olivlawolivlaw

olivLaw · US equity research

Giftify, Inc. GIFT

Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)

0.59USD+7.08% · 1 dayClose 04 Nov 2026

Giftify, Inc. operates CardCash, a gift card exchange platform, and Restaurant.com, a digital restaurant deals brand. The company grew gross billings through its marketplace, yet it still carries doubt about its ability to continue as a going concern, which makes its financial trajectory worth watching closely.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Giftify, Inc. (GIFT) stock was 0.59 USD (+7.08% on the day), with market capitalisation 21.1 m USD, beta 0.81, 52-week range 0.44–1.26 USD. Latest reported quarter (Q3 2026): revenue of 22.3 m USD (+18.8% YoY), net income of -1.5 m USD, diluted EPS -0.04 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
21.1 m USD
shares as of 30 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.23 · TTM to 30 Sept 2026
E/P (TTM)
-39.39%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
0.81
Volatility (1y) 99%
52-week range
0.441.26

Price history

Loading chart…

Technical reading

RSI (14)
49.6
neutral
Bollinger (20, 2)
0.42 – 0.74
in the upper half of the band · %B 0.53 · band width 54.4%
SMA 50 / 200
0.65 / 0.88
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.02 / -0.03
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+2.6%−1.1%+3.7 pp—
3 months−35.4%−0.5%−35.0 pp—
6 months−39.2%+4.4%−43.6 pp—
Year to date−46.4%+12.3%−58.7 pp—
1 year−45.4%+13.5%−58.9 pp+6.8%
3 years−86.1%+76.4%−162.5 pp+16.0%
5 years−65.3%+63.7%−129.0 pp—
Max drawdown (1y)
−65.0%
14 Apr 2026 → 26 Oct 2026
Max drawdown (5y)
−90.4%
23 Aug 2023 → 26 Oct 2026
Compound annual growth (5y)
−19.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
22.3 m USD
+18.8% YoY
Net income
-1.5 m USD
unavailable YoY
Diluted EPS
-0.04
unavailable YoY
net / operating
-6.8% / -7.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue24.2 m22.3 m20.9 m18.8 m21.2 m21.4 m21.7 m22.3 m
Cost of revenue20.5 m18.7 m17.0 m15.0 m16.9 m17.1 m17.3 m18.0 m
Gross profit3.6 m3.6 m3.9 m3.7 m4.3 m4.2 m4.4 m4.4 m
SG&A6.7 m6.0 m5.7 m5.5 m5.7 m6.2 m5.0 m5.3 m
Operating income-4.2 m-3.2 m-2.6 m-2.5 m-2.1 m-2.7 m-1.3 m-1.6 m
Pre-tax income-4.5 m-3.4 m-2.7 m-2.6 m-2.3 m-2.8 m-1.4 m-1.7 m
Income tax—-159.9 k-129.3 k-144.9 k—-128.9 k-125.5 k-175.4 k
Net income-3.8 m-3.2 m-2.6 m-2.4 m-2.2 m-2.7 m-1.2 m-1.5 m
Diluted EPS-0.15 ≈-0.11-0.09-0.08-0.07 ≈-0.08-0.04-0.04
Operating cash flow-549.2 k-688.5 k978.4 k ≈-786.0 k ≈-1.1 m-36.7 k-273.8 k ≈-723.2 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue3.3 m97.0 m86.7 m88.9 m83.2 m
Revenue YoYunavailable+2,818.8%−10.7%+2.6%−6.5%
Net income-5.0 m-8.3 m-124.5 k-18.8 m-10.5 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.41-0.57-0.01-0.73-0.35
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-150.2%-8.6%-0.1%-21.2%-12.6%
Free cash flowunavailable-1.1 m-1.4 munavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.7 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
22.3 m USD
Total assets
31.8 m USD
Debt / equity
unavailable
Current ratio
1.03x
ROE
-48.7%
ROA
-31.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
86.7 m
2024
88.9 m
2025
83.2 m

SEC (XBRL)· 18 Mar 2026verified

Cost of revenue
2023
76.2 m
2024
75.8 m
2025
67.7 m

SEC (XBRL)· 18 Mar 2026verified

Gross profit
2023
10.4 m
2024
13.1 m
2025
15.5 m

SEC (XBRL)· 18 Mar 2026verified

SG&A
2023
11.2 m
2024
27.6 m
2025
22.9 m

SEC (XBRL)· 18 Mar 2026verified

Operating income
2023
-3.1 m
2024
-18.4 m
2025
-10.4 m

SEC (XBRL)· 18 Mar 2026verified

Pre-tax income
2023
-94.9 k
2024
-19.5 m
2025
-11.0 m

SEC (XBRL)· 18 Mar 2026verified

Income tax
2023
29.7 k
2024
-677.0 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Net income
2023
-124.5 k
2024
-18.8 m
2025
-10.5 m

SEC (XBRL)· 18 Mar 2026verified

Diluted EPS
2023
-0.01
2024
-0.73
2025
-0.35

SEC (XBRL)· 18 Mar 2026verified

Weighted average diluted shares
2023
15.9 m
2024
25.7 m
2025
29.8 m

SEC (XBRL)· 18 Mar 2026verified

Balance sheet · USD

Cash
2023
4.1 m
2024
4.3 m
2025
3.7 m

SEC (XBRL)· 18 Mar 2026verified

Receivables
2023
1.7 m
2024
164.7 k
2025
142.9 k

SEC (XBRL)· 18 Mar 2026verified

Inventories
2023
4.2 m
2024
4.1 m
2025
3.8 m

SEC (XBRL)· 18 Mar 2026verified

Current assets
2023
10.1 m
2024
8.6 m
2025
7.7 m

SEC (XBRL)· 18 Mar 2026verified

Property, plant & equipment, net
2023
2.6 m
2024
1.1 m
2025
443.8 k

SEC (XBRL)· 18 Mar 2026verified

Goodwill
2023
20.0 m
2024
20.0 m
2025
20.0 m

SEC (XBRL)· 18 Mar 2026verified

Intangibles (excl. goodwill)
2023
6.7 m
2024
4.3 m
2025
2.5 m

SEC (XBRL)· 18 Mar 2026verified

Total assets
2023
39.8 m
2024
35.5 m
2025
31.8 m

SEC (XBRL)· 18 Mar 2026verified

Accounts payable
2023
2.2 m
2024
2.0 m
2025
1.8 m

SEC (XBRL)· 18 Mar 2026verified

Current liabilities
2023
12.0 m
2024
11.9 m
2025
7.5 m

SEC (XBRL)· 18 Mar 2026verified

Total liabilities
2023
15.4 m
2024
14.7 m
2025
9.5 m

SEC (XBRL)· 18 Mar 2026verified

Equity
2023
1.5 m †
2024
20.8 m †
2025
22.3 m †

SEC (XBRL)· 18 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-541.8 k
2024
-3.4 m
2025
-1.6 m

SEC (XBRL)· 18 Mar 2026verified

Capex
2023
900.0 k
2024
—
2025
—

SEC (XBRL)· 09 Apr 2024verified

Free cash flow
2023
-1.4 m ≈
2024
—
2025
—

SEC (XBRL)· 09 Apr 2024derived

Investing cash flow
2023
-900.0 k
2024
—
2025
109.5 k

SEC (XBRL)· 18 Mar 2026verified

Financing cash flow
2023
1.5 m
2024
2.0 m
2025
833.6 k

SEC (XBRL)· 18 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-5.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
20.0%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-8.8%
computed by olivLawTTM to 30 Sept 2026
Net margin
-8.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
-36.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-24.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
-34.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.5x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
-2.1 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
1 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
17 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
11 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
6 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
21.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-39.4%
computed by olivLawTTM to 30 Sept 2026
P/B
1.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.59 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 21.1 m USD

Key indicators

Market capitalisation
21.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-36.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-8.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-6.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Oct 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 682derived 44

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-8.8%7 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-5.0%0 (on a fixed band)44%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.1x24 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial24/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial7/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GIFTIFY, INC. (GIFT). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 83.2 m USD in 2025; YoY growth -6.5%; net margin -8.8%; ROE -36.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -8.8%
  • Revenue CAGR 3Y: -5.0%
  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies

