Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 48

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 48
---
 on driving long-term engagement with our customers through innovation and developing new industry-leading products and technologies.
These decisions may not be consistent with the short-term and medium-term expectations of our stockholders and may not produce the long-term
benefits that we expect, which could have an adverse effect on our business, operating results, and financial condition.

30

Due to our limited operating history, it may be difficult to
evaluate our business and future prospects, and we may not be able to achieve or maintain profitability in any given period.

We began our operations in 2019 and since then our
business model has continued to evolve. Our net revenue has significantly grown since our formation, but there is no assurance that growth
will continue in future periods and you should not rely on the net revenue growth of any given quarterly or annual period as an indication
of our future performance. If our total net revenue were to decline significantly for an extended period of time, our business, operating
results and financial condition could be adversely affected. Our limited operating history and the volatile nature of our business make
it difficult to evaluate our current business and our future prospects. We have encountered and will continue to encounter risks and difficulties
as described in this section. If we do not manage these risks successfully, our business may be adversely impacted. If our revenue growth
rate were to decline significantly or become negative, it could adversely affect our operating results and financial condition. If we
are not able to achieve or maintain positive cash flow from operations, our business may be adversely impacted and we may require additional
financing, which may not be available on favorable terms or at all, or which would be dilutive to our stockholders.

Disputes with our customers could adversely impact our brand
and reputation and our business, operating results, and financial condition.

From time to time we have been, and may in the future
be, subject to claims and disputes with our customers with respect to our products and services, such as fraudulent or unauthorized transactions,
account takeovers, deposits and withdrawals of Bitcoin, failures or malfunctions of our systems and services, or other issues relating
to our products services. Additionally, the ingenuity of criminal fraudsters, combined with many consumer users’ susceptibility
to fraud, may cause our customers to be subject to ongoing account takeovers and identity fraud issues. While we have taken measures to
detect and reduce the risk of fraud, there is no guarantee that they will be successful and, in any case, require continuous improvement
and optimization for