Key Risks for Rating Domestic OEMs competition; Geopolitical conflict and trade/tariff war; Component price increase; Tax dispute in India; Unsatisfactory EV progress. Valuation With Xiaomi's unrivalled EV uptrend, smooth progress of smartphone and IoT products and its exposure in AI, AR glasses and robotics, we continue to reiterate Xiaomi as our top BUY. Our HK$75.25 TP is based on SOTP combining 21x 2026E P/E on traditional business and 4x 2026E P/S on EV business. 机构：中银国际 研究员：Alex LIN/LOU Jia/Olivia NIU ...

Acquisition adds comprehensive restaurant ordering and AI-powered marketing solutions to Giftify's digital commerce ecosystem Combined platform connects over 185,000 restaurants with enhanced technology suite for independent operators SCHAUMBURG, IL, June 05, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today announced the strategic acquisition of TakeOut7, a restaurant t ...

"We're constantly looking for ways to help our customers get more value from their everyday purchases," said Carol Rosenblum, Marketing Manager at CardCash. "Adding Buy Now, Pay Later at checkout can help you manage your cash flow without giving up the savings you get from discounted gift cards." SCHAUMBURG, IL, May 28, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today a ...

The new BNPL integration is designed to make CardCash even more accessible to shoppers who want to save money while maintaining flexibility in how they pay. Buy Now, Pay Later solutions have gained significant popularity in recent years, especially among Millennials and Gen Z consumers seeking alternatives to traditional credit. The BNPL model has seen substantial growth amid inflation and economic uncertainty, as consumers look for ways to better manage their cash flow. By incorporating this payment model, ...

Financial Performance - For the three months ended March 31, 2025, net sales were $22,277,013, an increase from $21,521,894 in the same period of 2024, representing a growth of 3.5%[145] - CardCash's net sales for the three months ended March 31, 2025, were $21,867,114, compared to $21,160,007 for the same period in 2024, reflecting an increase of 3.3%[146] - Restaurant.com reported net sales of $409,899 for the three months ended March 31, 2025, up from $361,886 in the same period of 2024, marking a growth of 13.2%[147] - Gross profit for the three months ended March 31, 2025, was $3,581,636, compared to $3,257,276 for the same period in 2024, indicating an increase of 9.9%[145] - The gross margin for CardCash improved to 14.7% for the three months ended March 31, 2025, up from 13.8% in the prior year period[146] Operating Expenses and Losses - Total operating expenses increased to $6,749,301 for the three months ended March 31, 2025, from $6,200,695 in the same period of 2024, an increase of 8.8%[151] - The loss from operations for the three months ended March 31, 2025, was $3,167,665, compared to a loss of $2,943,419 for the same period in 2024, reflecting a deterioration of 7.6%[155] - The company reported a net loss of $3,217,332 for the three months ended March 31, 2025, compared to a net loss of $3,190,720 for the same period in 2024, indicating a slight increase in net loss[158] - Modified EBITDA for the three months ended March 31, 2025, was $(626,320), an improvement from $(657,889) in the same period of 2024, reflecting adjustments for various non-cash items[161] Cash Flow and Liquidity - Cash used in operating activities for the three months ended March 31, 2025, was approximately $1,448,924, a significant increase from $6,636 in the same period of 2024[176][178] - The company had cash of $2,121,814 available to fund operations as of March 31, 2025, with a negative working capital of $2,075,999[138] - The company anticipates its cash balance will last until approximately December 2025, indicating potential liquidity challenges ahead[171] - The company has experienced operating losses and negative operating cash flows during 2024 and 2023, raising substantial doubt about its ability to continue as a going concern[140] Debt and Financing - Interest expense decreased to $209,571 for the three months ended March 31, 2025, from $247,301 in the same period of 2024, a reduction of 15.3%[156] - The company has a revolving line of credit with availability of up to $10,000,000, with an average interest rate of 12% as of March 31, 2025[183] - The company issued two-year promissory notes totaling $1,500,000 as partial consideration for the acquisition of CardCash, with an outstanding principal balance of $750,000 as of March 31, 2025[185] - The company entered into a secured promissory note with Real World Digital Assets LLC for $1,000,000, bearing annual interest of 11.5%, with a maturity date of December 31, 2025[186] - The Company received a total of $650,000 in Economic Injury Disaster Loans (EIDL) under the Covid-19 program, with $150,000 received on June 17, 2020, and an additional $350,000 on July 14, 2021[187] - The loans bear an interest rate of 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month starting 12 months from the date of the promissory note over a period of 30 years[188] - As of December 31, 2024, the note payable had a principal balance outstanding of $664,500 and accrued interest payable of $15,558[188] - As of March 31, 2025, the note payable remained at a principal balance of $664,500, with accrued interest payable reduced to $8,638[189] Off-Balance Sheet Arrangements and Reporting - The Company did not have any off-balance sheet arrangements as of March 31, 2025, and December 31, 2024[190] - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[191]

