Fold Holdings, Inc Financials
This page shows Fold Holdings, Inc (FLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet repair reshaped the company faster than its business scaled, while operating cash burn still outran revenue growth.
Between FY2024 and FY2025, revenue added only$8.0M , but operating cash outflow worsened by about$12.8M even as liabilities fell by roughly$103.0M and equity turned positive. That combination says the most important change was capital-structure repair, not a self-funding operating model; the core business was still consuming cash as it scaled.
FY2025 current assets of
The apparent EPS improvement came mostly from a far larger share base, not a better profit engine: net loss remained near
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Fold Holdings, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fold Holdings, Inc carries a low D/E ratio of 1.44, meaning only $1.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Fold Holdings, Inc's current ratio of 0.86 is below the typical benchmark, resulting in a score of 12/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Fold Holdings, Inc generates a -110.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Fold Holdings, Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Fold Holdings, Inc generates $0.23 in operating cash flow (-$16.1M OCF vs -$69.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Fold Holdings, Inc generated $31.8M in revenue in fiscal year 2025. This represents an increase of 33.9% from the prior year.
Fold Holdings, Inc reported -$69.6M in net income in fiscal year 2025. This represents a decrease of 6.9% from the prior year.
Fold Holdings, Inc earned $-1.65 per diluted share (EPS) in fiscal year 2025. This represents an increase of 85.2% from the prior year.
Cash & Balance Sheet
Fold Holdings, Inc held $7.7M in cash against $0 in long-term debt as of fiscal year 2025.
Fold Holdings, Inc had 48M shares outstanding in fiscal year 2025. This represents an increase of 729.5% from the prior year.
Margins & Returns
Fold Holdings, Inc's net profit margin was -218.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 55.1 percentage points from the prior year.
Fold Holdings, Inc's ROE was -110.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
FLD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6M-38.8% | $9.1M+23.4% | $7.4M-9.5% | $8.2M+15.4% | $7.1M-16.0% | $8.4M+61.0% | $5.2M+2.0% | $5.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | $766K-4.4% | $801K+28.0% | $626K |
| Operating Income | N/A | N/A | N/A | N/A | N/A | -$766K+4.4% | -$801K-28.0% | -$626K |
| Interest Expense | $2.3M+77.3% | $1.3M+8.7% | $1.2M-40.3% | $2.0M+55.3% | $1.3M+443.4% | $234K | $0 | $0 |
| Income Tax | $3K+238.5% | -$3K-184.4% | -$881-200.0% | $881-77.9% | $4K+155.5% | -$7K-207.0% | $7K+2879.7% | -$241 |
| Net Income | -$29.2M+15.9% | -$34.7M-6359.2% | $554K-95.9% | $13.4M+127.5% | -$48.9M-10149.5% | $486K+100.8% | -$62.3M-2586.4% | -$2.3M |
| EPS (Diluted) | $-0.59 | N/A | $0.01-96.4% | $0.28+114.6% | $-1.92 | N/A | $-10.68-2570.0% | $-0.40 |
FLD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $78.3M-49.0% | $153.5M-19.6% | $191.0M+4.9% | $182.1M+22.6% | $148.5M+18.2% | $125.7M+140.9% | $52.2M+0.8% | $51.8M |
| Current Assets | $20.0M+10.3% | $18.1M-5.0% | $19.1M-7.6% | $20.7M-15.4% | $24.4M-13.7% | $28.3M+17601.1% | $160K-36.1% | $250K |
| Cash & Equivalents | $11.5M+50.6% | $7.7M+14.8% | $6.7M+0.8% | $6.6M-43.5% | $11.7M-36.2% | $18.3M+317.8% | $4.4M+103.9% | $2.2M |
| Inventory | $461K-3.6% | $478K+30.6% | $366K+10.8% | $330K-18.2% | $404K+53.6% | $263K | N/A | N/A |
| Accounts Receivable | $539K-25.9% | $728K+151.1% | $290K-58.4% | $698K-26.0% | $943K+108.9% | $451K | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $42.0M-53.6% | $90.5M-6.0% | $96.3M+2.9% | $93.6M+22.0% | $76.7M-60.4% | $193.5M+224.8% | $59.6M-52.6% | $125.8M |
