Friday, January 16, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
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