Amaze Holdings, Inc. (AMZE)

Executive Summary

Amaze Holdings, Inc. (formerly Fresh Vine Wine, Inc.; NYSE American: AMZE) is a small-cap company combining a legacy direct-to-consumer wine business ("Fresh Vine") with a newly acquired creator-commerce software platform ("Amaze Software," acquired March 7, 2025). The company now positions itself as a software business empowering online creators with e-commerce and subscription tools, but it remains in an early, loss-making transition: its own SEC filings flagged an expected fiscal 2025 net loss of roughly $55.2 million.

Core Business Model & How They Work

Amaze runs two distinct revenue engines under one roof. Fresh Vine sells wine direct-to-consumer and wholesale, including a wine-club membership offering quarterly shipments, free shipping, and purchase discounts. Amaze Software is described as "an end-to-end, creator-powered commerce platform" offering product-creation tools, e-commerce infrastructure, and managed services to online creators, monetized through e-commerce transactions and subscriptions. In the first quarter after the acquisition, revenue mix was roughly 65% direct-to-consumer wine sales and 46% subscriptions, while e-commerce revenue was negative due to returns/adjustments — illustrating that the combined business is still stabilizing.

Business Segments

• Fresh Vine (wine): direct-to-consumer and wholesale wine sales, wine-club subscriptions
• Amaze Software (creator commerce): product creation, storefronts, e-commerce, and managed services for online creators

Product Portfolio

Fresh Vine-branded wines; the Amaze Software creator-commerce platform, marketed under a "Creator Commerce Media Platform" concept designed to unlock data-driven revenue streams for creators.

Competitive Landscape

On the wine side, Fresh Vine competes with larger beverage-alcohol DTC and subscription players and countless small wine clubs. On the software side, Amaze competes with far larger, better-capitalized creator-commerce and e-commerce-enablement platforms such as Shopify, creator-monetization platforms like Fourthwall and Whop, and social-platform-native commerce tools (e.g., TikTok Shop, Instagram Shopping) — a crowded and well-funded space.

Strategic Strengths & Risks

Strengths: The pivot into the creator economy gives exposure to a higher-growth market than legacy DTC wine alone, and the combined platform could in theory cross-sell subscription-commerce tools using lessons from the wine-club business. Risks: Large forecast net losses (~$55 million for fiscal 2025), a delinquent/late annual report (NT 10-K notice was filed rather than the 10-K itself), unclear integration synergy between two largely unrelated legacy businesses (wine versus creator software), and intense competition from far larger, better-capitalized e-commerce platforms.

Financial Overview

Public financial disclosures reviewed were limited given the recent (March 2025) transformational acquisition and rename; the company's own NT 10-K notice guided to an approximate $55.2 million net loss for fiscal 2025. Detailed segment revenue and margin data beyond the Q1 2025 mix disclosed above were not available in the sources reviewed — typical of a distressed micro-cap mid-transition.

Summary Conclusion

Amaze Holdings is a distressed, recently repositioned micro-cap attempting to pair a struggling legacy wine business with a new creator-commerce software platform. Heavy losses, a late annual report, and competition from much larger e-commerce platforms make this a speculative turnaround story rather than a moat-backed business.