Company: FLDDW
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0000950170-25-072851
Chunk: 56

Company: Fold Holdings, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 56
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| Adjusted EBITDA (non-GAAP)                       |     | $                            |  (4,208,992 | ) |     | $    |   (853,364 | ) |

Adjusted EBITDA (non-GAAP) for the three months ended March 31, 2025 decreased by $3.4 million, or 393% compared to the three months ended March 31, 2024. The principal driver of decreased Adjusted EBITDA (non-GAAP) relates to (i) increased professional fees of $1.8 million; (ii) increased compensation and benefits expense excluding share-based compensation of $0.5 million; (iii) increased marketing expenses of $0.4 million; and (iv) increased insurance expenses of $0.3 million. Increased professional fees related directly to legal, advisory, and audit services incurred as part of our transition to becoming a public company. Payroll expenses increased in correlation with our increased employee headcount, which was 35 employees as of March 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. 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