Fold Holdings, Inc.
FLD Nasdaq Finance Services Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$31.8M
33.9%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$69.6M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.79 EPS (TTM)
What Fold Holdings, Inc. does
No business description yet.
- Legal name
- Fold Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 17, 2026
- Accession · CIK
- 0001193125-26-110808
0001889123
Revenue and margins
Fold Holdings, Inc. had $31.8M of revenue in fiscal 2025, up 33.9% on the year before.
FY22
Revenue —
FY23
Revenue —
FY24
Revenue $23.8M
FY25
Revenue $31.8M
Q3 '23
Revenue —
Q4 '23
Revenue —
Q1 '24
Revenue $4.9M
Q2 '24
Revenue $5.1M
Q3 '24
Revenue $5.2M
Q4 '24
Revenue $8.4M
Q1 '25
Revenue $7.1M
Q2 '25
Revenue $8.2M
Q3 '25
Revenue $7.4M
Q4 '25
Revenue $9.1M
Q1 '26
Revenue $5.6M
Q2 '26
Revenue $6.1M
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating −12.3%
Net −274.0%
FCF —
FY25
Gross —
Operating —
Net −218.9%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net —
FCF —
Q4 '23
Gross —
Operating —
Net —
FCF —
Q1 '24
Gross —
Operating −14.7%
Net −19.2%
FCF —
Q2 '24
Gross —
Operating −12.2%
Net −45.1%
FCF —
Q3 '24
Gross —
Operating −15.3%
Net −1,188.7%
FCF —
Q4 '24
Gross —
Operating −9.1%
Net 5.8%
FCF —
Q1 '25
Gross —
Operating —
Net −689.6%
FCF —
Q2 '25
Gross —
Operating —
Net 164.2%
FCF —
Q3 '25
Gross —
Operating —
Net 7.5%
FCF —
Q4 '25
Gross —
Operating —
Net −379.9%
FCF —
Q1 '26
Gross —
Operating —
Net −521.6%
FCF —
Q2 '26
Gross —
Operating —
Net −158.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income $1.1M
FY23
Net income $4.4M
FY24
Net income −$65.1M
FY25
Net income −$69.6M
Q3 '23
Net income $1.2M
Q4 '23
Net income $0.2M
Q1 '24
Net income −$0.9M
Q2 '24
Net income −$2.3M
Q3 '24
Net income −$62.3M
Q4 '24
Net income $0.5M
Q1 '25
Net income −$48.9M
Q2 '25
Net income $13.4M
Q3 '25
Net income $0.6M
Q4 '25
Net income −$34.7M
Q1 '26
Net income −$29.2M
Q2 '26
Net income −$9.7M
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS −$11.15
FY25
Diluted EPS −$1.65
Q3 '23
Diluted EPS —
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS −$0.16
Q2 '24
Diluted EPS −$0.40
Q3 '24
Diluted EPS −$10.68
Q4 '24
Diluted EPS $0.09
Q1 '25
Diluted EPS −$1.92
Q2 '25
Diluted EPS $0.28
Q3 '25
Diluted EPS $0.01
Q4 '25
Diluted EPS −$0.02
Q1 '26
Diluted EPS −$0.59
Q2 '26
Diluted EPS −$0.19
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity —
Return on assets 0.4%
FY23
Return on capital —
Return on equity —
Return on assets 2.1%
FY24
Return on capital —
Return on equity —
Return on assets −44.6%
FY25
Return on capital —
Return on equity —
Return on assets −49.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY22
Cash from operations −$1.7M
Capital spending —
FY23
Cash from operations −$5.1M
Capital spending —
FY24
Cash from operations −$3.3M
Capital spending —
FY25
Cash from operations −$16.1M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations −$1.1M
Capital spending —
Q4 '23
Cash from operations −$1.0M
Capital spending —
Q1 '24
Cash from operations −$0.4M
Capital spending —
Q2 '24
Cash from operations −$0.9M
Capital spending —
Q3 '24
Cash from operations −$2.2M
Capital spending —
Q4 '24
Cash from operations $0.1M
Capital spending —
Q1 '25
Cash from operations −$5.0M
Capital spending —
Q2 '25
Cash from operations −$4.0M
Capital spending —
Q3 '25
Cash from operations −$2.5M
Capital spending —
Q4 '25
Cash from operations −$4.7M
Capital spending —
Q1 '26
Cash from operations −$6.6M
Capital spending —
Q2 '26
Cash from operations −$9.5M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Fold Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 623.3%.
