PSQH 10-K & 10-Q changes, risk factors and insider trading
PSQ Holdings, Inc. (also PSQH-WT) · NYSE · Services-Advertising · CIK 1847064 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “We have incurred net losses and negative cash flows from operations in prior periods and may not achieve or sustain profitability.”
New heading “Our liquidity could be adversely affected by reserve, collateral, or prefunding requirements imposed by partners or networks.”
New heading “Our operating results may fluctuate from period to period, which could make our performance difficult to evaluate and could cause volatility in the trading price of our securities.”
New heading “We may not be able to achieve or sustain anticipated cost savings or efficiencies, and cost reduction initiatives could adversely affect our business.”
New heading “Our FinTech-focused strategy may not be successful, and changes to our strategy or priorities could adversely affect our business.”
New heading “Our business faces significant competition, and if we are unable to compete effectively, our business and operating results could be materially and adversely affected.”
New heading “Our success depends on attracting, onboarding and retaining merchants, retailers, campaigns and non-profit organizations, and we may not successfully convert our sales leads or contracts into sustained transaction volume.”
New heading “Adverse publicity or reputational harm could materially adversely affect our business.”
New heading “We may not be able to keep pace with changes in technology, payment methods and customer expectations.”
New heading “Our success depends on key personnel, and we may be unable to attract or retain qualified employees or successfully transition leadership responsibilities.”
New heading “We may not be able to successfully develop, launch, and maintain new products or enhance existing products.”
New heading “We may pursue acquisitions, investments, or partnerships, and we may not realize the expected benefits of those arrangements.”
New heading “We may not be able to complete the planned divestiture of the Brands segment on the expected timeline or at all, and any proceeds may be less than anticipated.”
New heading “Our payments processing business depends on relationships with sponsor banks and processing partners, and the loss of, or changes in, these relationships could disrupt our business.”
New heading “We are subject to the rules of card networks and the ACH network, and failure to comply or changes in these rules could adversely affect our business.”
New heading “Chargebacks, fraud and disputes could result in significant costs, losses and reputational harm and could lead to partner or network action against us.”
New heading “Our merchant underwriting, onboarding, and monitoring controls may be insufficient to prevent losses or compliance issues.”
New heading “Our processing volumes and economics may be adversely affected by changes in interchange, assessment fees, network rules or pricing by third-party partners.”
New heading “Operational failures, errors, or outages in transaction processing or settlement could harm our business and expose us to liability.”
New heading “If we are unable to maintain compliance with security standards, including Payment Card Industry Data Security Standard ("PCI-DSS"), or if our tokenization or vaulting solutions are compromised, our business could be harmed.”
New heading “Risks Related to PSQ Impact”
New heading “PSQ Impact has a limited operating history, and we may not be successful in scaling this business or achieving expected results.”
New heading “The market for political fundraising and payment processing platforms is highly concentrated, and PSQ Impact may be unable to compete effectively against established providers.”
New heading “Fundraising and payments activity can be highly seasonal and volatile, which may cause fluctuations in our results.”
New heading “Fundraising activity involves heightened compliance risk, and failures could result in regulatory action, litigation, losses and reputational harm.”
New heading “We may face elevated chargebacks, refunds and dispute activity in connection with fundraising transactions, which could increase losses and costs.”
New heading “Our fundraising platform may be subject to partner sensitivity and reputational risk, which could limit growth or disrupt operations.”
New heading “Our fundraising customers may experience operational or compliance failures, and we may be subject to claims arising from those failures.”
New heading “Risks Related to Credova”
New heading “We received a written notice from the NYSE that we are not in compliance with continued listing standards, and if we fail to regain compliance, our Class A Common Stock would be delisted.”
New heading “As of February 27, 2026, we are no longer a "controlled company", and as a result, we are required to comply with all of the corporate governance requirements in the NYSE listing standards, subject to certain phase-in periods. Failure to do so may lead to escalating consequences up to and including potential delisting of the Company’s Class A Common Stock from the NYSE.”
Removed heading “Risk Factor Summary”
Removed heading “We have a very limited operating history, which makes it difficult to evaluate our business and prospects.”
