Free cash flow remains consistently negative, highlighted by a -126.2% FCF margin in 2026Q1, indicating a heavy reliance on external funding to sustain operations.
Fold Holdings, Inc. (FLD) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -23.21M | -16.12M | -3.43M | -5.08M | -1.49M | -712.14K |
| Operating CF Growth % | -6279.29% | -369.48% | 32.44% | -240.66% | -109.51% | - |
| Net Income | -72.96M | -69.59M | -1.87M | -7.17M | -11.97M | -119.99K |
| Depreciation & Amortization | 690.14K | 557.98K | 292.27K | 229.09K | 182.79K | 120.62K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 38.07M | 36.86M | -3.82M | 880K | 2.52M | -28.45K |
| Working Capital Changes | 4.56M | 6.09M | 1.97M | 973.1K | 7.77M | -684.32K |
| Cash from Investing | 50.47M | -8.97M | 117.32M | 99.81M | -4.48M | -266.64M |
| Purchase of Investments | -7.39M | -8.02M | 0 | -3.41M | -4.15M | 0 |
| Sale/Maturity of Investments | 59.12M | 0 | 104.87K | 0 | 0 | 0 |
| Net Investment Activity | 51.73M | -8.02M | 104.87K | -3.41M | -4.15M | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 117.21M | 103.21M | 0 | -266.64M |
| Cash from Financing | -5.48M | 14.41M | -113.01M | -94.77M | 6.98M | 268.82M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -116.72M | -96.79M | -21.88K | 0 |
| Stock Issued | 3.2M | 4.37M | 0 | 0 | 0 | 0 |
| Net Stock Activity | 3.2M | 4.37M | -116.72M | -96.79M | -21.88K | 0 |
| Debt Issuance (Net) | -2M | 1000K | 1000K | 500K | 1000K | 0 |
| Other Financing | 13.48M | 39.27K | -12.6M | 1.52M | 0 | 268.82M |
| Net Change in Cash | 21.78M | -10.68M | 876.2K | -42.91K | 1M | 1.47M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 11.53M | 18.33M | 29.84K | 72.75K | 4.35M | 0 |
| Cash at End | 28.39M | 7.65M | 906.04K | 29.84K | 5.35M | 1.47M |
| Interest Paid | 0 | 5.18K | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.66M | 6.14K | 3.11K | 2.77M | 11.08K | 0 |
| Free Cash Flow | -24.47M | -16.12M | -3.43M | -5.08M | -1.82M | -712.14K |
| FCF Growth % | -109.27% | -369.48% | 32.44% | -179.2% | -155.62% | - |
Quick answers to the most common questions about buying FLD stock.
Fold Holdings, Inc. (FLD) generated $-16.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fold Holdings, Inc. (FLD) reported negative free cash flow of $16.1M in 2025, indicating capital requirements exceeded cash from operations.
Fold Holdings, Inc. (FLD) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
According to the provided quarterly data, Fold Holdings Inc exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently failing to provide positive validation of reported earnings, most notably in 2025Q3 where the ratio reached a deeply negative -4.47.
The lack of alignment between accounting profits and cash generation suggests that reported earnings are heavily influenced by non-cash items or accounting adjustments rather than core operational efficiency. Investors should monitor this divergence as it indicates that the company's profitability, when present, does not translate into tangible liquidity.
Free Cash Flow Remains Negative
As reported in financial statements, Fold Holdings Inc has consistently generated negative free cash flow over the last ten quarters, with the FCF margin reaching a low of -126.2% in 2026Q1, underscoring the company's ongoing reliance on external financing to sustain its current operational scale.
The persistent negative FCF trajectory suggests that the business model is currently in a capital-intensive growth phase that has yet to reach a self-sustaining threshold. This trend warrants further investigation into whether the company can achieve positive cash flow before its existing capital reserves are fully depleted.
Working Capital Volatility Masks Trends
Based on the reported figures, working capital changes have been highly erratic, swinging from a $3.1M inflow in 2025Q3 to a $1.7M outflow in 2024Q4, which suggests that the company's cash conversion cycle is subject to significant, unpredictable fluctuations in its underlying transactional activity.
These swings in working capital may indicate instability in the timing of merchant settlements or user reward redemptions. Such volatility complicates the assessment of the company's underlying cash-generating capability and suggests that liquidity management remains a significant operational challenge.
SBC Obscures True Cash Costs
As evidenced by the provided cash flow data, stock-based compensation has reached as high as $5.2M in a single quarter, which effectively masks the true cash cost of talent acquisition and retention within the company's heavily loss-making operating structure.
The reliance on equity-based incentives appears to be a strategic attempt to preserve cash, yet it dilutes existing shareholders while failing to address the underlying negative operating cash flow. Analysts should adjust for these non-cash expenses to understand the true economic cost of maintaining the current workforce.