Company: FLDDW
Filing Date: 2025-07-11
Form Type: S-1
Source: 0001213900-25-062935
Chunk: 331

Company: Fold Holdings, Inc.
Filing Date: 2025-07-11
Form: S-1
Chunk 331
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 to Unaudited Condensed Financial Statements 3. RECAPITALIZATION (cont.) The Company incurred transaction costs related to the Merger of approximately $ 14.0million, which are included as a reduction to additional paid in capital on the condensed balance sheets. In connection with the closing of the Business Combination, the Company received net cash proceeds of $ 0.8million from the FTAC Emerald trust account, net of transaction expenses and redemptions.

4. REVENUE

Disaggregation of revenue

We disaggregate revenue by service type and by platform as follows:

|                                    | Revenue stream |   | Three Months 
        Ended 
    March 31, 
         2025 |   |     |   | Three Months 
        Ended 
    March 31, 
         2024 |   |
|:-----------------------------------|:---------------|:--|-------------:|:--|:----|:--|-------------:|:--|
| Banking and payment revenues       |                | $ |    6,921,625 |   |     | $ |    4,920,665 |   |
| Custody and trading revenues       |                |   |      151,855 |   |     |   |       11,933 |   |
| Other revenues                     |                |   |       26,035 |   |     |   |            8 |   |
| Less: Sales returns and allowances |                |   |      (11,678 | ) |     |   |       (1,395 | ) |
| Revenues, net                      |                | $ |    7,087,837 |   |     | $ |    4,931,211 |   |

The above amounts are net of reductions in revenue related to Revenue Rewards totaling $ million and $ million for the three months ended March 31, 2025 and 2024, respectively.

Deferred revenue

Contract liabilities are classified as deferred revenue in our balance sheets. As of March 31, 2025 and December 31, 2024, the contract liability related to our deferred subscription revenues was $ million and $ million, respectively, and the contract liability related to an unearned portion of a bonus paid to us by Visa was $ million and $ million, respectively.

The activity in deferred revenue for the three months ended March 31, 2025 and the year ended December 31, 2024, was as follows:

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