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PSQ Holdings, Inc.
PSQHCIK 0001847064NYSENon-AcceleratedSmaller ReportingEmerging GrowthServices-AdvertisingDelawareFY ends Dec 31
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. operates a technology-enabled Marketplace & Payments ecosystem that connects values-aligned consumers and merchants who prioritize life, family, and liberty. The company offers a marketplace platform (web and mobile) for shopping and advertising, direct-to-consumer branded products through EveryLife (diapers, wipes, lotions, training pants), and Financial Technology services including Credova’s buy-now-pay-later financing and PSQ Payments’ payment gateway and merchant portal. Its operating segments are Marketplace, Brands, and Financial Technology. PSQ distributes services and products via its Platform, e-commerce integrations, mobile apps, D2C channels, and merchant partnerships largely in the United States.
Summary from filing dated 2025-03-13
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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