Platform Reports Up to 37% Discounts on NBA Store Cards as Playoff Viewership Surges 13% Year-Over-Year SCHAUMBURG, IL, May 08, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today announced that its subsidiary CardCash.com is experiencing substantial transaction volume growth during the ongoing sports playoff season, driving increased user acquisition for the Company. With ...

AI-Powered Digital Transformation Accelerates Growth Potential in Leading Gift Card Marketplace SCHAUMBURG, IL, April 29, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today announced the strategic expansion of Artificial Intelligence (AI) tools across its operations to streamline internal processes, minimize manual workload, and support faster, data-driven decision-making ...

Innovative Gift Card Marketplace Delivers Significant Savings as Travel Expenditures Soar SCHAUMBURG, IL, April 09, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ:GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today announced that its CardCash.com platform is providing a strategic financial solution for travelers facing escalating expenses across all segments including airfare, accommodations, cruises, and ground transpo ...

Acquisition and Mergers - Giftify, Inc. acquired CardCash Exchange, Inc. for $26,682,000, consisting of 6,108,007 shares of common stock valued at $24,432,000, $750,000 in cash, and $1,500,000 in notes payable[19] - The Company completed the merger with CardCash Exchange Inc on December 29, 2023, enhancing its position in the gift card exchange market[188] - The Company completed the merger with CardCash on December 29, 2023, marking a significant strategic expansion[209] Financial Performance - For the year ended December 31, 2024, the Company reported net sales of $88,934,036, a significant increase from $484,860 in the prior period[211] - The gross profit for the year ended December 31, 2024 was $13,144,781, compared to $66,510 for the Predecessor period, reflecting a gross margin improvement[211] - The Company incurred a net loss of $18,832,080 for the year ended December 31, 2024, compared to a net loss of $5,020,000 in the Predecessor period[211] - CardCash sales for the year ended December 31, 2024 were $86,991,638, slightly down from $87,146,804 in the previous year, indicating a focus on improving gross margin[214] - The gross margin for CardCash improved to 13.0% in the current year from 12.0% in the prior year, contributing to increased gross profit[214] - Total operating expenses for the Successor period were $31,520,507, compared to $5,086,510 for the Predecessor period, highlighting increased operational costs post-acquisition[211] - Interest expense for the year was $1,002,354, a decrease from $2,890,466 in the Predecessor period, indicating improved financing conditions[211] - The Company recognized a gain on forgiveness of debt amounting to $5,876,000 in the Predecessor period, which positively impacted net loss figures[211] Market Opportunities and Growth - The global gift card market is projected to reach $400 billion by 2026, presenting significant growth opportunities for CardCash[27] - CardCash's business channels are projected to grow at a faster rate, with the bulk-to-bulk channel expected to be the largest contributor to sales in the coming years[35] - CardCash plans to increase marketing efforts to retailers and consumers to accelerate gift card sales and enhance brand visibility[35] - The company intends to leverage its customer database for cross-promotional opportunities, which presents significant revenue potential[199] Customer Base and Revenue Generation - The B2C division of Restaurant.com accounted for approximately 50% of gross revenue in the fiscal year ended December 31, 2024, with a customer database of 6.2 million[36] - As of December 31, 2024, the customer base was 5.4 million, featuring deals at over 184,000 restaurants and merchants[59] - CardCash's "Specials by Restaurant.com" generated over 5% of B2C revenue from 60% of B2C orders, with an average order value nearly five times that of standard certificate purchases[37] - CardCash's branded exchange partnerships with major retailers like Amazon and CVS generated revenues of $1,800,000 and $1,900,000 respectively in 