Financial Data and Key Metrics Changes - Revenue for Q1 2025 grew by 95% year over year to $6,750,000 compared to $3,470,000 in Q1 2024 [5][27] - Operating expenses decreased by 10% year over year from $16,100,000 in Q1 2024 to $14,400,000 in Q1 2025 [6][29] - Gross margin expanded to 58% in Q1 2025 from 43% in Q1 2024 [8][27] Business Line Data and Key Metrics Changes - The FinTech division contributed $3,050,000 to revenue, while the brand segment contributed $3,270,000 [5] - The Public Square marketplace added just over $400,000 in revenue [5] - Subscription orders in the EveryLife brand accounted for 68% or $2,200,000 of Q1 revenue, indicating strong repeat customer strength [23] Market Data and Key Metrics Changes - The buy now pay later segment saw a slight dip in originations volume due to seasonal shifts post-Christmas [12] - The database of prequalified applicants for the buy now pay later services grew by 198,196 in Q1 [13] Company Strategy and Development Direction - The company is focusing on integrating synergies between its payments and marketplace segments, emphasizing a Made in America product assortment [17][20] - The strategy includes leveraging AI tools to enhance underwriting and mitigate risks, which is seen as critical for future growth [16] - The company aims to turn operating cash flow positive by the end of 2025 while maintaining a focus on reducing operating expenses [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for their payment processing services, particularly from merchants facing cancellations from other providers [33] - The company anticipates significant revenue growth in the latter half of 2025 as it ramps up its marketplace and payment services [24] - Management highlighted the importance of grassroots marketing and community engagement as key drivers for growth [19] Other Important Information - The company has made strategic decisions to purchase leases and retain high-quality consumer receivables, totaling $1,100,000 in cash outflows [28] - A new line of credit is expected to reduce the cost of capital by approximately 50% by the end of Q3 2025 [17] Q&A Session Summary Question: Can you talk about the surprises, both favorable and unfavorable, on your payments rollout? - Management noted overwhelming demand for payment services, driven by merchants seeking reliable solutions after being dropped by other providers [32][33] - A challenge mentioned was the need for merchants to prioritize their technology replacements, which could slow down onboarding [36] Question: How should we think about your product pipeline and plans to move beyond baby and feminine hygiene? - Future product development is driven by customer feedback, with a focus on expanding into home essentials [40][42] Question: Could you talk about some of the cross-selling you've been working on? - Currently, 90% of synergies are from buy now pay later to payments, with plans to shift focus to marketplace merchants in the second half of the year [46][49] Question: What specific milestones or developments does Public Square anticipate could drive profitability? - Key milestones include onboarding signed GMV and the organic growth of the Public Square marketplace [62][63] Question: Will you ever accept Bitcoin as a form of payment on your platform? - Management expressed strong interest in exploring nontraditional payment methods, including Bitcoin and stable coins, as part of their future strategy [76][78]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 grew by 95% year over year to $6,750,000 compared to $3,470,000 in Q1 2024 [4][25] - Operating expenses decreased by 10% year over year from $16,100,000 in Q1 2024 to $14,400,000 in Q1 2025 [25] - Gross margin expanded to 58% in Q1 2025 from 43% in Q1 2024 [25] Business Line Data and Key Metrics Changes - The FinTech division contributed $3,050,000 to revenue, while the brand segment contributed $3,270,000 [4] - Sales and marketing expenses decreased by 48% year over year, indicating improved efficiency in customer acquisition [6] - The EveryLife brand saw over 40% year-over-year revenue growth, with subscription orders accounting for 68% of Q1 revenue [21] Market Data and Key Metrics Changes - The buy now pay later segment experienced a slight dip in originations volume due to seasonal shifts, but new merchant onboarding increased significantly [12] - The database of prequalified applicants for buy now pay later services grew by 198,196 in Q1 [12] Company Strategy and Development Direction - The company is focusing on integrating synergies between its payments and marketplace segments to enhance growth [15][16] - A strategic emphasis on Made in America products is set to differentiate the marketplace and capitalize on economic nationalism [18][20] - The company plans to leverage AI tools to enhance underwriting and mitigate risks in its credit strategy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving operating cash flow positivity by the end of the year, supported by revenue growth and reduced operating expenses [62] - The company anticipates significant revenue growth in the second half of 2025 as it ramps up its marketplace and fintech offerings [22] Other Important Information - The company ended Q1 with cash and cash equivalents of $28,000,000 and $200,000 in restricted cash [26] - A new line of credit is expected to reduce the cost of capital by approximately 50% by the end of Q3 [15] Q&A Session Summary Question: What surprises, both favorable and unfavorable, occurred during the payments rollout? - Management noted overwhelming demand for payment services, driven by merchants seeking reliable solutions after being dropped by other providers [30][32] - A challenge faced was merchants assessing multiple tools, which affected the speed of onboarding [34] Question: How should the product pipeline for the brands division be viewed? - The company is focusing on expanding into home essentials based on customer feedback, moving beyond baby and feminine hygiene products [36][41] Question: What cross-selling efforts are being made between the payments platform and other services? - Currently, 90% of synergies are from buy now pay later to payments, with plans to increase marketplace integration in the second half of the year [46][48] Question: What milestones could drive profitability and shareholder value in the next 12 to 18 months? - Key milestones include onboarding signed GMV and organic growth in the marketplace, with a focus on margin expansion in the brands division [62][63] Question: Will the company accept Bitcoin as a payment method? - The company is exploring the use of stable coins and intends to integrate nontraditional payment methods, including Bitcoin, in the future [76][79]

Financial Performance - For the three months ended March 31, 2025, the company's net loss was $4.4 million, a decrease of $8.1 million compared to a net loss of $12.6 million for the same period in 2024[125]. - Revenue increased by $3.3 million year-over-year, contributing to the reduced net loss[125]. - Total revenues, net for the three months ended March 31, 2025, increased by $3.3 million, or 95%, to $6,749,621 compared to $3,465,889 in 2024[156][158]. - Operating loss improved by $3.2 million, or 22%, to $(11,689,338) for the three months ended March 31, 2025, compared to $(14,907,951) in 2024[156]. - The company reported a net loss of $4.4 million for the three months ended March 31, 2025, compared to a net loss of $12.6 million in the same period in 2024, marking an improvement of 65%[156][170]. - For the three months ended March 31, 2025, the GAAP operating loss was $11,689,338, compared to a loss of $14,907,951 in the same period of 2024, indicating an improvement of approximately 21%[180]. - The non-GAAP operating loss for the same period was $4,884,011, significantly higher than the non-GAAP loss of $1,963,204 in 2024, reflecting a deterioration of approximately 148%[180]. Gross Merchandise Volume (GMV) - Gross merchandise volume (GMV) for the Financial Technology segment was $11.4 million for the three months ended March 31, 2025, representing a 33% decrease compared to $16.9 million in the same period of 2024[149]. - GMV for PSQ Payments reached $36.0 million for the three months ended March 31, 2025, marking a 100% increase as it was not previously reported[149]. - The top five merchants represented approximately 58% of total GMV - Credit for the three months ended March 31, 2025, up from 40% in the same period of 2024[151]. - The largest merchant accounted for 23% of total GMV - Credit in Q1 2025, compared to 15% in Q1 2024[151]. - GMV - Credit declined year-over-year due to a broader slowdown in the firearm retail industry, with some merchant partners reporting sales down over 20% year-over-year[152]. - For the three months ended March 31, 2025, GMV - PSQ Payments was $36.0 million, representing a 100% increase compared to zero in the same period in 2024[153]. Operating Expenses - Operating expenses are expected to increase in absolute dollar amounts but decline as a percentage of revenue due to cost-saving measures[137]. - Research and development expenses are anticipated to rise in absolute dollars as the company focuses on enhancing its platform and payment ecosystem[140]. - The company expects general and administrative expenses to increase in absolute dollars but decline as a percentage of total revenue over time[138]. - Research and development expenses increased by $0.3 million, or 26%, for the three months ended March 31, 2025, primarily due to contractor expenses for software development in the FinTech segment[163]. - Depreciation and amortization expense increased by $0.9 million, or 308%, for the three months ended March 31, 2025, primarily related to the amortization of capitalized software development costs[164]. - Corporate costs not allocated