Acquisition and Divestiture - The company completed the acquisition of Newtek Technology Solutions, Inc. on January 2, 2025, and divested its telecommunications services provider, Vumber, along with the Paltalk and Camfrog applications[18]. - The company completed the acquisition of NTS on January 2, 2025, for a total consideration of $4,000,000 in cash and 4,000,000 shares of Series A Preferred Stock, with potential earn-out payments of up to $5,000,000 based on future performance[194]. - The company also completed the divestiture of certain assets to Meteor Mobile for $1,350,000 in cash, with additional earn-out payments based on future revenue from the divested business[196]. Financial Performance - Revenue for the year ended December 31, 2025 increased by 2050% to approximately $23.6 million compared to $1.1 million for the year ended December 31, 2024, due to the Acquisition[153]. - Revenue for the three months ended December 31, 2025 increased by 2092% to approximately $6.1 million compared to $0.3 million for the same period in 2024, attributed to the Acquisition[154]. - Operating loss from continuing operations for the year ended December 31, 2025 was $4.7 million, a decrease from $5.1 million for the year ended December 31, 2024[155]. - Net loss from continuing operations for the year ended December 31, 2025 totaled $2.0 million, a significant improvement from a net loss of $4.3 million for the year ended December 31, 2024[155]. - Adjusted EBITDA for the three months ended December 31, 2025 was positive $5.0 thousand, compared to negative $1.5 million for the same period in 2024, marking a 100% improvement[155]. - Cash provided by operations was $1.1 million for the year ended December 31, 2025, compared to cash used in operations of $3.0 million for the year ended December 31, 2024[155]. - Total revenue increased by 2,049.9% to $23,612,459 for the year ended December 31, 2025, compared to $1,098,280 for the year ended December 31, 2024[179]. - Managed information technology revenue was $14,813,411, accounting for 62.7% of total revenue for the year ended December 31, 2025[180]. - Total costs and expenses increased by $22,111,809, or 355.5%, to $28,331,638 for the year ended December 31, 2025[182]. - Cost of revenue increased by $11,010,041, or 4,188.1%, primarily due to expenses related to new revenue streams acquired in connection with the Acquisition[183]. Cybersecurity and Regulatory Compliance - The company is subject to periodic examinations by regulators under the authority of the Federal Financial Institutions Examination Council, covering various subjects including cybersecurity and disaster preparedness[43]. - Company faces significant cybersecurity risks due to remote work policies and increasing cyberattack frequency, which could adversely affect its reputation and financial condition[47]. - Company may incur significant costs related to cybersecurity breaches, which could increase insurance costs and adversely impact financial results[49]. - The company has implemented a multi-layered defense strategy for cybersecurity, including continuous threat monitoring and zero trust security architecture[102]. - The company has not experienced any material adverse effects from cybersecurity threats to date[107]. - The company is subject to regulatory oversight by the FFIEC, and non-compliance could result in adverse actions impacting operations[72]. - Evolving government regulations may impose additional costs and operational challenges, affecting financial results[73]. - Concerns regarding AI technologies may lead to regulatory restrictions that could limit product offerings and negatively impact business[74]. Intellectual Property - The company has a portfolio of eight issued patents and intends to continue defending its intellectual property rights while generating revenue through licensing fees[36]. - The company holds eight patents and aims to protect intellectual property, but challenges in enforcement may arise[75]. - The company is actively involved in defending against patent infringement claims from Cisco regarding its ManyCam software[116]. - The company received a jury award of $65.7 million in a patent infringement lawsuit against Cisco, with the final judgment entered on October 8, 2024[112]. - The company estimates it will receive no more than one third of the gross proceeds from the jury award due to litigation-related expenses[115]. Employee and Operational Insights - The company had 53 full-time employees and one part-time employee as of March 13, 2026, emphasizing the importance of hiring and retaining qualified personnel for future success[32]. - Company’s ability to attract and retain customers is critical, with high customer churn rates possible if needs are not met[59]. - Company’s future success is dependent on the performance of key executives, with potential adverse effects on operations if they leave[64]. - Company may face challenges in hiring and retaining qualified personnel, which could impact its ability to execute strategies and maintain customer relationships[63]. Market and Competitive Landscape - The company operates in a highly competitive industry, with pressure on prices potentially affecting gross margins if costs cannot be reduced accordingly[51]. - The company differentiates itself from competitors by offering a consultative approach that delivers personalized, expert-driven solutions rather than a one-size-fits-all model[41]. - Company relies on a limited number of customers, with Newtek accounting for 32.5% of revenue for the fiscal year ended December 31, 2025[52]. Future Plans and Strategic Initiatives - The company plans to launch an AI Data Readiness solution in Q2 2026, aimed at improving the reliability and security of adopting AI technologies[26]. - The company aims to drive growth by investing in proprietary solutions and expanding its sales and marketing efforts, particularly in cloud infrastructure and cybersecurity sectors[33]. - The company plans to continue exploring strategic opportunities, including potential mergers or acquisitions that are synergistic to its business[155]. Financial Position and Capital Management - As of December 31, 2025, the company had $8.4 million of cash and cash equivalents, including $1.0 million of restricted cash, with no long-term debt[155]. - The company has a secured revolving line of credit of up to $1 million, maturing on April 10, 2026, with no amounts outstanding as of the report date[144]. - The company expects long-term liquidity to be sufficient to meet its needs, but may require additional liquidity if business conditions change[191]. - The company approved a Stock Repurchase Plan on May 8, 2025, for up to $400,000 of common stock, with 151,258 shares repurchased for approximately $304,887 as of December 31, 2025[193]. - Future minimum lease payments as of December 31, 2025, totaled approximately $1,181,617, with $789,270 due within the next twelve months[204].

