Stonegate Capital Partners Updates Coverage on Fold Holdings Inc. (FLD) Q425

Rhea-AI Summary

Fold Holdings (NASDAQ: FLD) exited FY25 with accelerating scale: revenue of $31.8M (+34% y/y), transaction volume (TPV) of $960M (+46% y/y) and ~84K verified accounts (+20% y/y, ~13K net adds).

Profitability remained pressured: operating loss $(27.7)M and adj. EBITDA $(17.2)M. Q4 revenue was $9.1M (+8% y/y) while Q4 TPV dipped to $215M (-3% y/y) and net adds slowed to ~2K amid weak bitcoin market conditions. Management highlights expanding monetization (credit card, gift cards, Fold for Business) and a sizable BTC treasury plus a flexible balance sheet to support FY26 execution.

Positive

• Revenue +34% to $31.8M in FY25
• TPV +46% to $960M in FY25
• Verified accounts +20% to ~84K (FY25)
• Product expansion: credit card, gift cards, Fold for Business
• Sizable BTC treasury and flexible balance sheet for liquidity

Negative

• Operating loss of $(27.7)M in FY25
• Adjusted EBITDA loss of $(17.2)M in FY25
• Q425 TPV declined 3% YoY to $215M and net adds slowed to ~2K

Key Figures

FY25 Revenue: $31.8M FY25 Transaction Volume: $960M Verified Accounts FY25: 84K +5 more

8 metrics

FY25 Revenue $31.8M Full-year 2025 revenue, +34% y/y

FY25 Transaction Volume $960M Full-year 2025 TPV, +46% y/y

Verified Accounts FY25 84K Year-end 2025 verified accounts, +20% y/y

Net Adds FY25 13K Approximate net verified account adds in FY25

Operating Loss FY25 $(27.7)M Full-year 2025 operating loss

Adj. EBITDA FY25 $(17.2)M Full-year 2025 adjusted EBITDA loss

4Q25 Revenue $9.1M Fourth quarter 2025 revenue, +8% y/y

4Q25 TPV $215M Fourth quarter 2025 transaction volume, -3% y/y

Market Reality Check

Price: $1.50 Vol: Volume 270,281 is 1.43x t...

normal vol

$1.50 Last Close

Volume Volume 270,281 is 1.43x the 20-day average of 189,114, indicating elevated interest into this update. normal

Technical Shares at 1.50 are below the 200-day MA of 3.20 and 82.35% under the 52-week high of 8.50, despite a 29.31% daily gain.

Peers on Argus

FLD gained 29.31% on strong FY25 growth metrics while sector peers showed mixed,...

2 Up

FLD gained 29.31% on strong FY25 growth metrics while sector peers showed mixed, milder moves: NCTY up 8.99%, BTM up 4.81%, BTCS up 3.77%, MATH down 1.94%, FRGE flat. Momentum scanner only flagged HGBL and TOP, both up modestly without news. Overall action points to a stock-specific reaction.

Historical Context

5 past events · Latest: Mar 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 17	Earnings release	Positive	-4.5%	FY2025 revenue and volume growth with new products and debt retirement.
Mar 03	Earnings date set	Neutral	+0.0%	Announcement of Q4 2025 earnings release and conference call schedule.
Feb 27	Debt restructuring	Positive	-4.0%	Extinguished $66.3M convertible notes, released bitcoin collateral, reduced dilution.
Feb 13	Annual meeting date	Neutral	-2.0%	Set virtual 2026 annual shareholder meeting and record date details.
Feb 04	Product launch	Positive	-4.7%	Launched unified app hub ahead of Fold Bitcoin Credit Card rollout.

Pattern Detected

Recent history shows FLD often trading lower on otherwise constructive news, with multiple positive or neutral catalysts followed by negative price reactions.

Recent Company History

Over recent months, FLD reported FY2025 revenue of $31.8M and transaction volume of $960M, alongside retiring convertible notes and simplifying its capital structure. The company also launched a unified app experience and prepared for its 2026 annual meeting. Despite these developments, shares often fell after announcements, including earnings and debt restructuring. Today’s analyst-style update reiterates the same FY25 growth metrics and platform scaling, but the market reaction contrasts with prior post-news pullbacks.

