Fold Posts $69.6M Loss Despite 34% Revenue Growth

Edgen Stock·Mar 19 2026, 03:14

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Key Takeaways

Bitcoin financial services firm Fold (NASDAQ: FLD) reported significant losses for its 2025 fiscal year as it invested heavily in new product lines. While revenue and transaction volumes grew, escalating costs tied to its new credit card raise questions about its path to profitability.

The company recorded a $69.6 million net loss for the full year 2025, compared to a $65.1 million loss in 2024.
Operating losses surged by 377% to $27.7 million, driven by costs associated with launching its new credit card and enterprise services.
Fold extinguished its convertible debt to simplify its capital structure and is focusing on scaling customer acquisition for its new products in 2026.

Operating Losses Surge 377% on Expansion Costs

Nasdaq-listed Fold Holdings, Inc. (FLD) announced a net loss of $69.6 million for the fiscal year ending December 31, 2025. This loss occurred even as the company generated a 34% year-over-year increase in revenue, which reached $31.8 million. The primary driver of the negative bottom line was a 377% jump in operating losses, which climbed to $27.7 million from $5.8 million in the prior year. The aggressive spending halved the company's cash reserves, with cash and cash equivalents falling to $7.6 million from $18.3 million at the end of 2024.

Fold Bets on Credit Card Launch and Cleaner Balance Sheet

Fold's management attributed the steep rise in expenses to strategic investments aimed at long-term growth. Key initiatives included the recent launch of the Fold Bitcoin Rewards Credit Card and a new enterprise service, Fold for Business. These moves are designed to expand the company's addressable market, with 2025 transaction volumes showing underlying platform growth by increasing 46% year-over-year to $960 million. Alongside its product expansion, Fold took a $9.6 million charge to extinguish its two outstanding convertible debt instruments, a move intended to simplify its capital structure.

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