Financial Performance - In 2025, lululemon generated net revenue of $7,847,044, a decrease of 1.0% compared to $7,928,156 in 2024[23] - The company achieved net revenue growth of 5%, with a 22% increase in international regions, while the Americas experienced a decrease of 1%[180] - Net revenue from China Mainland increased by 28.9% to $1,754,799 in 2025, compared to $1,361,337 in 2024[28] - The Americas accounted for 71% of total net revenue in 2025, with a focus on product innovation and localized assortments[22] - The Rest of World segment, including APAC and EMEA, generated net revenue of $1,500,757, reflecting a growth of 15.6% from $1,298,633 in 2024[31] - Net revenue increased by 5% to $11.1 billion, with comparable sales rising by 2%[190] - Net revenue for the Americas segment decreased by $81.1 million (1.0%) to $7,847.0 million, primarily due to a 3% decrease in comparable sales[212] Product Categories - Women's, men's, and accessories categories represented 63%, 24%, and 13% of net revenue in 2025, respectively[16] - The company aims to expand its product offerings and innovate in performance fabrics to attract and retain customers[15] - Approximately 40% of products were manufactured in Vietnam, with significant portions also from Cambodia (18%), Sri Lanka (11%), Indonesia (11%), and Bangladesh (7%)[115] - Approximately 40% of products were manufactured in Vietnam, with the largest manufacturer producing 15% of total products[43] Store Operations - The number of company-operated stores increased from 767 in 2025 to 811 in 2026, with significant growth in Mexico and China Mainland[34] - The company opened 44 net new company-operated stores, contributing to an 11% increase in square footage[181] - New or expanded company-operated stores contributed an increase of $192.4 million to net revenue, with 14 net new stores opened since 2024[212] Financial Metrics - Gross margin decreased by 260 basis points to 56.6%, primarily due to increased tariffs and markdowns[190] - Operating margin decreased by 380 basis points to 19.9%, with income from operations down 12% to $2.2 billion[200] - Selling, general and administrative expenses increased by 8.1% to $4.07 billion, representing 36.6% of net revenue[207] - The increase in product costs was $249.2 million (10.7%), attributed to higher tariffs and increased markdowns[212][213] Strategic Initiatives - The company plans to continue investing in digital and omni-channel capabilities to enhance customer experience and brand awareness[21] - The company launched the Impact Agenda 2030 in 2025, focusing on employee wellbeing and sustainability[49] - The company is focusing on three strategic pillars: product creation, product activation, and enterprise efficiency to drive improvement in North America[186] Risks and Challenges - The athletic apparel market is highly competitive, with increasing competition from both established companies and new entrants[47] - The company faces risks related to maintaining brand value and reputation, which are critical for its expansion strategies[64] - The company is experiencing macroeconomic volatility, with inflation and economic uncertainty leading to lower store traffic and discretionary spending in 2025[92] - Changes in U.S. tariff and customs policy have increased product costs, which are expected to continue affecting margins and profitability into 2026[90] - Supply chain disruptions due to geopolitical events, public health crises, or natural disasters could materially impact operating and financial results[111] Employee and Management - As of February 1, 2026, the company had approximately 39,000 employees worldwide[55] - The company achieved gender pay equity globally and full pay equity in the United States[52] - Recent changes in senior management may create uncertainty and disrupt operations, potentially impacting financial performance and stock price[84] Shareholder Actions - The board of directors approved a new stock repurchase program authorizing up to $4.0 billion, with $1.0 billion initially authorized on November 29, 2023[172] - During the fourth quarter of 2025, the company repurchased a total of 1,430,667 shares at an average price of $198.90 per share[174] - The maximum dollar value of shares that may yet be purchased under the repurchase plans is approximately $1.4 billion[174] - The company does not anticipate paying any cash dividends on its common stock in the foreseeable future[167] Compliance and Legal - The company is subject to various privacy and data protection laws, including GDPR, PIPEDA, CCPA, and PIPL, which increase compliance costs and operational complexity[127] - Significant breaches of privacy laws could lead to regulatory enforcement, fines, and adverse impacts on the company's reputation and financial condition[128] - The company faces risks related to cybersecurity, including potential legal and financial exposure from data breaches and evolving regulatory requirements[126] Environmental and Social Governance (ESG) - The company faces scrutiny regarding its ESG practices, which could lead to reputational and legal consequences if perceived as insufficient[146] - The company may incur additional costs to comply with evolving ESG disclosure frameworks and stakeholder expectations[147] - Climate change poses physical and transitional risks that could disrupt the supply chain and increase operational costs[142]

