PSQ Holdings — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 net revenue from continuing operations was $7.3 million, a 67% increase compared to $4.4 million in the same period in 2025.
• Year-to-date 2026 net revenue from continuing operations was $22.6 million, a 108% increase compared to $10.9 million for the nine months ended September 30, 2025.
• Third quarter 2026 GAAP operating loss was $3.3 million, an improvement of 66% compared to $9.7 million in the prior year period.
• Year-to-date 2026 GAAP operating loss was $14.3 million, an improvement of 41% compared to $24.2 million for the nine months ended September 30, 2025.
• Third quarter 2026 non-GAAP operating income was $0.3 million, compared to a non-GAAP operating loss of $2.2 million in the prior year period (a 115% improvement).
• Year-to-date 2026 non-GAAP operating loss was $0.1 million, compared to a non-GAAP operating loss of $7.8 million in the prior year period (a 98% improvement).
• Third quarter 2026 operating expenses decreased 50% to $5.4 million less than the prior year period.
• Year-to-date 2026 operating expenses decreased 23% compared to the prior year period.
• Net cash used in operating activities for the third quarter 2026 was $1.7 million, a 72% improvement compared to $6.1 million in the prior year period.
• Net cash used in operating activities for the nine months ended September 30, 2026 was $8.2 million, a 53% improvement compared to $17.4 million in the prior year period.
• Net loss for the third quarter 2026 was $4.1 million, a 66% improvement compared to $12.0 million in the prior year period.
• Net loss for the nine months ended September 30, 2026 was $16.2 million, a 35% improvement compared to $24.8 million in the prior year period.
• Loss per share for the third quarter 2026 was $1.00, a 74% improvement compared to $3.90 in the prior year period.
• Loss per share for the nine months ended September 30, 2026 was $4.29, a 48% improvement compared to $8.31 in the prior year period.
• Revenue per headcount for the third quarter 2026 was $209,800, a 243% improvement compared to $61,179 in the prior year period.
• Revenue per headcount for the nine months ended September 30, 2026 was $646,684, a 328% improvement compared to $151,216 in the prior year period.
• As of September 30, 2026, the company had $6.8 million in restricted cash and cash equivalents, including $1.2 million related to discontinued operations.
• Outstanding principal balance on the $10.0 million revolving line of credit was $6.8 million as of September 30, 2026.
• Total liabilities were $45.3 million as of September 30, 2026, compared to $46.2 million as of December 31, 2025.
• Total stockholders' equity was $1.7 million as of September 30, 2026, compared to $13.4 million as of December 31, 2025.

Guidance and Future Outlook:

• The company reaffirms full-year 2026 net revenue from continuing operations of $32 million and positive non-GAAP operating income for the full year.
• The company expects fourth-quarter 2026 revenue to benefit from seasonal demand associated with hunting season and the holiday period, which typically increase consumer financing and payment volume in firearms and outdoor merchant verticals.
• The company anticipates fourth-quarter contributions from loan payment processing through relationships with LendSuite, Dealer Cash, and Roja, which were announced during the third quarter.
• The company continues to work toward positive monthly operating cash flow in 2027.

Business Segments and Product Lines:

• The company has concluded its exit from consumer brands and now operates exclusively in payments and financial infrastructure.
• The financial technology ("fintech") segment is included in net revenue from continuing operations.
• Marketplace operations were completely discontinued as of June 30, 2026.
• Net revenues from discontinued operations (Brands and Marketplace) for the third quarter 2026 were $3.8 million compared to $3.9 million in the prior year period.
• Net revenues from discontinued operations for the nine months ended September 30, 2026 were $11.3 million, flat compared to $11.3 million in the prior year period.

Market and Competitive Landscape:

• The company builds and operates financial infrastructure in highly regulated environments for industries underserved by traditional financial institutions, including businesses, campaigns, and nonprofits.
• The company anticipates growth in consumer financing and payment volume across core firearms and outdoor merchant verticals during the fourth quarter due to seasonal demand.

Risks and Challenges:

• The company previously disclosed a material weakness in internal control over financial reporting related to the presentation on the statements of cash flows; this weakness was remediated as of September 30, 2026.
• Forward-looking statements are subject to risks including unforeseen liabilities, changes in competitive industries, variations in performance across competitors, changes in laws and regulations, and the ability to implement business plans.
• Risks include the potential inability to achieve or maintain profitability, the ability to raise capital on reasonable terms, and the ability to enforce intellectual property.
• Payment processing and credit agreements are terminable at will without notice, posing a risk that merchants may terminate services or fail to utilize services at expected volumes.
• Risks include economic downturn, increased competition, a changing regulatory landscape, and the ability to execute on plans to reposition into a Fintech-forward business, including the pursuit of money transmitter licenses.

Management Commentary and Tone:

• Dusty Wunderlich, Chairman and CEO, stated that the third quarter results add to a record of meeting numbers, citing 67% revenue growth, a 50% reduction in operating expenses, and the second consecutive quarter of positive non-GAAP operating income.
• Management noted that operating loss and cash used in operations have improved every quarter in 2026.
• Management emphasized that with the sale of EveryLife, every part of the company now moves money.
• Management stated they "add nothing back until it earns its way in."

Other Key Points:

• On November 5, 2026, the company completed the sale of EveryLife, its direct-to-consumer diaper and baby products brand, to FreeHold Brands, LLC.
• The sale of EveryLife generated gross proceeds of $5.5 million, consisting of $1.0 million in cash and a $4.5 million seller note by the Buyer, before transaction fees and customary adjustments.
• EveryLife has been reported as discontinued operations since the third quarter of 2025.
• The company reported a reverse stock split of Class A Common Stock at a ratio of 1-for-15 effective July 13, 2026.
• The company hosts a conference call and webcast on November 6, 2026, at 9:00 a.m. EST to discuss results.