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    Fold (FLD)

    Market Price (7/26/2026): $0.46 | Market Cap: $22.8 MilSector: Financials | Industry: Diversified Capital Markets

    Fold (FLD)

    Market Price (7/26/2026): $0.46
    Market Cap: $22.8 Mil
    Sector: Financials
    Industry: Diversified Capital Markets

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -64%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -130%, 3Y Excs Rtn is -158%

    Penny stock
    Mkt Price is 0.5

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -86%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -21%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -62%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -227%

    High stock price volatility
    Vol 12M is 105%

    Key risks
    FLD key risks include [1] sustained operating losses and poor financial health, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -64%
    1 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -130%, 3Y Excs Rtn is -158%
    3 Penny stock
    Mkt Price is 0.5
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -86%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%
    6 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -21%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21%
    8 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -62%
    9 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -227%
    10 High stock price volatility
    Vol 12M is 105%
    11 Key risks
    FLD key risks include [1] sustained operating losses and poor financial health, Show more.

    FLD in ETFs

    Weight = FLD's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31FLD [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$30.3 Mil—
    FY 2026 Sales$34.4 Mil—
    FY 2027 Sales$63.3 Mil—
    FY 2026 Sales Growth13.6%—
    FY 2027 Sales Growth84.0%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-49.9 Mil—
    FY 2026 Net Income (Non-GAAP)$-41.9 Mil—
    FY 2027 Net Income (Non-GAAP)$-20.4 Mil—
    FY 2027 Net Income Growth—19.6%
    FY 2026 EPS (Non-GAAP)$-1.00—
    FY 2027 EPS (Non-GAAP)$-0.48—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S0.71.6
    FY 2027 P/S0.4—
    FY 2026 P/E—7.6
    FY 2027 P/E——

    [1] FLD forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Bitcoin Treasury Holdings1,492 BTC6302025Link
    Total Transaction Volume$265 million6302025Link
    Total Active Accounts615,000%6302025Link
    Total Verified Accounts80,000%6302025Link
    Fold Credit Card Waitlist75,000+ applicants8122025Link

    Price Chart

    Upcoming
    8/11/2026Earnings ReleaseRev: $7.0 Mil (E)
    EPS: $-0.16 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/14/2026

    Fold (FLD) stock has lost about 65% since 3/31/2026 because of the following key factors:

    1. Significant Fiscal Q1 2026 Earnings Miss and Revenue Decline. Fold (FLD) reported a loss per share of -$0.59 for fiscal Q1 2026 (ending March 31, 2026), substantially missing the consensus analyst estimate of -$0.13 to -$0.15, representing a negative surprise of 230.03% to 354%. Concurrently, revenue for the quarter decreased by 21.1% year-over-year to $5.6 million, falling short of analyst expectations by 44.6%. Total transaction volume also saw a 32% year-over-year decrease to $172 million. This disappointing financial performance, announced on May 12, 2026, immediately led to a 3.62% to 4.7% decline in FLD shares.

    2. Broader Bitcoin Market Downturn and Impact on Business. Management explicitly cited a "challenging quarter across the broader Bitcoin industry" as a primary factor, noting that "Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement." Bitcoin prices had fallen nearly 50% from their October 2025 highs by fiscal Q1 2026, directly impacting Fold's core business model, which relies on Bitcoin-related financial services and user engagement with its rewards platform. This macroeconomic headwind significantly hampered the company's operational performance.

    Show more
    Updated on 7/14/2026

    Fold (FLD) stock has lost about 65% since 3/31/2026 because of the following key factors:

    1. Significant Fiscal Q1 2026 Earnings Miss and Revenue Decline. Fold (FLD) reported a loss per share of -$0.59 for fiscal Q1 2026 (ending March 31, 2026), substantially missing the consensus analyst estimate of -$0.13 to -$0.15, representing a negative surprise of 230.03% to 354%. Concurrently, revenue for the quarter decreased by 21.1% year-over-year to $5.6 million, falling short of analyst expectations by 44.6%. Total transaction volume also saw a 32% year-over-year decrease to $172 million. This disappointing financial performance, announced on May 12, 2026, immediately led to a 3.62% to 4.7% decline in FLD shares.

