J and Friends Holdings Limited is a Nasdaq-listed provider of merchant digitalization and commerce-enablement solutions, primarily serving small and medium enterprises in Australia. The company specializes in delivering cloud-based software and hardware tools that help SMEs manage operations, engage consumers, and process payments across physical and digital channels. Following the divestment of its historical financial solutions business in mainland China, the company now focuses exclusively on empowering merchants in the food and beverage, retail, and wholesale sectors through integrated technology platforms.

J and Friends Holdings Limited generates revenue through a combination of hardware sales, software-as-a-service subscriptions, and transaction-based commissions. The company earns one-off fees from the sale of in-store hardware such as point-of-sale terminals, kiosks, and printers, while recurring SaaS fees provide a stable revenue stream from merchants using its digital workflow solutions. Additionally, the company charges volume-based commissions on electronic payment transactions processed through its payment enablement platform, creating a scalable and diversified income model tied to merchant activity and transaction volumes.

The company operates through the following segments:

• Food and Beverage Solution: This segment provides digital tools for restaurants, cafés, and hospitality merchants to streamline front-of-house and back-of-house operations, including order management, menu configuration, kitchen coordination, and real-time reporting. The solution supports omni-channel capabilities such as dine-in, takeaway, and online ordering, and integrates with in-store hardware like POS terminals and self-service kiosks. Revenue is derived from hardware sales and recurring SaaS fees, with approximately 1,378 merchant locations served as of December 31, 2025.

• Retail Solution: This segment offers an integrated platform for retail and wholesale merchants, enabling checkout management, inventory control, and purchasing workflows. The solution includes POS functionality, mobile tools for inventory tracking, and optional integrations with electronic shelf labels and online ordering systems. Like the F&B segment, revenue comes from hardware sales and SaaS subscriptions, with 387 retail merchant locations supported at year-end 2025.

• Payment Solution: This segment delivers payment enablement services that allow merchants to accept and manage electronic payments across multiple methods, including credit and debit cards, digital wallets, and bank transfers. The platform integrates with third-party processors and supports reconciliation and reporting tools. Revenue is generated through transaction-based commissions, with 1,687 merchant locations using the service in 2025.

J and Friends Holdings Limited operates in a competitive and fragmented market for merchant software and payment solutions. Key competitors include global and regional POS providers, fintech companies offering bundled merchant services, and niche vendors specializing in vertical-specific tools. Despite facing rivals with greater brand recognition, larger customer bases, and deeper financial resources, the company differentiates itself through its modular, cloud-native architecture, ease of integration, and focus on SMEs in high-growth sectors. Its ability to deliver end-to-end digital workflows, combined with a subscription-based model, positions it as a scalable and adaptable player in the merchant enablement space.

The company serves a diverse base of small and medium enterprises across Australia, primarily in the food and beverage and retail sectors. Its customer portfolio includes single-location merchants as well as multi-store operators and franchise networks. While specific customer names are not disclosed, the company has established strategic partnerships with internationally recognized brands and franchise associations, leveraging these relationships to drive adoption and refine its product offerings. The majority of its merchant locations are concentrated in Australia, with plans to expand into markets such as New Zealand, Singapore, Bangladesh, and the United Kingdom.