E-Commerce Platform Ready To Be Amazing
Research Report

1.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Oak Ridge Financial, Amaze Holdings Inc., June 26, 2025

Analyst Certification: I, Richard Ryan, certify that the views expressed in this research report accurately reflect my personal views about the subject company and its securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation related to the specific recommendations expressed in this report. Important Disclosures: The analyst or a member of his/her household does not hold a long or short position, options, warrants, rights or futures of this security in their personal account(s). As of the end of the month preceding the date of publication of this report, Oak Ridge Financial did not beneficially own 1% or more of any class of common equity securities of the subject company. There is not any actual material conflict of interest that either the analyst or Oak Ridge Financial is aware of. The analyst has not received any compensation for any investment banking business with this company in the past twelve months and does not expect to receive any in the next three months. Oak Ridge Financial has been engaged for investment banking or advisory services with the subject company during the past twelve months and does anticipate receiving compensation for such services in the next three months. Oak Ridge Financial has not served as a broker, either as agent or principal, buying back stock for the subject company’s account as part of the company’s authorized stock buy-back program in the last twelve months. No director, officer or employee of Oak Ridge Financial serves as a director, officer or advisory board member to the subject company. Oak Ridge Financial Rating System: Oak Ridge Financial utilizes a two-tier rating system for potential total returns over the next 12 months. Buy: The stock is expected to have total return potential of at least 15%. Catalysts exist to generate higher valuations and positions should be initiated at current levels. Investors requiring time to build positions may consider current levels attractive. Hold: The stock is expected to have total return potential of less than 15%. Fundamental events are not present to make it a Buy. The stock may be an acceptable longer-term holding. Valuation and Price Target Methodology: Amaze has a limited operating history as it was recently acquired by Fresh Vine Wine, Inc. in March 2025. In addition, a recent accounting change to the Company’s revenue recognition and unknown seasonality of the business has led us to issue an annualized financial forecast alongside our traditional rating and price target. Once the Company has completed its FY25 and published subsequent quarterly figures, we believe there will be enough historical results to provide a quarterly forecast. With that being said, we initiate coverage of Amaze Holdings, Inc. (AMZE) with a Buy Rating and a $18.50 Price Target. Our valuation is based on a 6.80x EV/Sales metric on our FY25 estimate, which is consistent with comps in the E-Commerce industry. Ratings Distribution for Oak Ridge Financial Rating Number of Stocks Percent of Total Number of Stocks Percent of Total Buy 7 100.0% 7 100.0% Hold 0 0.0% 0 0.0% 7 100.0% 7 100.0% Investment Banking The above represents our ratings distribution on the stocks covered by Oak Ridge Financial, together with the number (and percentage of) each category for which Oak Ridge Financial provided investment banking services in the previous twelve months. Total June 26, 2025 Oak Ridge Financial Research Amaze Holdings, Inc. (AMZE) Page 14 Date Nature of Report Rating Price Target 06/26/2025 Initiation Buy @ $9.66 Buy $18.50 Oak Ridge Financial does not make a market in the subject security at the date of publication of this report. Other Disclosures: The information contained in this report is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made as of this date and are subject to change without notice. This report has been prepared solely for informative purposes and is not a solicitation or an offer to buy or sell any security. The securities described may not be qualified for purchase in all jurisdictions. Because of individual requirements, advice regarding securities mentioned in this report should not be construed as suitable for all accounts. This report does not take into account the investment objectives, financial situation and needs of any particular client of Oak Ridge Financial. Some securities mentioned herein relate to small speculative companies that may not be suitable for some accounts. Oak Ridge Financial suggests that prior to acting on any of the recommendations herein, the recipient should consider whether such a recommendation is appropriate given their investment objectives and current financial circumstances. Past performance does not guarantee future results. Additional information is available upon request.

On June 26, 2025, Oakridge Financial analyst Richard Ryan initiated coverage on Amaze Holdings Inc. (AMZE:NYSE) with a Buy rating and a US$18.50 price target, representing 1,055% upside from the share price at the time of the report.