2023[32] Operational Challenges and Risks - The independent registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses from operations[76] - The company faces competition from larger, established companies with greater financial and technical resources, which may impact its market position[60] - The company is subject to evolving foreign and domestic laws and regulations that could adversely affect its business operations[61] - The company faces significant risks to achieving profitability, including expense management, government regulations, and competition[77] - The implementation of the CARD Act may impose additional liabilities on CardCash, potentially increasing the estimated liability for unredeemed discount certificates and adversely affecting net income[81] - The company may incur significant losses from fraud and counterfeit certificates, which could adversely affect its revenue and business operations[95] - The current economic uncertainty, including the impact of the COVID-19 pandemic, may hinder the ability of restaurants and merchants to forecast business activities, potentially leading to decreased revenue for the company[101] - Global inflation has increased, resulting in higher operating costs, particularly in employee wages, which could adversely affect the company's financial condition and results of operations[103] Employee and Corporate Governance - The company employs 42 full-time employees, with no representation by a labor union, and considers employee relations to be good[74] - The company has a registered trademark for "CardCash," renewed in 2022 for an additional ten-year term[68] - The company relies on a combination of trade secrets, copyrights, trademarks, and patents to protect its intellectual property[69] - The Board of Directors oversees the cybersecurity program, with the Audit Committee managing quarterly assessments of cybersecurity risks[165] Cybersecurity and Data Protection - CardCash's FraudFix technology enhances transaction security, contributing to its competitive advantage in the gift card market[24] - The company has implemented a cybersecurity risk management program to mitigate risks associated with data security threats[161] - The company utilizes third-party consultants to assist in identifying and assessing cybersecurity risks, including security testing and risk assessments[162] - The company has experienced threats to its data and systems but has not been materially affected in terms of business strategy or financial condition[164] Strategic Focus and Future Plans - The company plans to continue focusing on enhancing the quality of purchased gift card brands to further improve sales and gross margins in the future[214] - A key strategy is to attract and retain high-quality merchants, particularly restaurants, to increase profitability and diversify offerings[141] - The company aims to enhance mobile adoption and improve booking capabilities to align with customer preferences for mobile device usage[140] Stock and Capital Structure - The company is subject to "Penny Stock" regulations, with its common stock priced below $5.00 per share, which may limit trading activity and investor access[142] - There is a risk of dilution of ownership interests due to potential future issuance of additional shares or convertible securities[153] - Approximately 20% of the company's outstanding shares are controlled by insiders, which may adversely affect stockholder influence and stock price[154] - The need for additional capital may arise if significant revenues are not generated, which could dilute current stockholders' ownership[131] - The company has financed its working capital through borrowings and equity securities sales, but there is substantial doubt about its ability to secure additional financing[205]

Full Year 2024 Financial Highlights: SCHAUMBURG, IL, March 31, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of CardCash.com and Restaurant.com, and a leader in the incentives and rewards industry, today announced financial and operational results for the fourth quarter and year ended December 31, 2024. Q4 2024 Financial Highlights: Strategic Developments: Management Commentary: Ketan Thakker, President and CEO of Giftify, Inc., stated, "2024 was a transformat ...