Recent leadership changes include the appointment of Yakir Abadi as CEO in August 2025 and Ben Harris as Chief Technology Officer in January 2026, reflecting management strengthening during the company's strategic pivot.

• AppYea named Yakir Abadi as CEO in August 2025 [N2].
• AppYea appointed Ben Harris as Chief Technology Officer in January 2026 [N1].

AppYea's blockchain-based lottery platform offers a transformative approach to the lottery industry by enhancing transparency, fairness, and operational efficiency through smart contracts and verifiable randomness. The platform's modular design and multi-chain support position it to serve diverse operators and regulatory regimes. The company's focus on emerging markets with growing digital adoption, combined with its active customer deployment, suggests potential for commercial expansion. Recent leadership appointments in technology and executive roles may strengthen execution capabilities. The revenue model combining setup, service, custom development, and performance fees provides multiple monetization avenues.

AppYea operates in a highly competitive and regulated lottery technology market with established incumbents. The company's commercial operations are at an early stage with minimal revenues and significant net losses. Liquidity constraints and a substantial accumulated deficit raise concerns about the company's ability to sustain operations without additional capital. The strategic pivot from digital health to blockchain lottery entails execution risks, including customer acquisition, regulatory approvals, and technology adoption. The platform's reliance on blockchain infrastructure and third-party randomness providers introduces operational and security risks. Market acceptance and scalability remain unproven.

AppYea's moat is centered on its proprietary blockchain-based lottery platform that integrates verifiable randomness and transparent smart contract infrastructure, addressing longstanding industry challenges of fairness, transparency, and regulatory compliance. The platform's multi-chain architecture and modular design enable scalability and adaptability to diverse regulatory environments. The company's early mover position in applying blockchain technology to institutional lottery markets, combined with its intellectual property portfolio and active customer deployment, provide a competitive edge. However, the moat is nascent given the company's early-stage commercial activity and the presence of established lottery operators and technology providers in the market.

• Liquidity and Going Concern Risk: The company has a working capital deficit and limited cash resources, with substantial doubt about its ability to continue as a going concern without raising additional capital.
• Early-Stage Commercialization Risk: AppYea's blockchain lottery platform is in early commercial stages with only one active customer, and future growth depends on securing additional customers and expanding into new markets.
• Regulatory and Market Adoption Risk: The lottery industry is highly regulated, and the company's ability to operate depends on compliance with diverse regulatory requirements and acceptance by operators and players.
• Technology and Security Risk: The platform relies on blockchain technology and third-party randomness providers, which may be subject to vulnerabilities, operational failures, or security breaches.

• AppYea, Inc. was incorporated in South Dakota in 2012 and redomiciled to Nevada in 2021.
• The company historically operated in digital health, developing wearable monitoring solutions for sleep apnea and snoring based on AI and sensing technologies.
• In August 2025, AppYea acquired Techlott Enterprises Ltd., gaining a proprietary blockchain-based lottery and gaming platform and related intellectual property, marking a strategic pivot to the institutional lottery market.
• The blockchain platform provides a production-ready technology package for enterprise lottery deployments, emphasizing fairness, transparency, verifiable randomness, and audit trails.
• The platform architecture integrates blockchain smart contracts, backend systems, and user interfaces, supporting high-throughput and multi-jurisdictional deployment.
• Core platform features include lottery lifecycle management, operator tools, affiliate and promotional systems, and player engagement features.
• The platform uses Binance Smart Chain and Chainlink VRF for verifiable randomness to ensure fairness and regulatory compliance.
• AppYea currently has one active customer deployment in The Gambia, focusing commercial activity in Africa with plans to expand to Asia and Europe.
• The company generates revenue from setup fees, recurring service fees, custom development fees, and performance-based fees linked to platform activity.
• Financially, as of December 31, 2025, AppYea had $408,000 in cash and cash equivalents, current assets of $571,000, and current liabilities of $7,897,000, resulting in a current ratio of 0.07 and cash ratio of 0.05.
• For the year ended December 31, 2025, the company reported a net loss of $15.1 million and basic and diluted EPS of -$0.026.
• Revenues were minimal, approximately $7,625 for 2025, primarily from sales of apnea devices, reflecting early-stage commercial activity.
• General and administrative expenses increased significantly in 2025 due to remeasurement of contingent liabilities related to share issuances to controlling shareholders.
• The company has a substantial accumulated deficit of $25.5 million and a working capital deficit as of December 31, 2025.
• Liquidity is a concern with cash used in operations of $606,000 in 2025 and management expressing substantial doubt about the company's ability to continue as a going concern without additional capital.
• Recent executive appointments include Yakir Abadi as CEO in August 2025 and Ben Harris as Chief Technology Officer in January 2026.
• The company provides ongoing platform support, customization, and development services to licensed lottery operators.
• The business model focuses on providing technology solutions to licensed operators in regulated or emerging markets, partnering with existing operators rather than acting as a licensed operator itself.