What were the key takeaways from Fold Holdings's earnings call?

What guidance did Fold Holdings's management provide for the next earnings period?

What does Fold Holdings do and what are its main business segments?

What were the key takeaways from Fold Holdings’s earnings call?

What is the revenue and EPS growth rate for Fold Holdings year over year?

What is Fold Holdings's latest dividend and current dividend yield?

What factors drove the changes in Fold Holdings's revenue and profit?

Did Fold Holdings beat or miss consensus estimates last quarter?

- **Credit Card Launch Success**: Over 80,000 users on wait list, unit economics profitable from day one, targeting 4% rewards for Bitcoin transactions.
- **Revenue Growth Resilience**: Q4 2025 revenue $9.1M (8% YoY), Full Year $31.8M (34% YoY) despite Bitcoin volatility.
- **Enterprise Expansion**: Bitcoin bonus program with Steak ’n Shake signed 100+ employees, pipeline for SaaS contracts.
- **Debt Restructuring**: Eliminated $66.3M convertible debt, freeing 521 Bitcoin for strategic use.
- **Gift Card Momentum**: Q4 2025 gift card revenue $722K, 20% MoM growth, Kroger partnership driving 1000+ new users/month.

**【CEO Opening Remarks】**
- Fold achieved significant product expansion in 2025, including the Bitcoin Rewards Credit Card launch and Bitcoin gift card partnerships with Kroger and others.
- Despite Bitcoin's 50% price decline in Q4 2025, Fold maintained growth through strategic focus on customer acquisition and product innovation.
- The credit card rollout is prioritized as a growth driver, with over 80,000 users on the wait list.
- New enterprise partnerships like the Bitcoin bonus program with Steak ’n Shake are creating recurring revenue streams.

**【CFO Financial Commentary】**
- Q4 2025 revenue: $9.1M (8% YoY growth), Full Year 2025: $31.8M (34% YoY growth).
- Restructured $66.3M convertible debt, releasing 521 Bitcoin from collateral.
- Year-to-date GAAP operating loss: $27.8M (vs. $5.8M prior year), driven by strategic investments in new products.
- Credit card economics designed to be unit profitable from launch, with 2x interchange of debit card.

**【Q&A Highlights】**
- **Credit Card Rollout**: Initial focus on high-risk underwriting to control fraud, targeting 80,000+ wait list over 2026. Unit economics positive from day one, with 4% rewards for Bitcoin transactions.
- **Bitcoin Gift Card**: Q4 2025 revenue contribution ~$722K, 20% MoM growth, attracting 1000+ new users/month.
- **Enterprise Partnerships**: Steak ’n Shake program signed 100+ employees, with pipeline for SaaS-style contracts with other companies.
- **Balance Sheet**: $63M net assets, $7.7M cash, 1527 Bitcoin treasury (1000 restricted as collateral).
- **Customer Acquisition**: Credit card wait list built with ~$0 marketing, relying on organic demand from existing users.


Fold Holdings Inc (FLD) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 transaction volumes +43% YoY to $235M, net revenues +41% YoY to $7.4M.
- **Bitcoin Treasury**: 1,526 BTC ($154M) as of Q3, up 53% since February 2025.
- **Product Launches**: Bitcoin gift cards at 2,000 Kroger locations and 400 Steak 'n Shake restaurants, credit card testing internally.
- **Financial Performance**: GAAP net income $0.6M, adjusted EBITDA $(4.2M), $6.7M cash, and $154M Bitcoin on balance sheet.
- **Growth Drivers**: 80% of gift card sales occur in Q4, credit card waitlist >80,000, and negative customer acquisition cost.

**【CEO Summary Section】**
- Fold Holdings reported Q3 2025 transaction volumes of $235 million, up 43% year-over-year, and net revenues of $7.4 million, up 41% YoY.
- Launched Bitcoin gift cards at 2,000 Kroger locations and 400 Steak 'n Shake restaurants, with 80% of gift card sales occurring in November-December.
- Credit card waitlist exceeds 80,000, with internal testing nearing completion for Q1 2026 launch.
- Fold's Bitcoin treasury holds 1,526 BTC valued at $154 million, up 53% since February 2025.

**【CFO Financial Commentary】**
- GAAP net income: $0.6 million (Q3 2025) vs. $62.3 million loss (Q3 2024), driven by $10.2 million Bitcoin fair value adjustment.
- Adjusted EBITDA: $(4.2 million) vs. $(4.2 million) Q3 2024, with all business lines generating positive gross margins.
- Balance sheet: $6.7 million cash, $154 million Bitcoin, and $5 million drawn from $45 million revolving credit facility.
- $250 million equity purchase facility used to acquire additional Bitcoin.

