PSQ Holdings, Inc. (PSQH) Earnings
PSQ Holdings, Inc. is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $-2.13. PSQH has beaten EPS estimates in 6 of its last 9 reported quarters (average surprise -5.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-1.05 | $-1.54 | -46.7% | $7M | -4.9% |
| May 7, 2026 | $-0.17 | $-0.12 | +29.4% | $8M | +13.4% |
| Nov 6, 2025 | $-0.16 | $-0.22 | -37.5% | $4M | +14.2% |
| Aug 12, 2025 | $-0.27 | $-0.18 | +33.3% | $7M | -38.1% |
| May 8, 2025 | $-0.30 | $-0.24 | +20.0% | $7M | -25.9% |
| Mar 13, 2025 | $-0.34 | $-0.40 | -17.6% | $7M | -3.5% |
| Aug 14, 2024 | $-0.30 | $-0.28 | +6.7% | $6M | -8.2% |
| May 15, 2024 | $-0.39 | $-0.37 | +5.1% | $3M | +2.1% |
| Mar 14, 2024 | $-0.47 | $-0.40 | +14.9% | $3M | +9.9% |
| Nov 14, 2023 | — | $-0.49 | — | $2M | — |
| Dec 7, 2021 | — | $0.22 | — | — | — |
| Aug 12, 2021 | — | $-0.05 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Business Transformation - Six months after new CEO Dustin Wunderlich took over, the company achieved 108% year-over-year revenue growth in Q2 2026, and 136% year-over-year growth for the first half of 2026 - Operating expenses were cut by ~12% year-over-year (normalizing for a one-time prior year stock comp reduction), total headcount was reduced by roughly half - Operating cash burn was cut 52% year-over-year to $2.3 million in Q2; revenue per employee increased 300% from ~$48,000 to ~$198,000 - Non-GAAP operating income turned positive to $400,000 in Q2 2026, from a $2.7 million loss in Q2 2025 - Ended Q2 with $8.3 million in total cash including restricted cash, and $11.8 million reported in restricted cash and cash equivalents ### Strategic Divestiture - The company entered a definitive agreement to sell non-core asset Every Life to Freehold Brands for $5.5 million in cash, expected to close by end of September 2026 - This follows the planned divestiture strategy: Every Life was moved to Discontinued Operations three quarters prior, and the company ran a deliberate process to maximize asset value - Proceeds from the sale will strengthen the company's balance sheet and sharpen internal focus on the core fintech business ### Core Segment Operational Trends - Sequential Q2 declines in payment volume and credit GMV from Q1 2026 are expected and not a sign of weakening business: credit demand is seasonally slower after Q1, and Q1 payments benefited from lapping a step-up from prior year new agreements, now lapping that higher base - The firearms market has begun to stabilize after a period of pressure; 32% credit GMV growth was driven by internal improvements (higher conversion, approval rates, new borrower acquisition, reactivation of existing borrowers), not market tailwinds, and credit quality remains strong with losses and delinquencies within expectations - Cross-selling adoption is strong: the vast majority of merchants use both the company's payments and credit services, which allows for more competitive pricing and easier integration, supporting stronger customer retention and revenue per customer
Guidance
- Management affirmed full year 2026 revenue guidance of approximately $32 million - Management confirmed full year 2026 non-GAAP operating income is expected to be positive - The company is driving toward positive full-year operating cash flow in 2027, with the turn to positive operating cash flow expected to occur in the second or third quarter of 2027 - Management expects continued top-line growth for the foreseeable future, with growth rates expected to moderate from the current triple-digit level but remain above 50% as the core fintech business scales - Free cash flow positivity is targeted after the achievement of operating cash flow positivity, with a goal of reaching full-year free cash flow positivity after establishing a foundation of positive operating cash flow
Segment performance
PSQ Holdings operates two core product segments: Payments and Credit, with a third non-core segment Every Life that was recently agreed to be sold. 1. Payments segment: Q2 2026 payment volume was $172.5 million, up 153% year-over-year. First half 2026 payment volume hit $374.3 million, up 259% year-over-year. Q2 2026 revenue for Payments was $3 million, compared to $1 million in Q2 2025. First half 2026 Payments revenue reached $6.6 million, against $1.6 million in the first half of 2025. Payments contributed 42% of total Q2 2026 core revenue. 2. Credit (Cordova) segment: Q2 2026 GMV was $14.1 million, up 32% year-over-year. First half 2026 GMV hit $29.2 million, also up 32% year-over-year. Q2 2026 revenue for Credit was $4.1 million, compared to $2.4 million in Q2 2025. First half 2026 Credit revenue reached $8.7 million, against $4.9 million in the first half of 2025. Credit contributed 58% of total Q2 2026 core revenue. As of June 30, 2026, $7.3 million was drawn on the $10 million revolving credit facility that funds Cordova's consumer originations.
Risks & headwinds
- Forward-looking statements about future results, growth, cash flow achievement and strategic initiatives involve inherent risks and uncertainties, and actual results may differ materially from current projections as noted in the company's SEC filings and earnings release - The company serves industries that are targeted for debanking by traditional financial institutions, creating ongoing reputational and access-to-banking risk that can impact business operations - Long-term AI compute costs are expected to rise from current subsidized levels, which may reduce the cost benefit of AI-driven operational efficiency over time - The business has high exposure to discretionary retail spending, so its performance is vulnerable to broader economic downturns that reduce consumer discretionary spending - Large enterprise merchant onboarding for the new payments business takes longer than initially expected, which can delay revenue growth from the payments segment
Analyst Q&A
Q: What are the company's long-term growth prospects, and can sustained double-digit growth be achieved? /
A: Management expects growth to moderate from the current triple-digit rate, but projects continued growth above 50% for the foreseeable future as the fintech business scales, based on strong execution and a robust merchant pipeline. This follows the strategic pivot to focused fintech growth in the second half of 2025, which has delivered accelerating growth to date. (213 characters)
Q: What is the clarification around the 2027 positive cash flow target: is it full-year operating or free cash flow, and when will the turn happen? /
A: The explicit target is positive operating cash flow, as this metric demonstrates core unit economics are positive. The company expects to turn operating cash flow positive in mid-2027 (second or third quarter), not achieve a full-year positive result in 2027. Free cash flow positivity will be pursued after operating cash flow positivity is established. (287 characters)
Q: What is the company's future M&A strategy after completing the divestiture of non-core assets? /
A: The company is currently focused on subtracting non-core assets to strengthen core business fundamentals, and has not yet earned the ability to pursue large new additions. Management is exploring potential acquisitions in two strategic areas: stablecoin payments technology, and niche SaaS/e-commerce software for the underserved industries the company serves, for potential future complementary acquisitions. (312 characters)
Q: How is the company leveraging AI, and what are your thoughts on AI and agentic commerce? /
A: AI has been a core driver of the 300% increase in revenue per employee, as the company was an early adopter and is leveraging currently subsidized AI compute costs to drive efficiency. Management expects compute costs will rise long-term, reducing this benefit over time. For agentic commerce, it is expected to work well for commodity categories but will have slow adoption in non-commodity, experience-driven categories like firearms, so the company is monitoring adoption closely. (364 characters)