PSQ Holdings, Inc. Income Taxes Disclosure
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Deferred tax assets: | |||||||||||
| Sec. 174 Cost – Domestic and Foreign | $ | 1,374,000 | $ | 2,187,000 | |||||||
| Net operating loss – Federal and State | 23,516,000 | 15,878,000 | |||||||||
| Loan lease loss reserve | 214,000 | 195,000 | |||||||||
| Share-based compensation | 5,616,000 | 4,483,000 | |||||||||
| Depreciation and amortization | 1,897,000 | 660,000 | |||||||||
| Capitalized acquisition cost | 62,000 | 132,000 | |||||||||
| Other | 707,000 | 206,000 | |||||||||
| Total deferred tax asset | 33,386,000 | 23,741,000 | |||||||||
| Deferred tax liabilities: | |||||||||||
| Identifiable Intangibles from Credova Acquisition | (1,700,000) | (2,434,000) | |||||||||
| Operating lease right-of-use assets | (152,000) | (66,000) | |||||||||
| Unrealized gain/loss | — | (26,000) | |||||||||
| Total deferred tax liabilities | (1,852,000) | (2,526,000) | |||||||||
| Net deferred tax assets before valuation allowance | 31,534,000 | 21,215,000 | |||||||||
| Less: valuation allowance | (31,534,000) | (21,215,000) | |||||||||
| Net deferred tax asset | $ | — | $ | — | |||||||
| For the years ended December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| U.S. federal statutory income tax rate | $ | (7,679,040) | 21.0 | % | $ | (12,114,330) | 21.0 | % | |||||||||||||||
| State income taxes, net of federal income tax benefit | 509,694 | (1.4 | %) | (1,315,995) | 2.3 | % | |||||||||||||||||
| Nontaxable or nondeductible items: | |||||||||||||||||||||||
| Change in fair value of warrant liabilities and earn-out liabilities | (2,013,008) | 5.5 | % | (3,360) | 0.0 | % | |||||||||||||||||
| Change in valuation allowance | 10,320,241 | (28.2) | % | 12,147,000 | (21.1) | % | |||||||||||||||||
| Other adjustments | (1,137,887) | 3.1 | % | 1,285,085 | (2.2) | % | |||||||||||||||||
| $ | — | 0.0 | % | $ | (1,600) | 0.0 | % | ||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 24, 2023 | |
| 2021 | Mar 22, 2022 | |
About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.