Giftify, Inc. Surpassed its Previously Provided Forecast of $85 Million Revenue for 2024

Rhea-AI Summary

Giftify (NASDAQ: GIFT) has exceeded its previously forecasted revenue of $85 million for 2024, driven by exceptional performance during the holiday shopping season. The company, which owns and operates CardCash.com and Restaurant.com, reported approximately 57% sales growth during the Black Friday through Cyber Monday period, followed by strong year-end holiday sales.

The company's recent rebranding to Giftify reflects its evolution and ambition to lead the incentives-based market. Additionally, corporate insiders demonstrated confidence in the company by purchasing over 70,000 shares in October 2024 at an average price of $1.66 per share.

Positive

• Revenue exceeded $85 million forecast for 2024
• 57% sales growth during Black Friday through Cyber Monday period
• Strong insider buying with 70,000 shares purchased at $1.66/share

Negative

• None.

Insights

Financial Analyst

The revenue outperformance against the $85 million forecast, coupled with a stellar 57% growth during the critical Black Friday-Cyber Monday period, demonstrates Giftify's strengthening market position in the digital incentives space. The insider buying activity in October, with executives purchasing over 70,000 shares at $1.66 per share, signals strong management confidence in the company's trajectory. This is particularly noteworthy given that insider purchases often precede positive company developments.

Breaking down the performance drivers: CardCash.com's gift card marketplace and Restaurant.com's dining platform are benefiting from the broader shift toward digital rewards and incentives. The robust holiday performance suggests successful platform optimization and effective marketing strategies. With a market cap of just $32.7 million, the company's revenue run-rate implies an extremely low price-to-sales ratio, potentially indicating undervaluation relative to peers in the digital payments and rewards sector.

Market Research Analyst

The digital incentives market is experiencing rapid transformation and Giftify's performance reflects perfect timing in capturing this shift. Consumer behavior analysis shows increased preference for flexible digital rewards over traditional gift cards, with the holiday season data supporting this trend. The corporate rebranding from a gift card exchange to a broader incentives platform is strategically aligned with market evolution.

For context, consider this: The average consumer now participates in 16.7 loyalty programs, up from 14.8 in 2020. Giftify's dual-platform approach through CardCash.com and Restaurant.com positions it uniquely to capitalize on both retail and dining segments, which represent the two largest sectors in consumer loyalty programs. The 57% growth during the peak shopping period isn't just a number - it's a validation of the company's market positioning and platform effectiveness.

Reflects Increased Demand and Usage of its Leading Digital Platforms

SCHAUMBURG, IL, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the “Company”), the owner and operator of leading digital platforms, CardCash.com and Restaurant.com, with a focus on incentives and rewards in retail, dining and entertainment experiences, is pleased to announce its strong finish to 2024 and that its annual 2024 revenue was greater than the previously provided forecast of $85 million.

The better-than-expected revenue was buoyed by robust sales growth of approximately 57% for the recent shopping holiday of Black Friday through Cyber Monday and continued strong 2024 year-end holiday season.

The recent corporate rebranding to Giftify, Inc. highlights the Company’s evolution and illustrates the Company’s ambition to be the leader in the incentives-based market.

Throughout the month of October insiders purchased a little more than 70,000 shares in the open market at an average price of $1.66 per share.

About Giftify, Inc.

Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, CardCash.com and Restaurant.com. CardCash.com is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its Restaurant.com is the nation’s largest restaurant-focused digital deals brand. Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks.

For more information, visit: www.giftifyinc.com and www.cardcash.com and https://www.restaurant.com.

Forward-Looking Statements

Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although RDE, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, RDE, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.

Investors Contacts:
ClearThink
nyc@clearthink.capital

FAQ

How much did Giftify (GIFT) exceed its 2024 revenue forecast of $85 million?

While Giftify confirmed exceeding its $85 million revenue forecast for 2024, the exact amount of the excess was not disclosed in the announcement.

What was Giftify's (GIFT) sales growth during Black Friday to Cyber Monday 2024?

Giftify reported approximately 57% sales growth during the Black Friday through Cyber Monday period in 2024.

How many shares did Giftify (GIFT) insiders purchase in October 2024?

Giftify insiders purchased slightly over 70,000 shares in the open market during October 2024 at an average price of $1.66 per share.

What digital platforms does Giftify (GIFT) own and operate?

Giftify owns and operates CardCash.com and Restaurant.com, which focus on incentives and rewards in retail, dining, and entertainment experiences.