Aug 13, 2026 earnings call — Renewed focus on retail, CPG and gift cards
Ending ARR was $11.6 million; pipeline has grown over 30x with more than 31 retailers engaged.
Revenue $0.0B (est $0.0B) · EPS $-0.54 (est $-0.33)
Key quotes
"The first priority is narrowing our industry focus and our messaging while rebuilding our commercial engine focused on our 2 highest vertical industries: retail, anchored by our Secure Gift Card solution and CPG."
"Our Chief Revenue Officer recently hired will unify global sales, partnerships, customer success under a single owner, closing the accountability gaps I described earlier."
"Our Secure Gift Card program has rapidly moved from proof-of-concept to live in production deployment, anchored by Schnucks, as I noted previously."
Analyst Q&A 3
Why focus on retail and CPG
Q (Joshua Reilly · Needham): Why are retail and CPG the right industries to focus on? Also, what is the timeline to fill senior go-to-market roles and have the team operating? The analyst also asked about pricing/packaging changes and potential gift card revenue in 2026, and about ARR churn and visibility.
A: Management said retail and CPG are already well developed for the company's existing solutions and offer the greatest differentiation, especially the retail gift card program. They have hired a VP of Retail Solutions and a CRO, expect 1 or 2 more hires by the end of August/September, and expect senior-level build-out to be complete by the time they get out of Q3 with account executive hiring through Q3 and Q4. On pricing, gift card pricing and packaging are already well defined and ready to accelerate, but other areas need repackaging; on holiday 2026 they would not commit to additional gift card revenue now and expect demand to build toward the end of Q4 and the beginning of Q1 '27; management said most recent churn came from two customers that now represent less than 10% of ending ARR.
"I would expect that full team build-out, at least at the senior level, to be complete by the time we get out of Q3 and then adding capacity at the account executive level as we progress through Q3 and Q4." — Paul Carreiro (CEO)
Capital plans, retailer rollouts, gift card economics
Q (Vijay Homan · Craig-Hallum Capital Group): How will you allocate capital going forward — get to breakeven or grow aggressively? What is the size/revenue potential of the two retailers rolling out in August and October? How scalable are the gift card unit economics as you expand to many stores?
A: Management said the capital raise will primarily fund the go-to-market build-out, aiming to do it as cost-neutrally as possible, and that more than 90% of the investment will go into that effort. They would not quantify the two retailer rollouts now but said some are among the largest global retailers, starting small but able to ramp quickly to significant scale. On unit economics, they said the economics are volume-based for the hundreds of thousands of stores, a framework already in place with aggregators (InComms and the Blackhawks) and retail customers, though individual negotiations occur for large players.
"And that's, I'd say, where 90% plus of the investment is going to be going into." — Paul Carreiro (CEO)
Why GS1 Digital Link matters now
Q (Jeffrey Milton Bernstein · Silverberg & Bernstein): Why is GS1 Digital Link the opportunity where you expect customers to adopt faster? What makes this case different from other contracts?
A: Management said GS1 Digital Link is an example of an external forcing factor — a regulatory or Sunrise initiative — that creates clear justification and urgency for adoption. They also noted they have other proven CPG solutions, citing a successful rollout of 45,000 SKUs for a very large CPG manufacturing distributor as a reference they can duplicate across other CPG opportunities.
"The wonderful thing when you're in the go-to-market business, there's nothing better than having regulatory external forcing factors to drive the justification for the need." — Paul Carreiro (CEO)