10-Q · May 7, 2026
PSQ Holdings, Inc. reported a significant increase in revenue in Q1 2026, totaling $8.16 million, representing a year-over-year growth of 167% compared to $3.05 million in Q1 2025. However, the company logged a higher…
Earnings analysis · 10-Q
PSQH earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
PSQH delivered strong Q2 Financial Technology revenue growth of 108% year over year to $7.13 million, supported by a 153% increase in PSQ Payments GMV, and narrowed its GAAP operating loss to $4.79 million.…
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PSQH delivered strong Q2 Financial Technology revenue growth of 108% year over year to $7.13 million, supported by a 153% increase in PSQ Payments GMV, and narrowed its GAAP operating loss to $4.79 million. Sequentially, revenue decreased from approximately $8.16 million in Q1, although gross and operating margins improved; the reported EPS loss was $1.44 versus the $0.09 consensus loss estimate. Cash burn improved, but cash fell to $6.7 million, the company remains loss-making, the EveryLife sale has not closed, and its $17.3 million market capitalization is close to the NYSE's $15.0 million immediate-delisting threshold.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.44
- Segment
- Financial Technology revenue: $7,132,526
What stood out
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Revenue more than doubled year over year
Q2 Financial Technology revenue was $7,132,526, up $3,700,650, or 108%, from $3,431,876 a year earlier. Revenue declined sequentially from the prior quarter's approximately $8.16 million implied by the filing's six-month revenue of $15,290,943.
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Operating loss and sequential margin improved
GAAP operating loss narrowed 8% year over year to $4,789,771 from $5,202,261. Operating margin improved to -67.2% from approximately -151.6% a year ago and from -75.2% in Q1 2026, while gross margin was 58.0%, up from 55.9% sequentially but down from approximately 69.5% a year ago.
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Payments volume accelerated sharply
PSQ Payments GMV rose 153% year over year to $172,549,029, while Credit GMV increased 32% to $14,102,709. Management attributes Payments growth primarily to more active processing merchants and Credit growth to better conversion and approval rates, a milder seasonal decline, and customer re-engagement.
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Non-GAAP operating result turned positive
Non-GAAP operating income was $381,400, compared with a $2,729,743 non-GAAP operating loss a year earlier. The improvement reflects stronger scale and lower sales and marketing expense, which declined $672,973, or 44%, to $867,354.
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Cash burn and cost base improved
Six-month operating cash use improved by $4,813,283 to $6,472,273, versus $11,285,556 a year earlier. The company reduced FTEs to 36 from 72 and reports $9.9 million of savings achieved as of June 30, 2026.
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EveryLife sale could bolster liquidity
The planned EveryLife asset sale carries a $5.5 million cash purchase price before fees and adjustments and is expected to close by September 30, 2026. This would supplement June 30 unrestricted cash and equivalents of $6.7 million.
What to watch
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Growth carries substantial transaction costs
Gross margin compressed year over year to 58.0% as cost of revenue increased 186% to $2,998,624, outpacing the 108% increase in revenue. Management cites higher transaction fees from the PSQ Payments and PSQ Impact launches.
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Continuing losses and higher interest burden
The company remained deeply loss-making, with a Q2 net loss of $5,621,091 and a continuing-operations loss of $5,243,305. Interest expense increased 12% to $974,193.
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Cash and working capital declined
Liquidity fell materially: unrestricted cash and equivalents declined to $6.7 million at June 30, 2026 from $14.6 million at December 31, 2025, while net working capital fell to $7.5 million from $16.1 million. Six-month investing cash use was $2,712,513, including $1.2 million of software-development costs.
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NYSE market-cap delisting threshold is close
The updated NYSE risk factor says immediate suspension and delisting procedures apply if 30-day average market capitalization falls below $15.0 million. Average market capitalization was only $17.3 million as of July 31, 2026, leaving a $2.3 million cushion.
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EveryLife sale proceeds are not assured
The new EveryLife-disposition risk factor notes the $5.5 million sale is subject to closing conditions, purchase-price adjustments and indemnification holdbacks; a delay, failure to close, or lower proceeds would reduce liquidity. The expected closing date is September 30, 2026.
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Payments GMV has high merchant concentration
PSQ Payments volume is concentrated: its top three merchants represented approximately 83% of Q2 GMV, and the largest merchant represented 35% of the $172,549,029 total. Loss of a major merchant could materially affect processing volume and revenue.
Management's outlook
The 10-Q provides no explicit quantitative revenue or EPS guidance. Management expects its planned EveryLife asset sale for $5.5 million in cash to close by September 30, 2026, subject to conditions, and says executed/planned cost actions are expected to generate approximately $8.0 million of annualized cash savings; it also states that the timing and magnitude of cash inflows from merchant agreements may vary.
Earlier filings 4
10-K · April 30, 2026
PSQ Holdings, Inc. reported Q4 revenue of $7.33 million, significantly up from $4 million in the prior year, and GAAP diluted EPS improvement to -$0.15 from -$0.59 year-over-year. Amid a positive revenue trajectory,…
10-K · March 17, 2026
PSQ Holdings (PSQH) completed a strategic refocus in 2025 to operate under a single reportable segment—Financial Technology—comprising Credova, PSQ Payments and PSQ Impact, and wound down its Marketplace business as of…
10-Q · November 6, 2025
PSQ Holdings reported Q3 2025 revenue of $4,404,861, up $1,197,453 or 37.3% versus Q3 2024 ($3,207,408). Gross margin compressed to ~67.1% from 96.7% a year ago; operating loss narrowed to $(9,696,099) and GAAP EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.