Removed heading “To date, we have not generated significant revenues or achieved profitability, and may never generate significant revenues or become profitable.”
Removed heading “Our past successful fundraising efforts do not guarantee long term liquidity, and we may be unable to obtain additional financing to fund the operation and growth of our business.”
Removed heading “Our growth to date may not be sustainable or indicative of future performance.”
Removed heading “We may not be successful in growing or maintaining the base of consumers and businesses that use the Platform.”
Removed heading “The market for the Platform and services may not be as large as we believe it to be.”
Removed heading “Our business depends on hiring, developing and retaining highly skilled and dedicated employees, and any failure to do so, including turnover in our senior management and other key personnel, could have a material adverse effect on our business.”
Removed heading “Our success depends on establishing and maintaining a strong brand and base of business owners and consumers of the Platform, and any failure to establish and maintain a strong brand or consumer base would adversely affect our future growth prospects.”
Removed heading “Negative publicity or media coverage about us or persons or businesses associated with us could adversely affect our reputation and our business, results of operations and future growth prospects.”
Removed heading “The failure of our ambassadors, influencers or members of our senior management or Board of Directors (the "Board") to protect their reputation could have a material adverse effect on our business, reputation and image. Additionally, if any of our ambassadors, influencers or members of our senior management or Board develop a reputation that is misaligned with our five core values, it could have a material adverse effect on our business reputation and image.”
Removed heading “We have offered and intend to continue to offer incentives, including economic incentives, to influencers and ambassadors to join and promote the Platform, and these arrangements have involved and are expected to continue to involve fixed payment obligations or the issuances of equity that are not contingent on actual revenue or performance metrics generated by the applicable influencer, which may adversely impact our financial performance, results of operations and liquidity.”
Removed heading “Certain content or communications by consumers or business owners participating on the Platform could deter current or potential consumers and business owners from using the Platform and adversely affect relationships with our business partners, and we may face negative publicity, litigation or other legal actions or other potential harm or liability as a result of that content, regardless of whether such content violated any law.”
Removed heading “Our five core values may not always align with the interests of our business or our stockholders.”
Removed heading “Any failure by us to attract and onboard new merchants in the Financial Technology segment or any change in or loss of relationships with our existing partners could adversely affect our business and results of operations.”
Removed heading “If engagement by consumers on the Platform fails to increase or declines, our revenue, business and operating results will be harmed.”
Removed heading “If we fail to generate and maintain a sufficiently high quality directory of businesses on the Platform, we may be unable to provide consumers with the information they are looking for, which could negatively impact our traffic and revenue.”
Removed heading “We are subject to payments-related risks.”
Removed heading “Uncertain global macro-economic and political conditions could materially and adversely affect our results of operations and financial condition.”
Removed heading “If we fail to maintain adequate operational and financial resources, we may be unable to execute our business plan or maintain high levels of service and consumer satisfaction.”
Removed heading “We may not be able to scale our systems, technology, or network infrastructure to ensure that the Platform is accessible.”
Removed heading “Engagement by consumers and businesses on the Platform, and our ability to monetize the Platform depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers and standards, including mobile operating systems, networks, and standards that we do not control.”
Removed heading “Real or perceived errors, failures or bugs in the Platform or our products could materially and adversely affect our operating results and growth prospects.”
Removed heading “The loss of Michael Seifert, Our Founder, Chief Executive Officer and Chairman of the Board, or other key personnel, or failure to attract and retain other highly qualified personnel, could harm our business.”
Removed heading “Our business faces significant competition, and if we are unable to compete effectively, our business and operating results would be adversely affected.”
Removed heading “We have limited experience with respect to determining the optimal prices and pricing structures for our products and services, which may impact our financial results.”
Removed heading “The expansion of our operations, including in areas not part of our current operations, subjects us to additional risks that can adversely affect our operating results.”
Removed heading “Changes to our existing platform and services could fail to attract engagement with the Platform or fail to generate revenue.”
Removed heading “If we fail to successfully capitalize on our new e-commerce functionality or new D2C product offerings, introduce new platform innovations or expand effectively into new markets, our revenue and our business may be harmed.”