to segments decreased from $5,355,542 in 2024 to $1,971,372 in 2025, representing a reduction of approximately 63%[180]. - Share-based compensation, excluding transaction costs, decreased from $4,999,014 in 2024 to $3,622,845 in 2025, a reduction of about 27.5%[180]. - Depreciation and amortization increased from $296,597 in 2024 to $1,211,110 in 2025, marking an increase of approximately 308%[180]. Cash Flow and Financing - Net cash used in operating activities was $6.4 million for the three months ended March 31, 2025, a slight decrease from $6.5 million in 2024[175]. - As of March 31, 2025, the company had unrestricted cash and cash equivalents of $28.0 million, down from $36.3 million as of December 31, 2024[170]. - The company has financed its operations primarily through financing activities since inception[125]. - The company plans to invest in its FinTech segment, which is expected to increase revenues in the medium term while negatively impacting cash flow from operations in the short term[171]. Revenue Recognition - The company recognizes revenue from financial technology activities, including loan sales and interest earned, based on specific performance obligations[184]. - E-commerce revenues are recognized on a net basis, with commissions and processing fees recorded when transactions are confirmed[186]. - The company launched a CPM advertising model in June 2024, with revenue recognized based on impressions received[189]. - The company estimates expected credit losses over the contractual term of loans, incorporating adjustments for anticipated prepayments and defaults[197]. Off-Balance Sheet Arrangements - The company has not reported any off-balance sheet arrangements[181].

Financial Data and Key Metrics Changes - In Q4 2024, net revenue increased by 167% to $7.2 million compared to Q4 2023, with $3.5 million from the fintech segment, $0.6 million from the marketplace, and $3.1 million from EveryLife [41] - For the full year 2024, net revenue reached $23.2 million, a 308% increase over 2023, with fintech contributing $10.1 million, marketplace $2.9 million, and brands $10.2 million [42] - Gross margin improved significantly from 33% in 2023 to 61% in 2024 [43] Business Line Data and Key Metrics Changes - The fintech segment generated $10.1 million in revenue from the acquisition date of March 13 through the end of the year, with pro forma revenue estimated at $13 million if the acquisition had occurred on January 1 [42] - EveryLife brand revenue grew by 276% year-over-year, driven by a 76% increase in subscribers and a significant expansion of the ambassador program [16][18] - The marketplace saw a 34% increase in orders year-over-year during the holiday season, with conversion rates more than doubling despite reduced marketing spend [15] Market Data and Key Metrics Changes - The company secured payment processing contracts in 2024 that could potentially result in over $1 billion in annualized GMV [13] - The average order value in the buy now, pay later business was $1,194, significantly higher than competitors, with a 29% reduction in delinquencies and a 27% reduction in charge-offs [14] Company Strategy and Development Direction - The company aims to double revenue year-over-year in 2025, focusing on monetizing efforts from 2024 and expanding the fintech division [20][21] - A strategic emphasis will be placed on American-made products to capitalize on the growing demand for domestic manufacturing [29][30] - The brand division plans to launch a feminine care line under the EveryLife brand, responding to customer demand for high-quality, clean products [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to benefit from the increasing America-first sentiment in the economy, viewing tariffs as advantageous [47][48] - The company is focused on achieving positive unit economics across all divisions and aims to break even on cash flow in 2025 while prioritizing growth [72][76] Other Important Information - The company ended 2024 with cash and cash equivalents of $36.3 million and a principal balance of $3.8 million on its revolving line of credit [43] - The company signed a letter of intent for a new asset-backed lending facility, expected to reduce the cost of capital by approximately 50% [26] Q&A Session Summary Question: Can PSQ Holdings become a competitive cornerstone in the marketplace like Amazon? - Management believes tariffs will benefit the business, positioning it well to capitalize on the America-first sentiment [47][48] Question: What is the composition of the $2.5 billion in signed GMV and the timeline for revenue manifestation? - The signed GMV includes a mix of merchants, primarily from the firearms industry and other sectors, with onboarding expected to continue into Q1 and Q2 2025 [50][56] Question: What are the biggest cost drivers impacting margins and plans for operational efficiency? - Significant restructuring has streamlined operations, leading to lower operating expenses year-over-year while improving margins across divisions [95][98] Question: Will PSQ Holdings explore cryptocurrency acceptance? - The company is exploring a cryptocurrency strategy but has no announcements at this time [101][102] Question: What are the primary growth strategies for the next few years? - The focus will be on the fintech segment to meet demand, enhancing the marketplace's brand identity, and expanding the EveryLife product line [106][110]

