Alfi, Inc. (ALF): Business Model Canvas [Dec-2025 Updated]

You're looking at the Business Model Canvas for Alfi, Inc. (ALF), but forget about revenue streams from digital out-of-home advertising; this is a post-mortem, not a growth strategy. As of late 2025, the only model left is the Chapter 7 liquidation framework managed by the Trustee, focused purely on asset recovery. Honestly, what remains is a fascinating, if grim, study: turning last reported assets of $25.76 million against liabilities of $8.63 million into value for creditors via the courts and the residual ALFIQ ticker. Dive below to see the precise structure of this wind-down, because understanding the end game is just as crucial as analyzing the start-up phase.

Alfi, Inc. (ALF) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that govern the wind-down of Alfi, Inc. (ALF) under Chapter 7. In this situation, the key partners aren't about joint ventures or suppliers; they are the court-appointed fiduciaries and legal professionals tasked with asset realization and distribution. This is a highly structured, legally mandated set of partnerships, not a commercial one.

The primary partnership is between the Trustee and the US Bankruptcy Court for the District of Delaware, which oversees the entire process under Judge Karen B. Owens, as assigned to case number 1:22-bk-10979, filed on October 14, 2022.

The Chapter 7 Trustee, Alfred T. Giuliano of Giuliano Miller & Co., LLC, is the central figure. His role is to marshal and liquidate the debtor's assets for the benefit of creditors. As of the initial filing, Alfi, Inc. listed assets of $25.76 million against liabilities of $8.63 million. Mr. Giuliano, a Chapter 7 Panel Trustee for the District of Delaware since 2002, has experience liquidating assets ranging from entire operating entities to individual assets across the United States.

The legal counsel partnership is critical for navigating the legal complexities, especially in asset recovery. Landis Rath & Cobb LLP, represented by Kimberly A. Brown, served as the debtor's counsel at the time of filing. Post-appointment, the Trustee's professionals, including legal counsel like Archer & Greiner, P.C. in earlier stages, file fee applications for compensation. For instance, an interim fee application for the Trustee's accountants for the period October 17, 2022, through February 28, 2023, sought fees of $105,013.50 plus $646.91 in expenses.

The Trustee's partnership with the court also involves pursuing litigation to recover value. As of 2024 filings, Mr. Giuliano, in his capacity as Trustee, initiated several adversary proceedings, which are essentially lawsuits to recover assets or challenge transactions. These included actions against entities such as:

• Snowflake, Inc.
• Amazon Web Services, Inc.
• Vistar Media, Inc.
• Esper.io, Inc.

The final category involves the ultimate goal: the sale of assets. While specific 2025 sale prices or buyer identities are not publicly detailed here, the process relies on identifying and negotiating with potential buyers for intellectual property (IP) and physical assets. The Trustee's authority to sell assets is subject to court approval, often following a bidding process or a negotiated sale agreement. The initial asset schedule provides the starting point for these valuations.

Here's a snapshot of the key entities and the initial financial context they managed:

The Trustee's ability to maximize creditor returns depends heavily on the success of these recovery efforts, including the adversary proceedings filed in 2024. Any final distribution to creditors, which would follow the filing of a Final Report (the last filing date noted was 05/20/2025), is entirely dependent on the net proceeds generated from these partnerships.

Finance: draft 13-week cash view by Friday.

Alfi, Inc. (ALF) - Canvas Business Model: Key Activities

You're looking at the wind-down phase for Alfi, Inc. (ALF), which means the key activities are entirely focused on the Chapter 7 liquidation process initiated on October 14, 2022, in the US Bankruptcy Court for the District of Delaware.

Processing creditor claims and managing the estate

The primary activity involves the trustee, Alfred T. Giuliano, managing the estate to maximize recovery for creditors. This starts with the initial financial snapshot reported at the time of filing.

Here's the quick math on the initial estate size:

The estate management activity centers on adjudicating claims filed by creditors, including those from the securities class action settlement which had a claim submission deadline of March 29, 2024.

Liquidating remaining assets, including AI software IP and digital tablets

This key activity involves converting all remaining tangible and intangible assets into cash for distribution. The initial asset base included the company's intellectual property, specifically its AI software IP, and physical assets like digital tablets.

The liquidation process must account for the initial asset valuation. The estate is responsible for securing the best possible sale price for these items.

• Adjudicating the value of the Artificial Intelligence Intellectual Property.
• Managing the sale of remaining digital tablet inventory.
• Securing proceeds from any settled litigation claims.

Filing mandatory reports with the Bankruptcy Court

Regular, mandatory filings are a critical activity to maintain compliance and transparency with the Bankruptcy Court. These reports detail the progress of asset sales and the status of creditor claims.