    2. Broader Bitcoin Market Downturn and Impact on Business. Management explicitly cited a "challenging quarter across the broader Bitcoin industry" as a primary factor, noting that "Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement." Bitcoin prices had fallen nearly 50% from their October 2025 highs by fiscal Q1 2026, directly impacting Fold's core business model, which relies on Bitcoin-related financial services and user engagement with its rewards platform. This macroeconomic headwind significantly hampered the company's operational performance.

    3. Deteriorating Operating Profitability and Elevated Cash Burn. Despite a reported 19% reduction in operating expenses, Fold's adjusted EBITDA loss worsened to $5.8 million in fiscal Q1 2026, compared to a $4.2 million loss in the prior year period. The company also recorded a negative gross profit margin of 49%. Net cash used in operating activities for fiscal Q1 2026 stood at $6.6 million, indicating a continued high cash burn rate that raised concerns about the company's path to profitability amidst declining revenue and widening operational losses.

    4. Significant Reduction in Bitcoin Treasury. On June 10, 2026, Fold monetized approximately $45 million of its Bitcoin holdings, selling 633.8 BTC at an average price of around $71,000 per bitcoin. This action was taken to repay $20 million of bitcoin-collateralized debt and allocate $25 million for growth initiatives. Consequently, Fold's Bitcoin treasury substantially decreased from 826 BTC as of March 31, 2026, to 192.2 BTC. While intended to strengthen the balance sheet and fund growth, this significant reduction in core digital asset exposure may have negatively impacted investor sentiment regarding the company's long-term leverage to Bitcoin's price appreciation.

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    Stock Movement Drivers

    Fundamental Drivers

    The -65.9% change in FLD stock from 3/31/2026 to 7/25/2026 was primarily driven by a -64.1% change in the company's P/S Multiple.
    (LTM values as of)33120267252026Change
    Stock Price ($)1.320.45-65.9%
    Change Contribution By: 
    Total Revenues ($ Mil)3230-4.7%
    P/S Multiple2.10.7-64.1%
    Shares Outstanding (Mil)5050-0.3%
    Cumulative Contribution-65.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/25/2026
    ReturnCorrelation
    FLD-65.9% 
    Market (SPY)13.6%20.2%
    Sector (XLF)14.1%6.5%

    Fundamental Drivers

    The -82.8% change in FLD stock from 12/31/2025 to 7/25/2026 was primarily driven by a -81.3% change in the company's P/S Multiple.
    (LTM values as of)123120257252026Change
    Stock Price ($)2.610.45-82.8%
    Change Contribution By: 
    Total Revenues ($ Mil)3130-2.6%
    P/S Multiple3.90.7-81.3%
    Shares Outstanding (Mil)4750-5.5%
    Cumulative Contribution-82.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/25/2026
    ReturnCorrelation
    FLD-82.8% 
    Market (SPY)8.7%24.2%
    Sector (XLF)3.3%16.4%

    Fundamental Drivers

    The -89.4% change in FLD stock from 6/30/2025 to 7/25/2026 was primarily driven by a -7.1% change in the company's Shares Outstanding (Mil).
    (LTM values as of)63020257252026Change
    Stock Price ($)4.230.45-89.4%
    Change Contribution By: 
    Total Revenues ($ Mil)�300.0%
    P/S Multiple�0.70.0%
    Shares Outstanding (Mil)4650-7.1%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/25/2026
    ReturnCorrelation
    FLD-89.4% 
    Market (SPY)20.6%20.6%
    Sector (XLF)8.8%18.0%

    Fundamental Drivers

    null
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    Market Drivers

    6/30/2023 to 7/25/2026
    ReturnCorrelation
    FLD-95.7% 
    Market (SPY)72.6%16.3%
    Sector (XLF)74.5%14.2%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FLD Return-3%5%5%-76%-83%-95%
    Peers Return2%29%2%-1%-0%-14%14%
    S&P 500 Return27%-19%24%23%16%8%97%

