Stonegate Capital Partners Updates Coverage on Fold Holdings Inc. (FLD) 1Q26

Published: 2026-05-15 09:55:04 ET FLD

Published on 05/15/2026 at 09:55 am EDT

Dallas, Texas--(Newsfile Corp. - May 15, 2026) - Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners Updates Coverage on Folding Holdings Inc. (NASDAQ: FLD). Fold's 1Q26 reflected bitcoin-market-driven pressure on activity, but the quarter did not change the core thesis; it shifted the FY26 focus toward conversion and scaling across products now in market. Revenue declined 21.1% y/y to $5.6M as transaction volume fell 32% y/y to $172M, while verified accounts approached 85K with close to 2K net adds. Net loss was $(29.2)M and adj. EBITDA was $(5.8)M, though GAAP results were affected by bitcoin treasury fair value changes and financing-related items. Operating expenses declined 19% y/y to $13.4M, supported by lower direct costs, lower stock-based compensation, and lower professional fees. Management noted February marked the bottom across most core KPIs, with early improvement as bitcoin recovered. We view 1Q26 as market driven pressure in transaction-linked activity, while Fold's broader platform strategy moved closer to commercial validation.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners (214) 987-4121 [email protected]

Source: Stonegate, Inc.

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