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 adjusted EBITDA loss per share of $0.10[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 a loss of $4,690,250, compared to a loss of $1,168,383 for the same period in 2024[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 per share for the same period in 2024[14] - The company incurred a loss on extinguishment of debt amounting to $9,612,199 during the six months ended June 30, 2025[20] - The company reported a net cash used in operating activities of $8,951,081 for the six months ended June 30, 2025, compared to $1,213,784 for the same period in 2024, indicating increased cash outflow[16] Growth Metrics - Total transaction volume increased by 124% year-over-year, reaching $265 million[4] - Active accounts grew to over 615,000, with an addition of 10,000 new accounts in the quarter[4] Investments and Assets - The company successfully established a $250 million equity purchase facility to expand Bitcoin holdings[5] - Bitcoin Investment Treasury currently holds 1,492 BTC, valued at approximately $160 million as of June 30, 2025[4][6] - The company experienced a gain on digital assets - investment treasury of $36,582,224 for the three months ended June 30, 2025, compared to a loss of $1,106,080 for the same period in 2024[20] 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 launched and is gaining traction through online partners[5] Strategic Initiatives - The company is evaluating new opportunities in the broader personal finance space[6] Operating Expenses - Total operating expenses for the six months ended June 30, 2025, were $31,089,650, significantly higher than $12,113,543 for the same period in 2024, reflecting an increase of 156.5%[14] Cash Position - 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 weighted-average shares used to compute basic net loss per share were 46,503,358 for the three months ended June 30, 2025, compared to 5,836,882 for the same period in 2024[20]
FTAC Emerald Acquisition Corp.(FLDDU) - 2025 Q2 - Quarterly Results