    Monthly Win Rates [3]
    FLD Win Rate-82%92%50%33%14% 
    Peers Win Rate52%65%52%47%55%34% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    FLD Max Drawdown---1%-3%-77%-86% 
    Peers Max Drawdown-31%-26%-31%-33%-41%-27% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: BMRN, VRTX, SRPT, ALNY, REGN.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/24/2026 (YTD)

    About Fold (FLD)

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    Fold (FLD) operates as a Special Purpose Acquisition Company (SPAC), meaning it does not currently conduct its own commercial operations or offer any products or services. Instead, its primary business involves seeking out and acquiring an existing private operating company. The core function of Fold is to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more businesses, essentially bringing a private company to the public market through this acquisition.

    The company focuses its acquisition efforts on specific high-growth sectors. It targets businesses within clean and renewable energy, water sustainability, agricultural technology, shared economy software, and mobility. Through this strategic focus, Fold aims to merge with a company that aligns with these forward-looking industries, thereby transforming from a shell company into an operational entity with a public listing.

    ```

    AI Analysis | Feedback

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    AI Analysis | Feedback

    • Business Combination/Acquisition: The company's primary purpose is to identify and effect a merger, asset acquisition, or similar business combination with one or more private operating businesses.

    AI Analysis | Feedback

    Based on the provided description, Fold (symbol: FLD), also known as FTAC Emerald Acquisition Corp., is a Special Purpose Acquisition Company (SPAC).

    A SPAC does not have significant operations or sell products or services to customers in the traditional sense. Its primary purpose is to raise capital through an initial public offering (IPO) and then use that capital to acquire or merge with an existing private company.

    Therefore, FTAC Emerald Acquisition Corp. does not have major customers or categories of customers as it does not engage in the sale of goods or services.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Will Reeves, Chief Executive Officer and Chairman of the Board Mr. Reeves co-founded Fold in 2019 and has served as its Chief Executive Officer and a Director since its inception. Over the past eight years, he held product leadership positions at Thesis, Inc., A3Ventures, LLC, and BYND, where he led digital transformation and the development of innovation projects for Google and other Fortune 500 technology companies. Prior to founding Fold, Mr. Reeves was the Head of Payments at Thesis, Inc. Wolfe Repass, Chief Financial Officer Mr. Repass has served as Fold's Chief Financial Officer since October 2024. Before this role, he held various positions within Fold's Finance and Operations department, having joined the company in May 2021. During his time at Fold, Mr. Repass was instrumental in establishing the company's financial, accounting, and operational foundations and played a key role in its journey to becoming a public company. Prior to joining Fold, he worked in financial reporting and accounting roles within the fintech and manufacturing industries, including at Robinhood and PopSockets. Matt McManus, Chief Operating Officer Mr. McManus joined Fold in April 2025 as the Chief Operating Officer. In this role, he works with senior management to oversee Fold's day-to-day operations and ensure the execution of the company's strategic plans. Before joining Fold, Mr. McManus served as the Chief Product Officer for Unchained Capital, Inc., where he was responsible for leading the company's product strategy, development, and execution. His career also includes work with major brands such as Twitter, Capital One, PBS & PBS KIDS, National Geographic, and Marriott. Thomas Dickman, Chief Technology Officer Mr. Dickman serves as the Chief Technology Officer for Fold.