Financial Data and Key Metrics Changes - In Q4 2024, net revenue increased by 167% to $7.2 million compared to Q4 2023, with $3.5 million from the fintech segment, $0.6 million from the marketplace, and $3.1 million from EveryLife [41] - For the full year 2024, net revenue reached $23.2 million, a 308% increase over 2023, with fintech contributing $10.1 million, marketplace revenue at $2.9 million, and brands revenue at $10.2 million [42] - Gross margin improved significantly from 33% in 2023 to 61% in 2024 [43] Business Line Data and Key Metrics Changes - The fintech segment generated $10.1 million in revenue from the acquisition date of March 13 through the end of the year, with pro forma revenue estimated at $13 million if the acquisition had occurred on January 1 [42] - EveryLife brand experienced a remarkable 276% year-over-year revenue growth, driven by a 76% increase in subscribers and a significant expansion of the ambassador program [16][18] - The marketplace saw a 34% increase in orders year-over-year during the holiday season, with conversion rates more than doubling despite reduced marketing spend [15] Market Data and Key Metrics Changes - The company secured payment processing contracts in 2024 that could potentially result in over $1 billion in annualized GMV [13] - The average order value in the buy now, pay later business was $1,194, significantly higher than competitors, with a 29% reduction in year-over-year delinquencies and a 27% reduction in charge-offs [14] Company Strategy and Development Direction - The company aims to double revenue year-over-year in 2025, focusing on monetizing efforts from 2024 and expanding the fintech division [20][21] - A strategic emphasis will be placed on integrating marketplace merchants into the fintech platform, enhancing the synergy between divisions [29][60] - The marketplace will prioritize American-made products, positioning itself competitively in an economy favoring domestic manufacturing [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to benefit from the increasing American-first sentiment in the economy, viewing tariffs as advantageous [48] - The company is focused on achieving positive unit economics across all divisions and anticipates breaking even on cash flow in 2025 [72][76] - Management highlighted the importance of leveraging cash for growth while balancing profitability, indicating a strong pipeline in the fintech business [73][75] Other Important Information - The company ended 2024 with cash and cash equivalents of $36.3 million and a principal balance of $3.8 million on its revolving line of credit [43] - The company is exploring cryptocurrency payment options but has no immediate announcements [101][102] Q&A Session Summary Question: Can PSQ Holdings become a competitive cornerstone in the marketplace like Amazon? - Management believes tariffs will benefit the business, positioning it well to capitalize on the American-first sentiment [48] Question: What is the composition of the $2.5 billion in signed GMV and the timeline for revenue manifestation? - The signed GMV includes a mix of merchants, primarily from the firearms industry and other sectors, with onboarding expected to continue into Q1 and Q2 2025 [55][56] Question: What are the biggest cost drivers impacting margins and plans for operational efficiency? - Significant restructuring has led to lower operating expenses year-over-year, with improved margins across divisions due to strategic changes [95][96] Question: What are the primary growth strategies for the next few years? - The company aims to double revenue driven by the fintech segment, with a focus on integrating marketplace and fintech operations [105][106]