The trustee must file regular operating reports and status updates. These reports track the cash on hand, which is derived from asset sales, against the outstanding claims.

Managing the residual over-the-counter (OTC) stock ticker (ALFIQ)

Even in liquidation, the residual stock ticker, ALFIQ, requires management, typically involving administrative filings related to the delisting process from NASDAQ and its subsequent trading on the OTC market. This activity is less about generating value and more about administrative closure.

The stock listing status reflects the company's transition from an operating entity to a liquidated estate.

• Monitoring the residual trading activity under the ALFIQ ticker.
• Coordinating with transfer agents regarding shareholder records.
• Ensuring all required SEC filings related to the bankruptcy status are current.

Alfi, Inc. (ALF) - Canvas Business Model: Key Resources

You're looking at the Key Resources for Alfi, Inc. (ALF) as of late 2025. Honestly, the picture here is dominated by the company's filing for Chapter 7 bankruptcy on October 14, 2022. This means the operational Key Resources you'd typically see are now assets under the control of a court-appointed trustee for liquidation, not active components of a functioning SaaS business model. Still, we document what was there.

The most concrete financial figure available relates to the company's state at the time of filing. The debtor listed its total assets in the amount of $25.76 million when it filed for relief in the U.S. Bankruptcy Court for the District of Delaware. Liabilities were listed at $8.63 million at that time.

Here is a breakdown of the key resource categories based on the company's prior operations and the bankruptcy filing:

• Remaining cash and bank accounts: Subject to Chapter 7 trustee control; no current operational cash balance is publicly reported for late 2025.
• Intellectual property (AI/computer vision software, patents): The core proprietary Alfi AI SaaS platform, which uses computer vision to detect audience demographics for DOOH advertising.
• Physical assets (e.g., rideshare digital tablets): Initial rollout included tablets connected by cellular data service in taxis and rideshares.
• Last reported assets of $25.76 million (October 2022 filing).

The value of the Intellectual Property, which was the engine of the business, is now part of the liquidation estate. The company intended to license Alfi on a Software as a Service (SaaS) basis to other DOOH media operators, which would have been a key revenue-generating asset.

Here's a quick look at the last reported financial snapshot before the cessation of operations:

The physical assets, primarily the digital advertising tablets deployed in rideshare vehicles, would have been inventoried and liquidated by the trustee. The company had targeted airports and malls for kiosk rollouts, but the extent of this deployment as of October 2022 is not detailed here. The technology itself was designed to be installable on most Linux or Android-based internet-enabled devices with a camera.

The intellectual property was the most significant non-physical asset. Alfi's value proposition rested on its ability to offer verified impressions and audience measurement based on eyes on screens, which is embedded in its proprietary software. Any patents or trade secrets related to this AI/computer vision technology would be managed by the trustee for potential sale or licensing to satisfy creditor claims.

Finance: Review the Chapter 7 trustee's initial asset inventory filing for any residual cash value by next Tuesday.

Alfi, Inc. (ALF) - Canvas Business Model: Value Propositions

You're looking at the Value Propositions for Alfi, Inc. (ALF) as of late 2025, and honestly, the picture is starkly different from its original pitch. The core value proposition to its original customer segments-advertisers and consumers-is effectively none; the operating business model is defunct. This is cemented by the fact that Alfi, Inc. filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court for the District of Delaware on October 14, 2022.

The current, albeit residual, value proposition is directed solely toward creditors. This value is now realized through the process of asset recovery. While the initial filing listed assets at $25.76, the latest reported figures show total assets at $4.65 million against total liabilities of $5.20 million as of the latest reported quarter. The company's financial structure reflects this distress, with a Debt / Equity ratio of -331.92% and a Return on Equity of -211.06%.

For speculative investors, the value proposition is purely in the trading of residual equity on the OTC market. The stock trades under the ticker ALFIQ on the OTC Markets Expert Market, which restricts quotations from public viewing and means all quotes reflect unsolicited customer orders. As of the close on November 26, 2025, the share price was $10.61, sitting between the 52-week high of $10.70 and the low of $10.05. Insider activity over the last year shows collective sales of $5.40M versus buys/receipts of $1.77M.

Here are the key financial metrics reflecting the current state of the residual entity:

The trading environment itself presents a specific value dynamic for these speculative holders:

• Trading occurs on the Expert Market.
• Quotes reflect unsolicited customer orders only.
• The stock has experienced technical sell signals from moving averages.
• The stock price movement on the last day was a fall of -0.188%.
• The stock has a Dividend Yield of 0.00%.

Finance: draft 13-week cash view by Friday.

