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

You're digging into the mechanics of SRAX, Inc. as we head into late 2025, specifically how their pivot to the Sequire investor intelligence platform is shaping up financially. Honestly, the core engine is clear: it's a SaaS play where licensing subscriptions are king, driving 95.40% of revenue in H1 2023 and setting up for a forecasted $95 million in annual revenue for 2025. We're talking about a business built on proprietary tech and deep investor data, mainly serving US public companies looking to bridge the gap with their shareholders, with key activities centered on platform maintenance and hosting high-value investor events. If you want to see the full breakdown of who pays, what they get, and where the costs are landing, check out the canvas below; it maps out the whole value capture system.

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

You're looking at the structure of SRAX, Inc. (SRAX) as we approach the end of 2025, specifically focusing on the external entities that make the Sequire platform and corporate strategy work. These relationships are critical for data sourcing, event execution, and corporate control.

The most significant structural partnership involves DNA Holdings, which is in the process of integrating with SRAX, Inc. The definitive merger agreement, dated May 6, 2024, outlined a transaction where SRAX would issue 1,000 shares of a newly created Series C Convertible Preferred Stock to DNA shareholders. This preferred stock is convertible into approximately 75.5% of the outstanding Common Stock of the combined entity upon closing. Prior to this, DNA Holdings already held approximately 35% of SRAX's outstanding common stock. Furthermore, the agreement stipulated that DNA would advance SRAX at least $500,000 on or prior to the closing date. The projected name change for the Public Company following the Merger is DNA Holdings Venture, Inc. DNA Holdings is also a premier sponsor for the Sequire Investor Summit.

The Sequire Investor Summit, hosted in collaboration with partners like DNA Holdings, SEG, and The Money Channel, is a key operational partnership for investor engagement. The structure for the upcoming January 2026 edition indicates the scale of this partnership:

• 75+ visionary presenting companies.
• A powerhouse of 500+ investors, including funds, family offices, and top-tier analysts.
• The event is held at the Condado Vanderbilt Hotel in San Juan, Puerto Rico.

The integration with S3 Partners is a data-centric partnership that enhances the Sequire software-as-a-service (SaaS) solution. This collaboration adds S3 Partners' independent and unbiased short interest and securities finance data directly onto the platform. This provides SRAX, Inc. clients with a reference point for market trends and potential share price direction, information that many investors already use.

The platform's virtual event capabilities rely on various technology and content partners. The expansion of the Sequire Virtual Events product has involved teaming up with entities like Zoom for the Sequire Audience product and the 1x1 Meeting feature. Content creation is fueled by industry experts, traders, and analysts, such as those who spoke at the April 2023 summit, including figures like Tom Sosnoff and Dr. Alexander Elder.

For investor verification, which is crucial for compliance under rules like Rule 506(c) of Regulation D, the industry standard for reasonable steps can involve high minimum investment thresholds. As clarified by the SEC in March 2025, an issuer might rely on minimum investment amounts, such as at least $200,000 for natural persons or at least $1,000,000 for legal entities accredited by total assets, to satisfy verification requirements, though specific SRAX, Inc. data linking this to brokerage firms isn't explicitly detailed for 2025.

Here's a breakdown of the key partnership roles and associated metrics:

The Sequire platform itself utilizes machine learning and advanced analytics to bring clients actionable information, which is then used to engage targeted shareholder groups across marketing channels including email, social media, programmatic, and hyperlocal advertising.

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

You're looking at the core things SRAX, Inc. has to do every day to make this business model work. It's all about keeping that Sequire platform humming and getting the word out to the right people. Here's the quick math on what that involves right now.

Operating and maintaining the Sequire SaaS investor intelligence platform

The Sequire platform is the engine here; it accounted for 95.40% of total revenues for the six months ended June 30, 2023. That's a massive concentration, meaning platform uptime and feature stability are non-negotiable key activities. The company has 122 fulltime employees, who are definitely busy supporting this core offering. The business relies heavily on its domestic client base, with the majority of revenue, 99%, derived from customers in the United States for the six months ended June 30, 2023.

