MeritValue

GIFTIFY, INC.

GIFTdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

GIFTIFY, INC. earns about -49% on equity, but has diluted owners by 143% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.32M1$4.44M1$87.1M2$88.9M3$83.2M3
Net income−$4.99M4−$8.32M5−$124,5456−$18.8M7−$10.5M7
Operating cash flow−$1.26M8−$102,4119−$541,79110−$3.41M11−$1.59M11
Capital expenditure—$1M12$900,00013——
Free cash flow (derived)—−$1.1M9−$1.44M10——
Total debt—————
Cash & equivalents—$2.04M14$4.1M15$4.3M16$3.65M16
Diluted shares12.3M13.8M15.9M25.7M29.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7.48
your share of equity
Profit it earned you last year
−$3.52
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $7.48 of net worth that earned you −$3.52 last year.

iii. Is this a good business?
Moat signal · return on equity
-49% avg · 5y
FY21 —FY22 —FY23 -8%FY24 -91%FY25 -47%

It earned an average -49% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+143% shares · 5y

Share count is up 143% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-006895 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2023-12-29 · accession 0001641172-25-005415 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-016199 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-006895 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-014101 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-29 · accession 0001641172-25-005415 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-016199 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-006895 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-014101 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-12-29 · accession 0001641172-25-005415 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-016199 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-014101 (PaymentsToAcquireProductiveAssets)
  13. 10-K/A · period ending 2023-12-29 · accession 0001641172-25-005415 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014101 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-005415 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-016199 (CashAndCashEquivalentsAtCarryingValue)