Fold reported a $69.6 million net loss for fiscal 2025, its first full year as a public company. Revenue rose 34% to $31.8 million, but operating losses surged nearly fivefold to $27.7 million.
A $9.6 million one-time charge retired two convertible bonds - a move CEO Will Reeves called strategic balance sheet simplification. Non-cash expenses like stock-based compensation widened the gap between GAAP loss and cash burn.
Customer count grew to 84,000; transaction volume hit $960 million - up 46%. Per-customer spend also rose 3%.
The company launched its Bitcoin rewards credit card and Fold For Business - targeting enterprise clients in a competitive space dominated by BitPay and Strike.
Credit infrastructure is capital-intensive, raising questions about funding runway. With Bitcoin near all-time highs and neobanks adding crypto rewards, Fold’s differentiation window is narrowing.
Investors should monitor customer acquisition cost versus lifetime value - and early credit card adoption among its existing 84,000 users.