Removed heading “We may not be able to expand into or to compete successfully in a highly competitive D2C market.”
Removed heading “The D2C market is subject to unique risks related to payment, which, if realized, could adversely impact our business, financial condition and results of operations.”
Removed heading “The D2C model may expose us to significant inventory risks.”
Removed heading “We may in the future make acquisitions, and such acquisitions could disrupt our operations, and may have an adverse effect on our operating results.”
Removed heading “We may be unable to successfully grow our business if we fail to compete effectively with others to attract and retain our executive officers and other key management and technical personnel.”
Removed heading “Risks Related to Credova’s Regulatory Environment”
Removed heading “We are an Emerging Growth Company, making comparisons to non-Emerging Growth companies difficult or impossible.”
Removed heading “An active market for our securities may not develop, which would adversely affect the liquidity and price of our securities.”
Removed heading “Our issuance of additional capital stock in connection with financings, acquisitions, investments, the Stock Incentive Plan (“SIP”), the Employee Stock Purchase Plan (“ESPP”) or otherwise will dilute all other stockholders.”
Removed heading “We do not intend to pay cash dividends for the foreseeable future.”
Removed heading “Our Founder and Chief Executive Officer will continue to exercise significant control over our business and operations, including through his holdings of a special Class C Common Stock with majority voting rights.”
Removed heading “We are a “controlled company” within the meaning of NYSE listing standards and, as a result, we qualify for, and rely on, exemptions from certain corporate governance requirements. As a result, you do not and may not in the future have the same protections afforded to shareholders of companies that are subject to such requirements.”
Removed heading “Future sales, or the perception of future sales, by us or our stockholders in the public market following could cause the market price for the Class A Common Stock to decline.”
Largest changes
“As a public company, we are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting for each annual report on Form 10-K to be filed with the SEC. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. We are required to disclose changes made in our internal controls and procedures on a quarterly basis. …”see in full comparison
“Since our inception, we have financed our operations and capital expenditures primarily through equity investments and convertible notes. In the future, we could be required to raise capital through public or private financing or other arrangements. Such financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could harm our business. In addition, inflation rates in the U.S. have been higher than in previous years, which may result in higher costs of capital and constrained credit and liquidity. …”see in full comparison
“As of February 27, 2026, we are no longer a "controlled company", and as a result, we are required to comply with all of the corporate governance requirements in the NYSE listing standards, subject to certain phase-in periods. Failure to do so may lead to escalating consequences up to and including potential delisting of the Company’s Class A Common Stock from the NYSE.”see in full comparison
“We received a written notice from the NYSE that we are not in compliance with continued listing standards, and if we fail to regain compliance, our Class A Common Stock would be delisted.”see in full comparison
“Our results of operations could be materially affected by economic and political conditions in the United States and internationally, including inflation, deflation, interest rates, availability of capital, war, terrorism, aging infrastructure, pandemics, energy and commodity prices, trade laws, election cycles and the effects of governmental initiatives to manage economic conditions. Management is evaluating the impact of potential future tariffs on our Brands segment operations. …”see in full comparison
“The introduction and sale of our D2C branded products will likely require us to accept online payments using a variety of methods, including credit cards, debit cards, gift cards, and other forms of payment. As a result of offering such payment methods, we may become subject to regulations and compliance requirements (including obligations to implement enhanced authentication processes that could result in significant costs and reduce the ease of use of our payments products), as well as the risk of payment fraud. …”see in full comparison
Full comparison: every changed paragraph (459)
Risk Factor Summary
Our business is subject to numerous risks and uncertainties, including those highlighted in this Item 1A, that represent challenges that we face in connection with the successful implementation of our strategy and the growth of our business. In particular, the following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could cause a decline in the price of shares of our Class A Common Stock or public warrants and result in a loss of all or a portion of your investment:
•We may not continue to grow or maintain our base of consumers and business owners or advertisers and may not be able to achieve or maintain profitability.
•Our recent and rapid growth in platform participants may not be sustainable or indicative of future performance.
•The market for the Platform and services may not be as large as we believe it to be, presently or in the future.
