Company: FLDDW
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001213900-25-026537
Chunk: 127

Company: Fold Holdings, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 127
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,787 | ) |     |     |  NM(i) |   |

| (i) | Not meaningful (“NM”) |

Revenue

|                                    |     | Year Ended December 31, |       2024 |   |     |   |       2023 |   |     |   |         $ 
    Change |     |     |      % 
 Change |   |
|:-----------------------------------|:----|:------------------------|-----------:|:--|:----|:--|-----------:|:--|:----|:--|----------:|:----|:----|-------:|:--|
| Banking and payment revenues       |     | $                       | 23,432,996 |   |     | $ | 21,369,897 |   |     | $ | 2,063,099 |     |     |     10 | % |
| Custody and trading revenues       |     |                         |    170,746 |   |     |   |     26,932 |   |     |   |   143,814 |     |     |  NM(i) |   |
| Other revenues                     |     |                         |    161,000 |   |     |   |    152,625 |   |     |   |     8,375 |     |     |      5 | % |
| Less: Sales returns and allowances |     |                         |    (11,594 | ) |     |   |    (15,422 | ) |     |   |     3,828 |     |     |    -25 | % |
| Revenues, net                      |     | $                       | 23,753,148 |   |     | $ | 21,534,032 |   |     | $ | 2,219,116 |     |     |     10 | % |

| (i) | Not meaningful (“NM”) |

Total net revenue for the year ended December 31, 2024 increased by $2.2 million, or 10%, compared to the year ended December 31, 2023. 73 Banking and payments The primary driver behind increased banking and payments revenues related to merchant offers within our banking and payments business. Net revenues from merchant offers increased 13% from $19.1 million for the year ended December 31, 2023 to $21.7 million for the year ended December 31, 202