Canonical URL: https://giftcard.news/research-trends/giftify-q2-2026-cardcash-billings-agency-revenue/ --- description: Giftify's Q2 results reveal how CardCash agency transactions affect billings, revenue and margins, while its filing retains a going-concern warning. title: Giftify Q2 2026: CardCash billings rise 26%, revenue grows 4% image: https://giftcard.news/images/social/v1/giftify-q2-billings-rise-26-cardcash-shifts-toward-commissions-2f4d3343a93cea6a5944bca2d9555f7d.jpg --- 1. [Home](https://giftcard.news/) 2. [Research & Trends](https://giftcard.news/research-trends/) # Giftify Q2 billings rise 26% as CardCash shifts toward commissions Giftify's Q2 billings grew much faster than revenue as more CardCash transactions moved to agency accounting. The margin gain comes with a continuing funding warning. By [Suzie Elis](https://giftcard.news/author/suzie-elis/) August 3, 2026 3 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Giftify+Q2+billings+rise+26%25+as+CardCash+shifts+toward+commissions&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Giftify+Q2+billings+rise+26%25+as+CardCash+shifts+toward+commissions+https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Bar chart comparing Giftify gross billings of 36.1 and 45.5 million dollars and net sales of 20.9 and 21.7 million dollars in Q2 2025 and Q2 2026](https://giftcard.news/images/variants/v1/giftify-q2-billings-rise-26-cardcash-shifts-toward-commissions-bar-chart-comparing-w1280.webp) Gross billings and net sales measure different things. US dollars, millions; quarter ended June 30\. Figures rounded as in Giftify's August 3, 2026 results. Photo: Gift Card News; data: Giftify, Inc. [Giftify Inc. (NASDAQ: GIFT)](https://giftcard.news/company/giftify-inc-nasdaq-gift/) reported second-quarter results showing why transaction growth and revenue growth can tell different stories in the gift-card resale market. The owner of [CardCash](https://giftcard.news/company/cardcash/) reported $45.5 million in gross billings, up 26.2%, while net sales increased 4.0% to $21.7 million. Its August 3 release attributes that gap to a larger share of transactions handled as an agent. [\[S01\]](#article-source-1) The distinction matters commercially. A marketplace can process more customer spending without recording the whole purchase price as its own revenue. For Giftify, understanding the mix is essential to assessing both the expansion and the margin improvement. ## The business behind the numbers Giftify operates CardCash, a secondary market where consumers and businesses buy and sell gift cards, alongside [Restaurant.com](https://giftcard.news/company/restaurant-com/), its dining-deals platform. Its corporate portfolio also includes restaurant ordering and marketing services. The company therefore connects stored value with several routes to customer spending, rather than relying on a single consumer gift-card storefront. [\[S02\]](#article-source-2) The latest figures cover the three months ended June 30, 2026\. All amounts below are US dollars, rounded as presented in the announcement. [\[S01\]](#article-source-1) Show data tableHide data table Scroll left or right to see all columns __The business behind the numbers__ | Measure | Q2 2026 | Q2 2025 | | -------------- | ------------- | ------------- | | Gross billings | $45.5 million | $36.1 million | | Net sales | $21.7 million | $20.9 million | | Gross profit | $4.4 million | $3.9 million | | Gross margin | 20.2% | 18.4% | | Net loss | $1.2 million | $2.6 million | The data behind the story ### CardCash gift-card revenue Reported GAAP revenue in the two second quarters. CardCash gift-card revenue USD Tap or hover for details. All values are also available in the data table. Source Giftify Form 10-Q for June 30,2026 Revenue combines gross principal transactions and net agent commissions. It is not the face value of cards traded or group gross billings. Show data tableHide data table Scroll left or right to see all columns __CardCash gift-card revenue (USD)__ | Category | CardCash gift-card revenue | | -------- | -------------------------- | | Q2 2025 | 20,294,650 USD | | Q2 2026 | 21,263,311 USD | ## More commissions, a different revenue profile Giftify's regulatory filing explains the underlying mechanics. When it owns and resells card inventory as principal, it records the full sale and bears inventory risk. When a supplier delivers the card and Giftify acts as agent, it records only its retained fee or commission. [\[S03\]](#article-source-3) Agency revenue rose to $1.60 million from $1.09 million. The filing links that change to cruise-related gift cards, product mix and the number of orders handled on an agency basis. That supplies a more specific explanation than attributing the results simply to stronger demand. [\[S03\]](#article-source-3) The data behind the story ### Giftify revenue from agent transactions Commissions recognized net when Giftify acts as agent. Net agent-transaction revenue USD Tap or hover for details. All values are also available in the data table. Source Giftify Form 10-Q for June 30,2026 Net commission revenue, not gross customer purchases. The filing table is used; a one-dollar discrepancy in the narrative change is not repeated. Show data tableHide data table Scroll left or right to see all columns __Giftify revenue from agent transactions (USD)__ | Category | Net agent-transaction revenue | | -------- | ----------------------------- | | Q2 2025 | 1,093,682 USD | | Q2 2026 | 1,603,543 USD | The commercial implication is a route to handling transactions without buying the underlying inventory. However, a higher reported gross-margin percentage can also reflect the different accounting denominator. It should not automatically be read as proof that Giftify earns more on every customer dollar spent. ## A smaller loss does not resolve the funding question Giftify also reported positive Modified EBITDA of $126,036\. This is a company-defined non-GAAP measure, not net profit or operating cash flow. Lower share-based compensation helped narrow the net