Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 162

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 162
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31, 2025 and 22 employees as of March 31, 2024. Marketing expenses increased in accordance with our planned growth strategy for 2025, which includes budgeted expenditures for paid marketing channels. Insurance expenses related to increased coverage premiums as result of our transition to becoming a public company.

96

Adjusted EBITDA (Loss) Per Share

|                                                                              |     | Three Months Ended 
 March 31,          |       2025 |   |     |   |      2024 |   |
|:-----------------------------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:--|----------:|:--|
| Adjusted EBITDA (Loss)                                                       |     | $                  | (4,208,992 | ) |     | $ |  (853,364 | ) |
| Weighted-average shares used to compute basic and diluted net loss per share |     |                    | 25,436,398 |   |     |   | 5,836,882 |   |
| Adjusted EBITDA (Loss) per share attributable to common stockholders:        |     |                    |            |   |     |   |           |   |
| Basic and diluted                                                            |     | $                  |      (0.17 | ) |     | $ |     (0.15 | ) |

Financial condition Liquidity and Capital Resources As of March 31, 2025, the Company had cash and cash equivalents of $11.7 million and positive working capital of $13.3 million. The Company has a history of net operating losses, including net operating losses of $9.5 million for the three months ended March 31, 2025. The Company has an accumulated deficit of $150.2 million. Of that amount, $98.0 million relates to fair value adjustments on the Company’s SAFE notes, $16.6 million relates to fair value adjustments on the Company’s digital assets, and $6.5 million relates to fair value adjustments on convertible debt instruments. As of March 31, 2025, the Company held 1,490 bitcoin in our Investment Treasury, valued at $123.0 million. Of that amount, 800 bitcoin, valued at $66.0 million, were restricted from use as operating capital and served as collateral for our convertible notes. Our Investment Treasury is considered a long -terminvestment and we do not believe we will need to sell or engage in other transactions with