Fold Holdings, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Fold Holdings Q2 2026 Earnings Summary

Date: August 11, 2026 | Participants: CEO Will Reeves, CFO Wolfe Repass

Fold is transitioning from a bitcoin transaction-focused business to a broader financial services platform emphasizing deposits, credit cards, rewards, and recurring revenue. The quarter occurred amid challenging bitcoin market conditions with lower prices pressuring engagement.

Key Financial Highlights (Q2 2026 vs. Q2 2025)

  • Revenue: $6.1 million, down 26% year-over-year due to reduced bitcoin-related transaction activity.
  • GAAP Operating Expenses: $13.9 million, improved 4% from $14.5 million in Q2 2025.
  • Net Income/Loss: Net loss of $9.7 million vs. net income of $13.4 million in the prior-year period.
  • Adjusted EBITDA: Negative $5.5 million vs. negative $4.7 million in Q2 2025 (increased loss driven by higher payroll/contractor expenses from headcount growth).
  • Balance Sheet: Eliminated $20 million in bitcoin-backed secured debt (reducing monthly interest expense by ~$145,000); retained $25 million unrestricted capital. Credit card receivables currently self-financed.

Strategic & Operational Updates

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Operator: Ladies and gentlemen, thank you for standing by. Welcome to Fold's second quarter 2026 earnings call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Samir Jain, Investor Relations. Please go ahead. Samir Jain: Thank you, operator. Good afternoon and thank you for joining us for Fold Holdings' second quarter 2026 earnings call. Joining me on the call today are Chairman and CEO Will Reeves and CFO Wolfe Repass. Before we begin, please note that the information reported on this call speaks only as of today, August 11, 2026, and therefore any time-sensitive information may no longer be accurate as of the time of any future replay, listing, or transcript reading. A replay of today's call will be available by webcast on the company's website at https://investor.foldapp.com and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the U.S. federal securities laws. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results, products, activities, or timeframes to differ materially. For example, statements suggesting or implying the company's ability or positioning for growth, as well as any statements which indicate future dates or timeframes, are forward-looking statements an

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