Amaze Holdings Reports 84% Revenue Decline, Completes Acquisition of Amaze Software

Fresh Vine Wine, Inc., now known as Amaze Holdings, Inc., reported a significant decline in financial performance for the fiscal year ending December 31, 2024. The company generated approximately $299,000 in net revenue, a decrease of 84% from $1.8 million in the previous year. This decline is attributed to reduced sales and marketing expenditures as the company prepared for a merger. The net loss for the year was approximately $2.5 million, a notable improvement from the $10.6 million loss reported in 2023. Despite this reduction in losses, the company continues to face challenges, including an accumulated deficit of $29.2 million as of December 31, 2024.

In a strategic move, Fresh Vine completed the acquisition of Amaze Software, Inc. on March 7, 2025, as part of a broader effort to enhance its operational capabilities and market presence. The merger was executed through an Amended and Restated Agreement and Plan of Merger, with the company paying a total of 750,000 shares of Series D Convertible Preferred Stock and warrants to purchase 8.75 million shares of common stock as part of the transaction. Following the acquisition, Fresh Vine was renamed Amaze Holdings, Inc., and its common stock began trading under the new ticker symbol "AMZE" on the NYSE American.

Operationally, the company has focused on expanding its distribution network, which includes relationships with major distributors across all 50 states and Puerto Rico. As of December 31, 2024, Amaze Holdings had approximately four full-time employees and has been working to enhance its direct-to-consumer (DTC) sales channel, which accounted for 85% of its net revenue in 2024. The company aims to leverage its DTC capabilities to improve margins and customer engagement, particularly among health-conscious consumers aged 21 to 34.

The filing also highlighted the company's ongoing challenges, including a material weakness in internal controls over financial reporting and the need for additional capital to sustain operations. As of December 31, 2024, the company had approximately $156,000 in cash and a working capital of about $1.5 million. The management has expressed concerns regarding its ability to continue as a going concern, emphasizing the necessity of generating sufficient cash flow or securing additional financing to meet its obligations and execute its business strategy.

Looking ahead, Amaze Holdings plans to continue investing in its DTC channel and expanding its product offerings to align with consumer preferences for healthier wine options. The company is also focused on improving operational efficiencies and exploring new market opportunities, including potential international distribution. However, the success of these initiatives will depend on the company's ability to navigate the competitive landscape and address the financial challenges it currently faces.