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Side-by-side financial comparison of Fold Holdings, Inc. (FLD) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Fold Holdings, Inc. is the larger business by last-quarter revenue ($9.1M vs $7.0M, roughly 1.3× Relay Therapeutics, Inc.).
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.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
FLD vs RLAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $7.0M |
| Net Profit | $-34.7M | — |
| Gross Margin | — | — |
| Operating Margin | -380.0% | — |
| Net Margin | -379.9% | — |
| Revenue YoY | 8.2% | — |
| Net Profit YoY | -7232.4% | — |
| EPS (diluted) | $-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 | $7.0M | ||
| Q3 25 | $7.4M | $0 | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $7.1M | $7.7M | ||
| Q4 24 | $8.4M | $0 | ||
| Q3 24 | $5.2M | $0 | ||
| Q2 24 | $5.1M | $0 | ||
| Q1 24 | $4.9M | $10.0M |
| Q4 25 | $-34.7M | — | ||
| Q3 25 | $554.2K | $-74.1M | ||
| Q2 25 | $13.4M | — | ||
| Q1 25 | $-48.9M | $-77.1M | ||
| Q4 24 | $486.4K | — | ||
| Q3 24 | $-62.3M | $-88.1M | ||
| Q2 24 | $-2.3M | $-92.2M | ||
| Q1 24 | $-945.0K | $-81.4M |
| Q4 25 | -380.0% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -689.6% | -1105.2% | ||
| Q4 24 | -9.1% | — | ||
| Q3 24 | -15.3% | — | ||
| Q2 24 | -12.2% | — | ||
| Q1 24 | -14.7% | -903.0% |
| Q4 25 | -379.9% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 164.2% | — | ||
| Q1 25 | -689.6% | -1003.6% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -1188.7% | — | ||
| Q2 24 | -45.1% | — | ||
| Q1 24 | -19.2% | -813.3% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.01 | $-0.43 | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $-1.92 | $-0.46 | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $-10.68 | $-0.63 | ||
| Q2 24 | $-0.40 | $-0.69 | ||
| Q1 24 | $-0.16 | $-0.62 |
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 | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $63.0M | $567.1M |
| Total Assets | $153.5M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $84.0M | ||
| Q3 25 | $6.7M | $91.6M | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $11.7M | $93.5M | ||
| Q4 24 | $18.3M | $124.3M | ||
| Q3 24 | — | $152.4M | ||
| Q2 24 | — | $134.1M | ||
| Q1 24 | — | $152.9M |
| Q4 25 | $63.0M | $567.1M | ||
| Q3 25 | $94.7M | $607.7M | ||
| Q2 25 | $88.5M | — | ||
| Q1 25 | $71.9M | $721.1M | ||
| Q4 24 | $-67.8M | $777.8M | ||
| Q3 24 | $-7.4M | $838.9M | ||
| Q2 24 | $-74.0M | $681.7M | ||
| Q1 24 | $-9.4M | $745.8M |
| Q4 25 | $153.5M | $621.3M | ||
| Q3 25 | $191.0M | $670.0M | ||
| Q2 25 | $182.1M | — | ||
| Q1 25 | $148.5M | $799.4M | ||
| Q4 24 | $125.7M | $871.3M | ||
| Q3 24 | $52.2M | $930.1M | ||
| Q2 24 | $51.8M | $772.5M | ||
| Q1 24 | $51.5M | $841.4M |
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 | $-235.5M |
| Free Cash FlowOCF − Capex | — | $-235.9M |
| FCF MarginFCF / Revenue | — | -3370.0% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.1M | $-235.5M | ||
| Q3 25 | $-2.5M | $-62.1M | ||
| Q2 25 | $-4.0M | — | ||
| Q1 25 | $-5.0M | $-73.2M | ||
| Q4 24 | $-3.3M | $-249.1M | ||
| Q3 24 | $-2.2M | $-75.1M | ||
| Q2 24 | $-859.6K | $-65.8M | ||
| Q1 24 | $-354.2K | $-50.3M |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-73.6M | ||
| Q4 24 | — | $-251.1M | ||
| Q3 24 | — | $-75.3M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | — | $-52.1M |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -958.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -520.7% |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 17.8% |
| 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% |
RLAY
Segment breakdown not available.