Developing new intelligent technologies and product features

Keeping the technology ahead means continuous development, which is crucial for a SaaS play. While specific 2025 development spend isn't public, the focus is on the data analytics that drive the platform. The company has a stated 2025-12-31 annual revenue forecast of 95MM, which suggests the development pipeline needs to support significant growth from prior reported periods, like the $5.917 million in revenue for the six months ended June 30, 2023.

Hosting virtual and in-person investor conferences and events

Though the subsidiary LD Micro was divested in March 2023, SRAX, Inc. continues to host events under the Sequire brand. The upcoming Sequire Investor Summit, scheduled for January 20th - 22nd, 2026, is planned to feature over 75+ presenting companies and host over 500+ attendees, funds, and analysts. This shows a continued, albeit perhaps scaled-back, commitment to in-person engagement, building on past event scale where one event hosted over 750 in-person attendees and 12K virtual attendees in 2021.

Sales and marketing of the platform to publicly traded companies

The sales effort targets publicly traded companies needing better investor relations tools. The success of this activity is directly tied to the platform's revenue contribution. The company's market capitalization as of March 26, 2025, was $9.3M, with 29.2M shares outstanding, which gives you a sense of the scale they are marketing to. The 2025 revenue forecast of $95MM implies a substantial increase in the number of client subscriptions or the average contract value from the last reported actual revenue figures.

Enhancing communications between public companies and shareholders

This is the ultimate value delivered. The platform's core function is to use data-driven insights to facilitate better engagement. The company's employee base of 122 supports the technology that enables this. The shift to a cash-only payment model, which impacted 2023 revenue figures, highlights the importance of securing reliable, recurring revenue streams from these communications services to fund ongoing operations.

Finance: review the Q3 2025 actual revenue against the $95MM forecast by end of next week.

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

You're looking at the core assets SRAX, Inc. (SRAX) relies on to run its business as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their investor communications and data services.

Proprietary Sequire SaaS platform technology and intellectual property form the bedrock. This platform is the operating system for publicly traded companies, using machine learning to help them identify, track, and engage with investors. For the six months ended June 30, 2023, this platform segment accounted for 95.40% of total revenues, which totaled $5.917 million for that period. The technology itself is the primary value driver.

The platform's value is directly tied to the investor data and insights, including shareholder behavior and trends it unlocks. This hyper-specific investor intelligence is what clients pay for to maximize the efficacy of their media campaigns.

The Sequire Investor Community, a network of millions of investors, is a critical resource for data sourcing and engagement. While the last concrete growth numbers cited are from 2021-reaching over 5 million retail investors-the platform continues to build this network through events like the Sequire Investor Summit, which plans for over 500 attendees/investors in January 2026.

Key personnel in technology development and investor relations expertise support the platform. SRAX, Inc. has a total employee count of 122. The founder and CEO is Christopher Miglino.

Finally, the company holds marketable securities, though reliance is a liquidity risk. Management has indicated the need to raise additional capital and is heavily reliant on converting these securities into cash. Historically, the aggregate market value of voting and non-voting common equity held by non-affiliates was reported as $121,972,024 as of June 30, 2021.

Here's a quick look at the latest reported financial and operational metrics available near your late 2025 timeframe:

The platform's capabilities are further defined by the services it offers:

• Licensing of the proprietary SaaS platform.
• Sales of proprietary data and insight services.
• Organization and hosting of investor conferences via LD Micro.
• Custom-built landing pages for client media campaigns.

The company focuses its revenue generation on customers in the United States, which accounted for 99% of revenue for the six months ended June 30, 2023.

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

You're looking at the core value SRAX, Inc. (SRAX) delivers to its public company clients. It's all about making investor relations less of a guessing game and more of a data-driven operation. The platform, Sequire, is the engine here.