Revenue Performance - Revenue for Q4 2025 was $93.5 million, a decrease of 1.5% from $94.9 million in Q4 2024, with cross-platform revenue growing by 9.6%[5] - Full-year revenue for 2025 was $357.5 million, up 0.4% from $356.0 million in 2024, driven by a 24% growth in cross-platform solutions[8] - Total revenues for 2025 were $357,469 thousand, a slight increase from $356,047 thousand in 2024, but a decrease from $371,343 thousand in 2023[28] - Revenues from Content & Ad Measurement for 2025 were $304,270 thousand, accounting for 85.1% of total revenues, with a 1.0% increase from 2024[37] - Syndicated Audience revenue grew from $260,654 thousand in 2024 to $253,932 thousand in 2025, representing 70.9% of total revenue[37] - Cross-Platform revenue increased by 24.4% from $40,470 thousand in 2024 to $50,338 thousand in 2025[37] Profitability and Loss - Net loss for 2025 was $10.0 million, significantly improved from a net loss of $60.2 million in 2024, resulting in net loss margins of 2.8%[13] - Income per share attributable to common shares in 2025 was $4.30, compared to a loss per share of $(15.53) in 2024[13] - The net loss for 2025 was $10,004 thousand, significantly improved from a net loss of $60,248 thousand in 2024 and $79,361 thousand in 2023[28] - Net income available to common stockholders for 2025 was $22,569 thousand, compared to a loss of $77,848 thousand in 2024[28] - Basic net income per common share for 2025 was $4.30, a recovery from a loss of $15.53 per share in 2024[28] - The company reported a net loss margin of (2.8)% for 2025, improving from (16.9)% in 2024[32] Expenses and Costs - Core operating expenses for 2025 were $350.4 million, up 1.0% from $347.1 million in 2024, mainly due to higher employee compensation and royalties[12] - Cost of revenues for 2025 was $212,761 thousand, up from $208,708 thousand in 2024[28] - Stock-based compensation expense for Q4 2025 was a benefit of $(206) thousand, compared to an expense of $924 thousand in Q4 2024[36] - The company incurred transformation costs of $2,860 thousand in 2025, aimed at strategic projects with long-term benefits[32] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $26.8 million as of December 31, 2025, with no outstanding borrowings under the revolving credit facility[15] - Cash and cash equivalents at the end of 2025 were $23,621 thousand, down from $29,937 thousand in 2024[30] - Net cash provided by operating activities for 2025 was $22,736 thousand, an increase from $18,104 thousand in 2024[30] - Total assets decreased to $407,709 thousand in 2025 from $430,247 thousand in 2024[26] - Total liabilities decreased to $206,548 thousand in 2025 from $231,040 thousand in 2024[26] EBITDA and Financial Adjustments - Adjusted EBITDA for Q4 2025 was $14.7 million, compared to $14.2 million in Q4 2024, with adjusted EBITDA margins of 15.7%[10] - Non-GAAP adjusted EBITDA for 2025 was $42,035 thousand, compared to $40,988 thousand in 2024, reflecting a margin of 11.8%[32] - The company completed a recapitalization transaction that eliminated an $18.0 million annual dividend burden and enhanced alignment between common and preferred stockholders[8] Future Outlook - The company expects Q1 2026 revenue to be roughly flat compared to Q1 2025, with continued double-digit revenue growth anticipated from cross-platform offerings[17] - Research & Insight Solutions revenue decreased by 3.1% from 2024, primarily due to lower deliveries of certain custom digital products[11]

Customer Rewards and Financial Products - Fold's total customer rewards liability was $6.9 million as of December 31, 2025, with an equal amount held in the Rewards Treasury[39]. - The Fold Bitcoin Credit Card offers cardholders automatic base rewards of 1.5% back in bitcoin, with potential rewards of up to 4.0% based on qualifying transactions[33]. - Customers can earn up to 15% or more in bitcoin rewards through card-linked merchant offers and up to 20% back through the catalog of merchant offers[34]. - Fold's banking platform includes an FDIC-insured checking account and a Visa prepaid debit card, allowing users to receive paychecks up to three days early[31]. - The Fold Bitcoin Gift Card is available in both physical and digital formats, redeemable for bitcoin, and serves as a customer acquisition channel[44][46]. - The company integrates traditional banking services with bitcoin-based rewards, aiming to help customers improve their financial outcomes over time[24]. - Fold's treasury strategy includes holding bitcoin as part of its corporate treasury to align with customer interests and support long-term operations[28]. - The Fold App allows users to buy, sell, and store bitcoin, with transactions processed through BitGo, a federally chartered national trust bank[40]. - Fold's rewards are