•We have limited experience with respect to determining optimal prices and pricing structure for our products and services, which may impact our financial results.
•Our business faces significant competition, and if we are unable to compete effectively, our business and operating results could be materially and adversely affected.
•The anticipated expansion of our operations, including in areas not part of our current operations, subjects us to additional risks that can adversely affect our operating results.
•Our business depends on hiring, developing and retaining highly skilled and dedicated employees, and any failure to do so, could have a material adverse effect on our business.
•Consumer tastes and preferences change over time and from time to time, as may public perception of us, which could be adversely affected by any negative publicity or reputational effects attributable to us or any of our affiliates, which may impact our consumers' and business owners’ desire to utilize the Platform and materially affect our business and operating results.
•If we cannot maintain our company culture as we grow, our success, business and competitive position may be harmed.
•Our success depends on establishing and maintaining a strong brand and active engagement by businesses, consumers, and advertisers on the Platform, and any failure to establish and maintain a strong brand and consumer base, or adverse change in advertisers’ willingness to pay for advertising on the Platform, would adversely affect our future growth prospects.
•Our five core values may not always align with the interests of our business or our stockholders.
•Any failure by us to attract and onboard new merchants in the Financial Technology segment or any change in or loss of relationships with our existing partners could adversely affect our business and results of operations.
•If engagement by business owners or consumers on the Platform fails to increase or declines, we may not be able to maintain or expand our advertising revenue and our business and operating results will be harmed.
•Changes to our existing platform and services could fail to attract engagement with the Platform or fail to generate revenue.
•We may not be able to able to expand into or to compete successfully in one or more of the highly competitive business areas in which we anticipate expanding, including e-commerce and the Business-to-Business ("B2B") market, or recently expanded into, including the D2C market that we recently entered into with our launch of EveryLife in July 2023.
•We are subject to payments-related risks.
•Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition.
•We may in the future make acquisitions, and such acquisitions could disrupt our operations, and may have an adverse effect on our operating results.
•We are or may be subject to numerous risks relating to the need to comply with data and information privacy laws.
•We are subject to cybersecurity risks and interruptions or failures in our information technology systems and as we grow, we will need to expend additional resources to enhance our protection from such risks.
•Management identified a material weakness in our internal control over financial reporting as of December 31, 2023 and as of December 31, 2024, this material weakness still exists. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.
•If we fail to adequately protect our proprietary intellectual property (“IP”) rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.
•Our business depends on continued and unimpeded access to our directory information and services on the internet, which in turn relies on third-party telecommunications and internet service providers.
•We may be unable to successfully grow our business if we fail to compete effectively with others to attract and retain our executive officers and other key management and technical personnel.
•The consumer finance and buy now pay later (“BNPL”) industry has become subject to increased regulatory scrutiny, and Credova’s failure to manage Credova’s business to comply with new regulations would materially and adversely affect Credova’s business, results of operations and financial condition.
•Credova’s results depend on prominent presentation, integration, and support of its platform by its merchants.
•Current and future government regulations may negatively impact the demand for Credova’s merchants’ products and Credova’s operations and financial results.
•We may be exposed to risk if we cannot enhance, maintain, and adhere to our internal controls and procedures.
•Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.
•The consumer finance and BNPL industry is subject to various state and federal laws in the United States and federal law concerning consumer finance, and the costs to maintain compliance with such laws and regulations may be significant.
•Compliance obligations imposed by new privacy laws, laws regulating social media platforms and online speech in the U.S., or industry practices may adversely affect our business.
•We are a “controlled company” within the meaning of NYSE listing standards and comply with reduced corporate governance standards as a result.
•Natural disasters, including and not limited to unusual weather conditions, epidemic outbreaks, terrorist acts and political events could disrupt our business schedule.
•We may require substantial additional funding to finance our operations, but adequate additional financing may not be available when we need it, on acceptable terms or at all.
We have incurred net losses and negative cash flows from operations in prior periods and may not achieve or sustain profitability.