    AI Analysis | Feedback

    The key risks to the business of Fold (symbol: FLD), as described in the background as FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC), are primarily related to its nature as a non-operating entity seeking a business combination.
    1. Failure to complete a business combination: As a SPAC with no significant operations, the most critical risk is the inability to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination within the timeframe required by its organizational documents. If a business combination is not completed, the company would likely be forced to liquidate and return the funds held in its trust account to its public shareholders, potentially at a loss or without the anticipated returns.
    2. Inability to identify or complete a business combination with a suitable target: The company's success hinges on identifying and successfully completing a business combination with one or more businesses. There is a significant risk that FTAC Emerald Acquisition Corp. may not be able to find an attractive or viable target business that meets its investment criteria or complete a transaction on favorable terms. This could lead to an undesirable merger or, ultimately, liquidation.
    3. Risk of significant redemptions by public shareholders: Prior to the completion of a business combination, public shareholders typically have the right to redeem their shares. High redemption rates by shareholders could significantly deplete the cash available to the SPAC for completing the business combination or for the ongoing operations of the combined entity. This reduction in available capital could jeopardize the transaction or negatively impact the post-merger company's financial health and operational flexibility.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Fold (symbol: FLD) operates within the intersection of the cryptocurrency, digital payments, and loyalty management markets in the United States. Its main products and services, including bitcoin rewards programs, bitcoin financial services, and bitcoin-enabled debit and upcoming credit cards, address several growing market segments. The addressable markets for Fold's main products and services in the U.S. are: * Cryptocurrency and Bitcoin Market (U.S.): Approximately 30% of American adults, or 70.4 million people, owned cryptocurrency as of January 2026. The U.S. cryptocurrency market size is projected to reach USD 2.21 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.49% from its USD 1.23 billion valuation in 2025. Bitcoin remains the most popular cryptocurrency in the U.S., with about 77% of crypto owners holding it as of August 2023. * Digital Payments Market (U.S.): The U.S. digital payment market size is projected to reach USD 7.5 billion in 2025, growing at a CAGR of 20.8%. North America held a significant share of the global digital payment market, accounting for 33.5% in 2024. * Loyalty Management Market (U.S.): The U.S. loyalty management market, encompassing total loyalty spend, is valued at approximately USD 25.99 billion in 2026 and is projected to reach USD 44.25 billion by 2030, exhibiting a CAGR of 14.2% from 2026 to 2030. The software and services segment alone within this market is estimated at USD 3.78 billion in 2026. * FinTech Blockchain Market (U.S.): The U.S. FinTech blockchain market, relevant for companies leveraging blockchain for financial technology, was valued at USD 130.16 billion in 2024 and is expected to reach approximately USD 6,013.33 billion by 2034, demonstrating a robust CAGR of 46.71% from 2025 to 2034. North America dominated the global FinTech blockchain market with a 39% market share in 2024.

    AI Analysis | Feedback

    Fold Holdings, Inc. (NASDAQ: FLD) is a pioneering bitcoin financial services company that recently became publicly traded following its business combination with FTAC Emerald Acquisition Corp. in February 2025. The company’s core strategy involves integrating Bitcoin into everyday financial activities through its suite of products and services. Over the next 2-3 years, several key drivers are expected to fuel Fold's revenue growth:

    1. Launch and Adoption of the Fold Bitcoin Rewards Credit Card: Fold announced the launch of its Bitcoin Rewards Credit Card in February 2025, which had a waitlist of 75,000 people. The company anticipates this card will be a significant growth driver for its business as it rolls out later in 2025. This product aims to expand the company's offerings beyond its existing Fold App and Fold Card, which provide bitcoin rewards for everyday spending.

    2. Expansion of Custody and Trading Business: Fold is prioritizing the growth of its custody and trading platform. This includes initiatives to increase access to the platform beyond existing Fold cardholders, support larger bitcoin orders through wire deposits, and expand the geographic reach of its services. These developments are expected to open the platform to a substantially larger market, driving increased transaction volumes and associated revenues.

    3. Growth in Active User Accounts and Transaction Volume: The company has demonstrated strong user momentum, reporting a 300% rise in new accounts and a 67% year-over-year increase in total transaction volume in Q1 2025. Continued expansion of its user base and increased engagement with its products, such as the Fold App and Fold Card, will directly contribute to revenue growth from transaction fees and interchange income.

    4. Broadening Distribution for Fold Bitcoin Gift Card: Fold is expanding the availability of its Bitcoin Gift Card through new distribution channels. This includes partnerships with platforms like Giftcards.com, Blackhawk Network’s digital retail ecosystem, and in-store access at major retailers such as Kroger brand locations. These expanded distribution channels and promotional campaigns with partners are designed to reach a wider customer base and boost sales of the gift cards.