Premier investor intelligence and communications platform

The value proposition centers on giving public companies a single operating system for investor relations. This means moving beyond simple press releases to actual engagement tracking. While the platform reached 5 million retail investors by May 2021, the real metric now is the depth of intelligence provided to the client base, which is reflected in the company's market standing as of early 2025. As of March 26, 2025, the market capitalization stood at $9.3M with a stock price of $0.32.

Here's a quick look at how the market valued SRAX, Inc. around that time:

The P/B ratio of 0.67 suggests the market valued the company at less than its book value, which is something management is definitely working to change with platform adoption.

Unlocking data and insights for publicly traded companies

SRAX, Inc. helps issuers track investor behavior and trends, which is crucial for targeted outreach. This intelligence layer is what separates their offering from basic communication tools. The platform uses machine learning to identify prospective retail investors, which is a key differentiator in a noisy market. The focus is on actionable data, not just volume.

• Track investor buying and selling behaviors.
• Identify prospective retail investors using machine learning.
• Integrate data like Short Interest Data from partners like S3 Partners.

Direct engagement tools for companies to reach shareholders

The platform provides the channels to act on the insights you just unlocked. You get the tools to engage current and potential investors directly across various marketing channels. This is about closing the loop between intelligence gathering and direct communication. You can use these tools for specific corporate actions.

The Sequire platform grants executives exclusive access to host essential communications:

• Earning Calls.
• Investor/Analyst Days.
• Shareholder Meetings.
• Corporate Town Halls.
• Annual General Meetings.

Seamless, centrally managed virtual events solution

SRAX, Inc. offers a solution to host events that feel interactive, scaling from a single webinar to a multifaceted conference. This is a direct response to the shift toward digital engagement, even as physical events return. While the global virtual events market is projected to grow from USD 159.08 billion in 2025 to USD 186.65 billion in 2026, SRAX, Inc.'s value is in providing a specialized, finance-focused environment.

The platform supports customized 3D environments to give an in-person energy feel. You can host events like industry-specific conferences or investor days using this software, which is designed to scale to any audience size.

Targeted advertising campaigns to build an investor base

This is the acquisition side of the value proposition. It's not just about talking to who you already have; it's about finding new, quality shareholders. The platform's intelligence feeds into ad services to build that base. You use the data to target campaigns effectively, which should, in theory, lead to better capital market engagement for the client.

The ability to execute targeted campaigns is supported by the underlying investor data set. If onboarding takes 14+ days, churn risk rises, so speed in campaign deployment is defintely a factor in perceived value.

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

You're looking at how SRAX, Inc. (SRAX) manages its connection with the public companies and retail investors using its Sequire platform. The relationship model is clearly multi-faceted, blending high-touch service with scalable SaaS delivery.

The core of the self-service model is the Sequire platform itself, which is the primary revenue driver. As of the six months ended June 30, 2023, this platform accounted for 95.40% of total revenues.

The scale of the investor network that SRAX, Inc. (SRAX) is engaging on behalf of its clients has been significant, with reports indicating the Sequire platform had grown to over 5 million retail investors as of May 2021.

For direct interaction and support, the company structure as of August 31, 2022, showed 28 employees dedicated to integration and customer support, working alongside 17 in sales and marketing.

Here is a snapshot of the key relationship-relevant metrics we can confirm:

Dedicated managed services for high-touch client support are structured around the Sequire platform and ancillary data services provided to corporate clients. The company recognizes revenue from these contracts ratably over the contractual term, which generally has annual terms.

• Client contracts generally have annual contractual terms.
• Amounts billed in advance are non-refundable.

The self-service model via the Sequire SaaS platform subscription is designed to be the operating system for publicly traded companies. This model relies on the platform's ability to track shareholder behaviors and trends for client companies.

Community-driven engagement through the Sequire Community is a planned extension of the platform, aiming to be a place where investors convene, learn, and share on industry topics. Specific 2025 active user or engagement statistics for the Sequire Community are not explicitly detailed in the latest filings reviewed.

