Company: FLDDW
Filing Date: 2025-08-11
Form Type: 424B3
Source: 0001213900-25-074298
Chunk: 159

Company: Fold Holdings, Inc.
Filing Date: 2025-08-11
Form: 424B3
Chunk 159
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 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 -basedcompensation 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.

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.