Executive Summary / Key Takeaways

• BlueOne Card, Inc. (BCRD) is undergoing a profound strategic transformation, shifting from its legacy prepaid card business to become a global provider of advanced payment infrastructure solutions and stablecoin remittance services, primarily driven by the acquisition of Millennium EBS.
• The company's core technological differentiators, the Millennium EBS Payment Hub and the upcoming BlueOne Pay platform, offer streamlined payment orchestration, ISO 20022 compliance acceleration, and cost-effective stablecoin-to-fiat remittances, positioning BCRD to capitalize on significant industry trends.
• Recent financial results for the three months ended June 30, 2025, show initial revenue generation of $95,556 from the new fintech segment, a substantial increase from zero in the prior year, though operating expenses and net losses have also risen due to integration and investment.
• Despite promising strategic partnerships and a clear growth roadmap, BCRD faces significant financial headwinds, including an accumulated deficit of $5.20 million and a working capital deficit of $1.91 million, raising substantial doubt about its ability to continue as a going concern without further capital.
• The investment thesis hinges on BCRD's successful execution of its fintech strategy, particularly the commercialization of its Payment Hub and BlueOne Pay, and its ability to secure adequate financing to overcome current liquidity challenges and achieve its stated goal of NASDAQ listing by Q4 2026.

A Strategic Metamorphosis in Fintech

BlueOne Card, Inc. (BCRD) is in the midst of a significant strategic transformation, evolving from its historical roots in prepaid card program management to emerge as a diversified, global provider of advanced payment infrastructure solutions. This pivot, largely catalyzed by the pivotal acquisition of Millennium EBS (MEI) in December 2024, positions BCRD at the intersection of regulatory compliance and payment innovation. The company's mission is to empower financial organizations worldwide to modernize their payment systems, accelerate innovation, and meet complex regulatory requirements with agile, scalable, and compliant technology platforms.

The global financial services industry is undergoing powerful, long-term shifts, including the mandatory transition to ISO 20022, the modernization of legacy banking systems, and the explosive growth in digital remittances. BCRD is strategically aligning its new offerings to capitalize on these non-discretionary trends. The company anticipates commencing commercial-scale revenue generation from its new business lines in the first calendar quarter of 2026, with potential revenue growth expected over the next year, driven by the integrated Payment Hub platform.

Technological Foundation and Competitive Edge

BCRD's core investment thesis is deeply rooted in its differentiated technology, primarily the Millennium EBS Payment Hub and the forthcoming BlueOne Pay platform. The Millennium EBS Payment Hub is an advanced payment orchestration and modernization platform designed to efficiently manage payments across multiple networks. This centralized solution allows banks and financial institutions to streamline various payment types, including ACH, wire, card, and real-time payments, through a single, integrated hub. This functionality is crucial for reducing operational complexity, lowering costs, and enhancing flexibility for financial institutions.

A key differentiator of the Millennium Payment Hub is its role as an accelerator for ISO 20022 migration and compliance. The global financial industry's mandatory transition to this new, data-rich messaging standard presents a significant technological challenge for most banks. Millennium's platform is designed to help institutions fast-track their adoption, meet compliance deadlines, and unlock the value of enriched data. The company has already demonstrated this capability, successfully enabling major banking institutions in Sri Lanka and Guyana to transition to ISO 20022 standards, showcasing its effectiveness for scalability, compliance, and secure financial messaging. The Millennium Payment Hub software is amortized over an estimated useful life of 10 years, reflecting its long-term strategic value.

Complementing its B2B payment infrastructure, BCRD is introducing BlueOne Pay, a remittance program designed to address the growing demand for cost-effective global money transfers. BlueOne Pay will enable a seamless, low-cost conversion of stablecoin USDT (Tether) into USD, with funds delivered through bank transfers, prepaid cards, or cash pick-up. This platform is presented as a more cost-effective solution than traditional bank wires or SWIFT, particularly for underserved groups who receive cryptocurrency but lack easy conversion options. The market opportunity is substantial, with over 150 billion outbound remittances sent annually in the U.S. and over 500 million people globally utilizing crypto assets like USDT, which boasts a daily trading volume exceeding $70 billion. BlueOne Pay is structured to comply with U.S. financial regulations, aligning with a pro-innovation regulatory environment for stablecoins.

Strategic Initiatives and Market Penetration

BCRD's strategic initiatives are focused on leveraging its technological advantages to expand its global footprint. The company has formed a strategic partnership with ABeam Consulting (USA) Ltd., a global business consulting firm, to promote and implement its ISO 20022 and Payment Hub solutions by utilizing ABeam's extensive network of banking clients. This collaboration is expected to accelerate market penetration.

Further validating its technology, BCRD has secured an engagement with a large commercial bank in Nepal to facilitate its transition to the ISO 20022 standard. This serves as a critical reference case in the South Asian market and is expected to attract more banking customers. Millennium EBS is also in discussions to form a strategic partnership with a Fortune 500 company that serves over 600 financial institutions in more than 140 countries, aiming to significantly expand the global reach and implementation of its Payment Hub platform. These partnerships and engagements underscore the market's demand for modern payment infrastructure and BCRD's potential to capture a share of this growing market.

