Financial Performance - Revenue for Q2 2025 reached $8.2 million, representing a 59% year-over-year increase[4] - Net income for the quarter was $13.4 million[4] - Adjusted EBITDA loss for the quarter was $4.7 million, with an earnings per share of $0.28[4] - Revenues for the three months ended June 30, 2025, increased to $8,175,926, compared to $5,138,624 for the same period in 2024, representing a growth of 59.4%[14] - The net loss for the six months ended June 30, 2025, was $35,453,632, compared to a net loss of $3,264,493 for the same period in 2024, indicating a deterioration in financial performance[16] - Adjusted EBITDA for the three months ended June 30, 2025, was $(4,690,250), compared to $(1,168,383) for the same period in 2024, showing an increase in losses[20] - The company reported a basic net income per share of $0.29 for the three months ended June 30, 2025, compared to a loss of $(0.40) for the same period in 2024[14] - Cash and cash equivalents at the end of the period were $6,609,719, down from $18,330,359 at the beginning of the period, reflecting a decrease of 64.0%[16] - The company incurred a loss on extinguishment of debt amounting to $9,612,199 during the six months ended June 30, 2025[20] Operational Highlights - Total transaction volume increased by 124% year-over-year, totaling $265 million[4] - Active accounts grew to over 615,000, with an addition of 10,000 new accounts in the quarter[4] - The company holds 1,492 Bitcoin in its investment treasury, valued at approximately $160 million as of June 30, 2025[4] - A $250 million equity purchase facility was secured to enhance Bitcoin holdings and operational flexibility[5] - The company experienced a gain on digital assets - investment treasury of $20,965,072 for the six months ended June 30, 2025, compared to a loss of $(1,106,080) for the same period in 2024[20] - The company reported a significant increase in customer reward liability, with a gain of $970,648 for the six months ended June 30, 2025, compared to $2,418,194 for the same period in 2024[16] Product Development - The Fold Credit Card has over 75,000 applicants on the waitlist, expected to launch in late 2025[6] - The Fold Bitcoin Gift Card was successfully launched and is available through select retailers, aiming for broad distribution across the US[6] - The company is exploring new opportunities in the personal finance space to expand its service offerings[6]
FTAC Emerald Acquisition (EMLD) - 2025 Q2 - Quarterly Results