calculated based on the USD value at the time of the transaction, with 100,000,000 satoshis in 1 bitcoin[35]. - The company launched the Fold Credit Card in March 2026, allowing eligible cardholders to earn bitcoin rewards on qualifying purchases[58]. - The Fold Bitcoin Gift Card was publicly announced in May 2025, allowing customers to purchase USD-denominated gift cards redeemable for bitcoin[63]. - The company released the updated Fold App, "Fold 2.0," on February 4, 2026, enhancing the user experience in preparation for the credit card launch[59]. Customer Demographics and Engagement - A January 2025 survey indicated that 83% of Fold's core customer demographic is between 25-54 years old, with 81% having credit scores of 700+ and 71% earning over $100K annually[71]. - 81% of Fold's customers have credit scores of 700 or higher, with 40% having scores of 800 or above[73]. - 71% of users have household incomes of $100,000 or more, with 26% earning between $150,000 and $249,000, and 21% earning $250,000 or more[79]. - Fold's "Auto stack" feature allows users to purchase bitcoin at specified intervals, with a minimum requirement of $10 for recurring purchases[53]. - The "Round-Ups" feature enables users to convert spare change from transactions into bitcoin, with a minimum purchase amount of $10[53]. Financial Performance and Challenges - The company incurred an operating loss of $27.7 million for 2025, compared to a loss of $5.8 million for 2024, highlighting ongoing financial challenges[197]. - The company's net cash used in operating activities was a loss of $16.1 million for 2025, compared to a loss of $3.3 million for 2024, indicating worsening cash flow issues[197]. - The company has a history of negative cash flows, with an accumulated deficit of $170.9 million as of December 31, 2025[197]. - The company held approximately $140.5 million in bitcoin in its treasury accounts, reflecting significant exposure to bitcoin price volatility[195]. - The price of bitcoin experienced significant volatility, with values ranging from approximately $42,623.54 on December 18, 2023, to $100,041.54 on December 18, 2024[193]. - Future operating expenses may increase due to talent acquisition, marketing efforts, and regulatory compliance, potentially impacting profitability and cash flow[203]. - The company has experienced challenges in customer retention, growth, and engagement, which could adversely affect revenue and financial results[201]. Regulatory Compliance and Risks - Fold's partnership with Sutton Bank and BitGo requires compliance with AML regulations due to their status as financial institutions[104]. - Fold has implemented a risk-based AML program to enhance customer identification practices and monitor transactions in real-time[105]. - Continuous OFAC and sanctions screenings are performed daily on all users to ensure compliance with international regulations[108]. - The company operates in a highly evolving regulatory landscape, with potential adverse effects on brand, reputation, and financial condition due to non-compliance with laws and regulations[137]. - The company is subject to increased regulatory scrutiny and compliance costs due to recent events in the crypto industry, including the bankruptcy of Synapse Financial Technologies, Inc.[153][154]. - The company may be subject to significant fines and penalties if found non-compliant with regulatory requirements, impacting its financial condition[142][143]. - The evolving nature of the bitcoin economy and regulatory frameworks may require the company to adapt its business operations and compliance measures[141]. - The company faces constraints from regulatory authorities and banking partners, limiting its ability to offer non-bitcoin digital assets or services requiring specialized regulatory permissions[161]. - The complexity of regulatory environments could lead to overlapping investigations and legal proceedings, adversely affecting the company's operating results and financial condition[166]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions until specific revenue thresholds are met[126]. - Fold is also a "smaller reporting company," which permits reduced disclosure obligations until market value or revenue thresholds are reached[129]. Technology and Innovation - The company must innovate and develop new products to keep pace with rapidly evolving market demands, as failure to do so could adversely affect financial performance[159][160]. - Significant technological changes, including omnichannel commerce and AI, pose challenges to the company's current offerings[219]. - The ability to adapt to new technologies and industry standards is crucial for the company's success[220]. - Generative AI adoption is increasing, and the company must enhance its products to remain competitive[220]. - The company depends on third parties for technology development, which can impact its ability to innovate[221]. - Continuous modification of products is necessary to ensure compatibility with various systems and infrastructures[221]. - Failure to keep pace with technological changes