Fold Reports Q1 Revenue of $5.59M, Below Consensus
Reports Q1 revenue $5.59M, consensus $9.99M. Reports Q1 total transaction volume $172M, down 32%. "Q1 was a challenging quarter across the broader Bitcoin industry. Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement, and Fold saw that pressure in our results," said Fold Chairman and CEO Will Reeves. "But as with past drawdown cycles, we believe the fundamental value proposition, technological value, and network effects of bitcoin remain strong. We are focused on what we can control, and we continue to put our energy and focus into building our products and serving our customers. Importantly, Fold remains focused on building a scalable platform with multiple interconnected products that we believe will drive durable and long-term growth."