We have incurred net losses and, in certain periods, negative cash flows from operations and we may continue to incur losses as we invest in product development, compliance, risk management, technology, finance, sales and marketing, and customer support. We incurred net losses from continuing operations of $24.9 million and $43.6 million for the years ended December 31, 2025 and 2024, respectively, and negative cash flow from operations of $19.9 million and $34.1 million for the years ended December 31, 2025 and 2024, respectively. Our ability to achieve profitability depends on many factors, including our ability to increase transaction volume, improve margins, manage credit losses, reduce chargebacks and fraud, and control operating expenses.
If we do not achieve or sustain profitability, our business would be adversely affected, we would need to raise additional capital, and the trading price of our securities could decline.
We have a very limited operating history, which makes it difficult to evaluate our business and prospects.
We have a very limited operating history, which makes it difficult to evaluate our business and prospects or forecast our future results. We are subject to the same risks and uncertainties frequently encountered by new companies in rapidly evolving markets. Our financial results in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our control, including:
•market adoption of our products and services;
•our ability to maintain and grow the Platform offerings, traffic, and engagement;
•our ability to attract and retain consumers, business owners, and advertisers;
•the diversification and growth of our revenue sources beyond current sources, including our ability to successfully launch new products and realize revenues from increased e-commerce functionality on the Platform, including through consumer transactions executed in the Platform, and through the sale of our own D2C branded products;
•our ability to grow and generate revenue from our B2B offerings once launched;
•the development and introduction of new products, or services by us or our competitors;
•increases in marketing, sales, and other operating expenses that we may incur to grow and expand our operations and to remain competitive, and increased expenses we have incurred and will continue to incur as a public company;
•legislation and regulation that forces us to change our content policies and practices (including those relating to our products, services and advertisements of our business owners);
•our ability to maintain and increase operating margins;
•system failures or breaches of security or privacy;
•competition in the markets in which we operate, and our ability to successfully compete; and
•negative publicity we may encounter as we seek to grow our values-focused business.
To date, we have not generated significant revenues or achieved profitability, and may never generate significant revenues or become profitable.
We have incurred net losses since our inception, and we may not be able to achieve or maintain profitability in the future. We incurred net losses of $57.7 million and $53.3 million for the years ended December 31, 2024 and 2023. We generated revenue of $23.2 million and $5.7 million for the years ended December 31, 2024 and 2023. Our expenses will likely increase in the future as we develop and launch new offerings and platform features, expand in existing and new markets, increase our sales and marketing efforts and continue to invest in the Platform, as well as a result of our becoming a public company. Our efforts to grow our business may be more costly than we expect and may not result in increased revenue or growth in our business. We may be required to make significant capital investments and incur recurring or new costs, and our investments may not generate sufficient returns and our results of operations, financial condition and liquidity may be adversely affected. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis or at all. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition, results of operations and prospects could be adversely affected. If we are unable to generate adequate revenue growth and manage our expenses, we may continue to incur net losses in the future, which may be substantial, and we may never be able to achieve or maintain profitability. We also expect our costs and expenses to increase in future periods, which could negatively affect our future results of operations if our revenue does not increase. In particular, we intend to continue to expend significant funds to further develop the Platform. We will also face increased compliance costs associated with growth, the expansion of our business and consumer base, and being a public company. Our efforts to grow our business may be more costly than we expect, or the rate of our growth in revenue may be slower than we expect, and we may not be able to increase our revenue enough to offset our increased operating expenses. We may incur significant losses in the future for a number of reasons, including the other risks described herein, and unforeseen expenses, difficulties, complications or delays, and other unknown events. If we are unable to achieve and sustain profitability, the value of our business may significantly decrease.
We believe there is a significant market opportunity for our business, and we intend to invest aggressively to capitalize on this opportunity. These efforts may be more costly than we expect and may not result in increased revenue or growth in our business. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow. Furthermore, if our future growth and operating performance fail to meet investor or analyst expectations, or if we have future negative cash flow or losses resulting from our investment in acquiring platform consumers and businesses or expanding our operations, this could have a material adverse effect on our business, financial condition and results of operations. We cannot assure you that we will ever achieve or sustain profitability and may continue to incur significant losses going forward. Any failure by us to achieve or sustain profitability on a consistent basis could cause the value of our Class A Common Stock and private warrants, initially issued in the private placement consummated simultaneously with Colombier's initial public offering (the "Private Warrants"), to decline.
