--- title: "Mode Mobile Stock Review 2026: What the Filings Show Behind the 32,481% Growth Claim" url: https://altstreet.investments/platforms/reviews/modemobile kind: platform-review updated: 2026-11-01 description: "Mode Mobile stock review: no listing date in any filing, a $0.55 share price the company sets itself, FY2025 revenue below the 2022 peak, and a merger that valued the same stock at $0.52." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Mode Mobile Stock Review 2026: What the Filings Show Behind the 32,481% Growth Claim A ten-year-old phone and app company which has raised or marketed stock across four exemptions through one storefront, where the filed revenue is lower than it was three years ago and the headline growth figure is a pro forma the company has not shown its working for. AltStreet score: 28.1 (D-), scored September 28, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Mode Mobile | | What it is | Direct issuer selling its own Class AAA common stock to retail investors under Regulation A Tier 2, Regulation Crowdfunding, Rule 506 and Regulation S, through separate landing pages on invest.modemobile.com | | Asset class | Pre-IPO common stock in a private Delaware operating company that sells a rewards smartphone and runs earning apps; the entire return depends on the equity being worth more later | | Website | modemobile.com | | Review first published | September 28, 2026 | | Last updated | November 1, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version A real operating company with a real product, which has raised or marketed stock across four exemptions through one storefront, at a price it sets for itself that has only ever risen, against filed revenue that is lower than it was three years ago and an audit opinion citing a net capital deficiency. - **PRO FORMA** Footnoted as including full-year numbers for businesses acquired in December 2025. The annual report names two such acquisitions, NGL Labs and TrimBox, and attributes FY2025 revenue growth to five acquisitions made during 2025. - **$0.52 vs $0.55** A negotiated merger agreement valued the Class AAA shares at $0.52 on 2026-08-20. The pricing supplement six days earlier set the retail price at $0.55. - **$11.4 MILLION** Of roughly $44.4 million of maximum dollar value in the live offering, this much goes to selling stockholders rather than to the company. - **NET CAPITAL DEFICIENCY** The audit opinion in both annual reports cites recurring losses and a net capital deficiency raising substantial doubt about the ability to continue as a going concern. - **3.6 BILLION SHARES** Total authorized capital was raised on 2025-10-22 from 3,005,150,000 to 3,617,150,000, with Class AAA alone going from 600,000,000 to 876,000,000. Data note: Financial figures are from the Form 1-K annual reports and the Form C and C-AR XML on EDGAR CIK 1748441. Pricing is from the 15 Form 253G2 supplements. Offering terms are from the supplement of 2026-08-14. Website figures are from a 61-page capture of 2026-09-27. ## Verdict Mode Mobile is a genuine operating company that files properly and against which AltStreet located no enforcement action in the sources searched, selling an offering whose terms an investor would struggle to reconstruct from the pages where it is sold. The filings show revenue below its 2022 peak, four consecutive loss years, an audit opinion citing a net capital deficiency, a share price the company sets for itself that has risen eightfold in three years, an external transaction referencing a value 6% below that price in the same month, and about a quarter of the live offering flowing to selling stockholders rather than into the business. The headline growth figure is a pro forma whose calculation the disclosure does not show. None of this is concealed; all of it is on EDGAR. It is simply not on the eleven landing pages. **Best for** - People who use the product, want a small stake in the company behind it, and can lose the whole position without it mattering - Investors who will read the Form 1-K and the current offering circular supplement rather than the landing page - Anyone comfortable holding an unpriced, unsellable private security for an indefinite period with no committed exit **Look elsewhere if** - You are treating the reserved $MODE ticker as a listing. It is not one, and no listing date is committed anywhere in the filings - You need to be able to sell. There is no secondary market and no redemption right - You are relying on the 32,481% figure. It is a pro forma whose calculation is not shown, and the operating revenue line is lower than it was in 2022 **Strengths** - A real operating business with real products sold through national retail, roughly 66,000 shareholders and $22,151,635 of filed revenue in FY2025 - Regulation A Tier 2 reporting filed consistently since qualification: annual, semiannual and current reports, with consolidated statements that can actually be read - Form 1-U used properly for material events, including the auditor change, the charter amendment and the JibJab merger, rather than leaving them to be discovered - SEC staff comments in 2024 were answered substantively, including a disclosure of management's personal token holdings made in response to a verbal comment - No SEC or FINRA enforcement action against Mode Mobile, Nativ Mobile, Mode Earn or EarnPhone in the sources searched, a scan of 33,907 enforcement records plus SEC full-text search; PACER and state dockets were not searched **Limitations** - No standing exit for an ordinary holder: private company, no secondary market, no redemption right, no committed listing date - The share price is set by the issuer with no external check, has risen from $0.08 to $0.55 in three years and has never fallen - An external transaction referenced $0.52 for the same class six days after the retail price was set at $0.55, a figure agreed for the purposes of that merger agreement - Filed revenue in FY2025 is below FY2022 and roughly level with FY2021, while losses have widened to the largest of the five years - The audit opinion cites recurring losses and a net capital deficiency raising substantial doubt about going-concern status - About $11.4 million of the live offering's maximum goes to selling stockholders rather than into the business, which is on no landing page - Authorized capital raised to 3,617,150,000 shares in October 2025, with Class AAA alone going from 600,000,000 to 876,000,000, while the company issues continuously across four exemptions - A $CRNC token that appears on none of the 61 pages captured, in which management holds 7.8% personally while the company holds none ## What this means for your decision. | Topic | Finding | | --- | --- | | | The filed revenue is lower than it was three years ago | | | The 32,481% growth headline is a pro forma, and the company attributes its revenue growth to acquisitions | | | A negotiated deal valued the same stock 6% below what retail pays | | | About a quarter of the live offering does not reach the company | | | The auditors report a net capital deficiency | The company is real, the products are real and the filings are properly made. The offering is the problem: no standing exit for an ordinary holder, a price the issuer sets for itself that has only ever risen, a growth headline presented on a pro forma basis the disclosure does not reconcile, and a set of facts in the filings that the eleven landing pages do not carry. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Users of the product buying a small stake | moderate | | | Investors who will read the filings | moderate | | | Buyers expecting a near-term listing | poor-fit | | | Anyone who may need their money back | poor-fit | | ## Not for - Anyone who needs to sell on their own timetable. There is no secondary market and no redemption right. - Anyone treating the reserved $MODE ticker as a listing. It is a reservation, not an approval, and no date is committed in any filing. - Anyone relying on the 32,481% figure as an operating result. It is a pro forma including full-year revenue from businesses bought after the period. - Anyone who reads only the offering page. The token, the net capital deficiency, the amount already raised and the selling-stockholder slice are all absent from it. - Anyone who would be harmed by losing the position entirely. The auditors have raised substantial doubt about the company's ability to continue as a going concern. ## Questions **Can I buy Mode Mobile stock?** Only from the company. Mode Mobile is private and its Class AAA common stock trades on no exchange. The company sells it directly through invest.modemobile.com under Regulation A Tier 2, with separate landing pages for Regulation Crowdfunding, Rule 506 and Regulation S, DealMaker Securities LLC as broker of record, and a 2% Investor Fee charged on top of the share price. The current filed price is $0.55 a share, set by the company in August 2026, and stated minimums range from $504 to $4,950 depending on the page. Part of the current offering is stock sold by existing holders, and those proceeds go to them rather than to the company. **When will Mode Mobile stock go public?** No date has been set. Mode Mobile is a private company, and no filing on its EDGAR record, through the semiannual report filed on 2026-10-09, commits to a listing or a listing date. The offering pages show a heading reading ON THE NASDAQ above an announcement that the ticker $MODE has been reserved; reserving a ticker is not an application to list, not an approval, and not a way to sell. Until a listing happens there is no secondary market, no tender offer and no redemption right, so shares bought today may have to be held indefinitely. **Is Mode Mobile legit?** It is a real company with real products. Mode Mobile, Inc. is a Delaware C corporation founded in 2015, it sells the Mode Earn Phone through its own store and national retailers, it reported $22,151,635 of revenue for FY2025, and it says it has roughly 66,000 shareholders. AltStreet found no SEC or FINRA enforcement action against Mode Mobile, Nativ Mobile, Mode Earn or EarnPhone across 33,907 enforcement records, and its Regulation A reporting has been filed consistently. Note that qualification under Regulation A is not SEC approval of an offering or of its merits; the staff's own letter of 2026-02-04 says it does not intend to review the second offering statement and reminds the company it remains responsible for its disclosures. The concerns in this review are about the offering rather than the company's existence: no liquidity, a price the issuer sets for itself, an audit opinion citing a net capital deficiency, and several material facts that are in the filings but on none of the offering pages. **Is the 32,481% growth figure real?