could lead to reduced demand and customer dissatisfaction[221]. Partnerships and Strategic Growth - Fold has established partnerships with large online and physical retailers to expand the availability of its bitcoin services[27]. - The company has established partnerships with key service providers, including Marqeta for card issuance and BitGo for bitcoin custody[74][77]. - Fold's growth strategy includes scaling adoption through partnerships with major retailers and financial institutions to enhance legitimacy and reduce friction[89]. - The company focuses on capital-efficient growth, utilizing organic methods and partner-led distribution while also exploring paid marketing opportunities[90]. - The company has established a Master Loan Agreement with Two Prime Lending Limited, providing a revolving credit facility[61]. Operational Risks and Challenges - The company faces risks related to operational scaling, including managing headcount and processes efficiently, which could strain resources and affect service quality[204]. - The company relies on third-party partners for safeguarding customer assets, which poses risks if those partners fail to maintain necessary controls[144][149]. - The company may face material litigation and regulatory investigations, which could harm its financial condition and operating results[167]. - Loss of critical banking relationships could adversely impact the company's operations, although it has not yet experienced significant issues in this area[169]. - Disruptions in the company's products and services or information technology systems could result in loss of customers and adversely impact its brand and financial condition[174]. - The company's bitcoin held in custodial accounts may be at risk in the event of a partner's insolvency, potentially treating customer assets as part of a bankruptcy estate[178]. - Recent insolvencies in the digital asset space could lead to customers perceiving the company's services as riskier, adversely affecting its customer base and financial condition[181].

Customer Rewards and Financial Products - Fold's total customer rewards liability was $6.9 million as of December 31, 2025, with an equal amount held in the Rewards Treasury[39]. - The Fold Bitcoin Credit Card offers cardholders the ability to earn automatic base rewards of 1.5% back in bitcoin, with potential rewards of up to 4.0% based on qualifying transactions[33]. - Customers can earn up to 15% or more in bitcoin rewards through card-linked merchant offers and up to 20% back through an evolving catalog of merchant offers[34]. - The Fold Bitcoin Gift Card is available in both physical and digital formats, redeemable for bitcoin, and serves as a customer acquisition channel for the company's financial services[44][46]. - Fold's banking platform includes an FDIC-insured checking account and a Visa prepaid debit card, allowing customers to receive paychecks up to three days early[31]. - The company integrates traditional banking services with bitcoin-based rewards, aiming to help customers improve their financial outcomes over time[24]. - Fold's rewards are calculated based on the USD value of transactions at the time of earning, with immediate crediting to user accounts[35]. - The company launched the Fold Credit Card in March 2026, allowing eligible cardholders to earn bitcoin rewards on qualifying purchases[58]. - The company introduced the Employee Bitcoin Bonus program in January 2026, allowing employers to offer bitcoin bonuses to employees[60]. Partnerships and Strategic Initiatives - Fold has established partnerships with large online and physical retailers to expand the availability of its bitcoin services, enhancing customer engagement[27]. - Fold's treasury strategy includes holding bitcoin as part of its corporate treasury to align with customer interests and support long-term operations[28]. - Fold entered into a Purchase Agreement with SATS Credit Fund L.P. for a $13.0 million senior unsecured promissory note on February 25, 2026[58]. - Fold entered into an Equity Purchase Facility Agreement with SZOP Opportunities I, LLC, committing to purchase up to $250 million in newly issued shares[62]. - The merger with FTAC Emerald Acquisition Corp. was finalized on February 14, 2025, making Fold Holdings, Inc. the surviving entity[64]. - Fold has established partnerships with key service providers such as Marqeta and BitGo to enhance its product offerings and customer experience[74][77]. Customer Demographics and Engagement - As of December 31, 2025, Fold had nearly 84,000 Verified Accounts on its platform[70]. - The core customer demographic is primarily aged 25-54, with 81% having credit scores of 700+ and 71% earning over $100K annually[71]. - 81% of Fold's customers have credit scores of 700 or higher, with 40% having scores of 800 or above, indicating a strong financial base[73]. - 71% of users have household incomes of $100,000 or more, with 26% earning between $150,000 and $249,000, and 21% earning $250,000 or more[79]. - The company’s ability to retain and attract customers is critical for growth, and