    5. Development of New Bitcoin-Centric Financial Products and Services: Beyond its current card and app offerings, Fold aims to build out a comprehensive suite of bitcoin-based financial products. While specific details for the immediate 2-3 years are still emerging, the company's long-term vision includes exploring areas like bitcoin-backed business loans and homeownership solutions, positioning it as a bridge between traditional finance and the decentralized Bitcoin economy.

    AI Analysis | Feedback

    Share Issuance

    • FTAC Emerald Acquisition Corp. completed its Initial Public Offering (IPO) on December 16, 2021, raising $220 million through the issuance of 22 million units at $10 each. Each unit consisted of one share of Class A common stock and one-half of a warrant.
    • In anticipation of the business combination, FTAC Emerald Acquisition Corp. entered into non-redemption agreements between September 2023 and January 2024, agreeing to issue a total of 2,722,500 shares of Class A Common Stock to third parties in exchange for commitments not to redeem public shares.
    • As of March 10, 2026, Fold Holdings Inc. had approximately 48.31 million shares outstanding.

    Inbound Investments

    • The business combination with FTAC Emerald Acquisition Corp. in February 2025 provided Fold, Inc. with capital, with the transaction implying a pre-money equity valuation for Fold of $365 million.
    • Fold Holdings secured a $45 million revolving credit facility from Two Prime Lending to increase financial liquidity and accelerate growth initiatives.
    • FTAC Emerald Acquisition Corp. secured a $2 million loan from a sponsor affiliate in October 2024 to obtain additional funding.

    Outbound Investments

    • The primary outbound investment was the acquisition of Fold, Inc. by FTAC Emerald Acquisition Corp. through a reverse merger transaction, which closed on February 14, 2025.
    • Fold Holdings maintains a bitcoin investment treasury, holding 1,526 bitcoin valued at approximately $154 million as of November 6, 2025, and has stated a disciplined approach of not selling bitcoin since going public.
    • Fold plans to greatly expand its business by spending more heavily on marketing in 2025 to accelerate growth.

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    Financials

    FLDBMRNVRTXSRPTALNYREGNMedian
    NameFold BioMarin.Vertex P.Sarepta .Alnylam .Regenero. 
    Mkt Price0.4559.33477.3615.68271.77656.01165.55
    Mkt Cap0.011.4121.31.636.168.223.8
    Rev LTM303,24212,2182,1844,28714,9203,765
    Op Inc LTM-263154,66217523,843534
    FCF LTM-197593,7101086433,791701
    FCF 3Y Avg-5141,977-4142313,561514
    CFO LTM-188744,2411757155,013795
    CFO 3Y Avg-6182,401-3022864,568618

    Growth & Margins

    FLDBMRNVRTXSRPTALNYREGNMedian
    NameFold BioMarin.Vertex P.Sarepta .Alnylam .Regenero. 
    Rev Chg LTM16.9%9.9%10.1%-2.2%82.6%5.9%10.0%
    Rev Chg 3Y Avg-14.3%9.9%33.6%58.3%6.4%14.3%
    Rev Chg Q-21.1%2.8%7.8%-1.9%96.4%19.0%5.3%
    QoQ Delta Rev Chg LTM-4.7%0.7%1.8%-0.6%15.4%4.0%1.2%
    Op Inc Chg LTM-80.2%-49.1%1,214.0%100.9%751.9%-2.4%49.2%
    Op Inc Chg 3Y Avg-93.5%364.1%53.7%288.0%-6.3%93.5%
    Op Mgn LTM-86.0%9.7%38.2%0.0%17.5%25.8%13.6%
    Op Mgn 3Y Avg-13.5%24.1%-4.0%1.3%28.1%13.5%
    QoQ Delta Op Mgn LTM1.2%-3.0%0.2%30.0%4.0%-0.1%0.7%
    CFO/Rev LTM-58.6%27.0%34.7%8.0%16.7%33.6%21.8%
    CFO/Rev 3Y Avg-20.7%21.5%-18.2%8.0%32.6%20.7%
    FCF/Rev LTM-62.4%23.4%30.4%5.0%15.0%25.4%19.2%
    FCF/Rev 3Y Avg-17.0%17.7%-24.3%6.0%25.5%17.0%

