Net Income (Loss) Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Net Income (Loss) Per Share [Abstract]

Schedule of Weighted Average Number of Shares of Common Stock Outstanding

Subsequent to the Merger, net income (loss) per share is calculated based on the weighted average number of shares of Common Stock outstanding.

		Three Months Ended June 30,							Six Months Ended June 30,
		2026				2025			2026				2025
Basic net income (loss) per share:
Numerator:
Net income (loss)		$	(9,651,557	)		$	13,425,567		$	(38,819,463	)		$	(35,453,632	)
Net income (loss) attributable to common stockholders, basic		$	(9,651,557	)		$	13,425,567		$	(38,819,463	)		$	(35,453,632	)

		Three Months Ended June 30,							Six Months Ended June 30,
		2026				2025			2026				2025
Denominator:
Weighted-average shares used to compute net income (loss) per share, basic			51,825,321				46,503,358			50,746,857				36,062,784
Net income (loss) per share attributable to common stockholders, basic		$	(0.19	)		$	0.29		$	(0.76	)		$	(0.98	)

Diluted net income (loss) per share:
Numerator:
Net income (loss)		$	(9,651,557	)		$	13,425,567		$	(38,819,463	)		$	(35,453,632	)
Net loss attributable to common stockholders, diluted		$	(9,651,557	)		$	13,425,567		$	(38,819,463	)		$	(35,453,632	)

Denominator:
Weighted-average shares used to compute net income (loss) per share, diluted			51,825,321				46,503,358			50,746,857				36,062,784
Weighted-average effect of potentially dilutive shares:
Non-vested restricted stock units			—				1,057,758			—				—
Weighted-average shares used to compute net income (loss) per share, diluted			51,825,321				47,561,116			50,746,857				36,062,784
Net income (loss) per share attributable to common stockholders, diluted		$	(0.19	)		$	0.28		$	(0.76	)		$	(0.98	)

		Year ended December 31,
		2025				2024
Basic net loss per share:
Numerator:
Net loss		$	(69,590,462	)		$	(65,088,786	)
Net loss attributable to common stockholders, basic and diluted		$	(69,590,462	)		$	(65,088,786	)

Denominator:
Basic Shares:
Weighted-average shares used to compute basic and diluted net loss per share			42,218,965				5,836,882
Net loss per share attributable to common stockholders:
Basic and diluted		$	(1.65	)		$	(11.15	)

Schedule of Calculation of Diluted Net Income (Loss) Per Share

The following potential Common Stock were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented:

		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Unvested restricted stock units(1)		5,184,633		—		5,184,633		3,560,054
Convertible notes(2)		—		5,924,582		—		5,924,582
Investor warrants(3)		15,099,378		15,099,378		15,099,378		15,099,378
Employee stock purchase plan(4)		45,900		—		31,569		—
Total anti-dilutive securities		20,329,911		21,023,960		20,315,580		24,584,014

(1) Potentially dilutive securities attributable to outstanding unvested restricted stock units are excluded from the calculation of diluted loss per share as the effect of the incremental Common Stock would be anti-dilutive and are therefore excluded from the loss per share calculation.

(2) The June 2025 Amended Note contained a conversion feature that allowed the investor the option to convert the June 2025 Amended Note in exchange for 2,222,222 shares of Common Stock. The March 2025 Investor Note contained a conversion feature that allowed the investor the option to convert in exchange for 3,702,260 shares of Common Stock. The effect of the incremental Common Stock issuable upon a conversion of these notes was anti-dilutive based on Fold’s average share price for the three and six months ended June 30, 2026 and was therefore excluded from the loss per share calculation.

(3) As of June 30, 2026 and 2025, the Company had (1) 12,434,658 public warrants related to legacy FTAC Emerald at an exercise price of $11.50; (2) 869,565 Series A and 869,565 Series C Warrants, at an exercise price of $12.50 and $9.00, respectively; and (3) 925,590 March 2025 Warrants outstanding at an exercise price of $15.00. These warrants are considered anti-dilutive based on Fold’s average share price for the three and six months ended June 30, 2026 and are therefore excluded from the income (loss) per share calculation.

(4) Potentially dilutive securities attributable to the employee stock purchase plan are excluded from the calculation of diluted shares outstanding as of June 30, 2026. The effect of the incremental Common Stock would be anti-dilutive and therefore excluded from the loss per share calculation.

The following potential Common Stock were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:

		Year ended December 31,
		2025		2024
Convertible preferred stock		—		10,204,880
Unvested restricted stock units(1)		3,590,873		2,098,620
SAFEs(2)		—		—
Convertible notes(3)		5,924,582		—
Investor warrants(4)		15,099,378		—
Employee stock purchase plan(5)		10,352		—
Total anti-dilutive securities		24,625,185		12,303,500

(1) Potentially dilutive securities attributable to outstanding unvested RSUs are excluded from the calculation of diluted net income per share as the effect of the incremental Common Stock would be anti-dilutive and are therefore excluded from the income loss per share calculation.

(2) The SAFEs were not included for purposes of calculating the number of diluted shares outstanding for the year ended December 31, 2025 as the SAFEs were converted to Common Stock as of the Merger. The SAFEs were not included for purposes of calculating the number of diluted shares outstanding for the year ended December 31, 2024 as the number of dilutive shares would be based on a conversion ratio associated with the pricing of the future financing or liquidation event, which was not determinable as of December 31, 2024.

(3) The June 2025 Amended Note contains a conversion feature that allows the investor the option to convert the June 2025 Amended Note in exchange for 2,222,222 shares of Common Stock. The March 2025 Investor Note contains a conversion feature that allows the investor the option to convert in exchange for 3,702,360 shares of Common Stock. The effect of the incremental Common Stock issuable upon a conversion of these notes would be anti-dilutive and are therefore excluded from the income loss per share calculation.

(4) As of December 31, 2025, Fold had (1) 12,434,658 public warrants related to legacy FTAC Emerald at an exercise price of $11.50; (2) 869,565 Series A and 869,565 Series C Warrants outstanding related to the June 2025 Amended Investor Note, at an exercise price of $12.50 and $9.00, respectively; and (3) 925,590 March 2025 Warrants outstanding related to the March 2025 Investor Note at an exercise price of $15.00. These warrants are considered anti-dilutive based on Fold’s average share price for the year ended December 31, 2025 and are therefore excluded from the loss per share calculation.

(5) Potentially dilutive securities attributable to the employee stock purchase plan are excluded from the calculation of diluted shares outstanding as of December 31, 2025, the effect of the incremental Common Stock would be anti-dilutive and therefore excluded from the income loss per share calculation.