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Giftify is like Groupon for local dining and experience discounts.

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• Restaurant Discount Certificates: Sells discounted certificates that consumers can purchase and use at a wide network of participating restaurants.
• Complementary Entertainment and Travel Offerings: Provides discount certificates and deals for various entertainment activities and travel experiences.
• Consumer Product Deals: Offers discounted consumer products sourced from third-party merchants.

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• Individual Consumers (Bargain Hunters): These are everyday individuals who purchase discount certificates for their own personal use to save money on dining, entertainment, travel, and other consumer products. They are actively seeking deals and value propositions offered through Restaurant.com.
• Gift Purchasers: This category includes individuals who buy discount certificates or gift cards from Giftify to give as presents or rewards to friends, family members, or colleagues.
• Corporate and Community Organizations: Businesses, non-profit organizations, and other community groups that acquire discount certificates in bulk. These are often used for employee incentive programs, customer loyalty rewards, client appreciation gifts, promotional giveaways, or as part of charitable initiatives.

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Ketan Thakker, Chief Executive Officer, Chairman

Ketan Thakker brings over 20 years of leadership experience in the e-commerce and incentives industries. As the CEO of Giftify Inc., he oversees the strategic direction, acquisitions, growth initiatives, and operational excellence of the company. He previously served as the Chief Financial Officer for Apartments.com, where he contributed to the company's growth from $20 million to $125 million annually. Thakker also founded TripRental.com and held the position of CEO at Ubid.com, which he joined in 2013. He is an accredited CPA and holds an MBA from Northwestern University Kellogg School of Management. Under his leadership, RDE (now Giftify) acquired Restaurant.com in 2020 and oversaw the acquisition of CardCash.com.

Steve Handy, Chief Financial Officer

Steve Handy joined Giftify, Inc. as its Chief Financial Officer on August 26, 2024, bringing over two decades of extensive financial leadership experience. He has a proven track record in guiding companies through significant growth phases, public offerings, and operational transformations. Prior to Giftify, he served as CFO at Sacks Parente Golf, Inc., a Nasdaq-listed company, where he played a pivotal role in its successful Initial Public Offering (IPO) and achieved accelerated revenue growth. His previous roles include Chief Financial Officer and Director of Operations at Opti-Harvest, Inc., an agriculture innovation company, and Chief Financial Officer of Tix Corporation, a former publicly traded entertainment ticketing company, from March 2010 to May 2021. Handy also held senior financial positions at SM&A, a former Nasdaq-listed professional services firm, and Dot Hill Systems, a former publicly traded technology manufacturer. He began his career as a Senior Auditor for Deloitte & Touche LLP and is a Certified Public Accountant in California.

Elliot Bohm, Chief Executive Officer, CardCash.com

Elliot Bohm is a seasoned entrepreneur who co-founded CardCash.com in 2009, transforming it into one of the world's largest gift card exchange marketplaces. Forbes Magazine recognized him as one of America's Most Promising CEOs under the age of 35. He has successfully orchestrated investment and acquisition deals, raising tens of millions in venture capital and debt financing from entities such as Guggenheim Partners, Incomm, Pathward, and Sterling National Bank.

Mark Ackerman, Chief Operating Officer, CardCash.com

Mark Ackerman is an experienced operator who co-founded CardCash.com in 2009. He played a pivotal role in evolving the operation from a startup with a handful of individuals into a thriving team of over 50 employees.

Aaron Horowitz, President and General Counsel, President of Restaurant.com

Aaron Horowitz serves as the President and General Counsel of Giftify, Inc., and is also the President of Restaurant.com.

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1. Weak Gross Profit Margins and Revenue Decline: Giftify, Inc. has experienced a significant decline in revenue and suffers from weak gross profit margins. According to InvestingPro, as of Q2 2023, the company's revenue for the last twelve months stood at $83.44 million, with a concerning revenue growth decline of -40.27% over the same period. Additionally, the reported gross profit margin was 12.31%. This indicates challenges in the company's profitability and financial performance.
2. Dependence on Merchant and Customer Acquisition/Retention: Giftify's business model relies heavily on connecting digital consumers with dining and merchant deal options through platforms like Restaurant.com and operating a gift card exchange via CardCash.com. The company needs to continuously attract and retain a vast network of approximately 182,500 restaurants and retailers, and serve approximately 7.8 million customers. The company's rebranding strategy includes efforts to reactivate past users and increase visibility to new ones, underscoring the ongoing challenge and risk associated with customer and merchant acquisition and retention.
3. Intense Competition and Economic Sensitivity: Operating in the digital deals and gift card exchange space, Giftify faces intense competition from various online deal platforms, direct marketing by restaurants and retailers, and other gift card marketplaces. Furthermore, as the company offers discount certificates for restaurants, entertainment, and travel, its business performance is sensitive to consumer discretionary spending. Economic downturns or shifts in consumer behavior towards these discretionary categories could negatively impact demand for Giftify's offerings.

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The increasing prevalence and sophistication of direct-to-consumer promotional tools and loyalty programs offered by restaurant technology platforms (such as Toast, Square for Restaurants) and online ordering/delivery services (like DoorDash, Uber Eats, Grubhub). These integrated platforms enable restaurants to manage their own deals, discounts, and customer loyalty programs directly, reducing their reliance on third-party deal aggregators like Restaurant.com to connect with deal-seeking consumers.

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Giftify (NASDAQ: GIFT), formerly known as RDE, Inc., operates in several addressable markets within the United States, primarily through its Restaurant.com and CardCash.com platforms. The company focuses on connecting consumers and businesses with dining, merchant deals, and gift card options.

