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Side-by-side financial comparison of Fold Holdings, Inc. (FLD) and Scilex Holding Co (SCLX). Click either name above to swap in a different company.
Fold Holdings, Inc. is the larger business by last-quarter revenue ($9.1M vs $4.8M, roughly 1.9× Scilex Holding Co). Fold Holdings, Inc. runs the higher net margin — -379.9% vs -961.9%, a 582.0% gap on every dollar of revenue. On growth, Fold Holdings, Inc. posted the faster year-over-year revenue change (8.2% vs -67.8%). Over the past eight quarters, Fold Holdings, Inc.'s revenue compounded faster (36.1% CAGR vs -33.6%).
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.
Scilex Holding Co is a commercial-stage biopharmaceutical firm focused on developing and commercializing innovative non-opioid pain management therapies for acute and chronic pain segments. It primarily serves the US market, offering prescription and over-the-counter pain relief solutions for patients and healthcare providers.
FLD vs SCLX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $4.8M |
| Net Profit | $-34.7M | $-46.1M |
| Gross Margin | — | 45.5% |
| Operating Margin | -380.0% | -2317.8% |
| Net Margin | -379.9% | -961.9% |
| Revenue YoY | 8.2% | -67.8% |
| Net Profit YoY | -7232.4% | -613.7% |
| EPS (diluted) | $-0.02 | $-4.63 |
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 | $4.8M | ||
| Q3 25 | $7.4M | $10.6M | ||
| Q2 25 | $8.2M | $9.9M | ||
| Q1 25 | $7.1M | $5.0M | ||
| Q4 24 | $8.4M | $14.9M | ||
| Q3 24 | $5.2M | $14.4M | ||
| Q2 24 | $5.1M | $16.4M | ||
| Q1 24 | $4.9M | $10.9M |
| Q4 25 | $-34.7M | $-46.1M | ||
| Q3 25 | $554.2K | $-257.8M | ||
| Q2 25 | $13.4M | $-44.0M | ||
| Q1 25 | $-48.9M | $-26.1M | ||
| Q4 24 | $486.4K | $-6.5M | ||
| Q3 24 | $-62.3M | $-4.4M | ||
| Q2 24 | $-2.3M | $-37.6M | ||
| Q1 24 | $-945.0K | $-24.4M |
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 68.5% | ||
| Q2 25 | — | 66.9% | ||
| Q1 25 | — | 72.3% | ||
| Q4 24 | — | 68.5% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 73.2% | ||
| Q1 24 | — | 64.7% |
| Q4 25 | -380.0% | -2317.8% | ||
| Q3 25 | 7.5% | -1766.2% | ||
| Q2 25 | — | -207.2% | ||
| Q1 25 | -689.6% | -557.5% | ||
| Q4 24 | -9.1% | -190.5% | ||
| Q3 24 | -15.3% | -138.0% | ||
| Q2 24 | -12.2% | -95.4% | ||
| Q1 24 | -14.7% | -179.0% |
| Q4 25 | -379.9% | -961.9% | ||
| Q3 25 | 7.5% | -2441.5% | ||
| Q2 25 | 164.2% | -445.1% | ||
| Q1 25 | -689.6% | -521.2% | ||
| Q4 24 | 5.8% | -43.4% | ||
| Q3 24 | -1188.7% | -30.4% | ||
| Q2 24 | -45.1% | -229.6% | ||
| Q1 24 | -19.2% | -224.0% |
| Q4 25 | $-0.02 | $-4.63 | ||
| Q3 25 | $0.01 | $-22.17 | ||
| Q2 25 | $0.28 | $-7.42 | ||
| Q1 25 | $-1.92 | $-2.26 | ||
| Q4 24 | $0.09 | $8.53 | ||
| Q3 24 | $-10.68 | $-0.58 | ||
| Q2 24 | $-0.40 | $-7.67 | ||
| Q1 24 | $-0.16 | $-8.33 |
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 | $5.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $63.0M | $-207.8M |
| Total Assets | $153.5M | $365.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | $5.0M | ||
| Q3 25 | $6.7M | $878.0K | ||
| Q2 25 | $6.6M | $4.1M | ||
| Q1 25 | $11.7M | $5.8M | ||
| Q4 24 | $18.3M | $3.3M | ||
| Q3 24 | — | $77.0K | ||
| Q2 24 | — | $6.9M | ||
| Q1 24 | — | $1.8M |
| Q4 25 | $63.0M | $-207.8M | ||
| Q3 25 | $94.7M | $-176.9M | ||
| Q2 25 | $88.5M | $-249.0M | ||
| Q1 25 | $71.9M | $-211.5M | ||
| Q4 24 | $-67.8M | $-192.6M | ||
| Q3 24 | $-7.4M | $-211.3M | ||
| Q2 24 | $-74.0M | $-214.7M | ||
| Q1 24 | $-9.4M | $-189.8M |
| Q4 25 | $153.5M | $365.0M | ||
| Q3 25 | $191.0M | $275.9M | ||
| Q2 25 | $182.1M | $83.8M | ||
| Q1 25 | $148.5M | $79.0M | ||
| Q4 24 | $125.7M | $93.0M | ||
| Q3 24 | $52.2M | $100.4M | ||
| Q2 24 | $51.8M | $104.5M | ||
| Q1 24 | $51.5M | $91.2M |
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 | $-17.5M |
| 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 | $-17.5M | ||
| Q3 25 | $-2.5M | $8.2M | ||
| Q2 25 | $-4.0M | $7.0M | ||
| Q1 25 | $-5.0M | $6.0M | ||
| Q4 24 | $-3.3M | $2.5M | ||
| Q3 24 | $-2.2M | $5.1M | ||
| Q2 24 | $-859.6K | $2.3M | ||
| Q1 24 | $-354.2K | $9.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| 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% |
SCLX
Segment breakdown not available.