    Valuation

    FLDBMRNVRTXSRPTALNYREGNMedian
    NameFold BioMarin.Vertex P.Sarepta .Alnylam .Regenero. 
    Mkt Cap0.011.4121.31.636.168.223.8
    P/S0.73.59.90.88.44.64.0
    P/Op Inc-0.936.226.01,572.348.017.831.1
    P/EBIT-0.528.024.020.641.513.122.3
    P/E-0.442.528.025.362.615.426.6
    P/CFO-1.313.128.69.450.513.613.3
    Total Yield-223.2%2.4%3.6%4.0%1.6%7.0%3.0%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.5%0.0%
    FCF Yield 3Y Avg-4.6%1.6%-13.5%0.6%4.9%1.6%
    D/E1.40.10.00.60.00.00.1
    Net D/E0.9-0.1-0.00.2-0.0-0.1-0.0

    Returns

    FLDBMRNVRTXSRPTALNYREGNMedian
    NameFold BioMarin.Vertex P.Sarepta .Alnylam .Regenero. 
    1M Rtn-3.7%3.5%-0.6%-2.1%-7.3%5.8%-1.4%
    3M Rtn-70.4%11.6%10.9%-22.8%-11.1%-12.6%-11.8%
    6M Rtn-76.3%5.6%1.9%-25.8%-24.1%-12.7%-18.4%
    12M Rtn-89.8%0.5%1.6%31.4%-17.3%17.1%1.1%
    3Y Rtn-95.7%-32.0%35.6%-84.9%39.4%-9.5%-20.8%
    1M Excs Rtn-13.7%2.8%-0.3%-6.8%-8.3%4.5%-3.5%
    3M Excs Rtn-73.4%5.6%5.4%-27.5%-17.7%-18.5%-18.1%
    6M Excs Rtn-85.7%-3.5%-5.1%-35.3%-33.8%-20.1%-27.0%
    12M Excs Rtn-106.4%-17.1%-16.5%1.2%-33.1%-1.3%-16.8%
    3Y Excs Rtn-158.0%-94.2%-29.2%-147.5%-30.0%-70.3%-82.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date5/12/20263/17/202611/10/20258/12/20255/15/20253/28/20251/24/202510/7/20245/15/20251/24/2025
    Key Financials Quarterly          
    Total Revenue697878555-16
    Net Income-29-35113-490-62-2-110
    EPS-0.59-0.770.010.29-1.920.01-1.35-0.05-0.020.22
    Key Financials TTM          
    Total Revenue TTM303231292624-0-1--
    Net Income TTM-50-70-34-97-113-65-555--
    Growth Rates Quarterly          
    Total Revenue Growth-21.1%8.2%41.2%59.1%43.7%153.4%5.6%---
    Net Income Growth40.3%-7232.4%100.9%678.8%-5072.2%-95.2%-3333.3%---
    Margins Quarterly          
    Net Income Margin-521.6%-379.9%7.5%164.2%-689.6%5.8%-1188.7%-45.1%-19.2%-
    Cash & Debt          
    Total Cash128771218119-5
    Total Debt3279828065120002
    Net Debt / (Cash)2171767353-7-11-9--3
    Cash Flows Quarterly          
    FCF from Operations-7-5-2-4-50-2-1-0-5
    Cash Flows TTM          
    FCF from Operations TTM-18-16-11-11-8-3-8-6--
    Returns to Shareholders Quarterly          
    Dividends0000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly          
    ROIC-12.2%-7.8%-7.7%-8.5%-13.8%5.9%-97.7%-24.9%-2.6%
    Return on Invested Capital (ROIC) TTM          
    ROIC TTM-10.1%-9.1%-7.0%-6.6%-5.2%-21.6%-28.6%-7.7%--

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Banking and payment revenues30232129
    Custody and trading revenues1000
    Other revenues0000
    Sales returns and allowances-0-0-0-0
    Total32242229


