Fold Holdings Inc Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Context: Q1 2026 was a challenging quarter for Fold Holdings amid a broader Bitcoin industry downturn, with Bitcoin prices down nearly 50% from their October 2025 all-time high. This pressured transaction volumes and revenues, though the company highlighted progress on foundational products like the Fold Credit Card and Bitcoin bonus program. Management emphasized positive contribution margins across products and positioning for scaled growth as Bitcoin recovers.

Key Financial Highlights (Q1 2026 vs Q1 2025)

  • Transaction volumes: Down 31% year-over-year due to lower Bitcoin prices and reduced consumer engagement.
  • Revenues: Down 21% year-over-year, reflecting the same market pressures.
  • Operating expenses: $13.4 million, down 19% from $16.6 million (driven by lower revenue-linked costs, share-based compensation, and professional fees).
  • Net loss: $29.2 million, improved from $48.9 million (impacted by non-operating items like Bitcoin fair value changes and financing structures).
  • Adjusted EBITDA: Negative $5.8 million vs negative $4.2 million (wider loss due to $1 million higher payroll from headcount growth and increased product development/marketing spend).
  • Cash and cash equivalents: $11.5 million at quarter end, up from $7.7 million at year-end 2025.
  • Net cash used in operating activities: $6.6 million vs $5.0 million prior year.

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Operator: Good day, and thank you for standing by. Welcome to the Fold First Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Samir Jain of Investor Relations. Please go ahead. Samir Jain: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings First Quarter 2026 Earnings Call. Joining me on the call today are Chairman and CEO, Will Reeves; and CFO, Wolfe Repass. Before we begin, please note that the information reported on this call speaks only as of today, May 12, 2026, and therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listening, or transcript reading. A replay of today's call will be available by webcast on the company's website at investor.foldapp.com, and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the U.S. federal securities laws. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results, products, activities, or time frames to differ materially. For example, statements suggesting or implying the company's ability or positioning for growth as well as any statements which include future dates or time frames are forward-lookin

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