Alfi, Inc. (ALF) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Alfi, Inc. (ALF) as of late 2025. Given the Chapter 7 bankruptcy filing on October 14, 2022, the nature of these relationships has shifted entirely to formal, legal proceedings.

Formal, legal communication with creditors via the Trustee

All formal communication regarding the company's affairs is channeled through the appointed case trustee, Alfred T. Giuliano of Giuliano Miller & Co., LLC. This communication supersedes any prior operational contact. The financial context of this liquidation stems from the filing where the debtor listed assets of $25.76 million against liabilities of $8.63 million. As of October 23, 2025, the common stock trades on OTC Markets under the ticker ALFIQ at a price of $0.000001 USD.

• Trustee appointed: Alfred T. Giuliano.
• Bankruptcy filing date: October 14, 2022.
• Reported liabilities at filing: $8.63 million.

Minimal or non-existent relationship with former rideshare drivers or advertisers

Relationships with former customer segments, such as rideshare drivers or advertisers who might have used the Alfi-enabled devices, are effectively non-existent in an operational sense. The focus is on asset disposition, not platform deployment or service provision. The company's initial focus was placing devices in rideshares and airports, but this is now historical context, not an active relationship driver. The market's current valuation of the equity, trading at $0.000001 USD, reflects the cessation of active business operations.

No active sales or customer support functions

Active sales and customer support functions have ceased. Prior to the bankruptcy, the company disclosed that former senior management had agreements with vendors to provide these services. For instance, Vendor 3, a start-up call center, was contracted to provide customer service, sales, and onboarding services. Cash payments totaling approximately $1,200,000 were made to these vendors under agreements that lacked Board approval, according to the internal investigation findings. These past expenditures highlight functions that are now dormant.

Here's a quick look at the financial and operational status points relevant to the company's structure leading up to the cessation of normal operations:

Alfi, Inc. (ALF) - Canvas Business Model: Channels

You're looking at how Alfi, Inc. currently reaches its customers and stakeholders, which, given the Chapter 7 filing, is heavily skewed toward legal and regulatory channels as of late 2025. The direct sales channels for the AI SaaS platform are likely dormant or managed by a trustee, so the primary channels are now the public record systems.

US Bankruptcy Court filings (District of Delaware)

The main channel for official corporate status and communication flows through the U.S. Bankruptcy Court for the District of Delaware. This is where all material corporate actions, including asset disposition and creditor claims, are processed. The case itself is the primary conduit for any remaining operational or financial transparency.

• Chapter 7 Voluntary Petition filed on 10/14/2022.
• Case Number: 1:22-bk-10979.
• Presiding Judge: Karen B Owens.
• Last noted filing date: 05/20/2025.
• Debtor listed assets in the amount of $25.76 (unit not specified in filing summary).

Over-the-counter (OTC) market for the ALFIQ stock ticker

The public trading channel for Alfi, Inc. securities is the OTC Markets, where the ticker is ALFIQ. This market serves broker-dealer pricing, but the company is currently in Bankruptcy or reorganization proceedings and is not current in its reporting obligations under Section 13 or 15(d) of the Exchange Act. This means the information flow is severely restricted.

Here's the quick math on the trading status as of late November 2025:

What this estimate hides is that trading volume and liquidity are extremely low, given the price and bankruptcy status. The technical indicator signal is a Strong Sell.

Legal and administrative correspondence

The historical channel for investor relations has been dominated by legal actions stemming from the company's IPO and executive changes. These legal filings serve as the most recent detailed source of specific financial and operational data points, even if they are historical.

• Securities class action period: Securities purchased between May 4, 2021 and November 15, 2021.
• Initial Public Offering (IPO) date: On or about May 4, 2021.
• IPO issuance: Approximately 3.7 million shares and 3.7 million warrants.
• IPO price: $4.15 per share and warrant.
• Executive investigation initiated: October 28, 2021.
• Condominium purchase under investigation: Approximately $1.1 million.
• Sports tournament sponsorship under investigation: $640,000.

Finance: draft 13-week cash view by Friday.

Alfi, Inc. (ALF) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Alfi, Inc. (ALF) as of late 2025, which is a unique set of stakeholders defined by the Chapter 7 liquidation process initiated on October 14, 2022, in the U.S. Bankruptcy Court for the District of Delaware.

The primary segments are not traditional customers but rather parties with a vested financial or administrative interest in the wind-down of the estate. Here is a breakdown of these key groups:

• Secured and unsecured creditors (last reported liabilities of $8.63 million)
• Chapter 7 Trustee and appointed legal/financial advisors
• Residual equity holders trading the ALFIQ stock

The financial reality of the estate dictates the interaction with each segment. The last reported balance sheet data from the initial filing provides the baseline for the creditor claims.