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $96.8M
FY24
Dividends —
Buybacks $117M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $115M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $1.2M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Fold Holdings, Inc. can carry it.
FY22
Cash $0.1M
Debt —
FY23
Cash $1.5M
Debt —
FY24
Cash $18.3M
Debt —
FY25
Cash $7.7M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $0.1M | $1.5M | $18.3M | $7.7M |
| Interest coverage | — | — | −12.5x | — |
| Current ratio | 0.5x | 0.1x | 1.3x | 0.9x |
| Quick ratio | 0.5x | 0.1x | 1.3x | 0.8x |
| Total assets | $256M | $166M | $126M | $153M |
| Total liabilities | $10.4M | $4.5M | $193M | $90.5M |
| Shareholders' equity | −$8.5M | −$8.4M | −$67.8M | $63.0M |
| Net debt (− = net cash) | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✕ |
| Share count didn't rise | — | — | — | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | — | — | ✓ |
| F-score | — / 3 | — / 5 | — / 5 | 3 / 7 |
| Accruals ratio | 1.1% | 4.5% | −42.4% | −38.3% |
| Altman Z'' | −1.02 | −2.44 | −2.82 | — |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | — | — | $23.8M | $31.8M |
| Operating income | −$1.8M | −$3.7M | −$2.9M | — |
| Interest expense | — | — | $0.2M | $5.7M |
| Pretax income | $1.8M | $6.8M | −$65.1M | −$69.6M |
| Income tax | $0.7M | $2.3M | $0.0M | $0.0M |
| Net income | $1.1M | $4.4M | −$65.1M | −$69.6M |
| Net income to common | — | — | −$65.1M | −$69.6M |
| Diluted EPS | — | — | −$11.15 | −$1.65 |
| Diluted shares | — | — | 0.01B | 0.04B |
| Cash flow | ||||
| Cash from operations | −$1.7M | −$5.1M | −$3.3M | −$16.1M |
| Stock-based compensation | — | — | $0.0M | $10.0M |
| Share buybacks | — | $96.8M | $117M | — |
| Dividends and buybacks | — | $96.8M | $117M | — |
| Balance sheet | ||||
| Cash and short-term investments | $0.1M | $1.5M | $18.3M | $7.7M |
| Current assets | $0.3M | $0.3M | $28.3M | $18.1M |
| Current liabilities | $0.5M | $3.4M | $21.9M | $21.1M |
| Inventory | — | — | $0.3M | $0.5M |
| Total assets | $256M | $166M | $126M | $153M |
| Total liabilities | $10.4M | $4.5M | $193M | $90.5M |
| Preferred stock | — | — | $0.0M | $0.0M |
| Shareholders' equity | −$8.5M | −$8.4M | −$67.8M | $63.0M |
| Margins | ||||
| Operating margin | — | — | −12.3% | — |
| Net margin | — | — | −274.0% | −218.9% |
| Returns | ||||
| Return on capital employed | −0.7% | −2.3% | −2.8% | — |
| Return on assets | 0.4% | 2.1% | −44.6% | −49.9% |
| Return on tangible equity | — | — | — | −110.5% |
| Growth | ||||
| Revenue growth | — | — | — | 33.9% |
| Net income growth | — | 298.2% | −1,564.8% | — |
| Share count change | — | — | — | 623.3% |
| Financial health | ||||
| Interest coverage | — | — | −12.5x | — |
| Current ratio | 0.5x | 0.1x | 1.3x | 0.9x |
| Quick ratio | 0.5x | 0.1x | 1.3x | 0.8x |
| Capital allocation | ||||
| Stock comp / revenue | — | — | 0.0% | 31.4% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 3.0 |
| Altman Z'' | −1.0 | −2.4 | −2.8 | — |
| Accruals ratio | 1.1% | 4.5% | −42.4% | −38.3% |
Source: SEC EDGAR XBRL filings (CIK 0001889123). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.