Completed Acquisition of CardCash.com in Q4
Schaumburg, IL, April 10, 2024 (GLOBE NEWSWIRE) -- RDE, Inc. (OTCQB: RSTN) (“RDE” or “Company”), the owner and operator of leading digital platforms, Restaurant.com and CardCash.com, with a focus on incentives and rewards in retail, dining & entertainment experiences, today reported its financial results for the year ended December 31, 2023 and provided a business update.
Of note, due to accounting rules, recognized revenue represents only revenue derived from CardCash.com. Going forward in 2024, both revenue from CardCash.com and Restaurant.com will be recognized.
“2023 was a transformational year for the Company, culminating in our acquisition of CardCash.com which significantly expands our cross-selling marketing opportunities and provides our loyal customers at Restaurant.com and CardCash.com with a broader range of gift card options,” stated Ketan Thakker, CEO of RDE. “We are extremely pleased with our financial performance in 2023 and believe the steps we have taken, and the efficiencies gained, will translate into increased profitability in 2024. I wanted to thank our loyal shareholders and employees for their continued support.”
Recent Corporate Highlights
- CardCash.com Acquisition – In Q4 2023, RDE successfully completed its acquisition of CardCash.com, including all products and intellectual property. The combined businesses continue their acceleration in the U.S. consumer gift card market, valued at $300 billion annually. CardCash is a leading gift card exchange platform that facilitates the buying and selling of unwanted gift cards at discounted rates for individuals and businesses. With over 1,100 retailers in their network, including major brands like Target, Home Depot, Starbucks, and TJ Maxx, CardCash connects buyers and sellers to unlock value from unused gift cards, saving consumers significant amounts on purchases, while providing innovative solutions for businesses to tap into this market. This business combination significantly expands RDE’s cross-selling marketing opportunities and provides Restaurant.com customers with a broader range of discounted gift card options across multiple industries.
- All-New Restaurant.com App – In Q4 2023, RDE launched an all-new mobile app for the iOS system Restaurant.com platform, designed to elevate the dining experience for users and provide seamless access to their Restaurant Deals. With an innovative design tailored for modern diners, this app offers an unparalleled experience with new features and streamlined functionalities that makes it even easier for customers to find the best restaurant deals.
Financial Results Highlights
- On a consolidated basis, revenues for the year ended December 31, 2023, were $86.6 million (please note that due to accounting rules, this represents only revenue derived from CardCash.com)
- Gross profit margin of 12.05%, as compared to a gross margin of 10.8% in the prior year period.
Full 2023 year-end financial information is available in the Company’s Form 10-K filed with the Securities and Exchange Commission.
About RDE, Inc.
RDE, Inc. (Restaurant, Dining and Entertainment) is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences. Its Restaurant.com is the nation’s largest restaurant-focused digital deals brand and CardCash.com is a leading secondary gift card exchange platform. Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deal options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our restaurant certificates and gift cards allow customers to save at thousands of restaurants across the country with just a few clicks. CardCash.com is renowned for its leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales.
For more information, visit: www.rdeholdings.com and https://www.restaurant.com and www.cardcash.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
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