The key addressable markets for Giftify's main products and services in the U.S. are:

Restaurant Industry

For its Restaurant.com platform, which offers dining deals and discount certificates, the addressable market is the vast U.S. foodservice industry. The United States foodservice market was valued at approximately $1.02 trillion in 2024 and is projected to grow to about $1.53 trillion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.73% during this period. Another estimate places the U.S. foodservice market at $1,202.65 billion in 2024, with a projected increase to $2,066.21 billion by 2032, at a CAGR of 7.0% from 2025 to 2032. Within this, the U.S. full-service restaurants market alone is predicted to be valued at around $371.9 billion in 2025 and is expected to reach $715.8 billion by 2032, growing at a CAGR of 12.7%.

Daily Deals Market

The daily deals market, encompassing group buying platforms and flash sales, represents another segment for Restaurant.com's offerings. Globally, this market was valued at approximately $42.3 billion in 2024 and is projected to reach around $46 billion in 2025. The U.S. market segment holds a significant share of this global figure.

Corporate Incentives and Rewards Market

Giftify's Corporate Incentives division, along with its broader gift card offerings, targets the corporate incentives and rewards market. U.S. businesses spend approximately $176 billion annually on non-cash incentives such as award points, gift cards, travel, merchandise, and experiential rewards to motivate employees, sales staff, channel partners, and customers. This market saw a remarkable 49% growth between 2016 and 2022. Corporate B2B purchases constituted 64.85% of the U.S. gift card and incentive card market size in 2025 and are projected to grow at an 8.74% CAGR through 2031. The global rewards and incentives service market, in which North America is expected to dominate, was estimated at approximately $5.05 billion in 2026 and is projected to reach around $6.52 billion by 2035, with an 8.9% CAGR.

Gift Card Market

CardCash.com operates within the broader U.S. gift card market. The U.S. gift card market size was approximately $310.20 billion in 2025. It is estimated to generate $507.1 billion in revenue in 2026 and is expected to grow at an annual rate of 11.4%. Other estimates suggest the U.S. gift card market will reach around $246.91 billion in 2026 and expand to approximately $320.81 billion by the end of 2030, with a CAGR of 6.8% from 2026-2030. The U.S. gift card and incentive card market was valued at $207.09 billion in 2025 and is projected to grow to $300.73 billion by 2031, with a CAGR of 6.42%. Specifically, the digital gift card market in the U.S. is experiencing significant growth and is expected to reach nearly $135 billion by 2026. The total value of unused gift cards in the U.S. was approximately $23 billion as of November 2025, representing a significant pool for the secondary gift card market.

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Here are 3-5 expected drivers of future revenue growth for Giftify (GIFT) over the next 2-3 years:

1. Strategic Acquisition and Cross-Selling Opportunities with CardCash.com: Giftify, through its former identity RDE, Inc., completed the acquisition of CardCash.com in Q4 2023, with its revenue being recognized alongside Restaurant.com from 2024 onwards. This acquisition significantly expands cross-selling marketing opportunities and provides customers with a broader range of discounted gift card options across multiple industries. The combined businesses accounted for over $100 million in revenue in 2023.
2. Expansion of the Business-to-Business (B2B) Segment and Corporate Incentives: The company's B2B segment has historically been a significant contributor to revenue, securing Fortune 500 and Fortune 1000 customers for loyalty and customer acquisition campaigns. This trend is expected to continue, with the Corporate Incentives division playing a key role in connecting businesses and communities with dining and merchant deal options.
3. Technological Enhancements and Platform Optimization: Giftify is focusing on improving its digital platforms. In Q4 2023, an all-new mobile app for the Restaurant.com platform was launched for iOS, designed to enhance the user dining experience. Additionally, the company is deploying AI-driven development across the Restaurant.com platform to deliver an optimized consumer experience at an accelerated pace and scale. These technological advancements aim to drive customer engagement and satisfaction.
4. Leveraging Growth in the Digital Incentives, Restaurant, and Gift Card Markets: The rebranding to Giftify, Inc. underscores the company's strategic focus on the accelerating digital incentives and gift card markets. With the U.S. consumer gift card market valued at $300 billion annually, and the broader restaurant and foodservice industry projected to reach $1.55 trillion in sales by 2026, Giftify is positioned to capitalize on these significant market opportunities.

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Share Repurchases

• Giftify (formerly RDE, Inc.) did not report any share repurchase activities between Q4 2022 and Q3 2025.

Share Issuance

• In December 2024, Giftify announced a $5.0 million registered direct offering of common stock to individual investors.
• In January 2025, Giftify priced a public offering of 600,000 shares of its common stock at $1.00 per share, expected to generate approximately $600,000 in gross proceeds for general corporate purposes, including capital expenditures and working capital.
• The number of shares outstanding for Giftify increased by 15.41% in one year, reaching 31 million shares in Q3 2025.

Inbound Investments

• In December 2024, Giftify secured a $10 million equity financing deal with ClearThink Capital Partners, which included the purchase of 150,000 restricted shares of common stock at an effective price of $1.3333 per share, and provisions for additional share purchases.
• Giftify also entered into a $2 million agreement with Spars Capital Group, which is set to mature in 2025.

Outbound Investments

• RDE, Inc. (now Giftify) completed the acquisition of CardCash Exchange Inc. in December 2023 for $27.3 million, consisting of $2 million in cash and 6,108,007 restricted shares of RDE's common stock valued at $24.432 million.
• In June 2025, Giftify acquired TakeOut7, a restaurant technology company, through an all-stock deal involving 350,000 shares of Giftify common stock, aiming to enhance its digital commerce and marketing solutions.

Capital Expenditures

• Giftify reported $674,646 in capital expenditures over the last 12 months.
• In Q3 2024, Giftify invested $225,000 in capital expenditures, primarily for funding long-term assets and infrastructure.