The Chapter 7 Trustee, Alfred T. Giuliano of Giuliano Miller & Co., LLC, is the central administrative party managing the liquidation of assets to satisfy these claims. The case is being handled by Judge Karen B. Owens.

The legal representation for the debtor at the time of filing was Kimberly A. Brown of Landis Rath & Cobb LLP. The last filing date noted in the case docket was May 20, 2025.

For the residual equity holders, the market reflects the insolvency status:

• Trading Exchange: OTCMKTS
• Stock Price (Oct 23, 2025): $0.000001
• Stock Price (Nov 26, 2025): $10.61 (ALF ticker)
• Stock Price (Nov 24, 2025): $0.0001 (ALFIQ ticker)

The trading activity for ALFIQ shows extremely low valuation, consistent with a residual claim in a Chapter 7 proceeding. The volume traded on the last reported day was 24 thousand shares for approximately $250.43 thousand (based on ALF ticker data).

Alfi, Inc. (ALF) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Alfi, Inc. as of late 2025, which is entirely defined by its Chapter 7 liquidation process that started on October 14, 2022, in the United States Bankruptcy Court for the District of Delaware. This means the historical operating costs are irrelevant; the current costs are almost exclusively administrative and legal expenses related to winding down the estate.

The costs are primarily fixed, driven by the Chapter 7 process itself. These are not costs of generating revenue but costs of ceasing operations and distributing assets. The structure is dictated by the Bankruptcy Code, not business operations.

Significant legal and professional fees for the Trustee and counsel represent the largest ongoing expenditure. Alfred T. Giuliano of Giuliano Miller & Co., LLC was appointed as the case trustee, and Kimberly A. Brown of Landis Rath & Cobb LLP served as legal counsel to the debtor initially. The Trustee's fees and the ongoing legal expenses for administering the estate are calculated based on statutory guidelines or court approval, not on Alfi, Inc.'s prior revenue generation.

Administrative costs associated with the liquidation process cover all necessary expenses to manage and sell the remaining assets. These include court fees, administrative overhead for the trustee's office, and any necessary professional services required to secure and liquidate the company's holdings. The initial financial position sets the scale for these costs; at the time of filing, the debtor listed assets of approximately $25.76 million and liabilities of about $8.63 million.

You'll see minimal or zero cost of goods sold (COGS) or operational R&D because Alfi, Inc. ceased operations prior to the Chapter 7 filing. Any remaining inventory or technology assets are now part of the liquidation estate, and their disposition is managed by the Trustee, not through normal sales channels that would generate COGS.

Here's a look at the initial financial context that frames these liquidation costs:

The nature of these costs means they are largely fixed until the liquidation is complete. The primary variable is the time it takes to sell the assets and resolve all creditor claims, which directly impacts the duration of the Trustee's and counsel's professional service fees.

The key cost drivers under the Chapter 7 structure are:

• Trustee's statutory compensation.
• Fees for the debtor's counsel during the transition.
• Costs for asset appraisal and sale commissions.
• General administrative overhead of the bankruptcy estate.

The actual dollar amounts for Trustee and counsel fees incurred through late 2025 are determined by ongoing filings within the Delaware Bankruptcy Court, which supersede the initial asset figures.

Alfi, Inc. (ALF) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Alfi, Inc. (ALF) as of late 2025, which, given the Chapter 7 liquidation filing in October 2022, is focused almost entirely on winding down operations and asset realization rather than ongoing business activity. Honestly, the focus shifts from generating new sales to maximizing recovery on what's left.

The primary expected sources of cash flow in this phase are the liquidation of remaining tangible and intangible assets, and any successful collection efforts on past due amounts. The original Digital Out-of-Home (DOOH) advertising revenue stream is expected to be dormant.

Here's a look at the components defining the expected revenue picture for Alfi, Inc. in 2025:

• Proceeds from the sale of remaining assets (IP, hardware inventory)
• Recovery of any outstanding accounts receivable
• Zero revenue from the original DOOH advertising business in 2025

Here's the quick math on the last reported figures related to these streams, keeping in mind that the actual 2025 realization amounts are subject to liquidation proceedings and final sales prices. What this estimate hides is the actual realized cash value from the asset sales, which is determined by the bankruptcy court process.

The expectation for operational revenue is clear, but the final cash-in from asset disposition is what matters now. The company's last reported total assets were $11.37 million as of December 31, 2021, though this figure is significantly reduced by the liquidation process.

The focus on recovery centers on these elements:

• Intellectual Property (IP) value realization.
• Sale of any remaining physical hardware inventory.
• Collection efforts on the last recorded Accounts Receivable balance of $0.12 million as of June 30, 2022.

Finance: draft 13-week cash view by Friday.