- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLDD(Delisted)

FLDD fundamentals

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