Fold Holdings Inc (FLD) Earnings
Fold Holdings Inc is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $-0.10. FLD has beaten EPS estimates in 0 of its last 5 reported quarters (average surprise -164.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.15 | $-0.19 | -26.7% | $6M | -20.6% |
| May 12, 2026 | $-0.16 | $-0.20 | -25.0% | $6M | -44.0% |
| Mar 17, 2026 | $-0.14 | $-0.86 | -525.5% | $9M | -16.6% |
| Aug 12, 2025 | $-0.10 | $-0.18 | -80.0% | $8M | -30.9% |
| May 15, 2025 | $-0.10 | $-0.42 | -320.0% | $7M | -15.6% |
| Mar 29, 2025 | — | $1.65 | — | $-15M | — |
| Aug 9, 2024 | — | $-0.05 | — | — | — |
| Jun 29, 2024 | — | $-0.02 | — | — | — |
| Dec 30, 2023 | — | $0.01 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Business Transformation - Fold is transitioning from a Bitcoin-centric transaction business to a full-featured broader financial platform serving all consumers seeking strong rewards, moving beyond transaction-only revenue to monetizing customer assets and deposits for more predictable recurring cash flows and higher customer lifetime value. - The company remains conviction in Bitcoin as a strategic long-term asset, but now targets the full addressable market of consumers, including those primarily seeking cash rewards, not only Bitcoin-native customers. - Key infrastructure has been completed: a proprietary bank-grade multi-asset core ledger, and a strategic partnership with LeadBank to enable expanded banking capabilities and deposit economics. - Credit Card Early Access Update - The Fold credit card is in early access with over 2,000 customers, used to validate underwriting, fraud systems, servicing, financing, and customer experience before full scaling. - Early results have met or exceeded expectations: per-swipe interchange and lending economics are currently profitable, transactions per user increase 4x over the first several months of usage, and spend per user outpaces internal projections. - Underwriting has been refined to expand approvals for qualified customers while maintaining risk controls, building operational confidence for a broader rollout. - Balance Sheet and Operational Improvements - All secured Bitcoin-backed debt has been eliminated, removing $20 million in debt, reducing monthly interest expense by nearly $145,000, decreasing treasury volatility, and increasing financial flexibility with $25 million in retained unrestricted capital. - The company is actively executing cost reduction initiatives, eliminating redundant vendors and contractors to lower operational expenses. - Distribution and Other Product Updates - The Bitcoin gift card business has expanded distribution to new large digital and physical marketplaces including TikTok Shop, which has outperformed expectations even in the depressed Bitcoin market, bringing younger, non-traditional Fold customers and organic creator content driving brand awareness. - The Bitcoin bonus program, used by early partners for talent recruitment and retention, is being refined to deliver proven impact metrics to support future integration into large payroll and benefits portals.
Guidance
Management did not issue specific numeric revenue or earnings guidance for the full year or upcoming quarters. Key forward-looking outlooks include: - Management expects the company's financial profile to improve as new lines of business focused on yield from customer-held assets scale, leading to higher, more recurring revenue, better margins, and reduced dependence on volatile transactional volumes. - A broad rollout of the credit card alongside other new platform product launches is planned for later this summer, with investors expected to see the impact of the company's multi-year infrastructure investments materialize in the coming months, including the transition to a full-stack financial services business model. - The company plans to add strategic financing partners to support growing credit card receivables, as current in-balance-sheet financing is only sufficient for the early access stage.
Segment performance
Fold did not break out financial performance by multiple distinct product segments in this earnings call. Aggregate company-wide Q2 2026 results were: total revenue of $6.1 million, a 26% year-over-year decrease; GAAP operating expenses of $13.9 million, a 4% year-over-year decrease; net loss of $9.7 million (compared to a net income of $13.4 million in Q2 2025); adjusted EBITDA of negative $5.5 million (compared to negative $4.7 million in Q2 2025). Historical revenue was almost entirely driven by transaction-related activity including payment transactions, card products, merchant offers, and exchange volumes.
Risks & headwinds
- Persistently low Bitcoin prices continue to pressure transaction volumes, trading activity, and consumer engagement across the Bitcoin industry, which has negatively impacted Fold's Q2 2026 financial results and creates ongoing volatility for the company's legacy transaction-based revenue. - Inability to secure additional strategic financing partners for credit card receivables would limit the pace of credit card scaling, as existing internal balance sheet capacity is insufficient to meet all existing and projected customer demand. - All forward-looking strategy and product plans are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, as noted in the company's SEC filings.
Analyst Q&A
Q: Beyond account growth, are there any early positive signs of accelerating customer activity in the current challenging Bitcoin market? How are the Bitcoin gift card fee cuts, TikTok Shop distribution performing, and does TikTok bring a different customer base?
A: Traditional metrics including Bitcoin transaction and trading volume are down across the industry, consistent with market conditions. The credit card is a strong bright spot: transactions per user grow 4x over the first few months of use, and spend per user is outperforming projections, supporting its goal of becoming customers' primary card. For the Bitcoin gift card, lower fees and new TikTok Shop distribution are delivering very strong results even in a depressed Bitcoin market; TikTok brings a younger, different customer base than traditional grocery distribution, with organic creator content driving hundreds of thousands of views and new customer acquisition for Fold broadly.
Q: What is the current size of the credit card waitlist/pipeline going into the second half of 2026, and what is the outlook for the Bitcoin bonus program funnel?
A: The credit card waitlist remains over 80,000 people and continues to grow, with additional demand from existing Fold monthly active users and new target customer segments. Early access was intentionally limited to refine operations and hit performance targets, which it has done, so wider launch later this summer will draw from this pipeline. The Bitcoin bonus program is getting great feedback from early corporate partners, and the current focus is refining the product and building proof points that it improves talent recruitment and retention, to support future expansion into major paycheck and benefits portals.
Q: What is the expected pace of credit card growth, and is financing capacity still the main gating factor to scaling? Will Fold support other crypto assets beyond Bitcoin in its new platform?
A: Currently the credit card runs fully on Fold's balance sheet, and the main limiting factor for faster scaling is securing additional financing from strategic partners, which will be announced in tandem with the summer launch. Underwriting has been refined to expand access to more qualified customers while managing risk, after being intentionally strict during early access. Fold will focus exclusively on dollars and Bitcoin for its personal finance platform, as market research shows these are the overwhelming priority for mainstream consumers; the platform will cater to customers seeking cash rewards as well as Bitcoin rewards, to capture the large mainstream market of consumers looking for strong rewards programs.