Direct sales and in-house marketing team interaction supports the acquisition of the corporate subscribers who then utilize the platform to reach their investors. The company's primary revenue source, the Sequire SaaS platform, is the focus of the sales effort.

• 99% of revenue derived from customers in the United States for the six months ended June 30, 2023.
• The company operates as a single reportable segment focused on the Sequire platform.

Finance: review the Q3 2025 filing for updated corporate client counts by Friday.

SRAX, Inc. (SRAX) - Canvas Business Model: Channels

You're looking at how SRAX, Inc. (SRAX) gets its services-the Sequire platform and event hosting-into the hands of public companies and investors. The channels are heavily weighted toward digital, but the in-person events remain a key touchpoint, especially for high-value engagement.

The primary distribution channel is overwhelmingly the Sequire SaaS platform, which is a direct digital distribution model. This is where the bulk of the revenue is recognized. To give you the clearest picture of its current reliance on this channel, look at the revenue segmentation from the most recent detailed filings available, which reflect the state as of mid-2023, as we await the full 2025 fiscal year breakdown. Honestly, the numbers show a near-total dependence on the platform for recurring revenue.

Here's a quick look at how the revenue streams were split based on the first half of 2023:

The Virtual Events platform serves as a secondary, nonrecurring revenue channel, often bundled or used for specific corporate needs. This platform allows SRAX, Inc. to host a variety of functions, including earnings calls, shareholder meetings, and roadshows. While specific 2025 event revenue isn't public yet, we know the platform was used to host the 2021 Main Event, which featured over 3,000 attendees. This shows the capacity for large-scale digital distribution of event content.

The Sequire Investor Summit and other in-person/virtual conferences are critical for brand visibility and direct client interaction, especially in the micro-cap space. You can see the focus on this channel with the scheduled Sequire Investor Summit: Puerto Rico in January 2025. For that event, the plan was to feature over 75+ presenting companies and host over 500 investors, funds, family offices, and analysts. This is a high-touch channel designed to connect issuers directly with capital.

Finally, the in-house sales and marketing team drives direct client acquisition for the Sequire platform subscriptions and managed services. This team is responsible for onboarding the public companies that form the base of that 95.40% recurring revenue segment. The company's success in generating its trailing twelve-month revenue of $18.6M as of June 30, 2023, was fundamentally dependent on this direct sales effort to secure those SaaS contracts. The majority of the company's revenue, 99% for the first six months of 2023, comes from customers in the United States, which is where this direct sales force is concentrated.

The distribution strategy is clearly about embedding the SaaS platform as the core utility, supported by high-profile, high-touch events.

• Sequire platform adoption is the key metric for channel success.
• Investor Summits are strategically placed in locations like Puerto Rico for tax benefits and investor access.
• The platform itself is designed to engage investors across marketing channels like email and social media post-acquisition.
• Direct sales efforts target public companies needing shareholder intelligence tools.

Finance: review the Q3 2025 revenue breakdown to see if event revenue has grown above the 2023 baseline of 4.60%.

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

You're looking at the core audience SRAX, Inc. (SRAX) serves with its Sequire platform. This is where the rubber meets the road for their technology.

The primary customer base SRAX, Inc. targets consists of publicly traded companies that need better ways to understand and communicate with their shareholder base. These companies are actively seeking investor intelligence and engagement tools to manage their corporate narrative.

A key internal customer group is the Investor Relations (IR) teams at these listed corporations. They are the direct users of the Sequire platform, relying on its data-driven insights to execute targeted marketing and communication campaigns to current and potential investors.

The platform also serves the end-users of the engagement layer, which includes retail and institutional investors who interact with the company's communications, often through the Sequire Community feature. The platform is designed to track these investors' behaviors and trends.

Geographically, the customer concentration is extremely high. Based on the latest available financial reporting periods, the vast majority of the business is domestic. For the six months ended June 30, 2023, the majority of the company's revenue, approximately 99%, was derived from customers located in the United States. This shows a defintely strong reliance on the U.S. market for revenue generation.