any decline in customer engagement could significantly harm its business and financial condition[200]. - The company has experienced challenges in customer retention, growth, and engagement, which could adversely affect revenue and financial results[201]. Financial Performance and Risks - The company reported a net cash used in operating activities of $16.1 million for 2025, compared to a loss of $3.3 million for 2024, indicating ongoing negative cash flows[197]. - The company incurred an operating loss of $27.7 million for 2025, compared to a loss of $5.8 million for 2024, reflecting deteriorating financial performance[197]. - The company has approximately $7.7 million in cash and cash equivalents as of December 31, 2025, raising concerns about liquidity and operational continuity[197]. - The company holds approximately $140.5 million in bitcoin in its treasury accounts as of December 31, 2025, which is subject to significant price volatility[195]. - The price of bitcoin experienced substantial fluctuations, with values ranging from approximately $16,530 at the end of 2022 to $100,041.54 on December 18, 2024[193]. - The company may face challenges in obtaining favorable funding terms due to bitcoin price volatility, which could limit operational flexibility and financial stability[190]. - The company faces risks related to operational scaling, including managing headcount and processes, which could strain resources and affect product quality[204]. - There is uncertainty regarding the effectiveness of the company's growth strategy, as significant expenditures may not lead to corresponding revenue growth[205]. Regulatory Compliance and Legal Matters - The company operates with institutional-grade custody and regulatory infrastructure to maintain trust and safety as it scales its operations[91]. - The company is subject to various legal and regulatory proceedings, which may result in fines or penalties, but it does not expect a material adverse effect on future operations[120]. - The company is subject to increased regulatory scrutiny due to partnerships with banks, which may affect operations and relationships with partner banks[150]. - The company must ensure its services integrate effectively with various operating systems and devices to avoid adverse impacts on usage[207]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[126]. - The company anticipates remaining an emerging growth company until it achieves total annual gross revenue of at least $1.235 billion[128]. - The company is also a "smaller reporting company," which allows for reduced disclosure obligations until certain market value thresholds are met[129]. - The company faces intense competition from traditional financial firms and fintech providers, which may impact its market position and financial results[156]. Technology and Innovation - The company must adapt to technology changes and evolving industry standards to provide tailored products and services[220]. - Significant technological changes include advancements in omnichannel commerce, contactless payments, digital banking, and artificial intelligence[218]. - The ability to develop new products may be hindered by industry standards, regulations, and third-party intellectual property rights[219]. - Incorporating new technologies may require substantial expenditures and considerable time, with uncertain returns on investment[219]. - Generative AI adoption is increasing, and failure to enhance products with new features may adversely affect the business[220]. - Reliance on third parties for technology development is critical, and failure to predict industry developments may impair business operations[221]. - Continuous modification of products is necessary to ensure compatibility with various systems and technologies[221]. Security and Operational Risks - Approximately 90% of bitcoin held on behalf of customers is retained in multi-signature cold storage wallets, enhancing security against hacks and unauthorized access[186]. - The company is dependent on third-party partners for safeguarding customer assets, which poses risks if those partners fail to maintain necessary controls[149]. - The company may face significant penalties and reputational harm if it fails to comply with applicable laws and regulations[143]. - Service interruptions in the company's systems or the bitcoin network could result in customer loss and harm to reputation[174]. - The company is continually upgrading its information systems, and failure to implement these upgrades successfully could adversely impact operations[177]. - Bitcoin held in custodial accounts may be treated as part of a bankruptcy estate, posing risks to customer ownership rights[178]. - Recent insolvencies in the digital asset space could lead to customers perceiving the company's services as riskier, potentially affecting customer retention[181]. - Prime Core Technologies, Inc. filed for bankruptcy protection on August 14, 2023, and the company is named as a defendant in a related adversary proceeding, which could heighten perceptions of counterparty risk[182][183].