** It is a pro forma figure and the page says so in a footnote: "Pro forma, includes full year numbers of the businesses acquired in December 2025." The audited revenue line tells a different story: $22,950,934 in FY2021, $24,947,043 in FY2022, $8,226,428 in FY2023, $12,136,295 in FY2024 and $22,151,635 in FY2025. Revenue fell 67% from FY2022 to FY2023 and FY2025 is still below the FY2022 peak. The footnote names businesses acquired in December 2025, and the annual report identifies two: NGL Labs on 2025-12-01, at an enterprise value of $43,509,360, and Trimbox on 2025-12-23 at $2,955,690. AltStreet could not reconstruct the calculation from the disclosure. Two further acquisitions fall outside that period: the QR Code App in March 2026 and JibJab in August 2026. **Can I sell Mode Mobile shares?** No. Mode Mobile is a private company with no secondary market, no ATS, no tender offer and no redemption right. The company states it plainly in its own Regulation Crowdfunding FAQ: "Since Mode Mobile is a private company, our share price isn't tracked live like those of public companies." The offering pages show a heading reading ON THE NASDAQ above an announcement that the ticker $MODE has been reserved, but reserving a ticker is not a listing, is not approval to list, and does not give any holder a way to sell. **What is the Mode Mobile stock price, and how is it set?** $0.55 a share in the current offering, and the company sets it. Two Form C filings give the price determination method as "Price is set by the company", and the offering FAQ says "This valuation is set internally, reflecting our company's significant progress and the additional capital raised." The filed ladder runs $0.08 (June 2023), $0.16 (August 2023), $0.25 (July 2024), $0.26 (November 2024), $0.30 (May 2025), $0.50 (March 2026), $0.52 (May 2026) and $0.55 (August 2026). It has never gone down. The one external mark in the record is the JibJab merger, where the parties agreed the same stock was worth $0.52 on 2026-08-20, six days after the retail price was set at $0.55. **Does all my money go to the company?** No. In the current offering, 20,696,666 of the 96,939,887 shares are being sold by existing stockholders for up to $11,383,166, and the circular states the proceeds "will be received directly by the selling securityholders, and not by our Company". Out of roughly $44.4 million of maximum dollar value, about $11.4 million funds an exit for existing holders rather than the business. Separately, deferred offering costs stood at $4,454,737 at the end of FY2024 against zero a year earlier, against $31,592,196 raised on the Regulation A offering by April 2025. **What does the going-concern language mean?** Both Form 1-K annual reports and both Form 1-SA semiannuals carry the same sentence: "the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern." That is the auditor naming the conditions behind the doubt rather than predicting failure. AltStreet has not reconciled the balance sheet to say what the deficiency comprises in this issuer's accounts, so this review reports the auditor's words rather than interpreting the accounting term. The FY2024 report separately says the company "continues to rely on investor financing to support its operations". None of it appears on the offering pages. **What are Mode Mobile's fees?** There is only one stated fee: a 2% Investor Fee on the subscription amount, charged on top of the share price on both offering statements. The circular adds a detail worth knowing: the fee "may not count toward your cost basis for tax purposes", so it is money a buyer may not be able to set against a future gain. There is no management fee, no carried interest and no asset-based charge, because you are buying stock in a company rather than units in a fund. What that leaves out is that the real cost is the price and the dilution. The company sets the price itself, and total authorized capital was raised in October 2025 to 3,617,150,000 shares, with Class AAA alone going from 600,000,000 to 876,000,000. **Why do different Mode Mobile pages show different terms?** The offering host runs eleven landing pages, one for each exemption and several for marketing channels. Advertised bonus-share ceilings range from 20% on the main page to 30% on the Regulation Crowdfunding page to 80% on one channel page at a $250,000 ticket, and stated minimums range from $504 to $4,950. One channel page still shows the previous filed price of $0.52 in its FAQ while its buttons say $0.55, which is a page that was not updated rather than a different offering. Check whichever page you arrive on against the current Form 253G2 supplement on EDGAR. **What is the $CRNC token and why is it not on the website?