Q1 2026 Fold Holdings Inc Earnings Call Transcript
Key Points
- Fold Holdings Inc (FLD) successfully launched the Fold Credit Card, which is seen as a foundational product for expanding their consumer Bitcoin platform.
- The company has a waitlist of over 80,000 potential users for the Fold Credit Card, indicating strong demand and customer interest.
- Fold Holdings Inc (FLD) has reduced operating expenses by 19% year-over-year, demonstrating effective cost management.
- The Bitcoin Gift Card program continues to perform strongly, onboarding thousands of new customers and re-engaging existing users.
- The launch of the Bitcoin Bonus Program with businesses like Steak 'n Shake shows potential for expanding into business services and increasing user engagement.
- Fold Holdings Inc (FLD) experienced a 31% year-over-year decline in transactional volumes due to lower Bitcoin prices.
- Revenues were down 21% year-over-year, reflecting the challenging market conditions in the Bitcoin industry.
- The company reported a net loss of $29.2 million for the quarter, although this was an improvement from the previous year's loss.
- Adjusted EBITDA was negative $5.8 million, indicating ongoing operational challenges.
- The rollout of the Fold Credit Card is being intentionally throttled, which may delay potential revenue contributions from this product.
Good day, and thank you for standing by. Welcome to the Fold first quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker. Here today, Samir Jain of Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings' first quarter 2026 earnings call. Joining me on the call today are Chairman and CEO, Will Reeves, and CFO, Will Reeves.
Before we begin, please note that the information recorded on this call speaks only as of today, May 12, 2026, and, therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listening, or transcript reading. A replay of today's call will be available by webcast on the company's website at investor.foldapp.com, and more information on how to access this replay feature will be included in the company's earnings release.
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