    Assets by Segment
    $ Mil20242023
    Single Segment52166
    Total52166


    Price Behavior

    Price Behavior
    Market Price$0.45 
    Market Cap ($ Bil)0.0 
    First Trading Date02/09/2022 
    Distance from 52W High-90.1% 
       50 Days200 Days
    DMA Price$0.78$3.19
    DMA Trenddowndown
    Distance from DMA-42.6%-85.9%
     3M1YR
    Volatility114.8%105.1%
    Downside Capture463.29349.69
    Upside Capture-179.2514.20
    Correlation (SPY)11.2%20.1%
    FLD Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.700.411.811.901.570.77
    Up Beta4.103.233.854.312.560.53
    Down Beta-4.58-3.62-2.300.800.480.59
    Up Capture-412%-230%-61%-51%-5%7%
    Bmk +ve Days11244067140429
    Stock +ve Days611194398247
    Down Capture295%419%404%238%187%110%
    Bmk -ve Days10172358112321
    Stock -ve Days15304174137294

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FLD
    FLD-90.0%104.7%-1.72-
    Sector ETF (XLF)7.3%14.6%0.2717.7%
    Equity (SPY)17.6%12.7%1.0020.4%
    Gold (GLD)19.2%28.1%0.617.2%
    Commodities (DBC)34.7%19.1%1.42-20.7%
    Real Estate (VNQ)13.8%14.1%0.693.9%
    Bitcoin (BTCUSD)-46.2%42.9%-1.3222.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FLD
    FLD-45.8%76.5%-0.91-
    Sector ETF (XLF)11.1%18.5%0.4611.2%
    Equity (SPY)12.8%17.1%0.5813.2%
    Gold (GLD)17.0%18.4%0.751.9%
    Commodities (DBC)9.6%19.5%0.38-6.9%
    Real Estate (VNQ)3.0%18.9%0.064.4%
    Bitcoin (BTCUSD)15.3%53.4%0.4711.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FLD
    FLD-26.3%76.5%-0.91-
    Sector ETF (XLF)13.4%22.0%0.5611.2%
    Equity (SPY)14.9%17.9%0.7113.2%
    Gold (GLD)11.3%16.1%0.571.9%
    Commodities (DBC)7.2%17.9%0.32-6.9%
    Real Estate (VNQ)5.2%20.7%0.214.4%
    Bitcoin (BTCUSD)58.1%66.2%0.9811.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.9 Mil
    Short Interest: % Change Since 63020264.2%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest5.5 days
    Basic Shares Quantity49.7 Mil
    Short % of Basic Shares1.8%

    Returns Analyses

    Earnings Returns History

    Updated 7/17/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/12/2026-4.7%-19.3%-54.7%
    3/17/2026-4.5%30.4%2.7%
    11/10/20255.1%2.0%6.8%
    8/12/20254.1%-5.8%-17.5%
    5/15/2025-1.2%12.2%17.5%
    SUMMARY STATS   
    # Positive233
    # Negative322
    Median Positive4.6%12.2%6.8%
    Median Negative-4.5%-12.5%-36.1%
    Max Positive5.1%30.4%17.5%
    Max Negative-4.7%-19.3%-54.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/12/2026-4.7%-19.3%-54.7%
    3/17/2026-4.5%30.4%2.7%
    11/10/20255.1%2.0%6.8%
    8/12/20254.1%-5.8%-17.5%
    5/15/2025-1.2%12.2%17.5%
    SUMMARY STATS   
    # Positive233
    # Negative322
    Median Positive4.6%12.2%6.8%
    Median Negative-4.5%-12.5%-36.1%
    Max Positive5.1%30.4%17.5%
    Max Negative-4.7%-19.3%-54.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/12/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/28/202510-K
    09/30/202401/24/2025424B3
    06/30/202410/07/2024S-4
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/12/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/28/202510-K
    09/30/202401/24/2025424B3
    06/30/202410/07/2024S-4

