Revenue remains highly volatile with inconsistent growth, while operating margins have deteriorated to a deeply negative -140.0% as of 2026Q1.
Fold Holdings, Inc. (FLD) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Net Interest Income | -1.11M | -5.71M | 2.52M | 11.21M | 0 | 636 |
| NII Growth % | 98.51% | -326.6% | -77.52% | - | -100% | - |
| Net Interest Margin % | -2.11% | -3.72% | 2% | 6.75% | 0% | 0% |
| Interest Income | 0 | 0 | 2.95M | 11.21M | 0 | 636 |
| Interest Expense | 1.11M | 5.71M | 434.7K | 0 | 0 | 0 |
| Loan Loss Provision | -358.23K | 11.98M | -434.7K | 24.88M | 35.73M | 0 |
| Non-Interest Income | 28.21M | 31.79M | -2.95M | 10.33M | 28.88M | -636 |
| Non-Interest Income % | 104.09% | 121.88% | 679.19% | 47.95% | 100% | - |
| Total Net Revenue | 27.1M | 26.09M | -434.92K | 21.53M | 28.88M | 0 |
| Revenue Growth % | 521.63% | 6097.8% | -102.02% | -25.43% | - | - |
| Non-Interest Expense | 54.96M | 41.83M | 2.92M | 3.73M | 3.47M | 120.62K |
| Efficiency Ratio | 202.8% | 160.37% | -671.39% | 17.32% | 12.02% | - |
| Operating Income | -27.5M | -27.73M | -2.92M | -3.73M | -10.33M | -120.62K |
| Operating Margin % | -101.48% | -106.31% | 671.39% | -17.32% | -35.76% | - |
| Operating Income Growth % | - | -849.69% | 21.73% | 63.88% | -8462.15% | - |
| Pretax Income | -72.96M | -69.59M | -1.24M | 6.77M | -11.96M | -119.99K |
| Pretax Margin % | -269.19% | -266.77% | 285.11% | 31.43% | -41.42% | - |
| Income Tax | 84 | 1.47K | 628.51K | 2.33M | 10.71K | 0 |
| Effective Tax Rate % | -0% | -0% | -50.69% | 34.35% | -0.09% | 0% |
| Net Income | -72.96M | -69.59M | -1.87M | 4.44M | -11.97M | -120K |
| Net Margin % | -269.19% | -266.78% | 429.73% | 20.64% | -41.46% | - |
| Net Income Growth % | -114.21% | -3623.41% | -142.06% | 137.12% | -9877.29% | - |
| Net Income (Continuing) | -72.96M | -69.59M | -1.87M | 4.44M | -11.97M | -119.99K |
| EPS (Diluted) | -1.41 | -1.65 | -0.12 | 0.14 | -0.26 | -0.02 |
| EPS Growth % | 83.3% | -1275% | -185.71% | 153.85% | -1200% | - |
| EPS (Basic) | - | -1.65 | -0.12 | 0.14 | -0.26 | -0.02 |
| Diluted Shares Outstanding | 51.83M | 42.22M | 14.97M | 32.06M | 46.14M | 6M |
Quick answers to the most common questions about buying FLD stock.
For fiscal year 2025, Fold Holdings, Inc. (FLD) reported total revenue of $26.1M.
Fold Holdings, Inc. (FLD) reported a net loss of $69.6M for the fiscal year ending 2025.
Fold Holdings, Inc. (FLD) reported an operating income of $-27.7M, resulting in an operating profit margin of -106.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Fold Holdings, Inc. (FLD) generated $14.1M in gross profit for the year, representing a gross profit margin of 54.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Scaling Challenges
According to the provided quarterly income statements, Fold Holdings Inc's revenue has fluctuated between $4.9M and $9.1M, suggesting that top-line growth remains inconsistent and highly sensitive to external market conditions rather than demonstrating a clear, predictable trajectory of organic expansion across the observed ten-quarter period.
The lack of a sustained upward trend in revenue suggests that the company's core transactional model may be struggling to gain consistent traction in a competitive fintech landscape. Investors should monitor whether these fluctuations are tied to cyclical cryptocurrency market sentiment or if they indicate a fundamental difficulty in retaining a stable user base.
Gross Margin Instability Signals Risk
As reported in the financial data, Fold Holdings Inc has experienced extreme volatility in gross margins, swinging from a high of 87.4% in 2023Q4 to a negative 87.1% in 2025Q1, which highlights the precarious nature of the company's current rewards-based unit economics.
This erratic margin profile suggests that the cost of fulfilling bitcoin rewards is not effectively decoupled from the company's revenue generation. Such instability implies that the firm may lack the pricing power necessary to pass through the costs of its rewards engine to the end consumer during periods of market stress.
Operating Leverage Remains Deeply Negative
Based on the income statement figures, Fold Holdings Inc's operating margins have remained consistently negative, reaching as low as -140.0% in 2026Q1, which indicates that the company has yet to achieve the necessary scale to cover its fixed operating expenses through its current revenue streams.
The persistent gap between gross profit and operating expenses suggests that the business model is currently structured for growth at any cost rather than operational efficiency. This lack of operating leverage warrants further investigation into whether the company can reach a break-even point without significant structural changes to its cost base.
Earnings Distorted by Non-Operating Items
As evidenced by the provided data, net income has shown wild swings, including a $63.7M profit in 2024Q4 followed by a $48.9M loss in 2025Q1, suggesting that reported earnings are heavily influenced by non-operating factors rather than core operational performance.
The significant discrepancy between operating losses and net income figures implies that investors should be cautious when evaluating the company's profitability based on bottom-line results. These anomalies likely reflect the impact of fair value adjustments or other non-recurring items that obscure the underlying health of the business.
Structural Viability Faces Significant Scrutiny
Based on the reported figures, the company's net margin of -218.88% and reliance on external capital to fund operations suggest that the current business model may be fundamentally unsustainable without a major pivot in its approach to user acquisition and reward fulfillment costs.
Short-sellers would likely focus on the high burn rate and the potential for margin compression if bitcoin prices continue to rise, increasing the cost of rewards. The company's ability to survive appears contingent on its capacity to secure continuous financing, which may be difficult if market sentiment toward crypto-fintech firms shifts negatively.