Market Pulse Summary

This announcement reiterated FY2025 momentum, with revenue of $31.8M, 46% TPV growth, and expanding ...

Analysis

This announcement reiterated FY2025 momentum, with revenue of $31.8M, 46% TPV growth, and expanding verified accounts, while highlighting continued operating and adjusted EBITDA losses. It followed recent steps to restructure convertible debt and register additional shares and warrants via several 424B3 filings. Investors may focus on how quickly new products like the credit card and Fold for Business translate into sustained revenue growth and improving profitability metrics.

Key Terms

adj. EBITDA

1 terms

adj. EBITDA financial

"with operating loss of $(27.7)M and adj. EBITDA of $(17.2)M"

Adjusted EBITDA is a company’s reported earnings before interest, taxes, depreciation and amortization after removing one-time, unusual or non-operational items so the number reflects recurring cash-profit from the core business. Investors use it like a cleaned-up snapshot of operating performance — similar to comparing month-to-month household spending after excluding a one-off emergency expense — to judge trend and valuation, though it should be checked alongside other measures.

AI-generated analysis. Not financial advice.

Dallas, Texas--(Newsfile Corp. - March 23, 2026) - Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners Updates Coverage on Folding Holdings Inc. (NASDAQ: FLD). Fold exited FY25 with solid momentum, delivering revenue of $31.8M (+34% y/y) on transaction volume of $960M (+46% y/y) and ending the year with more than 84K (+20% y/y) verified accounts, including ~13K net adds. While profitability remained pressured by ongoing investment, with operating loss of $(27.7)M and adj. EBITDA of $(17.2)M, the year still reflected continued platform scaling, broader product reach, and improving monetization. In 4Q25, revenue rose 8% y/y to $9.1M, though operating KPIs softened, as transaction volume declined 3% y/y to $215M and verified account growth moderated to ~2K net adds amid weaker bitcoin market conditions, which we view as more market-driven than structural.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Fold exited FY25 with real scale momentum, as 34% revenue growth and 46% TPV growth validated platform traction.
• The credit card, gift cards, and Fold for Business meaningfully expand monetization, engagement, and customer acquisition heading into FY26.
• A sizable BTC treasury and flexible balance sheet give Fold added liquidity to support execution as new products scale.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289625

FAQ

What were Fold Holdings (FLD) full-year FY25 revenue and growth figures?

Fold reported FY25 revenue of $31.8M, up 34% year-over-year. According to the company, this growth came alongside $960M TPV (+46% y/y) and expansion to ~84K verified accounts, underscoring platform traction heading into FY26.

Why did Fold (FLD) show an operating loss in FY25 and how large was it?

Fold posted an operating loss of $(27.7)M in FY25, reflecting continued investment spending. According to the company, ongoing product and go-to-market investments pressured near-term profitability despite revenue and TPV growth.

How did Fold's Q4 2025 performance compare to the full year and what weakened?

Q425 revenue rose to $9.1M (+8% y/y) but TPV fell to $215M (-3% y/y) and net adds slowed to ~2K. According to the company, weaker bitcoin market conditions drove the softer Q4 operating KPIs.

What monetization initiatives did Fold (FLD) highlight for FY26?

Fold highlighted credit card, gift cards, and Fold for Business to expand monetization and acquisition. According to the company, these products should broaden engagement and revenue channels as they scale into FY26.

Does Fold (FLD) have liquidity to support product scaling into FY26?

Yes. According to the company, Fold holds a sizable BTC treasury and maintains a flexible balance sheet to provide liquidity and support execution as new products scale in FY26.

What do Fold's FY25 TPV and verified account trends imply for investors in FLD?

TPV grew 46% to $960M and verified accounts rose ~20% to ~84K, indicating scale momentum. According to the company, these metrics validate platform traction despite near-term profitability headwinds from ongoing investment.