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 for the quarter was a loss of $4.7 million[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 incurred a loss on extinguishment of debt amounting to $9,612,199 for the six months ended June 30, 2025[20] - The company experienced a loss on customer rewards liability of $970,648 for the six months ended June 30, 2025[16] Growth Metrics - 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] Assets and Liabilities - Total liabilities as of June 30, 2025, amounted to $93.6 million[13] - 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, indicating a decrease of 64.0%[16] - The weighted-average shares used to compute net loss per share for the six months ended June 30, 2025, were 36,062,784, compared to 5,836,882 for the same period in 2024[20] Investment and Expansion - 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 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] - The company reported a gain on digital assets - investment treasury of $20,965,072 for the six months ended June 30, 2025[20] Marketing and 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] - Marketing expenses for the three months ended June 30, 2025, were $620,923, a significant increase from $38,335 in the same period of 2024[14]
FTAC EMERALD ACQ(EMLDU) - 2025 Q2 - Quarterly Results