Revenues: $5.6 million, 21.1% YoY decrease

Transaction Volumes down 32% YoY

More than 1,000 Fold Bitcoin Credit Cards in Circulation

Restructuring fees on Bitcoin Gift Card to Drive Distribution

PHOENIX, May 12, 2026 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) ("Fold", "we", or "our"), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial Highlights

   -- Revenue: $5.6 million; 21.1% YoY decrease 
 
   -- Net Loss: ($29.2) million 
 
   -- Adjusted EBITDA2 (Loss): ($5.8) million 
 
   -- Loss Per Share: ($0.59) per share 
 
   -- Adjusted EBITDA (Loss) Per Share2: ($0.12) per share 
 
   -- Bitcoin Investment Treasury Holdings1: 826 BTC 

Q1 2026 Key Operating Metrics

   -- Total Transaction Volume: $172 million; 32% YoY decrease 
 
   -- Total Verified Accounts: nearly 85,000, added close to 2,000 new verified 
      accounts in the quarter 

CEO Commentary

"Q1 was a challenging quarter across the broader Bitcoin industry. Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement, and Fold saw that pressure in our results," said Fold Chairman and CEO Will Reeves. "But as with past drawdown cycles, we believe the fundamental value proposition, technological value, and network effects of bitcoin remain strong. We are focused on what we can control, and we continue to put our energy and focus into building our products and serving our customers. Importantly, Fold remains focused on building a scalable platform with multiple interconnected products that we believe will drive durable and long-term growth."

Mr. Reeves continued, "We continued the rollout of the Fold Bitcoin Rewards Credit Card this quarter and now have approximately 1,000 cards in circulation. We expect to expand distribution in the coming months and meet the market's high demand for this game changing product. While still early, initial user feedback is positive and initial cohort data is promising. Cardholders are already engaging with multiple products in our ecosystem, validating our belief that the card can become both a powerful acquisition engine and a major driver of ecosystem engagement over time. "

He added, "The Bitcoin Gift Card also remains an important part of our growth strategy and continues to perform strongly. Through this product we have onboarded thousands of new customers and reengaged existing users through a familiar retail experience, and many of these users are now engaging across the broader Fold ecosystem. Our flagship relationship with Kroger has been a success, and we believe this model can scale nationally across additional retailers. To support that growth, we are restructuring our gift card economics with distribution partners to materially reduce customer friction and improve retail placement opportunities."

Mr. Reeves concluded, "Despite a challenging market backdrop, we believe Fold made significant progress in the first quarter and, more importantly, laid the foundation for what comes next. With credit gaining traction, a more aggressive customer acquisition strategy in place, and continued improvements to our platform, we believe Fold is well-positioned to grow, increase engagement, and build a valuable, long-term business."

Strategic & Business Updates:

   -- Fold Bitcoin Rewards Credit Card 
 
          -- More than 1,000 cards now in circulation 
 
          -- Expect continued distribution throughout the year; prioritizing 
             the roughly 80,000 people on the waiting list 
 
          -- Initial cohort data showing strong cross-product adoption 
 
          -- The Fold Credit Card is powered by Visa and Stripe, allowing users 
             to earn bitcoin rewards up to 4.0% 
 
   -- Fold Bitcoin Gift Card 
 
          -- Fold is restructuring its fee on cards to accelerate distribution 
             and drive customer acquisition 
 
          -- Fold believes the full distribution of the Bitcoin Gift Card will 
             drive thousands of new users to its ecosystem and lead to the 
             increased adoption of other products 
 
          -- Currently available online (Fold app, foldapp.com, giftcards.com, 
             etc.) and in store (2,000 Kroger brand locations) 

Earnings Call and Webcast Information:

Fold will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question-and-answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: May 12, 2026

Time: 5:00 p.m. ET

Participant Call Links:

   -- Live Webcast: Link 
 
   -- Dial-in Registration Link: Link 
 
   -- A replay of the call will be archived at 
      https://investor.foldapp.com 

Footnotes

(1) Fold's Bitcoin Investment Treasury was 826 BTC as of March 31, 2026 and May 11, 2026.

(2) Adjusted EBITDA and Adjusted EBITDA Per Share are financial measures not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this press release.

About Fold:

Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Credit Card$(TM)$, Fold Bitcoin Gift Card(TM), and Fold Debit Card(TM), the company is building the bridge between traditional finance and the bitcoin-powered future.

Forward-Looking Statements:

The information in this press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of words such as "may," "could," "would," "should," "predict, " "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include statements regarding the rollout, development and expected effect of Fold's credit card program and gift card product, and the potential success of Fold's overall market, product and growth strategies. These statements are based on assumptions and on the current expectations of Fold's management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to changes in the acceptance of bitcoin; (ii) our continued ability to implement business plans, including our ability to process and approve new credit card applications; (iii) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; (iv) volatility in the market price of bitcoin; (v) access to and reliance on funding for our products, including the credit card, and general operations; (vi) access to and reliance on third parties for their services related to certain of our products, including risks relating to Fold having a single custodian for our bitcoin; (vii) reliance on banking partners which are subject to complex and demanding regulations and compliance standards; and (viii) those risks and uncertainties discussed in Fold Holdings, Inc.'s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, Fold specifically disclaims any obligation to do so, except as required by law.

 
      Fold Holdings, Inc. Condensed Balance Sheets (Unaudited) 
 
                                      March 31,     December 31, 
                                        2026            2025 
                                    -------------   ------------- 
Assets 
Current assets 
   Cash and cash equivalents        $  11,526,471   $   7,652,203 
   Accounts receivable, net               539,147         728,001 
   Inventories                            460,701         478,045 
   Digital assets - rewards 
    treasury                            5,253,902       6,872,869 
   Prepaid expenses and other 
    current assets                      2,195,840       2,384,684 
                                     ------------    ------------ 
Total current assets                   19,976,061      18,115,802 
   Digital assets - investment 
    treasury                           56,355,303     133,658,791 
   Capitalized software 
    development costs, net              1,704,704       1,393,752 
   Other non-current assets               292,858         299,309 
                                     ------------    ------------ 
Total assets                        $  78,328,926   $ 153,467,654 
                                     ============    ============ 
 
Liabilities and stockholders' 
equity 
Current liabilities 
   Accounts payable                 $   1,653,305   $     704,789 
   Accrued expenses and other 
    current liabilities                 2,609,739       3,166,186 
   February 2026 note - related 
    party, net                         12,151,382               - 
   Credit facility                     20,000,000      10,000,000 
   Customer rewards liability           5,253,902       6,872,869 
   Deferred revenue                       308,627         366,252 
                                     ------------    ------------ 

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