**【Q&A Highlights】**
- **Gift Card Rollout**: 2,000 Kroger locations and 400 Steak 'n Shake restaurants, with 80% of annual gift card sales occurring in Q4.
- **Customer Acquisition**: Negative cost via gift card redemptions, < $10 per customer vs. competitors' $100+ CAC.
- **Credit Card Strategy**: Testing internal use cases, targeting Q1 2026 launch with 3.5% cashback and 10% top brand rewards.
- **Capital Strategy**: $45M revolving credit facility collateralized by Bitcoin, $250M equity purchase facility for Bitcoin acquisitions.
- **Future Products**: High-yield savings accounts, Bitcoin lending, and expanded banking partnerships in 2026.

Fold Holdings Inc (FLD) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: $8.2 million revenue (59% YoY), $265 million transaction volume (124% YoY), $13.4 million net profit. 
- **New Product Momentum**: Bitcoin gift card live on 3+ platforms, Bitcoin credit card with 75,000+ waitlist. 
- **Bitcoin Treasury Expansion**: 1,492 BTC (~$160 million) as of Q2, with $250M facility to buy more Bitcoin accretively. 
- **Strategic Differentiation**: Unique dual model (operating business + Bitcoin treasury) enables faster growth and lower CAC. 
- **2025 Outlook**: Legacy business to grow 70-100% YoY, new products to drive >$100 million TAM expansion.

**【CEO Opening Remarks】**
- Q2 2025 revenue: $8.2 million (59% YoY growth), transaction volume: $265 million (124% YoY growth), GAAP net profit: $13.4 million.
- New product launches: Bitcoin gift card (live on Blackhawk, giftcards.com, Tillo) and Bitcoin credit card (75,000+ waitlist). 
- Core business growth organic, with limited marketing spend; Bitcoin treasury now holds 1,492 BTC (~$160 million). 
- Strategic focus: Expand Bitcoin as institutional asset class, integrate into traditional financial systems (e.g., retirement accounts, mortgages). 

**【CFO Financial Commentary】**
- Q2 2025 financials: 
  - Revenues: $8.2 million (59% YoY), driven by 10,000+ new accounts and 3,000+ verified accounts. 
  - GAAP net profit: $13.4 million (vs. $2.4 million loss Q2 2024), driven by $37 million Bitcoin treasury revaluation. 
  - Adjusted EBITDA: -$4.7 million (vs. -$1.2 million Q2 2024), due to public company costs. 
  - Cash: $6.6 million; no debt. 
- 2025 legacy business outlook: $34-42 million revenue, excluding new products. 
- $250 million equity purchase facility to buy Bitcoin accretively (measured by BTC per share). 

**【Q&A Highlights】**
1. **Bitcoin Gift Card Distribution**: 
   - Online: giftcards.com, Tillo, Flus (July launch). 
   - Physical: Blackhawk (4,000+ US locations) and other top-tier retailers Q4. 
   - Marketing: $3 million allocated for credit card, gift card co-marketing with partners. 
2. **Bitcoin Credit Card**: 
   - Launch target: Q4 2025 with waitlist customers first. 
   - Issuing partner: "one of the most respected names in payments" to be announced. 
   - Credit facilities: Scaled to handle demand, with partners offering best-in-class margins. 
3. **Treasury Strategy**: 
   - Use $250M facility to buy Bitcoin when accretive (BTC per share > current). 
   - Fold's dual model (operating business + Bitcoin treasury) creates unique synergies. 
4. **Customer Acquisition**: 
   - Gift card redemptions generate negative CAC ( Fold earns spread on redemptions). 
   - Credit card: 75,000+ waitlist represents initial wave; broader launch Q1 2026. 


Actual	-1.92	0.28	0.01	-0.11
Forecast	-0.1	-0.1933	-0.1267	-0.1375
Surprise	-1820.00%	+244.85%	+107.89%	+20.00%

Actual	7.09M	8.20M	7.40M	9.00M
Forecast	8.40M	8.07M	9.17M	10.12M
Surprise	-15.62%	+1.65%	-19.28%	-11.03%

FLD

FLD fundamentals

FLD Q4 2025 Earnings

Earnings Call

You can ask Aime

FLD

FLD fundamentals

FLD Q4 2025 Earnings

Earnings Call

FLD Earnings Call Summary for Q4/20255:00 PM on Mar 17, 2026

FLD Earnings Call Summary for Q3/20255:00 PM on Nov 10, 2025

FLD Earnings Call Summary for Q2/20255:00 PM on Aug 12, 2025

FLD Earnings Call Summary for Q1/20255:00 PM on May 15, 2025

You can ask Aime