Detailed financial statements for Fold Holdings, Inc. (FLD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fold Holdings, Inc., a bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States. Its financial services platform allows consumers to accumulate, save, and use bitcoin to accomplish financial goals.
Analysis Summary
Trailing-twelve-month margins: gross margin 97.3%, operating margin -97.5%, net margin -258.6%.
At the current price of $0.51, FLD has negative trailing earnings (P/E not meaningful) and an ROE of -129.54%. Market capitalisation stands at $26M.
Balance sheet quality for FLD: current ratio of 0.9, net debt of $71.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $28.9M | $21.5M | 0 | $31.8M |
| Cost of Revenue | 0 | $35.7M | $24.9M | 0 | $17.7M |
| Gross Profit | 0 | -$6.9M | -$3.3M | 0 | $14.1M |
| Research & Development | 0 | 0 | $400000 | 0 | 0 |
| Selling, General & Admin | $120622 | $2.4M | $3.7M | $2.9M | $12.0M |
| Operating Expenses | $120622 | $3.5M | $2.6M | $2.9M | $41.8M |
| Operating Income | -$120622 | -$10.3M | -$3.7M | -$2.9M | -$27.7M |
| EBITDA | $636 | -$10.1M | -$3.7M | -$2.9M | -$63.3M |
| Interest Expense | 0 | 0 | 0 | $434696 | $5.7M |
| Pre-tax Income | -$119986 | -$12.0M | $6.8M | -$1.2M | -$69.6M |
| Income Tax | 0 | $10715 | $2.3M | $628508 | $1472 |
| Net Income | -$120000 | -$12.0M | $4.4M | -$1.9M | -$69.6M |
| EPS | $-0.02 | $-0.26 | $0.14 | $-0.12 | $-1.65 |
| EPS (Diluted) | $-0.02 | $-0.26 | $0.14 | $-0.12 | $-1.65 |
| Shares Outstanding (Diluted) | $6.0M | $46.1M | $32.1M | $15.0M | $42.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $7.4M | $9.1M | $5.6M | $6.1M |
| Gross Profit | -$3.1M | $26.7M | $1.6M | $2.3M |
| Operating Income | -$5.9M | -$6.0M | -$7.8M | -$7.8M |
| EBITDA | $2.0M | -$33.3M | -$26.7M | -$8.1M |
| Net Income | $554242 | -$34.7M | -$29.2M | -$9.7M |
| EPS | $0.01 | $-0.70 | $-0.59 | $-0.19 |
| EPS (Diluted) | $0.01 | $-0.70 | $-0.59 | $-0.19 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.2M | $5.4M | $29844 | $906043 | $7.7M |
| Short-term Investments | 0 | $3.0M | 0 | 0 | 0 |
| Receivables | 0 | $1.6M | $624903 | $451455 | $934397 |
| Inventory | 0 | $350839 | 0 | $262813 | $478045 |
| Total Current Assets | $1.6M | $11.8M | $306059 | $28.3M | $18.1M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $471526 | $553766 | $1.0M | $1.4M |
| Total Assets | $225.2M | $12.4M | $166.0M | $52.2M | $153.5M |
| Accounts Payable | $77131 | $302143 | $114659 | $533197 | $704789 |
| Short-term Debt | 0 | 0 | $2.0M | $5.7M | $10.0M |
| Total Current Liabilities | $93582 | $4.3M | $3.4M | $9.3M | $21.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | $68.7M |
| Total Liabilities | $8.9M | $13.7M | $170.3M | $60.5M | $90.5M |
| Retained Earnings | -$6.0M | -$29.1M | -$11.3M | -$14.3M | -$170.9M |
| Total Equity | $216.2M | -$1.3M | -$4.3M | -$8.3M | $63.0M |
| Total Debt | 0 | 0 | $2.0M | $5.7M | $78.7M |
| Net Debt | -$1.2M | -$8.4M | $2.0M | -$12.6M | $71.0M |
| Working Capital | $1.5M | $7.5M | -$3.1M | $19.0M | -$3.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $6.7M | $7.7M | $11.5M | $28.4M |
| Total Assets | $191.0M | $153.5M | $78.3M | $52.5M |
| Total Liabilities | $96.3M | $90.5M | $42.0M | $21.2M |
| Total Equity | $94.7M | $63.0M | $36.4M | $31.3M |
| Total Debt | $82.4M | $78.7M | $32.2M | $12.4M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$119986 | -$12.0M | -$7.2M | -$1.9M | -$69.6M |
| Depreciation & Amortization | 0 | $182788 | $229094 | $434696 | $557982 |
| Stock-based Compensation | 0 | $13942 | $8333 | 0 | $10.0M |
| Change in Working Capital | -$684323 | $7.8M | $5.3M | $2.0M | $6.1M |
| Operating Cash Flow | -$712138 | -$1.5M | -$5.1M | -$3.4M | -$16.1M |
| Capital Expenditure | 0 | -$328428 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$21875 | -$96.8M | -$116.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$712138 | -$1.8M | -$5.1M | -$3.4M | -$16.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.5M | -$4.7M | -$6.6M | -$9.5M |
| Capital Expenditure | -$184626 | -$332223 | -$467031 | -$273153 |
| Free Cash Flow | -$2.7M | -$5.0M | -$7.1M | -$9.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.6M | $1.5M | $1.7M | $1.7M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | -25.4% | -100.0% | |
| Net Income Growth (YoY) | | -9877.3% | +137.1% | -142.1% | -3623.4% |
| EPS Growth (YoY) | | -1200.0% | +153.8% | -185.7% | -1275.0% |
| Shares Change (YoY) | | +669.5% | -30.5% | -53.3% | +182.0% |
| FCF Growth (YoY) | | -155.6% | -179.2% | +32.4% | -369.5% |
| Gross Margin | | -23.7% | -15.5% | | 44.4% |
| Operating Margin | | -35.8% | -17.3% | | -87.2% |
| EBITDA Margin | | -34.9% | -17.2% | | -199.2% |
| Net Margin | | -41.5% | 20.6% | | -218.9% |
| FCF Margin | | -6.3% | -23.6% | | -50.7% |
| Effective Tax Rate | -0.0% | -0.1% | 34.3% | -50.7% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.12 | $-0.04 | $-0.16 | $-0.23 | $-0.38 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.0M | $46.1M | $32.1M | $15.0M | $42.2M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -129.54% |
| Return on Invested Capital | -62.94% |
| Return on Assets | -138.98% |
| Gross Margin | 97.34% |
| Operating Margin | -97.49% |
| Net Margin | -258.60% |
Financial Health
| Debt / Equity | 0.40 |
| Current Ratio | 1.84 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -548.50 | -42.19 | 78.36 | -92.50 | -1.58 |
| P/B | 0.30 | -399.15 | -81.56 | -19.96 | 1.75 |
| P/S | 0.00 | 17.53 | 16.33 | 0.00 | 3.47 |
| Gross Margin | 0.0% | -23.7% | -15.5% | 0.0% | 44.4% |
| Operating Margin | 0.0% | -35.8% | -17.3% | 0.0% | -87.2% |
| Net Margin | 0.0% | -41.5% | 20.6% | 0.0% | -218.9% |