Key Highlights

  • Amaze Holdings launched AmazeCommerce.com in June 2026 offering creators a 27% commission, but reported a Q2 2026 Working Capital Deficit of roughly $19.2 million against just $2.38 million in cash.
  • RedCloud Holdings reported 2025 Revenue of $48.5 million on platform transaction value of $3.2 billion, implying a take rate of about 1.5%, while ending the year with only $478,983 in cash.
  • Amaze completed a 1-for-8 Reverse Stock Split on July 24, 2026 and regained NYSE American compliance, targeting a roughly 40% cut in operating expenses and EBITDA break-even in early 2027.
  • RedCloud disclosed a Nasdaq notice for falling below the $35 million Market Value of listed securities requirement on August 20, 2026, with a cure period through February 8, 2027.

Amaze Holdings (NYSE American:AMZE) and RedCloud Holdings (NASDAQ:RCT) both build software for online commerce, but they serve very different customers. Amaze, the company formerly known as Fresh Vine Wine, runs a creator commerce platform that lets Social Media creators sell merchandise, and it still distributes a premium wine brand. RedCloud, a U.K.-incorporated company, operates a business-to-business trading network connecting consumer goods brands, distributors and small retailers across emerging markets.

Amaze Holdings (NYSE American:AMZE): Rebuilding a Creator Platform on a Thin Cash Base

Amaze took its current form after Fresh Vine Wine acquired Amaze Software in March 2025 and changed its name. According to its latest 10-Q, the company provides software for E-commerce and social commerce selling by creators, along with distribution of a premium wine brand. It launched AmazeCommerce.com on June 15, 2026, offering creators a commission of 27% of net revenue.

For the second quarter of 2026, revenue was $619,621, down from $869,884 a year earlier but up from the first quarter. First-half revenue rose 17% to $1.09 million. The quarterly net loss narrowed to $4.42 million from $5.05 million, although the first-half net loss widened to $10.03 million from $7.14 million. At June 30, 2026, Amaze held about $2.38 million in cash but reported a working capital deficit of roughly $19.2 million, with liabilities that included $4.07 million of convertible notes, $3.42 million of accrued creator commissions and $3.14 million of accrued sales tax. Management disclosed substantial doubt about the company's ability to continue as a going concern.

The past few months brought a series of changes. Amaze completed a 1-for-8 reverse stock split effective July 24, 2026, and announced on July 27 that it had regained compliance with NYSE American continued listing standards. Joel Krutz was named interim CEO in August. The company announced a plan targeting a roughly 40% cut in operating expenses, signed a letter of intent for a strategic Investment in live social creator platform C2, and in September introduced a $9.99 monthly Concierge subscription, stating a goal of EBITDA break-even in early 2027.

RedCloud Holdings (NASDAQ:RCT): Large Trade Volume, Very Little Cash

RedCloud's RedAI platform lets merchants buy fast-moving consumer goods from brands and distributors through its trading networks, and it sells data products built on transaction history. The company operates in Nigeria, South Africa, Brazil, Peru and Argentina. As a foreign private issuer, it reports annually on Form 20-F.

For 2025, RedCloud reported revenue of $48.5 million, up 4.4% from $46.5 million, and a net loss of $46.2 million. It used $37.0 million of cash in operations and ended the year with $478,983 in cash and a stockholders' deficit of $6.96 million. Auditors raised substantial doubt about its ability to continue as a going concern. The company said total transaction value on its platform reached $3.2 billion in 2025, up 31%, across 1,017 distributors and 68,089 retailers. In July 2026, it filed a second amendment to its 2025 Annual Report with revised audited financial statements in response to SEC staff comments, and it has disclosed material weaknesses in its internal controls.

Liquidity dominated the mid-2026 disclosures. A July 21 prospectus supplement for an at-the-market offering of up to $6.7 million said existing cash was expected to fund operations only through the end of that month without additional capital. The company later reported insider purchases of 7.2 million shares at $0.25 in a private placement, and on August 20 it disclosed a Nasdaq notice for falling below the $35 million market value of listed securities requirement, with a cure period through February 8, 2027. It has also named a new CFO and set 2026 revenue guidance of $120 million.

What Could Shape the Next Chapter

Both companies are trying to turn platform activity into sustainable revenue while operating with very little cash. For RedCloud, the gap between $3.2 billion of transaction value and $48.5 million of revenue implies a take rate of about 1.5%, so growth depends on expanding Volume or earning more per transaction without adding costs. For Amaze, the question is whether creator sign-ups and subscriptions can produce revenue large enough to cover its obligations.

  • Funding: How each company finances operations, and how much dilution results from Equity programs and convertible notes.
  • Guidance credibility: Whether RedCloud's $120 million 2026 revenue target is reflected in interim results.
  • Cost execution: Whether Amaze delivers its targeted 40% Operating Expense reduction.
  • Listing standards: RedCloud's market value compliance and Amaze's continued NYSE American standing after its reverse split.

Using the Russell 2000 as a Benchmark

The Russell 2000 tracks smaller U.S. companies, which makes it a useful reference for how small-cap stocks as a group are performing. Measuring each stock against that index over the same period helps distinguish company-specific events from shifts in small-cap sentiment. The index is used here only as a comparison benchmark, not as a statement that either company belongs to it.

Even relative to the Russell 2000, microcaps like these can move far more sharply, and repeated capital raises can dilute existing holders.

Risks

For Amaze, the main risks are going-concern doubt, a working capital deficit many times its cash balance, convertible debt, Leadership changes, and a creator platform that has yet to generate meaningful revenue.

For RedCloud, the risks include extremely limited cash, going-concern doubt, restated financial statements and control weaknesses, dilution from its at-the-market program, Nasdaq listing risk, and currency and political exposure in emerging markets such as Nigeria and Argentina.

Funding Events and Listing Compliance Will Likely Be the Clearest Signals

Amaze and RedCloud are pursuing distinct e-commerce models, one aimed at individual creators and the other at emerging-market Supply chains. Both report activity that exceeds their revenue, and both depend on outside capital to execute. Funding events, listing compliance and whether interim results begin to match management's targets are likely to be the clearest indicators of progress.