FTAC Emerald Acquisition Corp.

Fold reported Q2 2026 revenue of $6.1 million, down 26% year over year. GAAP operating expenses were $13.9 million, down 4% from $14.5 million in Q2 2025. Net loss was $9.7 million versus net income of $13.4 million in the prior-year period, and adjusted EBITDA was negative $5.5 million versus negative $4.7 million a year ago. For the balance sheet, the company eliminated $20 million of bitcoin-backed debt under its Two Prime facility, which reduced monthly interest expense by nearly $145,000, and it retained an additional $25 million of unrestricted capital. Management did not provide formal next-quarter or full-year financial guidance, but said it expects the financial profile to evolve toward higher, more recurring revenues, better margins, and less dependence on transactional volume as it expands into yield on assets held.

Will Reeves framed the quarter as a transition period, saying Fold has finished much of the infrastructure work needed to become a broader financial services platform. He stressed that the company is moving beyond dependence on bitcoin-driven transaction activity and toward deeper customer relationships, deposit economics, and richer rewards across spending, saving, and wealth-building. His tone was confident and forward-looking, repeatedly saying the new products and banking infrastructure are now in place and that investors will soon see the foundation come together.

Wolfe Repass emphasized that Q2 remained difficult because lower bitcoin prices continued to pressure retail engagement, which showed up in the revenue and profitability numbers. He pointed to $6.1 million of revenue, $13.9 million of operating expenses, and negative $5.5 million adjusted EBITDA, and said the increased loss was mainly driven by higher payroll and contractor costs as headcount expanded. He also highlighted balance-sheet actions: elimination of $20 million of bitcoin-backed debt, a nearly $145,000 reduction in monthly interest expense, and $25 million of additional unrestricted capital retained for the business. He said Fold is currently self-financing card receivables and will look to strategic financing partners as receivables grow.

Analysts focused mainly on card scaling, the size of the waitlist, financing capacity, and whether bitcoin weakness was still hurting activity. Reeves said the waitlist remains above 80,000, the card is performing well in early access, and transactions per user are up 4x as customers mature in the program. On financing, he said the current limiting factor to scaling is bringing on more financing partners, since the card is being run off Fold’s own balance sheet today. Questions also touched on TikTok Shop and the bitcoin gift card; management said TikTok is showing some of the strongest momentum among distribution channels and is reaching a different customer mix than Kroger.