Customer Rewards and Financial Products - Fold's total customer rewards liability was $6.9 million as of December 31, 2025, with an equal amount held in the Rewards Treasury[39]. - The Fold Bitcoin Credit Card offers cardholders automatic base rewards of 1.5% back in bitcoin, with potential rewards of up to 4.0% based on qualifying transactions[33]. - Customers can earn up to 15% or more in bitcoin rewards through card-linked merchant offers and up to 20% back through the catalog of merchant offers[34]. - The Fold Bitcoin Gift Card is available in both physical and digital formats, redeemable for bitcoin, and serves as a customer acquisition channel[44][46]. - Fold's banking platform includes an FDIC-insured checking account and a Visa prepaid debit card linked to the checking account[31]. - The Fold App allows users to buy, sell, and store bitcoin, with transactions processed through BitGo, a federally chartered national trust bank[40]. - The company integrates traditional banking services with bitcoin-based rewards to enhance customer financial outcomes[24]. - Fold aims to build an integrated financial system that combines spending, savings, and financial planning for both bitcoin and USD within a single account, enhancing customer engagement and lifetime value[88]. - The company offers a feature called "Auto stack," allowing users to purchase bitcoin at specified recurring intervals, with a minimum requirement of $10[50]. - Fold's "Round-Ups" feature enables users to convert spare change from transactions into bitcoin, with a minimum purchase amount of $10[53]. Customer Demographics and Engagement - As of December 31, 2025, Fold had nearly 84,000 Verified Accounts on its platform[70]. - A January 2025 survey indicated that 83% of Fold's core customer demographic is between 25-54 years old, with 81% having credit scores of 700+ and 71% earning over $100K annually[71]. - 81% of Fold's customers have credit scores of 700 or higher, with 40% having scores of 800 or above, indicating strong creditworthiness within its core customer base[73]. - 71% of users have household incomes of $100,000 or more, with 26% earning between $150,000 and $249,000, and 21% earning $250,000 or more[79]. - The company believes that younger generations view bitcoin as a core financial asset, potentially driving industry growth[134]. - The company faces risks related to customer retention and engagement, which are critical for its business success in a competitive market[200]. - The company has experienced challenges in customer retention, growth, and engagement, which could adversely affect revenue and financial results[201]. Financial Performance and Strategy - The company reported a net cash used in operating activities of $16.1 million for 2025, compared to a loss of $3.3 million for 2024, indicating a significant increase in operational losses[197]. - The company incurred an operating loss of $27.7 million for 2025, compared to a loss of $5.8 million for 2024, reflecting ongoing financial challenges[197]. - The company has an accumulated deficit of $170.9 million as of December 31, 2025, highlighting ongoing financial struggles[197]. - The company aims to maintain a sufficient bitcoin balance in its Rewards Treasury to fulfill customer obligations, which is sensitive to bitcoin price fluctuations[216]. - Future operating expenses may increase due to talent acquisition, marketing efforts, and regulatory compliance, potentially impacting profitability and cash flow[203]. Regulatory Compliance and Risk Management - The company is committed to adhering to CFPB regulations to protect consumer rights and avoid deceptive practices in marketing communications[115]. - The company is committed to a robust risk management framework, utilizing third-party services for KYC and fraud detection to ensure compliance and security[102]. - Continuous OFAC and sanctions screenings are performed daily on all users to ensure compliance with international regulations[108]. - Fold's partnership with Sutton Bank and BitGo requires compliance with AML regulations due to their status as financial institutions[104]. - The company has implemented a risk-based AML program to enhance customer identification practices and monitor transactions in real-time[105]. - The company may be subject to significant fines and penalties if it fails to comply with evolving regulatory requirements[142]. - The company operates in a highly evolving regulatory landscape, with potential adverse effects on brand, reputation, and financial condition due to non-compliance with laws and regulations[137]. Technological Adaptation and Innovation - The company’s long-term success relies on developing products and services that address the rapidly evolving payments and financial services market[218]. - Significant technological changes, including omnichannel commerce and AI, pose challenges to the company's current offerings[219]. - The ability to adapt to new technologies and industry standards is crucial for the company's success[220]. - The company depends on third parties for technology development, which can impact its ability to innovate[221]. - Continuous modification of products is necessary to ensure compatibility with various systems and infrastructures[221]. - Failure to keep pace with technological changes could lead to reduced demand and customer dissatisfaction[221]. Market Competition and Industry Landscape - Fold's growth strategy includes scaling adoption through partnerships with major retailers and financial institutions to increase legitimacy and reduce friction for mainstream adoption[89]. - The company competes in a highly competitive industry characterized by rapid innovation and the introduction of new products, with competition from traditional financial firms and fintech providers[156]. - The company’s long-term success depends on its ability to develop new and innovative products to keep pace with technological changes in the financial services market[159]. Operational Challenges and Risks - The company faces risks related to operational scaling, including managing headcount and processes efficiently, which could strain resources and affect service quality[204]. - There is uncertainty regarding the company's ability to forecast customer demand for bitcoin, which could impact the management of bitcoin balances and financial position[215]. - The company may engage in acquisitions and investments, which could disrupt operations and result in dilution to stockholders[213]. - The company relies on insurance carriers for customer loss coverage, and failure to maintain appropriate insurance could lead to substantial business disruptions[173]. - Any significant disruption in the company's products or services could result in loss of customers and adversely impact its brand and financial condition[174]. - The company is continually upgrading its information systems, and failure to implement new technologies successfully could have negative consequences[177]. - Bitcoin held by the company or its customers may be at risk in the event of a custodial partner's insolvency, potentially affecting ownership rights[178]. - Recent insolvencies in the digital asset space could lead to customers perceiving the company's services as riskier, impacting customer retention and growth[181]. - The company may face increased regulatory scrutiny and compliance costs due to recent banking regulatory initiatives and the bankruptcy of Synapse Financial Technologies, which could impact relationships with partner banks[150][154].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-41168 Fold Holdings, Inc. (Exact name of Registrant as specified in its Charter) Delaware 86-2170416 (State or other jurisdiction of ...

