Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 246

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 246
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 growth, and engagement to varying degrees. If we are unable to maintain or increase our customer
base and customer engagement, our revenue and financial results may be adversely affected. Any decrease in user retention, growth, or
engagement could render our products and services less attractive to customers, which may have an adverse impact on our revenue, business,
operating results, and financial condition. If our customer growth rate slows or declines, we will become increasingly dependent on our
ability to maintain or increase levels of user engagement and monetization in order to drive growth of revenue.

Our operating expenses may increase in the future and we may
not be able to achieve profitability or positive cash flow from operations on a consistent basis, which may cause our business, operating
results, and financial condition to be adversely impacted.

Our operating expenses may increase in the future
as we continue to attract and retain talent, expand our sales and marketing efforts, develop additional products and services, expand
our international business, incur unforeseen regulatory or compliance expenses, and in connection with certain expenses related to operating
as a public company. While we consistently evaluate opportunities to drive efficiency, we cannot guarantee that these efforts will be
successful or that we will not re-accelerate operating expenditures in the future. Our operations may prove more expensive than we currently
anticipate, and we may not succeed in increasing our net revenue sufficiently to offset these higher expenses. Our revenue growth may
be further impacted by reduced demand for our offerings, increased competition, adverse macroeconomic conditions, a decrease in the growth
or size of the Bitcoin economy, regulatory uncertainty or scrutiny, or changes that impact our ability to offer certain products or services,
any failure to capitalize on growth opportunities, or failure of new products and services we develop to gain traction in the market.
We cannot be certain that we will be able to achieve profitability or achieve positive operating cash flow on any quarterly or annual
basis. If we are unable to effectively manage these risks and difficulties as we encounter them, our business, operating results, and
financial condition may suffer.

If we do not effectively scale our business, or are unable to
maintain and improve our systems and processes, our operating results could be adversely affected.

We have experienced a period of significant growth
in recent years, both in terms of employee headcount and customer growth, followed by the scaling back of our business in response
to changing economic conditions. As our business changes, it becomes increasingly complex. To effectively manage and capitalize on our
growth periods,