The Sequire SaaS platform itself is the engine driving this segment interaction. For the six months ended June 30, 2023, this platform accounted for 95.40% of total revenues, indicating that nearly all customer-related revenue flows through this single operational segment.

Here's a quick look at the segmentation based on the latest reported operational data:

The business model is built around servicing these corporate clients, but the value proposition extends to the investors they seek to engage. You can see the platform's dominance in the revenue mix:

• Sequire SaaS platform revenue share for the three months ended March 31, 2023: 99.75%.
• Sequire SaaS platform revenue share for the six months ended June 30, 2023: 95.40%.
• Revenue from United States customers for the three months ended March 31, 2023: 99.41%.
• Revenue from United States customers for the six months ended June 30, 2023: 99%.

Finance: draft 13-week cash view by Friday.

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

You're looking at the cost side of SRAX, Inc.'s business as they continue to optimize the Sequire SaaS platform model. Honestly, for a company in transition, understanding where the cash is going is key, especially given the focus on streamlining operations after the LD Micro divestiture in March 2023. The most concrete operational expense number we have on hand shows the scale of their spending base before the full impact of late 2025 strategy shifts.

The Operating expenses were $5.435 million for the six months ended June 30, 2023. This figure reflects a significant reduction, down 66% from the $16,157,000 reported for the same six-month period in the prior year. This cost management effort is central to their current structure, as management focuses on reducing dependency on marketable securities for cash flow.

Here's a quick look at the operating expense comparison from the mid-2023 reporting period:

The primary cost drivers fall into the categories you mentioned, all bundled within that total operating expense figure. For a SaaS-focused entity like SRAX, Inc., technology development and platform maintenance costs are defintely a major component. This covers the upkeep, upgrades, and infrastructure for the Sequire platform, which accounted for 99.75% of total revenues for the three months ended March 31, 2023.

Sales and marketing expenses are necessary to acquire new corporate subscribers for the Sequire platform. While specific 2025 figures aren't public, the overall push for efficiency suggests tight control over customer acquisition costs (CAC). Furthermore, general and administrative expenses are unavoidable, especially for a public company, and this category includes costs related to regulatory compliance, which management noted as a challenge for future operations.

You should keep an eye on these specific cost buckets as SRAX, Inc. moves forward:

• Technology development and platform maintenance costs, tied directly to the Sequire SaaS infrastructure.
• Sales and marketing expenses required to grow the corporate subscriber base.
• General and administrative expenses, which include necessary regulatory compliance overhead.
• The impact of the strategic shift toward optimizing the balance sheet on fixed vs. variable costs.

Finance: draft 13-week cash view by Friday.

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

You're looking at how SRAX, Inc. brings in the money from its core technology offering. The revenue model is heavily concentrated around the Sequire platform, which is their premier operating system for public companies.

The primary streams are built on recurring software access and related support services. Specifically, you see revenue generated from:

• Licensing subscriptions for the Sequire SaaS platform.
• Managed services and ancillary data services fees.

To be fair, the reliance on the platform is significant. Revenue from the Sequire platform accounted for 95.40% of total revenue for the six months ended June 30, 2023. This shows you where the entire business focus is centered.

Here's a look at some of the concrete financial figures related to revenue generation, blending historical context with the near-term outlook:

The base monthly license fee for a Sequire subscription historically ranged from $1,000 per month up to $5,000 per month. Also, remember that SRAX, Inc. operates as a single reportable segment, which is the Sequire SaaS platform, focusing on enhancing communications between public companies and their shareholders.

What this estimate hides is the impact of the strategic shift away from accepting non-cash compensation. For instance, revenues for the six months ended June 30, 2023, reflected a decrease from $15.221 million in the same period the prior year, partly due to this transition to accepting only cash as compensation for services. Still, the analyst forecast for 2025 suggests a significant ramp-up to $95 million.

The geographic concentration is also a key factor in revenue stability; for the three months ended March 31, 2023, the company earned 99.41% of its revenues from customers in the United States.

Finance: draft 13-week cash view by Friday.