LULULEMON ATHLETICA INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2025 RESULTS Fourth quarter revenue increased 1% to $3.6 billion. Diluted EPS of $5.01 Full year revenue increased 5% to $11.1 billion. Diluted EPS of $13.26 Vancouver, British Columbia - March 17, 2026 - lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the fourth quarter and fiscal year ended February 1, 2026. Meghan Frank, Interim Co-CEO and Chief Financial Officer, stated: "We are pleased to achieve fourth ...

Financial Performance - Total revenues for Q4 2025 reached $6.1 million, a significant increase of 2091.6% compared to $279,879 in Q4 2024[3] - For the full year 2025, total revenues were $23.6 million, up 2049.9% from $1,098,280 in 2024[3] - Total revenue for the year ended December 31, 2025, was $23,612,459, a significant increase from $1,098,280 in 2024[17] - Managed information technology revenue reached $14,813,411, including $7,309,250 from related party revenue, compared to $0 in 2024[17] Net Loss and EBITDA - Net loss improved by 88.5% in Q4 2025, totaling $631,968 compared to a net loss of $5,490,501 in the same period last year[3] - The company reported a net loss of $1,956,536 for the full year 2025, a 76.8% improvement from a net loss of $8,426,209 in 2024[3] - Net loss from continuing operations for 2025 was $1,956,536, an improvement from a loss of $4,268,675 in 2024[19] - Adjusted EBITDA for Q4 2025 was positive at $4,630, a turnaround from a loss of $1,548,947 in Q4 2024[3] - Adjusted EBITDA for the year ended December 31, 2025, was $(1,116,037), an improvement from $(4,431,852) in 2024[22] Cash Flow and Assets - Cash flow from operations was positive at $1.1 million for the full year 2025, compared to a cash outflow of $2.7 million in 2024[3] - As of December 31, 2025, the company had cash and cash equivalents of $8.4 million and no long-term debt[3] - Total assets increased to $26,040,517 in 2025, up from $15,872,530 in 2024, reflecting a growth of approximately 64%[15] - Cash and cash equivalents decreased to $5,597,014 in 2025 from $10,588,534 in 2024, a decline of approximately 47%[19] Liabilities and Equity - Total liabilities rose to $7,854,589 in 2025, compared to $3,972,868 in 2024, marking an increase of about 97%[15] - The balance of stockholders' equity increased to $18,185,928 in 2025, up from $11,899,662 in 2024, reflecting a growth of approximately 53%[15] Strategic Initiatives - The acquisition of Newtek Technology Solutions was completed on January 2, 2025, marking a strategic shift towards cybersecurity and cloud infrastructure[4] - The company aims to grow revenue both organically and through potential acquisitions in 2026, while optimizing expenses[2] - The company acquired NTS for $4,000,000 during the year, impacting cash flows from investing activities[19] Operational Growth - The company managed over 10,000 devices under management as of December 31, 2025, indicating growth in its managed services[6] - The company incurred litigation expenses of $717,780 related to the Cisco ManyCam Litigation in 2025[22]

Cibus Reports Fourth Quarter Financial Results and Provides Business Update SAN DIEGO, March 17, 2026 – Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a leading agricultural technology company that develops and licenses plant traits to seed companies, today announced its financial results for the quarter ended December 31, 2025, and provided a business update. Management will host a conference call and webcast today at 4:30 p.m. ET. Management Commentary Peter Beetham, Interim Chief Executive Officer of Cibus, ...