Core Viewpoint - PSQ Holdings, Inc. reported a quarterly loss of $0.40 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.34, indicating a negative earnings surprise of -17.65% [1] Financial Performance - The company posted revenues of $7.21 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.25%, but showing significant growth from $2.75 million in the same quarter last year [2] - Over the last four quarters, PSQ Holdings has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Shares of PSQ Holdings have declined approximately 44.7% since the beginning of the year, contrasting with the S&P 500's decline of -4.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.25 on revenues of $8.3 million, and for the current fiscal year, it is -$0.98 on revenues of $36.67 million [7] Industry Outlook - The Internet - Commerce industry, to which PSQ Holdings belongs, is currently ranked in the top 21% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Acquisition and Mergers - PublicSquare completed a stock-for-stock transaction to acquire 100% of EveryLife, Inc. for 1,071,229 shares of common stock[19] - The merger with Credova Holdings, Inc. resulted in the issuance of 2,920,993 shares of Class A common stock to Credova stockholders[20] Product Offerings and Expansion - EveryLife's product offerings include diapers, wipes, soaps, lotions, and training pants, emphasizing high-performance and safety standards[38] - EveryLife is expanding its product line beyond diapers and wipes, introducing scented and unscented soaps and lotions, enhancing the baby care experience[50] - The company has launched training pants to support families during the potty-training stage, aiming to strengthen customer loyalty[51] - EveryLife plans to expand into feminine care and other mother-centric products, reinforcing its mission to serve women and families[51] - The introduction of branded D2C products under the "EveryLife" brand in 2023 is expected to expand and diversify offerings in response to market needs[73] - The company launched e-commerce functionality on the platform in November 2023 and introduced its first D2C product offerings under the "EveryLife" brand, including disposable diapers and wipes[190] - The company plans to expand and diversify its branded D2C offerings in response to significant existing market needs[190] Marketing and Consumer Engagement - EveryLife's "Buy For a Cause" program allows customers to donate essential products to families in need, enhancing community engagement[46] - As of February 28, 2025, EveryLife has over 1,300 ambassadors promoting the brand, leveraging grassroots marketing strategies[47] - PublicSquare's marketing strategy emphasizes values-aligned messaging and grassroots efforts to attract new customers[45] - The company is focused on increasing brand awareness and consumer engagement to drive platform usage and sales[126] - The reputations of ambassadors and influencers associated with the company are critical; any misalignment with core values could materially affect business reputation and results[139] - The company offers economic incentives to influencers and ambassadors to promote its platform, which may impact financial performance if growth assumptions are not met[142] Financial Technology and Services - The Financial Technology segment includes Credova, focusing on "Buy Now Pay Later" services for the outdoor and shooting sports industry[21] - The FinTech division includes Credova, which offers point-of-sale financing products, and PSQ Payments, launched on October 28, 2024, providing a payment processing solution[57] - Credova's platform allows merchants to offer a variety of financing options, promoting convenience and financial inclusivity for consumers[60] - The integrated financing and payments solution simplifies operations for merchants, potentially reducing costs and enhancing customer experience[71] - The company is focusing on connecting business owners with a suite of solutions, including advertising, financing, and payment solutions, to support small- and medium-sized American businesses[73] Competition and Market Challenges - The company competes with major players like Affirm and PayPal, focusing on underserved markets with complex regulatory needs[65] - The company faces significant competition for talent and may struggle to attract and retain skilled employees, which could impair its ability to meet customer demands[131] - The company operates in a highly competitive D2C market, facing barriers to entry and competition from established consumer packaged goods players[193] - Competition in the BNPL industry is intensifying, with new entrants and established companies posing challenges to the company's market share[210] - The company faces intense competition in the digital advertising space, competing against well-established companies with greater financial resources and larger user bases[182] Financial Performance and Risks - Credova incurred net losses of $57.7 million and $53.3 million for the years ended December 31, 2024 and 2023, respectively, while generating revenue of $23.2 million and $5.7 million for the same periods[109] - The anticipated expansion of operations may expose Credova to additional risks that could adversely affect operating results[101] - The consumer finance and BNPL industry is facing increased operational and compliance costs due to regulatory changes, impacting profitability[93] - The company has identified a material weakness in internal control over financial reporting, which could adversely affect investor confidence[101] - The company may require additional funding to finance operations, but adequate