Fold Holdings Q2 2026: Revenue Slides 26%, Nasdaq Delisting Notice, Reverse Split on the Table
FLD sits 27% above its 52-week low of $0.355 on light trading volume (0.1× avg).
Summary
Fold Holdings' Q2 2026 filing reveals a 26% revenue drop, a Nasdaq delisting notice, and a proposed reverse stock split, compounding existing financial distress.
Key Events · Earnings and Guidance · FLD
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Revenue Declines 26%
Revenue for Q2 2026 dropped to $6.1 million from $8.2 million a year ago, as transaction volumes shrank amid a bitcoin market downturn.
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Net Loss of $9.7 Million
The quarter produced a net loss of $9.7 million, a sharp reversal from the $13.4 million profit in Q2 2025, which had been buoyed by bitcoin remeasurement gains.
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Nasdaq Delisting Notice
On July 14, 2026, the company received a Nasdaq deficiency notice because its stock price has been below $1.00 for 30 consecutive business days. It has until January 11, 2027, to regain compliance.
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Reverse Stock Split Proposed
To cure the Nasdaq minimum bid price deficiency, the board is seeking shareholder approval for a reverse stock split at a ratio between 2-for-1 and 50-for-1.
Analysis · FLD · Crypto Assets
The Q2 2026 10-Q, now incorporated into this prospectus supplement, paints a stark picture: revenue tumbled 26% to $6.1 million, and the company swung to a $9.7 million net loss. Adding to the pressure, a Nasdaq delisting notice has been issued for the sub-$1 stock price, prompting a push for shareholder approval of a reverse stock split. Meanwhile, a material weakness in internal controls over complex debt and equity transactions remains unresolved. These developments unfold as the company aggressively sold bitcoin from its treasury to pay down debt, leaving a much smaller bitcoin position. Management believes the cash runway is sufficient for the next year, though no substantial doubt about its ability to continue as a going concern is raised.
At the time of this filing, FLD was trading at $0.45 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $22.9M. The 52-week trading range was $0.36 to $4.70. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.