    Insider Activity

    Updated 7/23/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1McManus, MattChief Operating OfficerDirectSell72320260.452,109949172,296Form
    2Dickman, Thomas JChief Technology OfficerDirectSell70620260.4952265,473Form
    3Reeves, William Brian PoppicChief Executive OfficerDirectSell70620260.494,8682,3952,696,619Form
    4Repass, WolfeChief Financial OfficerDirectSell70620260.491,131556361,206Form
    5Kirkwood, Jonathan DirectBuy61520260.61105,00064,365280,322Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1McManus, MattChief Operating OfficerDirectSell72320260.452,109949172,296Form
    2Dickman, Thomas JChief Technology OfficerDirectSell70620260.4952265,473Form
    3Reeves, William Brian PoppicChief Executive OfficerDirectSell70620260.494,8682,3952,696,619Form
    4Repass, WolfeChief Financial OfficerDirectSell70620260.491,131556361,206Form
    5Kirkwood, Jonathan DirectBuy61520260.61105,00064,365280,322Form
    6Dickman, Thomas JChief Technology OfficerDirectSell60320260.9165488,308Form
    7Reeves, William Brian PoppicChief Executive OfficerDirectSell60320260.915,6395,1034,953,225Form
    8Repass, WolfeChief Financial OfficerDirectSell60320260.911,3101,186661,640Form
    9Reeves, William Brian PoppicChief Executive OfficerDirectSell52920260.998,1138,0485,422,463Form
    10Reeves, William Brian PoppicChief Executive OfficerDirectSell52820260.988,8418,7085,392,191Form
    11Young, Bracebridge H JR 1999 Family TrustBuy52820261.0310,00010,30351,618Form
    12Reeves, William Brian PoppicChief Executive OfficerDirectSell52820261.069,2219,8115,834,068Form
    13Reeves, William Brian PoppicChief Executive OfficerDirectSell52620261.158,6989,9686,294,254Form
    14Reeves, William Brian PoppicChief Executive OfficerDirectSell52620261.227,7139,3796,689,296Form
    15Reeves, William Brian PoppicChief Executive OfficerDirectSell52020261.2210,68112,9996,704,184Form
    16Reeves, William Brian PoppicChief Executive OfficerDirectSell52020261.249,68112,0046,844,130Form
    17Dickman, Thomas JChief Technology OfficerDirectSell51820261.434,0495,806773,583Form
    18Repass, WolfeChief Financial OfficerDirectSell50520261.421,9472,7691,038,969Form
    19Dickman, Thomas JChief Technology OfficerDirectSell50520261.42913772,867Form
    20Reeves, William Brian PoppicChief Executive OfficerDirectSell50520261.425,5377,8747,862,439Form
    21McManus, MattChief Operating OfficerDirectSell42320261.509,92414,926579,022Form
    22Dickman, Thomas JChief Technology OfficerDirectSell42120261.506192815,247Form
    23Repass, WolfeChief Financial OfficerDirectSell42020261.502363541,092,584Form
    24Repass, WolfeChief Financial OfficerDirectSell40320261.221,3261,620300,173Form
    25Dickman, Thomas JChief Technology OfficerDirectSell40320261.2267406,111Form
    26Reeves, William Brian PoppicChief Executive OfficerDirectSell40320261.225,7106,9785,772,652Form
    27Repass, WolfeChief Financial OfficerDirectSell32320261.25176219302,495Form
    28Dickman, Thomas JChief Technology OfficerDirectSell32320261.254759414,073Form
    29Repass, WolfeChief Financial OfficerDirectSell30220261.489,17713,573323,241Form
    30Repass, WolfeChief Financial OfficerDirectSell30220261.4613,67520,007288,132Form
    31Repass, WolfeChief Financial OfficerDirectSell22620261.525,2457,957272,811Form
    32Repass, WolfeChief Financial OfficerDirectSell22620261.4713,79620,280272,069Form
    33Repass, WolfeChief Financial OfficerDirectSell22420261.494,1796,227250,442Form
    34Repass, WolfeChief Financial OfficerDirectSell22420261.5512,40619,180253,425Form
    35Repass, WolfeChief Financial OfficerDirectSell22020261.4821,85732,436223,159Form
    36Young, Bracebridge H JR 1999 Family TrustBuy120220253.128,10025,30898,734Form
    37Young, Bracebridge H JR 1999 Family TrustBuy82820253.458,50029,30581,021Form
    38Young, Bracebridge H JR 1999 Family TrustBuy82120253.857,70029,67157,801Form

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