CardCash recorded $21.832 million in third-quarter net sales, up 20.4% from $18.137 million a year earlier, according to parent Giftify’s November 3 filing. The gift-card marketplace supplied almost all of the group’s $22.323 million in net sales. Giftify also reported a smaller quarterly loss, while retaining a warning about its ability to fund continued operations. [S1] [S2]
Both CardCash sales channels grew
CardCash’s business-to-consumer net sales increased from $8.702 million to $10.261 million. Business-to-business net sales rose from $9.435 million to $11.571 million. The combined increase was $3.696 million. The figures cover the three months ended September 30 in each year, so they compare the same part of the annual trading cycle. [S1]
CardCash gift-card net sales by customer channel
Matched three-month periods ended September 30. These are recognized net sales for the CardCash gift-card division.
USD millions
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Source
Recognized net sales mix principal sales with agency commissions. They are not card face value, total customer spending, transaction counts or market share.
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| Category | Q3 2025 | Q3 2026 |
|---|---|---|
| Business to consumer | 8.702 USD millions | 10.261 USD millions |
| Business to business | 9.435 USD millions | 11.571 USD millions |
The division buys discounted merchant gift cards for resale and also arranges transactions fulfilled by suppliers. The group’s separate Restaurant.com gift-card and coupon category fell from $623,472 to $490,789 in the quarter. [S1]
Marketplace billings and recognized revenue measure different things
Giftify’s consolidated gross billings rose 17.1% to $45.774 million from $39.087 million. That measure tracks the value of customer purchases after refunds and discounts. Reported net sales were $22.323 million, compared with $18.784 million. Both grew, but their different definitions prevent treating the gap as profit or a discount received by shoppers. [S1]
Giftify gross billings in the September quarter
Giftify reports the value of customer purchases after refunds and order discounts across its consolidated marketplaces.
USD millions
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Source
Consolidated operating metric, not GAAP net sales, profit, card face value or CardCash-only volume. Supplier amounts excluded from agency revenue remain in gross billings.
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| Category | Gross billings |
|---|---|
| Q3 2025 | 39.087 USD millions |
| Q3 2026 | 45.774 USD millions |
When Giftify controls inventory before resale, it records the customer payment as revenue and the card purchase as a cost. When a supplier delivers a card and Giftify acts as an agent, it records its retained commission. Agency revenue increased from $1.331 million to $1.532 million in the quarter and represented approximately 7% of net sales in both periods. The distinction also shaped the company’s previously reported second-quarter results. [S1] [S3]
A smaller quarterly loss came with higher operating cash use
The group’s quarterly net loss narrowed to $1.507 million from $2.437 million. Its cash-flow statement covers a longer period: operating activities used $1.034 million in the first nine months of 2026, compared with $496,067 a year earlier. The filing attributes the cash use primarily to working capital. [S1]
Giftify cash used in operating activities
Cash outflow is shown as a positive magnitude for the first nine months of each year.
USD millions
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Source
Nine-month consolidated cash flow, not quarterly CardCash cash flow or net loss. Larger bars mean more cash used, not more cash generated.
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| Category | Operating cash used |
|---|---|
| January-September 2025 | 0.496 USD millions |
| January-September 2026 | 1.034 USD millions |
At September 30, Giftify held $3.945 million in cash and cash equivalents, including $750,000 of restricted cash. Management said its cash might be insufficient for the 12 months following the filing and that continued operations depend on additional financing and sustainable profitability. The unaudited quarterly report therefore retains substantial doubt about the company’s ability to continue as a going concern. [S1]
In this article
Oliver Reed
Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.