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- **Revenue Growth**: Q3 revenue of $4.4M (+37% YoY) beat guidance by 10%, driven by 50% QoQ growth in payments and 22% QoQ in credit.
- **Profitability**: Net loss down 33% YoY to $12M, with operating expenses reduced 13% YoY.
- **2026 Outlook**: Guidance of ≥$32M based on existing fintech products; new services like private credit cards and crypto Treasury-as-a-Service to drive future growth.
- **Customer Momentum**: 80%+ of new revenue from new merchants, with bundled services adoption >50%.
- **Strategic Moves**: Monetizing non-core assets (EveryLife sale expected Q4) and investing $2.3M in fintech platform enhancements.

**【CEO Commentary】**
- **Revenue Beat and Fintech Growth**: Q3 revenue of $4.4M exceeded guidance by 10%, with fintech revenue up 37% YoY. Payments revenue grew 50% QoQ, and credit revenue rose 22% QoQ.
- **Profitability Improvements**: Net loss decreased 33% YoY, and operating expenses fell 13% YoY, driven by restructuring and cost control.
- **Strategic Focus**: Reaffirmed 2026 revenue guidance of ≥$32M, with growth driven by existing fintech products (payments, credit) and new services like private credit cards and crypto Treasury-as-a-Service.
- **Customer Momentum**: 5 weeks into Q4, onboarding pipeline is strong, with anticipation for holiday shopping season activity.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Fintech revenue ($4.4M) accounted for 100% of continuing ops, with 68% non-GAAP gross margin (down 29pts YoY due to payment mix).
- **Expense Management**: G&A expenses down 33% YoY ($10.1M), R&D up 100% YoY ($2M), and operating loss improved by $8.1M YoY.
- **Liquidity**: $12.3M cash on hand, with $4.6M on a $10M credit line for credit receivables.
- **Discontinued Ops**: Brands segment (EveryLife) revenue up 43% QoQ to $3.7M, with 12-month trailing revenue >$13.4M.

**【Q&A Highlights】**
- **Customer Acquisition**: 80%+ of new revenue from new merchant onboarding, with bundled services (payments + credit) driving 50%+ attach rate.
- **2026 Guidance**: $32M target based on existing products; new initiatives (e.g., PSQ Impact platform) are incremental but not factored into guidance.
- **Segment Monetization**: EveryLife sale process on track for Q4 purchase agreement; Marketplace IP monetization in exploratory phase.
- **Crypto Strategy**: Implementing crypto Treasury-as-a-Service with IDX, with internal treasury use case launching soon.

PSQ Holdings, Inc. (PSQH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PSQH

PSQH fundamentals

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