vs
Side-by-side financial comparison of Fold Holdings, Inc. (FLD) and Recon Technology, Ltd (RCON). Click either name above to swap in a different company.
Recon Technology, Ltd is the larger business by last-quarter revenue ($12.2M vs $9.1M, roughly 1.3× Fold Holdings, Inc.). Recon Technology, Ltd runs the higher net margin — -6.8% vs -379.9%, a 373.1% gap on every dollar of revenue. On growth, Recon Technology, Ltd posted the faster year-over-year revenue change (111.0% 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.
Recon Instruments Inc. was a Canadian technology company that produced smartglasses and wearable displays marketed by the company as "heads-up displays" for sports. Recon's products delivered live activity metrics, GPS maps, and notifications directly to the user's eye. Recon's first heads-up display offering was released commercially in October 2010, roughly a year and a half before Google introduced Google Glass.
FLD vs RCON — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $12.2M |
| Net Profit | $-34.7M | $-832.7K |
| Gross Margin | — | 33.5% |
| Operating Margin | -380.0% | -14.6% |
| Net Margin | -379.9% | -6.8% |
| Revenue YoY | 8.2% | 111.0% |
| Net Profit YoY | -7232.4% | 70.5% |
| EPS (diluted) | $-0.02 | $-0.09 |
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 | $12.2M | ||
| Q3 25 | $7.4M | — | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $8.4M | $5.8M | ||
| Q3 24 | $5.2M | — | ||
| Q2 24 | $5.1M | — | ||
| Q1 24 | $4.9M | — |
| Q4 25 | $-34.7M | $-832.7K | ||
| Q3 25 | $554.2K | — | ||
| Q2 25 | $13.4M | — | ||
| Q1 25 | $-48.9M | — | ||
| Q4 24 | $486.4K | $-2.8M | ||
| Q3 24 | $-62.3M | — | ||
| Q2 24 | $-2.3M | — | ||
| Q1 24 | $-945.0K | — |
| Q4 25 | — | 33.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 31.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -380.0% | -14.6% | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -689.6% | — | ||
| Q4 24 | -9.1% | -63.9% | ||
| Q3 24 | -15.3% | — | ||
| Q2 24 | -12.2% | — | ||
| Q1 24 | -14.7% | — |
| Q4 25 | -379.9% | -6.8% | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 164.2% | — | ||
| Q1 25 | -689.6% | — | ||
| Q4 24 | 5.8% | -48.9% | ||
| Q3 24 | -1188.7% | — | ||
| Q2 24 | -45.1% | — | ||
| Q1 24 | -19.2% | — |
| Q4 25 | $-0.02 | $-0.09 | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $-1.92 | — | ||
| Q4 24 | $0.09 | $-0.31 | ||
| Q3 24 | $-10.68 | — | ||
| Q2 24 | $-0.40 | — | ||
| Q1 24 | $-0.16 | — |
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 | $10.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $63.0M | $66.4M |
| Total Assets | $153.5M | $77.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $10.7M | ||
| Q3 25 | $6.7M | — | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $11.7M | — | ||
| Q4 24 | $18.3M | $19.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $63.0M | $66.4M | ||
| Q3 25 | $94.7M | — | ||
| Q2 25 | $88.5M | — | ||
| Q1 25 | $71.9M | — | ||
| Q4 24 | $-67.8M | $66.9M | ||
| Q3 24 | $-7.4M | — | ||
| Q2 24 | $-74.0M | — | ||
| Q1 24 | $-9.4M | — |
| Q4 25 | $153.5M | $77.6M | ||
| Q3 25 | $191.0M | — | ||
| Q2 25 | $182.1M | — | ||
| Q1 25 | $148.5M | — | ||
| Q4 24 | $125.7M | $74.2M | ||
| Q3 24 | $52.2M | — | ||
| Q2 24 | $51.8M | — | ||
| Q1 24 | $51.5M | — |
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 | $-1.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.1M | $-1.9M | ||
| Q3 25 | $-2.5M | — | ||
| Q2 25 | $-4.0M | — | ||
| Q1 25 | $-5.0M | — | ||
| Q4 24 | $-3.3M | $-1.7M | ||
| Q3 24 | $-2.2M | — | ||
| Q2 24 | $-859.6K | — | ||
| Q1 24 | $-354.2K | — |
| 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% |
RCON
Segment breakdown not available.
