P
PSQ Holdings, Inc.
Period
FY 2025
Revenue
$18.22M
Net Income
$-36.61M
Total Assets
—
Equity
—
Shares Out
48.73M
Op. Cash Flow
$-19.94M
Business
PSQ Holdings, Inc. is a payments and financial infrastructure company that builds and operates financial technology for underserved industries and communities. The company provides three core offerings: Credova, a Buy Now, Pay Later platform for outdoor, shooting sports, and adjacent retail merchants; PSQ Payments, a payments processor offering debit, credit, and ACH transaction processing; and PSQ Impact, a fundraising and payment platform for political campaigns and nonprofit organizations. The company serves merchants and organizations in the United States that face barriers from traditional financial institutions, operating as a single reportable Financial Technology segment as of December 31, 2025.
Summary from 10-K filed 2026-03-17
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenues, net | 18 | 10 | 6 | — | — | |
| Cost of revenue (exclusive of depreciation and amortization expense shown below) | 6 | 438,144 | 2 | 716,102 | — | |
| General and administrative | 29 | 39 | 15 | 2 | — | |
| Sales and marketing | 6 | 8 | 12 | 3 | — | |
| Research and development | 4 | 2 | 5 | 1 | — | |
| Depreciation and amortization | 6 | 2 | 2 | 842,195 | — | |
| Total costs and expenses | 50 | 52 | 45 | 8 | — | |
| Operating loss | −32 | −42 | −39 | −7 | −852,175 | |
| Other income, net | 987,983 | 419,050 | — | — | — | |
| Change in fair value of earn-out liabilities | 630,000 | 40,000 | 2 | — | — | |
| Change in fair value of warrant liabilities | 9 | −56,000 | −1 | — | 5 | |
| Interest expense, net | −4 | −2 | −177,444 | 591 | — | |
| Loss before income taxes from continuing operations | −25 | −44 | −53 | −7 | 4 | |
| Income tax expense | 0 | −1,600 | 1,945 | 800 | — | |
| Loss from continuing operations | −25 | −44 | — | — | — | |
| Loss from discontinued operations, net of tax | −12 | −14 | — | — | — | |
| Net loss | −37 | −58 | −53 | −7 | 4 | |
| Continuing operations loss per common share, basic (in dollar per share) | −0.55 | −1.36 | — | — | — | |
| Continuing operations loss per common share, diluted (in dollar per share) | −0.55 | −1.36 | — | — | — | |
| Discontinued operations loss per common share, basic (in dollar per share) | −0.26 | −0.44 | — | — | — | |
| Discontinued operations loss per common share, diluted (in dollar per share) | −0.26 | −0.44 | — | — | — | |
| Net loss per common share, basic (in dollars per share) | −0.81 | −1.8 | −2.43 | −0.61 | — | |
| Net loss per common share, diluted (in dollars per share) | −0.81 | −1.8 | −2.43 | −0.61 | — | |
| Weighted average shares outstanding, basic (in shares) | 46 | 32 | 22 | 11 | — | |
| Weighted average shares outstanding, diluted (in shares) | 46 | 32 | 22 | 11 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-09-30 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 15 | — | 36 | 16 | 2 | |
| Restricted cash | 1 | — | 265,253 | 0 | — | |
| Accounts receivable, net | 2 | — | 262,084 | 204,879 | — | |
| Lease receivable, net | 156,516 | — | 0 | — | — | |
| Loans held for investment, net of allowance for credit losses of $778,704 and $689,007 as of December 31, 2025 and 2024, respectively | 6 | — | 4 | 0 | — | |
| Lease merchandise, net of accumulated depreciation of $938,959 and zero as of December 31, 2025 and 2024, respectively | 960,024 | — | 0 | — | — | |
| Interest receivable | 250,450 | — | 314,104 | 0 | — | |
| Prepaid expenses and other current assets | 2 | — | 2 | 3 | 289,379 | |
| Current assets held for sale (Note 4) | 4 | — | 4 | — | — | |
| Total current assets | 32 | — | 47 | 21 | 3 | |
| Loans held for investment, net of allowance for credit losses of $150,702 and $127,038 as of December 31, 2025 and 2024, respectively, non-current | 1 | — | 735,118 | 0 | — | |
| Lease merchandise, net of accumulated depreciation of $72,335 and zero as of December 31, 2025 and 2024, respectively, non-current | 329,463 | — | 0 | — | — | |
| Property and equipment, net | 187,262 | — | 275,539 | 127,139 | 26,723 | |
| Intangible assets, net | 15 | — | 15 | 4 | 1 | |
| Goodwill | 11 | 11 | 11 | 0 | — | |
| Operating lease right-of-use assets | 669,356 | — | 274,603 | 324,238 | 293,520 | |
| Deposits | 29,939 | — | 18,589 | 63,546 | 7,963 | |
| Non-current assets held for sale (Note 4) | 0 | — | 1 | — | — | |
| Total assets | 60 | — | 75 | 25 | 4 | |
| Revolving line of credit | 6 | — | 4 | 0 | — | |
| Accounts payable | 5 | — | 3 | 2 | 424,065 | |
| Accrued expenses | 1 | — | 784,724 | 2 | 41,494 | |
| Operating lease liabilities, current portion | 323,842 | — | 122,587 | 310,911 | 169,275 | |
| Current liabilities held for sale (Note 4) | 3 | — | 1 | — | — | |
| Total current liabilities | 16 | — | 9 | 4 | 684,488 | |