** Current (Gibraltar) Limited, an affiliate, issued a $CRNC token. SAFTs were sold between August and October 2021, the network launch was delayed, and Mode Mobile paid SAFT holders a royalty of $1,900,000 based on its 2021 performance. The FY2024 annual report states that Mode Mobile "owns 100% of the voting shares of CGL however it has no economic interest in it". In response to a verbal SEC comment in July 2024 the company disclosed that while it holds none of the tokens itself, its management holds 7.8% personally, including 48,000,000 tokens held by the chief executive. AltStreet captured 61 pages across the company's three websites and the token appears on none of them; everything above comes from the SEC correspondence and the annual report. ## Update history **November 1, 2026: Semiannual report for H1 2026: management says the going-concern doubt is alleviated** The Form 1-SA filed October 9, 2026 (after a Form 1-U of September 29 said it would be late) reports a six-month net loss of $3,799,500 against $802,100 a year earlier and says the conditions raised substantial doubt about continuing as a going concern, but that management concluded the doubt has been alleviated by its plans, including the Regulation A offering. The two earlier semiannuals and both audited annual reports carry the going-concern language; this is management's unaudited conclusion. Search answers added for Mode Mobile stock, its price and IPO status. **September 28, 2026: Initial review: a pro forma growth headline, a price the issuer sets, and a merger that valued the stock lower** Built from a 61-page capture across three domains and the complete EDGAR record for CIK 1748441. The central findings are that filed revenue in FY2025 is below the FY2022 peak while the offering pages lead with 32,481% growth footnoted as a pro forma of businesses acquired in December 2025; that the share price is set by the company and has risen from $0.08 to $0.55 without ever falling; that the JibJab merger of 2026-08-20 valued the same Class AAA stock at $0.52 six days after the retail price was set at $0.55; that about $11.4 million of the live offering goes to selling stockholders rather than the company; and that the audit opinion cites a net capital deficiency. A $CRNC token in which management holds 7.8% personally appears on none of the 61 pages captured. ## Evidence appendix Platform website captured September 27, 2026. The website capture is 61 unique live pages across three domains, taken 2026-09-27: modemobile.com, invest.modemobile.com and modephone.com. Firecrawl's map endpoint was used for URL discovery after parsing the sites' own sitemap.xml proved unreliable; it returned eleven URLs on the offering host against the five in that sitemap, including the Regulation S page. One page, invest.modemobile.com/rega-home-new, could not be captured by any method, including a stealth-proxy scrape and a real browser render, and appears to be an unpublished stub rather than a capture failure. The filing record is the complete EDGAR history for CIK 1748441. Financial figures are taken from the two Form 1-K annual reports and from the Form C and C-AR XML; pricing is from the 15 Form 253G2 supplements; offering terms are from the supplement of 2026-08-14. Four SEC staff comment letters and six company replies were read in full, the staff letters being PDFs parsed with pdf-parse. Thirty-two evidence passages were extracted from the current supplement and both annual reports before this review was drafted, and the extraction corrected the founding year and added five facts the websites do not carry. **Highlights** - Filed revenue: $22,950,934 (FY2021, the only profitable year), $24,947,043 (FY2022), $8,226,428 (FY2023), $12,136,295 (FY2024), $22,151,635 (FY2025). - Net losses of $2,374,278, $3,358,533, $3,257,982 and $5,885,247 for FY2022 through FY2025. - "the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern." - Filed share price ladder: $0.08, $0.16, $0.25, $0.26, $0.30, $0.50, $0.52, $0.55. - "Price is set by the company" as the Form C price determination method. - JibJab Consideration Shares "had a fair market value of $0.52 per share as of the Closing" on 2026-08-20. - 20,696,666 selling-stockholder shares for up to $11,383,166, proceeds "received directly by the selling securityholders, and not by our Company". - $31,592,196 of Regulation A gross proceeds collected as of 2025-04-22; deferred offering costs $4,454,737 at 2024-12-31. - Total authorized capital raised from 3,005,150,000 to 3,617,150,000 shares on 2025-10-22. - Management holds 7.8% of the $CRNC tokens personally; Mode Mobile holds 0% but owns 100% of CGL's voting shares. **Primary source pages** - Form 253G2 offering circular supplement, filed 2026-08-14, accession 0001493152-26-038483, file 024-12709 - Form 1-K for fiscal 2025, filed 2026-05-01, accession 0001493152-26-020807, audited by RBSM LLP - Form 1-K for fiscal 2024, filed 2025-04-30, accession 0001641172-25-006935, audited by IndigoSpire CPA, PC - Form 1-U of 2026-08-26, the JibJab merger agreement and consideration - Form 1-U of 2026-05-27, the certificate of amendment raising authorized capital - Form 1-U of 2026-05-05, the change of certifying accountant - SEC staff comment letters of 2024-03-11, 2024-04-26, 2024-06-27 and 2026-02-04 - Company replies of 2024-03-28, 2024-06-11, 2024-07-02 and 2024-07-18 - Form C and Form C-AR filings 2023-06-28 through 2026-01-30 - Form D filings 2018-08-10 through 2026-09-16 - modemobile.com, invest.modemobile.com and modephone.com, captured 2026-09-27 ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/modemobile - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/platforms --- Source page: https://altstreet.investments/platforms/reviews/modemobile Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.