The analyst based the valuation on a 6.80x EV/Sales metric for FY25 estimates, consistent with e-commerce industry comparables, citing the company's positioning to capitalize on the expansive Creator Economy opportunity.

Business Combination and Corporate Structure

Amaze completed a business combination in March 2025 when Fresh Vine Wine, Inc. announced the acquisition of Amaze Software, Inc. through a US$75 million equity exchange.
The transaction was followed by a corporate name change to Amaze Holdings, Inc. and a 23-to-1 reverse stock split, resulting in approximately 6.5 million shares outstanding. The company maintains a US$35 million equity line of credit with C/M Capital Master Fund.

Market Opportunity and Platform Overview

The company operates within the Creator Economy, which Ryan noted encompasses approximately 207 million creators worldwide and is "expected to grow into a US$528B market by 2030." Amaze provides a comprehensive platform with three primary software solutions: Spring, targeting a US$770 billion total addressable market as a one-stop monetization shop for creators; Studio, serving a US$9 billion market for mobile-first shopping experiences; and Teespring, addressing a US$10 billion marketplace opportunity.

The analyst highlighted recent market validation, noting that YouTube's ecosystem "contributed US$55B to the U.S. GDP while supporting the equivalent of 490K full-time jobs in the U.S. alone" in 2024. Additionally, studies show that "57% of Gen Z and 41% of adults said they would like to become an influencer if given the chance."

Business Model and Revenue Streams

Amaze generates revenue through four primary streams, with 80% derived from its commerce platform and 20% from software subscriptions. The selling margin component provides 40-50% margins on product costs, while the platform facilitates creator merchandise sales across 250+ base catalog products through global supply chain partnerships. The company's strategic partnerships include major social media platforms such as YouTube, TikTok, Discord, and OnlyFans, creating seamless integration for creators.

Recent partnerships announced in 2025 include collaborations with Roblox for digital avatar fashion, Adobe Express for enhanced creative tools, and Empact for European Union market expansion. Ryan noted that partnerships with "Adobe, Linktree, and Picsart have brought around 200M new users to the Amaze platform."

Financial Performance and Guidance

First quarter 2025 results reflected limited integration impact, with total net revenue of approximately US$60,000, down 42% from US$105,000 in Q1 2024, primarily due to reduced marketing spending during acquisition planning. The company reported a gross loss of US$3,000 in Q1 2025, improved from a US$111,000 gross loss in the prior year period. Operating expenses increased to approximately US$1.9 million from US$1.1 million, resulting in a net loss of US$2.1 million, or US$0.13 per share.

Management provided FY25 guidance of US$20 million in revenue with an 80% gross margin expectation following accounting changes to revenue recognition methodology. Operating expenses are projected between US$12-13 million, leading to an anticipated adjusted EBITDA of approximately US$4 million.

Strategic Positioning and Competitive Landscape

While acknowledging competition from established players like Shopify with its US$140+ billion market capitalization and estimated 10% e-commerce platform market share, Ryan emphasized Amaze's differentiated approach. The analyst noted that Amaze's "expansive partnership network allows the company to be a one-stop shop for small-to-medium sized creators" with seamless social media platform integration.

The company maintains a strong cash position of approximately US$484,000 as of Q1 2025, though faces US$5.2 million in debt with US$4.5 million maturing at year-end 2025. Ryan acknowledged key risks including limited operating history, emerging industry dynamics, financial capacity constraints, and dependence on Amazon Web Services infrastructure.

Investment Outlook and Valuation Framework

Ryan's valuation methodology reflects the company's position within the fragmented Creator Economy landscape, with potential for both organic growth and strategic acquisitions.

The analyst emphasized that the recent reverse merger and stock split may have created an "unjustified decrease in value," presenting what he characterized as "a unique opportunity for investors to get a piece of the expansive Creator Economy."