loss. [\[S01\]](#article-source-1) The quarterly filing still identifies substantial doubt about the company's ability to continue as a going concern, citing historical losses and negative operating cash flows. It says continued operations depend on additional capital and ultimately sustainable revenues and profitability. [\[S03\]](#article-source-3) The data behind the story ### Giftify first-half operating cash flow Cash provided by or used in operations over six months. Net operating cash flow USD Tap or hover for details. All values are also available in the data table. Source Giftify Form 10-Q for June 30,2026 Negative value means cash used. Six-month totals differ from the quarterly earnings period and from company-defined Modified EBITDA. Show data tableHide data table Scroll left or right to see all columns __Giftify first-half operating cash flow (USD)__ | Category | Net operating cash flow | | --------------- | ----------------------- | | First half 2025 | 289,951 USD | | First half 2026 | \-310,447 USD | For gift-card distributors and marketplace partners, the results consequently present two developments together: greater transaction throughput and a business still working toward financial sustainability. The agency mix helps explain the first. It does not, by itself, settle the second. ## In this article ### Companies * [CardCash](https://giftcard.news/company/cardcash/) * [Giftify Inc. (NASDAQ: GIFT)](https://giftcard.news/company/giftify-inc-nasdaq-gift/) * [Restaurant.com](https://giftcard.news/company/restaurant-com/) ### Sources and documents * [\[S01\] Giftify Q2 2026 results announcement](https://www.globenewswire.com/news-release/2026/08/03/3337588/0/en/giftify-inc-reports-second-quarter-2026-financial-results-gross-billings-grow-26-to-45-5-million-as-net-loss-improves-52.html?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Giftify, Inc. via GlobeNewswire * [\[S02\] Giftify corporate portfolio](https://giftifyinc.com/?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Giftify, Inc. * [\[S03\] Giftify Form 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1760233/000149315226035759/form10-q.htm?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Giftify, Inc., filing with the US Securities and Exchange Commission Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Giftify+Q2+billings+rise+26%25+as+CardCash+shifts+toward+commissions&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Giftify+Q2+billings+rise+26%25+as+CardCash+shifts+toward+commissions+https%3A%2F%2Fgiftcard.news%2Fresearch-trends%2Fgiftify-q2-2026-cardcash-billings-agency-revenue%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Portrait of Suzie Elis](https://giftcard.news/images/variants/v1/suzie-elis-editorial-portrait-w320.webp) About the author ## [Suzie Elis](https://giftcard.news/author/suzie-elis/) Journalist — Gift Cards & Digital Gifting Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. [Find a provider ](https://giftcard.news/find-a-provider/) ## Related articles [Research & Trends](https://giftcard.news/research-trends/) News ### [InComm’s holiday survey puts gift cards first in U.S. purchase plans](https://giftcard.news/research-trends/incomm-2026-holiday-gift-card-purchase-plans/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 21, 2026 5 min [Research & Trends](https://giftcard.news/research-trends/) News ### [Gift cards lead NRF’s 2026 holiday wish list at 47%](https://giftcard.news/research-trends/nrf-2026-holiday-gift-card-wish-list/) [Emma Carter](https://giftcard.news/author/emma-carter/) October 20, 2026 3 min [Research & Trends](https://giftcard.news/research-trends/) News ### [iGift’s three-brand index records a lower Roblox discount in week 42](https://giftcard.news/research-trends/igift-week42-2026-gift-card-discount-index/) [Oliver Reed](https://giftcard.news/author/oliver-reed/) October 19, 2026 4 min ```json {"@context":"https://schema.org","@graph":[{"@type":"NewsMediaOrganization","@id":"https://giftcard.news/#publisher","name":"Gift Card News","url":"https://giftcard.news/","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","logo":{"@type":"ImageObject","url":"https://giftcard.news/icon-512.png","contentUrl":"https://giftcard.news/icon-512.png","width":512,"height":512,"@id":"https://giftcard.news/#logo"},"publishingPrinciples":"https://giftcard.news/editorial-policy/","correctionsPolicy":"https://giftcard.news/editorial-policy/"},{"@type":"WebSite","@id":"https://giftcard.news/#website","url":"https://giftcard.news/","name":"Gift Card News","description":"News and analysis covering gift cards, retail, loyalty, rewards and payments worldwide.","inLanguage":"en","publisher":{"@id":"https://giftcard.news/#publisher"},"potentialAction":{"@type":"SearchAction","target":"https://giftcard.news/search/?q={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"Person","@id":"https://giftcard.news/author/suzie-elis/#person","name":"Suzie Elis","url":"https://giftcard.news/author/suzie-elis/","description":"Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News.","jobTitle":"Journalist — Gift Cards & Digital Gifting","image":{"@type":"ImageObject","url":"https://giftcard.news/images/suzie-elis-editorial-portrait.webp","contentUrl":"https://giftcard.news/images/suzie-elis-editorial-portrait.webp","width":1254,"height":1254,"caption":"Illustrated portrait representing the Suzie Elis editorial profile.","@id":"https://giftcard.news/images/suzie-elis-editorial-portrait.webp#image","encodingFormat":"image/webp","description":"Illustrated portrait for Suzie Elis, a Gift Card News editorial pen name","creditText":"Gift Card News / AI-generated illustration"}},{"@type":"ImageObject","url":"https://giftcard.news/images/giftify-q2-billings-rise-26-cardcash-shifts-toward-commissions-bar-chart-comparing.webp","contentUrl":"https://giftcard.news/images/giftify-q2-billings-rise-26-cardcash-shifts-toward-commissions-bar-chart-comparing.webp","width":1400,"height":1080,"caption":"Gross billings and net sales measure different things. 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