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Side-by-side financial comparison of Fold Holdings, Inc. (FLD) and Invivyd, Inc. (IVVD). Click either name above to swap in a different company.
Invivyd, Inc. is the larger business by last-quarter revenue ($17.2M vs $9.1M, roughly 1.9× Fold Holdings, Inc.). Invivyd, Inc. runs the higher net margin — -64.3% vs -379.9%, a 315.6% gap on every dollar of revenue. On growth, Invivyd, Inc. posted the faster year-over-year revenue change (24.5% vs 8.2%).
Fold Holdings, Inc. is a U.S.-based fintech firm specializing in crypto-integrated consumer financial products. Its core offerings include a rewards debit card that provides Bitcoin and other cryptocurrency cashback on routine purchases, alongside user-friendly digital wallet tools for secure crypto storage, serving primarily the North American consumer market.
Invivyd, Inc. is a clinical-stage biopharmaceutical company focused on developing broadly neutralizing antibody therapies to prevent and treat serious viral infectious diseases. Its core research and development pipeline targets high-burden respiratory pathogens including respiratory syncytial virus, catering to unmet medical needs of global patient groups.
FLD vs IVVD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $17.2M |
| Net Profit | $-34.7M | $-11.1M |
| Gross Margin | — | — |
| Operating Margin | -380.0% | -73.0% |
| Net Margin | -379.9% | -64.3% |
| Revenue YoY | 8.2% | 24.5% |
| Net Profit YoY | -7232.4% | 40.0% |
| EPS (diluted) | $-0.02 | $0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.1M | $17.2M | ||
| Q3 25 | $7.4M | $13.1M | ||
| Q2 25 | $8.2M | $11.8M | ||
| Q1 25 | $7.1M | $11.3M | ||
| Q4 24 | $8.4M | $13.8M | ||
| Q3 24 | $5.2M | $9.3M | ||
| Q2 24 | $5.1M | $2.3M | ||
| Q1 24 | $4.9M | $0 |
| Q4 25 | $-34.7M | $-11.1M | ||
| Q3 25 | $554.2K | $-10.5M | ||
| Q2 25 | $13.4M | $-14.7M | ||
| Q1 25 | $-48.9M | $-16.3M | ||
| Q4 24 | $486.4K | $-18.4M | ||
| Q3 24 | $-62.3M | $-60.7M | ||
| Q2 24 | $-2.3M | $-47.2M | ||
| Q1 24 | $-945.0K | $-43.5M |
| Q4 25 | -380.0% | -73.0% | ||
| Q3 25 | 7.5% | -84.0% | ||
| Q2 25 | — | -127.8% | ||
| Q1 25 | -689.6% | -149.7% | ||
| Q4 24 | -9.1% | -139.1% | ||
| Q3 24 | -15.3% | -670.0% | ||
| Q2 24 | -12.2% | -2175.2% | ||
| Q1 24 | -14.7% | — |
| Q4 25 | -379.9% | -64.3% | ||
| Q3 25 | 7.5% | -79.7% | ||
| Q2 25 | 164.2% | -124.4% | ||
| Q1 25 | -689.6% | -144.1% | ||
| Q4 24 | 5.8% | -133.5% | ||
| Q3 24 | -1188.7% | -653.1% | ||
| Q2 24 | -45.1% | -2086.9% | ||
| Q1 24 | -19.2% | — |
| Q4 25 | $-0.02 | $0.02 | ||
| Q3 25 | $0.01 | $-0.06 | ||
| Q2 25 | $0.28 | $-0.12 | ||
| Q1 25 | $-1.92 | $-0.14 | ||
| Q4 24 | $0.09 | $-0.14 | ||
| Q3 24 | $-10.68 | $-0.51 | ||
| Q2 24 | $-0.40 | $-0.40 | ||
| Q1 24 | $-0.16 | $-0.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.7M | $226.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $63.0M | $241.5M |
| Total Assets | $153.5M | $276.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $226.7M | ||
| Q3 25 | $6.7M | $85.0M | ||
| Q2 25 | $6.6M | $34.9M | ||
| Q1 25 | $11.7M | $48.1M | ||
| Q4 24 | $18.3M | $69.3M | ||
| Q3 24 | — | $106.9M | ||
| Q2 24 | — | $147.9M | ||
| Q1 24 | — | $189.4M |
| Q4 25 | $63.0M | $241.5M | ||
| Q3 25 | $94.7M | $93.1M | ||
| Q2 25 | $88.5M | $42.8M | ||
| Q1 25 | $71.9M | $54.1M | ||
| Q4 24 | $-67.8M | $67.5M | ||
| Q3 24 | $-7.4M | $83.2M | ||
| Q2 24 | $-74.0M | $140.6M | ||
| Q1 24 | $-9.4M | $178.5M |
| Q4 25 | $153.5M | $276.9M | ||
| Q3 25 | $191.0M | $139.2M | ||
| Q2 25 | $182.1M | $89.1M | ||
| Q1 25 | $148.5M | $103.7M | ||
| Q4 24 | $125.7M | $129.5M | ||
| Q3 24 | $52.2M | $161.9M | ||
| Q2 24 | $51.8M | $177.3M | ||
| Q1 24 | $51.5M | $215.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.1M | $-15.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.1M | $-15.5M | ||
| Q3 25 | $-2.5M | $-8.3M | ||
| Q2 25 | $-4.0M | $-13.3M | ||
| Q1 25 | $-5.0M | $-21.1M | ||
| Q4 24 | $-3.3M | $-37.6M | ||
| Q3 24 | $-2.2M | $-41.1M | ||
| Q2 24 | $-859.6K | $-41.6M | ||
| Q1 24 | $-354.2K | $-50.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-13.3M | ||
| Q1 25 | — | $-21.3M | ||
| Q4 24 | — | $-37.6M | ||
| Q3 24 | — | $-41.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-50.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -112.9% | ||
| Q1 25 | — | -188.2% | ||
| Q4 24 | — | -272.2% | ||
| Q3 24 | — | -441.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -4.47× | — | ||
| Q2 25 | -0.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -6.82× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLD
| Banking And Payment Revenues | $8.4M | 92% |
| Other | $706.0K | 8% |
IVVD
Segment breakdown not available.