Multiples and returns vs the median

P/E
—
vertical median 21.8x
EV/EBITDA
—
vertical median 11.3x
P/S
0.2x
vertical median 0.4x
below median (−41.9%)
P/B
1.0x
vertical median 2.5x
below median (−60.5%)
ROE
-36.2%
vertical median -6.3%
below median
Net margin
-8.8%
vertical median -0.6%
below median
EBIT margin
-8.8%
vertical median 0.6%
below median (−1,649.9%)
Revenue YoY
-6.5%
vertical median 6.3%
below median (−202.4%)
Net debt/EBITDA
—
vertical median -0.0x
Dividend yield
—
vertical median 1.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMZNAmazon.com, Inc.2,876.6 bn21.527.4%16.9%+12.4%+14% / +82%
CDWCdw Corp21.1 bn19.742.5%4.5%+6.8%+17% / −20%
NSITInsight Enterprises, Inc.5.2 bn25.713.1%2.5%−5.2%+103% / +16%
JMIAJumia Technologies AG1.3 bn—-108.9%-32.6%+12.8%−57% / +60%
BZUNBaozun Inc.597.0 m—-6.6%-2.4%+10.2%+21% / +16%
LITBLightInTheBox Holding Co., Ltd.590.4 m68.0—3.7%−12.1%+42% / −63%
GCTGigacloud Technology Inc539.8 m13.732.3%10.6%+11.1%+56% / +495%
HNSTThe Honest Company, Inc.476.3 m—-6.9%-3.6%−1.9%+65% / +86%
TDUPThredUp Inc.290.9 m—-39.2%-6.9%+19.5%−71% / +12%
DIBS1stdibs.com, Inc.186.9 m—-9.2%-8.5%+1.5%−3% / +30%
NXHNeighborhood Intelligence, Inc.163.0 m—-47.0%-7.1%−25.1%−72% / −91%
AKAa.k.a. Brands Holding Corp.116.0 m—-29.5%-4.8%+4.4%−26% / +9%
SFIXStitch Fix, Inc.79.5 m—-6.3%-0.9%+6.4%−31% / −21%
HOURHour Loop, Inc.53.9 m37.021.8%1.1%+3.0%−28% / +3%
GROVGrove Collaborative Holdings, Inc.47.4 m——-4.1%−14.6%−19% / −44%
LVLULulu’s Fashion Lounge Holdings, Inc.31.0 m—-602.9%-3.2%−10.6%+107% / −74%
UZXLinkage Global Inc21.7 m—-63.1%-144.5%−50.5%−98% / unavailable
GIFTGiftify, Inc.21.1 m—-36.2%-8.8%−6.5%−45% / −86%
CHWYChewy, Inc.2.3 k35.372.0%2.1%+6.2%−33% / +34%
QVCGQVC Group, Inc.8—-6.3%-0.2%−7.8%unavailable / unavailable
PTRNPattern Group Inc.——6.6%0.9%+39.3%+22% / unavailable
HEPSD-MARKET Electronic Services & Trading——-39.7%-2.8%+11.1%+19% / +100%
LUXELuxExperience B.V.——63.3%45.2%+50.1%+7% / +224%
VIPSVipshop Holdings Limited—1.418.3%6.8%+2.0%−30% / −14%
WWayfair Inc.———-1.2%+5.1%+12% / +121%

1- and 3-year price returns: for GIFT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (03 Nov 2026).

    In brief

    Giftify, Inc. operates CardCash, a gift card exchange platform, and Restaurant.com, a digital restaurant deals brand. The company grew gross billings through its marketplace, yet it still carries doubt about its ability to continue as a going concern, which makes its financial trajectory worth watching closely.

    SWOT

    Strengths

    • CardCash brand recognition, a high-volume marketplace, and a valuable customer base that merchants find attractive.
    • A two-division model, B2C and B2B, that diversifies revenue within the same deals ecosystem.
    • Proprietary fraud-prevention technology and white-label solutions for large brands, which could deepen partner relationships.

    Weaknesses

    • The company has reported repeated net losses, so profitability remains fragile and funding sources are limited.
    • Net sales declined in fiscal 2025 even as gross volume grew, raising questions about the quality of growth.
    • Reliance on a credit line and promissory notes may limit financial flexibility.

    Opportunities

    • If branded exchanges and large retailer partnerships expand, they could support volume and margins.
    • The Takeout7 integration could extend the offering to independent restaurants with ordering and digital marketing tools.
    • Growth in gift card markets and corporate loyalty programs could open new B2B clients.