financing may not be available on acceptable terms, which could harm business growth[113] - The company anticipates significant additional investments will be required to scale operations and enhance productivity, which may increase costs and affect profitability[162] Operational Challenges - The company must effectively manage its growth and integrate new employees to maintain operational efficiency and morale[123] - Service disruptions and outages have previously occurred due to high demand, which could negatively impact consumer access to the platform and harm business operations[163] - The company relies on third-party cloud infrastructure, and any disruptions in these services could adversely affect business operations and financial results[166] - The company must manage its inventory effectively to avoid overstocking or understocking, which could impact operating results[199] - The company relies on third-party payment processors for transactions; any termination of these relationships could disrupt business operations and affect financial results[156] Regulatory and Compliance Issues - Credova's business is subject to significant regulatory scrutiny, which could materially and adversely affect its operations and financial condition[106] - The company faces risks related to compliance with various laws and regulations, which could lead to additional costs and operational challenges[198] - Regulatory changes affecting internet neutrality could decrease demand for the company's products and increase operating costs[171] Economic Factors - Inflationary pressures in the U.S. have not significantly impacted the company's operations for the years ended December 31, 2024 and 2023, and no material increase in cost of sales is anticipated for at least the remainder of 2025[111] - Economic and political conditions, including inflation and interest rates, could materially impact the company's operations and financial condition, leading to decreased consumer spending[159] Strategic Growth and Future Plans - The company plans to pursue value-enhancing acquisitions to capitalize on opportunities within its addressable market and expand its platform[77] - Future acquisitions are part of the company's growth strategy, but they carry risks such as integration difficulties and potential financial losses[200] - The company aims to expand operations both in the U.S. and internationally, and to enhance its product offerings, including e-commerce capabilities[118]

Economic Overview - All three major U.S. indexes have shown gains, with the Nasdaq Composite up 1%, S&P 500 up 0.86%, and Dow Jones Industrial Average up 0.91%, driven by positive economic data during a holiday-shortened trading week [1] - U.S. business activity in January has declined to its lowest level since April, with the S&P Global's flash U.S. Composite PMI Output Index falling to 52.4 from 55.4 in December, indicating a slowdown in expansion [2] - The labor market remains healthy, but new applications for unemployment benefits have reached a three-year high, with weekly jobless claims increasing by 6,000 to 223,000 and continuing claims rising by 46,000 to 1.899 million [3] Investment Performance - PSQ Holdings, Inc. has gained 80.2% since being upgraded to Zacks Rank 2 on November 16, outperforming the S&P 500's 3.8% increase [4] - KORE Group Holdings, Inc. has returned 20% since its upgrade to Zacks Rank 2 on November 22, compared to the S&P 500's 2.4% increase [5] - A hypothetical portfolio of Zacks Rank 1 stocks returned +22.3% in 2024, while the S&P 500 index returned +28% [6] Zacks Recommendations - Raymond James Financial, Inc. and StoneX Group Inc. have advanced 7.5% and 6.2% respectively since their Zacks Recommendations were upgraded [9] - The Zacks Recommendation system classifies stocks into three groups: Outperform, Neutral, and Underperform, based on earnings estimate revisions [11] Focus List and Model Portfolios - Palantir Technologies Inc. has gained 76.1% over the past 12 weeks since being added to the Zacks Focus List, while Axon Enterprise, Inc. has returned 37.3% [12] - The Zacks Focus List model portfolio returned +29.54% in 2023, outperforming the S&P 500 index's +26.28% return [15] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +5.62% in November 2024, while the S&P 500 index returned +5.87% [17] Long-term Performance - The Zacks Top 10 portfolio has produced a cumulative return of +1,998% since 2012, significantly outperforming the S&P 500 index's +461.86% return [23]

The combination of a deteriorating global business environment and an overbought tech sector makes for an increasingly obvious opportunity to bet against the Nasdaq ( COMP:IND ). The (NYSEARCA: PSQ ) is a way to bet againstAnalyst’s Disclosure: I/we have a beneficial long position in the shares of PSQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no b ...

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