| Earn-out liabilities | 540,000 | — | 620,000 | 660,000 | — | |
| Warrant liabilities | 1 | — | 10 | 10 | — | |
| Operating lease liabilities | 354,286 | — | 163,716 | 16,457 | 129,762 | |
| Total liabilities | 46 | — | 48 | 15 | 814,250 | |
| Commitments and contingencies (Note 17) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 50,000,000 authorized shares; no shares issued and outstanding as of December 31, 2025 and 2024, respectively | 0 | — | 0 | 0 | — | |
| Additional paid in capital | 170 | — | 147 | 73 | 12 | |
| Accumulated deficit | −157 | — | −120 | −62 | −9 | |
| Total stockholders equity | 13 | — | 27 | 10 | 3 | |
| Total liabilities and stockholders equity | 60 | — | 75 | 25 | 4 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Share-based compensation | 11 | 21 | 7 | — | — | |
| Amortization of step-up in loans held for investment | 169,607 | 732,393 | 0 | — | — | |
| Provision for credit losses on loans held for investment | 1 | 1 | 0 | — | — | |
| Origination of loans and leases for resale | −34 | −27 | 0 | — | — | |
| Proceeds from sale of loans and leases for resale | 38 | 31 | 0 | — | — | |
| Gain on sale of loans and leases | −4 | −4 | 0 | — | — | |
| Impairment of lease merchandise | 500,000 | 0 | — | — | — | |
| Impairment of software capitalization | 4 | 0 | — | — | — | |
| Depreciation and amortization | 7 | 3 | 2 | 842,195 | — | |
| Non-cash operating lease expense | 257,657 | 377,176 | 216,138 | — | — | |
| Accounts receivable | −1 | −242,940 | −204,879 | — | — | |
| Lease receivable | −156,516 | 0 | — | — | — | |
| Interest receivable | 63,654 | −314,104 | 0 | — | — | |
| Inventory | −1,806 | −1 | −1 | — | — | |
| Prepaid expenses and other current assets | 534,447 | 2 | −224,278 | −257,226 | — | |
| Deposits | −8,178 | 13,542 | −55,583 | −5,463 | — | |
| Accounts payable | 3 | −2 | 3 | — | — | |
| Accrued expenses | 393,087 | −62,346 | 3 | 29,020 | 478,611 | |
| Deferred revenue | 1 | −171,477 | 175,494 | — | — | |
| Operating lease liabilities | −260,585 | −382,186 | −218,524 | −47,319 | — | |
| Net cash used in operating activities | −20 | −34 | −26 | −6 | −973,475 | |
| Additions to lease merchandise, net of disposals | −3 | 0 | — | — | — | |
| Software development costs | −3 | −4 | −3 | −2 | — | |
| Principal paydowns on loans held for investment | 19 | 13 | 0 | — | — | |
| Disbursements for loans held for investment | −23 | −13 | 0 | — | — | |
| Acquisition of businesses, net of cash acquired | 0 | 141,215 | 0 | — | — | |
| Net cash used in investing activities | −10 | −3 | −3 | −2 | −173 | |
| Proceeds from convertible note payable, related party (Note 12) | 0 | 20 | 0 | — | 46,975 | |
| Net disbursements for taxes paid related to vesting of employee restricted stock units | 0 | −468,981 | 0 | — | — | |
| Proceeds from issuances of common stock and pre-funded warrants, net | 7 | 0 | — | — | — | |
| Proceeds from issuances of common stock, net of issuance costs | 1 | 39 | 3 | 10 | 25,000 | |
| Proceeds from revolving line of credit | 12 | 7 | 0 | — | — | |
| Repayments on revolving line of credit | −10 | −9 | 0 | — | — | |
| Cash paid for stock issuance costs | −365,516 | 0 | — | — | −460,299 | |
| Net cash provided by financing activities | 10 | 57 | 43 | 10 | 174 | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | −20 | 20 | 14 | −645,887 | 841,226 | |
| Cash paid for interest for convertible notes and revolving line of credit | 4 | 2 | — | — | — | |
| Issuance of common shares in connection with the asset acquisition | 5 | 0 | — | — | — | |
| Earnout liability generated by asset acquisition | 550,000 | 0 | — | — | — | |
| Operating lease right-of-use asset obtained in exchange for operating lease liability | 652,410 | 0 | — | — | — | |
| Accrued variable compensation settled with RSU grants | 597,397 | 411,878 | 0 | — | — | |
| Shares issued in connection with Credova Merger | 0 | 14 | — | — | — | |
| Note Exchange in connection with Credova Merger | 0 | 8 | 0 | — | — |
Filings
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Frequently asked questions
What is PSQ Holdings, Inc.'s CIK number?
PSQ Holdings, Inc.'s SEC CIK number is 0001847064 (1847064). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find PSQ Holdings, Inc.'s SEC filings?
All of PSQ Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did PSQ Holdings, Inc. last report earnings?
PSQ Holdings, Inc. (PSQH) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-056690). This is PSQ Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is PSQ Holdings, Inc.'s most recent earnings 8-K?
PSQ Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001104659-26-056690. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View PSQ Holdings, Inc.'s latest earnings 8-K →
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