    Threats

    • Larger competitors with superior financial and technology resources could reduce the company's market share.
    • New rules on gift cards and unclaimed property could raise costs or liabilities.
    • Economic uncertainty and inflation could weigh on restaurant and consumer budgets.

    Risks

    • Going concernhigh

      The independent auditor included an explanatory paragraph on substantial doubt about the company's ability to continue as a going concern. If it cannot raise capital, it could be forced to scale back operations.

    • Limited liquidityhigh

      Liquidity remains thin, and available funds must cover both operations and debt service, which restricts investment.

    • Uncertain regulationmedium

      The application of the CARD Act and unclaimed property rules is unclear, which could create significant additional obligations.

    • Merchant dependencemedium

      The company's reputation depends on partner restaurants, and their problems could affect customer trust.

    • Competitionmedium

      Larger competitors could adopt more aggressive pricing and reduce the company's revenue base.

    Investment thesis

    What would need to be true (bull case)

    • Gross billings grew strongly, showing the marketplace is attracting activity even though net sales were lower.
    • If branded exchange partnerships expand, the company could gain growth with better margins.
    • Diversification into restaurant solutions through the Takeout7 acquisition could open new recurring revenue streams.

    What would break the thesis

    • The company has reported net losses and carries a going concern warning, which raises funding risk.
    • Net sales declined, and gross volume growth may not turn into profit if margins stay weak.
    • Competition from large platforms with far greater resources could limit growth in both divisions.

    What to watch

    • Trend in net sales and gross marginQ3 2026
    • Status of the funding plan and going concern doubtsnext 10-K
    • Results of branded exchange partnerships for CardCash2027
    • Takeout7 integration and its contribution to Restaurant.com revenue2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (03 Nov 2026).

    The business

    Giftify has two principal divisions, B2C and B2B, for both CardCash and Restaurant.com. CardCash buys gift cards at a discount and resells them, with a 16.8% gross margin across its four revenue streams, covering over 1,100 retailers 1. Restaurant.com sells restaurant discount certificates to consumers and, mainly, to companies that use them for loyalty and customer acquisition. The company acquired Takeout7 in May 2025, extending its offering toward online ordering solutions for independent restaurants 1.

    Segments

    Restaurant.com B2B

    The B2B division accounted for about 85% of gross revenue in fiscal 2025 1 and about 97% in the quarter ended June 30, 2026 2. Corporate clients use the certificates to attract new customers and reward loyalty.

    Restaurant.com B2C

    The B2C division accounted for about 15% of gross revenue in fiscal 2025 1 and about 3% in the second quarter of 2026 2. The database of 6.2 million customers 1 is considered valuable to merchants.

    CardCash

    CardCash buys and resells gift cards, reaching a 16.8% gross margin across its four revenue streams 1. The company intends to shift from its own platform toward branded exchanges for partners, such as programs with large retailers.

    Trends

    • Gross billings growthtailwind

      Gross billings rose in 2025 and in the first half of 2026, showing growing marketplace activity even as net sales stayed under pressure.

    • Agent and principal accountingmixed

      A growing share of transactions is treated as agent revenue, which changes reported net sales and can make comparisons harder.

    • Cost inflationheadwind

      Inflationary pressures and supply chain disruptions could raise the costs of the restaurant customers and affect the company's revenue.

    • Gift card regulationheadwind

      The application of the CARD Act and unclaimed property rules to Giftify's certificates remains uncertain, which could change its financial obligations.

    Competitive position

    In gift cards, CardCash competes with larger firms that could adopt a principal-based model and may have greater financial resources. In restaurant deals, competition includes discount platforms, review sites, delivery apps and restaurant listings, many with longer histories and larger resources than Giftify.

    • GrouponGRPN

      Discount and deal platform, a direct competitor in restaurant and e-commerce offers.

    • YelpYELP

      Restaurant listing and review site competing for attention in the dining category.

    • DoorDashDASH

      Food ordering and delivery platform named among competitors in the takeout category.

    • OpenTable

      Restaurant reservation platform named as a competitor in restaurant listings.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Giftify, Inc. · 18 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Giftify, Inc. · 03 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.