Fold Holdings (FLD) investor relations material

Executive summary

• Q2 2025 revenue reached $8.2M, up 59–60% year-over-year, with net profit of $13.4M, reversing a prior-year loss, driven by legacy business lines, merchant offers, and new product launches.

• Total accounts surpassed 615,000, with 80,000 verified accounts, and transaction volumes hit $265M, up 124% YoY.

• Significant investments in new products, including the Bitcoin Send, Bitcoin Gift Card, and Bitcoin rewards credit card, are expected to drive future growth.

• Completed a merger and public listing in February 2025, expanding capital structure and product suite.

• Secured a $250M equity purchase facility to support treasury and growth initiatives.

Financial highlights

• Q2 2025 revenues reached $8.2M, up 59–60% YoY; YTD revenues at $15.3M, up 52% over 2024.

• Net profit for Q2 2025 was $13.4M, a turnaround from a $2.3–$2.4M loss in Q2 2024, primarily due to a $36.6–$37M gain on digital assets.

• Adjusted EBITDA for Q2 2025 was ($4.7M), reflecting higher operating expenses and public company costs.

• Cash and cash equivalents stood at $6.6M as of June 30, 2025, with positive working capital of $7.8M.

• Bitcoin treasury held 1,492 BTC, valued at $159.9–$160M as of June 30, 2025.

Outlook and guidance

• Legacy product lines expected to generate $34M–$42M in revenue for 2025, consistent with prior guidance.

• New products (Bitcoin Gift Card, Credit Card) are anticipated to expand the addressable market and drive future revenue growth, with the credit card waitlist exceeding 75,000.

• Q4 is historically the highest volume and revenue quarter due to seasonal spending.

• Management expects existing cash, receivables, and the $250M equity facility to fund operations for at least the next year.

• Plans include accumulating additional bitcoin and leveraging the equity facility for treasury and product expansion.