facility. The company also announced partnerships to expand its Bitcoin gift card distribution, including a nationwide rollout with Steak ’n Shake. Additionally, Fold’s Bitcoin investment treasury grew to 1,526 BTC (valued at ~$154 million), underscoring its long-term commitment to Bitcoin adoption.