PSQ Holdings — Third Quarter 2026 Earnings Summary

Financial Performance

• Third-quarter net revenue from continuing operations grew 67% year-over-year to $7.3 million, compared to $4.4 million in Q3 2025.
• Year-to-date net revenue from continuing operations more than doubled, increasing 108% to $22.6 million for the nine months ended September 30, 2026, compared to $10.9 million in the prior period.
• Operating expenses for Q3 2026 decreased 50% to $5.4 million less than the prior year period, totaling $5.4 million in absolute reduction.
• GAAP operating loss for Q3 2026 improved 66% to $3.3 million, compared to a $9.7 million loss in Q3 2025.
• Year-to-date GAAP operating loss improved 41% to $14.3 million, compared to $24.2 million in the same period of 2025.
• Net cash used in operating activities for Q3 2026 improved 72% to $1.7 million, down from $6.1 million in Q3 2025.
• Year-to-date net cash used in operating activities improved 53% to $8.2 million, compared to $17.4 million in the first nine months of 2025.
• Net loss for Q3 2026 improved 66% to $4.1 million, compared to a $12.0 million loss in Q3 2025.
• Year-to-date net loss improved 35% to $16.2 million, compared to $24.8 million in the prior year period.
• Loss per share for Q3 2026 improved 74% to $1.00, compared to $3.90 in Q3 2025.
• Year-to-date loss per share improved 48% to $4.29, compared to $8.31 in the prior period.
• Non-GAAP operating income for Q3 2026 was $0.3 million, a 115% improvement from a $2.2 million non-GAAP operating loss in the prior year period.
• Year-to-date non-GAAP operating loss was $0.1 million, a 98% improvement from a $7.8 million loss in the prior year period.
• Revenue per headcount for Q3 2026 was $209,800, a 243% improvement over $61,179 in Q3 2025.
• Year-to-date revenue per headcount was $646,684, a 328% improvement over $151,216 in the prior period.
• As of September 30, 2026, the company held $6.8 million in restricted cash and cash equivalents, including $1.2 million related to discontinued operations.
• The outstanding principal balance on the $10.0 million revolving line of credit was $6.8 million as of September 30, 2026.
• Total liabilities stood at $45.3 million as of September 30, 2026, down from $46.2 million as of December 31, 2025.
• Total stockholders' equity was $1.7 million as of September 30, 2026, down from $13.4 million as of December 31, 2025.

Guidance and Future Outlook

• The company reaffirmed its full-year 2026 net revenue outlook from continuing operations at $32 million.
• The company reaffirmed its expectation of positive non-GAAP operating income for the full year 2026.
• Management targets achieving positive monthly operating cash flow in 2027.
• Fourth-quarter 2026 revenue is expected to benefit from seasonal demand in hunting and holiday periods, driving increased consumer financing and payment volume in firearms and outdoor merchant verticals.
• Fourth-quarter contributions are anticipated from loan payment processing relationships with LendSuite, Dealer Cash, and Roja, which are expected to continue building into 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 the sole remaining continuing operation.
• Marketplace operations were completely discontinued as of June 30, 2026.
• The company completed the sale of EveryLife, its direct-to-consumer diaper and baby products brand, to FreeHold Brands, LLC.
• EveryLife was reported as discontinued operations since the third quarter of 2025.
• New loan payment processing relationships announced in the third quarter include LendSuite, Dealer Cash, and Roja.

Market and Competitive Landscape

• The company operates in highly regulated environments for industries underserved by traditional financial institutions, including businesses, campaigns, and nonprofits.
• The company focuses on reliable, compliant payment solutions for these sectors.
• Seasonal trends in hunting and holiday periods are identified as key drivers for payment volume in core verticals.

Risks and Challenges

• A material weakness in internal control over financial reporting related to cash flow statement presentation was identified as of September 30, 2023.
• The material weakness was remediated as of September 30, 2026, following the expansion of review processes for complex transactions and the addition of experienced accounting professionals.
• Forward-looking statements carry risks including potential inability to achieve profitability, generate significant revenue, or raise capital on reasonable terms.
• Risks include changes in competitive industries, variations in competitor performance, and changes in laws and regulations.
• Risks include the potential inability to enforce intellectual property or claims of infringement by others.
• Payment processing and credit agreements are terminable at will without notice, posing a risk of merchant termination or reduced volume.
• Risks include economic downturns, increased competition, and a changing regulatory landscape.

Management Commentary and Tone

• Chairman and CEO Dusty Wunderlich stated that the third-quarter results serve as an argument to hold the company to its numbers.
• Management highlighted that revenue grew 67%, operating expenses fell by half, and the company delivered a second consecutive quarter of positive non-GAAP operating income.
• CEO Wunderlich 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.
• The company stated it will add nothing back to financial metrics until it earns its way in.

Other Key Points

• The sale of EveryLife was completed on November 5, 2026, for gross proceeds of $5.5 million, consisting of $1.0 million in cash and a $4.5 million seller note.
• 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 hosted a conference call and webcast on November 6, 2026, to discuss results.
• The company is pursuing money transmitter licenses as part of its repositioning into a Fintech-forward business.
• Discontinued operations revenue for the nine months ended September 30, 2026, was $11.3 million, flat compared to the same period in 2025.
• Loss from discontinued operations, net of tax, for Q3 2026 was $0.1 million, compared to $1.9 million in Q3 2025.
• Year-to-date loss from discontinued operations, net of tax, was $0.5 million, compared to $7.2 million in the prior year period.