| Current Liabilities | $42.0M+98.8% | $21.1M+63.0% | $13.0M+0.5% | $12.9M+16.0% | $11.1M-49.3% | $21.9M+241.8% | $6.4M+14.1% | $5.6M |
| Long-Term Debt | $21.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $36.4M-42.3% | $63.0M-33.5% | $94.7M+7.0% | $88.5M+23.2% | $71.9M+206.0% | -$67.8M-816.1% | -$7.4M+90.0% | -$74.0M |
| Retained Earnings | -$200.1M-17.1% | -$170.9M-25.5% | -$136.2M+0.4% | -$136.8M+8.9% | -$150.2M-48.2% | -$101.3M-629.3% | -$13.9M-2.9% | -$13.5M |
FLD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.6M-40.5% | -$4.7M-89.6% | -$2.5M+38.1% | -$4.0M+19.3% | -$5.0M-6429.3% | $78K+103.6% | -$2.2M-153.6% | -$860K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $13.2M+353.3% | -$5.2M-448.8% | -$949K+3.1% | -$980K+46.4% | -$1.8M-127.8% | -$803K-37.3% | -$585K-13.9% | -$514K |
| Financing Cash Flow | -$2.7M-125.0% | $10.9M+213.1% | $3.5M+3169.9% | -$113K-174.3% | $153K-99.0% | $14.7M+193.4% | $5.0M+100.0% | $2.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $1.2M | $0 | $0 |
FLD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -9.1%+6.2pp | -15.3%-3.1pp | -12.2% |
| Net Margin | -521.6%-141.6pp | -379.9%-387.4pp | 7.5%-156.7pp | 164.2%+853.8pp | -689.6%-695.4pp | 5.8%+1194.5pp | -1188.7%-1143.6pp | -45.1% |
| Return on Equity | -80.2%-25.2pp | -55.1%-55.7pp | 0.6%-14.6pp | 15.2%+83.2pp | -68.0% | N/A | N/A | N/A |
| Return on Assets | -37.2%-14.6pp | -22.6%-22.9pp | 0.3%-7.1pp | 7.4%+40.3pp | -32.9%-33.3pp | 0.4%+119.9pp | -119.5%-115.0pp | -4.5% |
| Current Ratio | 0.48-0.4 | 0.86-0.6 | 1.47-0.1 | 1.60-0.6 | 2.20+0.9 | 1.29+1.3 | 0.03-0.0 | 0.04 |
| Debt-to-Equity | 1.15-0.3 | 1.44+0.4 | 1.02-0.0 | 1.060.0 | 1.07+3.9 | -2.85+5.2 | -8.05-6.3 | -1.70 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.86), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Fold Holdings, Inc's annual revenue?
Fold Holdings, Inc (FLD) reported $31.8M in total revenue for fiscal year 2025. This represents a 33.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fold Holdings, Inc's revenue growing?
Fold Holdings, Inc (FLD) revenue grew by 33.9% year-over-year, from $23.8M to $31.8M in fiscal year 2025.
Is Fold Holdings, Inc profitable?
No, Fold Holdings, Inc (FLD) reported a net income of -$69.6M in fiscal year 2025, with a net profit margin of -218.9%.
What is Fold Holdings, Inc's net profit margin?
Fold Holdings, Inc (FLD) had a net profit margin of -218.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fold Holdings, Inc's return on equity (ROE)?
Fold Holdings, Inc (FLD) has a return on equity of -110.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fold Holdings, Inc's operating cash flow?
Fold Holdings, Inc (FLD) generated -$16.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fold Holdings, Inc's total assets?
Fold Holdings, Inc (FLD) had $153.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Fold Holdings, Inc's current ratio?
Fold Holdings, Inc (FLD) had a current ratio of 0.86 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Fold Holdings, Inc's debt-to-equity ratio?
Fold Holdings, Inc (FLD) had a debt-to-equity ratio of 1.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fold Holdings, Inc's return on assets (ROA)?
Fold Holdings, Inc (FLD) had a return on assets of -45.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fold Holdings, Inc's cash runway?
Based on fiscal year 2025 data, Fold Holdings, Inc (FLD) had $7.7M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Fold Holdings, Inc's Piotroski F-Score?
Fold Holdings, Inc (FLD) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fold Holdings, Inc's earnings high quality?
Fold Holdings, Inc (FLD) has an earnings quality ratio of 0.23x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Fold Holdings, Inc?
Fold Holdings, Inc (FLD) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.