Financial Performance and Liquidity Challenges

For the three months ended June 30, 2025, BlueOne Card, Inc. reported revenues of $95,556, a significant increase from zero in the comparable period of 2024. This revenue was primarily derived from implementation fees ($60,000) and subscription fees ($35,556) related to the Millennium Payment Hub platform. Cost of revenues, excluding software amortization, totaled $35,060, resulting in a gross profit of $60,496 for the quarter.

However, the company's financial performance reflects its developmental stage and the costs associated with its strategic transformation. Operating expenses surged by $175,874 to $433,479 for the three months ended June 30, 2025, compared to $257,605 in the prior year. This increase is primarily attributable to the combined expenses of BlueOne Card and Millennium EBS following the acquisition, including higher consulting, marketing, professional fees, and software amortization. Consequently, the net loss for the quarter widened to $343,513, up from $259,359 in the same period of 2024.

Liquidity remains a critical concern for BCRD. The company has not generated significant revenues and has incurred operating losses since its inception in 2007. As of June 30, 2025, BCRD reported a net loss attributable to common stockholders of $274,030, net cash flows used in operating activities of $50,016 for the quarter, an accumulated deficit of $5.20 million, and a working capital deficit of $1.91 million. These factors collectively raise substantial doubt regarding the company’s ability to continue as a going concern for the next 12 months. The company's continuation is dependent upon sustained financial support from shareholders, securing necessary financing, and ultimately achieving profitability.

As of June 30, 2025, the company's cash balance stood at a mere $328, down from $46,018 at March 31, 2025. An acquisition payable of $430,000 related to the Millennium EBS deal also remains unpaid, with the deadline extended to December 31, 2025.

Competitive Landscape and Positioning

BCRD operates in a competitive landscape alongside established players like Green Dot Corporation (GDOT), PayPal Holdings (PYPL), and Global Payments Inc. (GPN), particularly through its NetSpend subsidiary. These competitors offer a range of prepaid cards, digital wallets, and payment processing services.

BCRD's competitive advantages stem from its user-centric, fee-free model and its specialized focus. Its upcoming BlueOne Pay platform, with its no-overdraft and no-interest features, aims to attract cost-conscious consumers and underserved demographics, potentially fostering stronger customer loyalty in these segments. This contrasts with Green Dot's broader prepaid card ecosystem, which may involve more varied fee structures. While PayPal excels in high-volume e-commerce and digital wallet integration, BCRD's tailored payout options for international users and its focus on stablecoin conversion could carve out a distinct niche. Similarly, against Global Payments' NetSpend, BCRD's emphasis on user benefits like no fees could make it more attractive for consumers prioritizing low-cost options, whereas Global Payments' strength lies in its backend processing for larger-scale operations. The company's ability to leverage its technology to accelerate ISO 20022 adoption and streamline payment processing is a key differentiator against traditional banking systems.

Outlook and Growth Trajectory

BCRD's forward-looking statements indicate a clear strategic direction, despite the current financial challenges. The company anticipates commencing commercial-scale revenue generation in the first calendar quarter of 2026, driven by the integrated Payment Hub platform. This marks a critical inflection point, as successful commercialization will be essential for addressing its going concern risks.

Management has also articulated an ambitious goal of meeting NASDAQ listing requirements by Q4 2026. Achieving this would signify a substantial improvement in the company's financial health, operational maturity, and market visibility. The success of its strategic partnerships, particularly the engagement with the commercial bank in Nepal and ongoing discussions with a Fortune 500 company, will be crucial in validating its technology and expanding its customer base, thereby contributing to its revenue growth and long-term viability.

Conclusion

BlueOne Card, Inc. is at a pivotal juncture, undergoing a transformative shift into the high-growth fintech sector with its Millennium EBS Payment Hub and BlueOne Pay stablecoin remittance platform. The company's technological differentiators, offering streamlined payment orchestration, ISO 20022 compliance acceleration, and cost-effective digital remittances, position it to capitalize on significant industry trends and address unmet market needs. Strategic partnerships and initial revenue generation from its new segments underscore the potential of its innovative offerings.

However, the path forward is fraught with substantial financial and operational risks. The company's history of operating losses, accumulated deficit, and current working capital deficit raise serious questions about its ability to sustain operations without significant additional capital. The successful execution of its commercialization strategy, the ability to secure necessary financing, and the effective resolution of internal control weaknesses will be paramount. For investors, BCRD represents a high-risk, high-reward opportunity, where the promise of technological leadership in a rapidly evolving fintech landscape must be carefully weighed against the immediate and pressing challenges of liquidity and achieving sustainable profitability. The coming quarters will be critical in determining if BlueOne Card can successfully transition from a company in transformation to a financially robust player in the global payment infrastructure market.