FTAC Emerald Acquisition Corp.

Fold reported second-quarter 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. Management did not provide formal next-quarter or full-year financial guidance on the call, but said the financial profile should evolve as the company expands into yield on assets held, with higher and more recurring revenues, better margins, and less dependence on transactional volume.

Will Reeves framed the quarter as a transition period toward a broader financial platform rather than a transaction-only bitcoin business. He said Fold has built the infrastructure, balance-sheet flexibility, and product foundation to serve a much larger customer base, with the credit card and upcoming launches as the key proof points. His tone was confident and strategic, emphasizing that the company is now ready to show investors the results of investments made over the past year.

Wolfe Repass said the quarter remained pressured by the broader bitcoin environment, with lower bitcoin prices weighing on engagement and revenue. He cited the main financial figures: $6.1 million of revenue, $13.9 million of operating expenses, a $9.7 million net loss, and negative $5.5 million adjusted EBITDA. He also highlighted balance-sheet actions, including eliminating $20 million of bitcoin-backed debt, reducing monthly interest expense by nearly $145,000, and keeping $25 million of unrestricted capital in the business. He said Fold is self-financing credit card receivables today, but expects to add financing partners as receivables grow.

Analysts focused on whether customer activity is improving beyond account growth, the size of the credit card pipeline, the Bitcoin Bonus Program, and whether financing capacity remains the key constraint to card scaling. Management said card transactions per user have increased 4x since customers begin using the card and that spend per user is ahead of projections, while the waitlist remains over 80,000 and is still growing. On scaling, Reeves said the current bottleneck is adding financing partners as Fold expands the card beyond early access. He also said the company is focused on dollars and bitcoin rather than other crypto assets, and expects Q3 to show the transition toward monetizing more of the customer relationship, not just transactions.