Inflationary pressures, particularly in the United States, could have a material adverse effect on our business, cash flows and results of operations. The U.S. economy is currently experiencing a bout of inflation, in part due to a collision of booming demand with constrained supply, forcing prices to rise. To combat inflation, the U.S. Federal Reserve as well as counterparts in other countries have made a series of aggressive interest rate hikes commencing in 2022 and extending into 2023 in an attempt to cool global economies. Inflation did not have a significant impact on our results of operations for the years ended December 31, 2024 and 2023. We do not anticipate a material increase in cost of sales – services and cost of goods sold for at least the remainder of 2025.
We may require substantial additional fundingcapital to financesupport our operations,operations butand adequategrowth, additionaland financingsuch capital may not be available when we need it, on acceptable terms or at all.
Our business may require significant capital, including to fund working capital needs, support growth initiatives, satisfy partner reserve requirements, and in the case of consumer financing, to fund or acquire consumer receivables. Our future capital requirements will depend on many factors, including our revenue growth, credit performance, regulatory requirements, and the timing and extent of investments in technology and personnel.
If we are unable to access capital when needed, we may need to delay or reduce investments, limit growth, reduce our consumer financing activity, or pursue strategic alternatives. Any additional financing could be dilutive to shareholders and may include restrictive terms.
Management's Discussion & Analysis (MD&A)
New heading “Executive Leadership Changes”
New heading “Financial Technology”
New heading “Gross Merchandise Volume (“GMV”) – Credit”
New heading “Gross Merchandise Volume (“GMV”) – PSQ Payments”
New heading “Changes in Fair Value of Earn-out Liabilities”
New heading “Changes in Fair Value of Warrant Liabilities”
Removed heading “Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to "PublicSquare," “we,” “us,” “our,” and the “Company” are intended to refer to (i) following the Business Combination, the business and operations of PSQ Holdings, Inc. and its consolidated subsidiaries, and (ii) prior to the Business Combination, Private PSQ (the predecessor entity in existence prior to the consummation of the Business Combination) and its consolidated subsidiaries.”
Removed heading “Board of Director Appointments and Resignation”
Removed heading “Launch of New Products”
Removed heading “Strategic Reorganization”
Removed heading “Cost of Goods Sold (exclusive of depreciation and amortization)”
Removed heading “Transaction costs incurred in connection with the Business Combination”
Removed heading “Change in fair value of convertible promissory notes”
Removed heading “Cost of goods sold (exclusive of depreciation and amortization)”
Removed heading “Transaction costs incurred in connection with the Business Combination”
Removed heading “Change in fair value of convertible promissory notes”
Removed heading “Change in fair value of earn-out liabilities”
Removed heading “Change in fair value of warrant liabilities”
Removed heading “Revenue Recognition”
Removed heading “[1] Marketplace Revenues”
Removed heading “E-commerce Revenues”
Removed heading “Advertising Services”
Removed heading “[2] Brand Revenues”
Removed heading “Product Returns”
Removed heading “[3] Financial Technology Revenues”
Removed heading “Financing Revenues”
Removed heading “Loans Held for Investment, Net”
Removed heading “Allowance for Credit Losses - Loans Held for Investment”
Removed heading “Goodwill and Acquired Intangible Assets”
Removed heading “Capitalized Software”
Removed heading “Warrant Liabilities”
Removed heading “Share-Based Compensation”
Removed heading “Business Combinations”
Largest changes
“ASC 350, Intangibles—Goodwill and Other ("ASC 350") requires goodwill to be tested for impairment at least annually or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company performed its annual impairment test of goodwill as of December 31, 2024. The accounting guidance gives the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carrying amount. …”see in full comparison
“As part of Mr. Seifert's separation from the Company, Mr. Seifert forfeited 1,000,000 shares of Class C common stock. As of February 27, 2026, all of Mr. Seifert's Class C common stock converted into shares of Class A common stock. As a result, Mr. Seifert no longer possesses a majority of the voting power of the Company's common stock and the Company is no longer a "controlled company" under NYSE rules. We are now required to comply with certain NYSE rules that govern corporate governance standards from which we were previously exempt, subject to certain phase-in periods. …”see in full comparison
“Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to "PublicSquare," “we,” “us,” “our,” and the “Company” are intended to refer to (i) following the Business Combination, the business and operations of PSQ Holdings, Inc. and its consolidated subsidiaries, and (ii) prior to the Business Combination, Private PSQ (the predecessor entity in existence prior to the consummation of the Business Combination) and its consolidated subsidiaries.”see in full comparison
“Goodwill represents the excess of the purchase price in a business combination over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed. Goodwill is not amortized as it is estimated to have an indefinite life. As such, goodwill is subject to an annual impairment test.”see in full comparison
“The Company estimates expected credit losses over the contractual term of loans, incorporating adjustments for anticipated prepayments and defaults when applicable. The contractual term excludes expected extensions, renewals, and modifications unless one of the following conditions is met: (i) management has a more likely than not expectation at the reporting date that an extension or renewal option is included in the original or modified contract, and (ii) such options are not unconditionally cancellable by the Company.”see in full comparison
Full comparison: every changed paragraph (178)
Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to "PublicSquare," “we,” “us,” “our,” and the “Company” are intended to refer to (i) following the Business Combination, the business and operations of PSQ Holdings, Inc. and its consolidated subsidiaries, and (ii) prior to the Business Combination, Private PSQ (the predecessor entity in existence prior to the consummation of the Business Combination) and its consolidated subsidiaries.
PSQ Holdings, Inc. is a payments and financial infrastructure company. The Company builds and operates infrastructure in highly regulated environments for industries underserved by traditional financial institutions, including businesses, campaigns, and nonprofits that depend on reliable, compliant payment solutions. PSQ Holdings, Inc. historically operated under three segments: Financial Technology, Marketplace, and Brands ("Financial Technology", "Marketplace", and "Brands"), however, in August 2025, the Company announced a strategic repositioning to focus its resources and capital on accelerating the growth of its Financial Technology segment. As part of this repositioning, the Company initiated a plan to monetize the Brands segment through the sale of EveryLife and to pursue a sale or strategic partnership of the Marketplace segment, including evaluating opportunities to repurpose certain intellectual property to complement its Financial Technology offerings.
Following further evaluation of market conditions and transaction alternatives, the Company determined during the fourth quarter of 2025 that pursuing a sale or partnership of the Marketplace segment would not be the most efficient use of resources. Accordingly, the Company wound down the Marketplace business as of December 31, 2025, and will not continue development of the Marketplace technology platform as part of its long-term strategy. The Company may evaluate opportunities to leverage certain customer relationships in support of its Financial Technology initiatives.
As of December 31, 2025, the Company continues to actively pursue the monetization of the Brands segment, and the sale process remains ongoing. Management expects to enter into a definitive agreement during the first half of 2026 and continues to engage with interested parties.
As of December 31, 2025, PSQ Holdings, Inc. operates under one reportable segment: Financial Technology ("Financial Technology" or "FinTech"). The Financial Technology reportable segment is comprised of three operating segments, Credova, a "Buy Now, Pay Later" company focused on the outdoors & shooting sports industry; PSQ Payments, a "cancel-proof" payments processing company; and PSQ Impact, a payments and fundraising platform serving nonprofit organizations and political campaigns.
Payment processing is the lifeblood of the American economy. Owning the payments stack puts PSQ Holdings, Inc. at the center of its merchants’ transactions with solutions that are simple to integrate and resilient by design. We pair advanced technology with a deep understanding of merchant and consumer needs to facilitate next generation commerce. By bundling multiple payment types, the Company expects to create higher conversion and more stickiness with consumers. Multiple systems redundancies and sponsor banks mean peace of mind and better economics for our merchants, regardless of business industry.
PublicSquare is a technology-enabled Marketplace & Payments ecosystem that serves an audience of consumers and merchants who value life, family, and liberty. PublicSquare operates under three segments: Marketplace, Brands, and Financial Technology. The primary mission of the Marketplace segment is to help consumers put purpose behind their purchases by shopping with thousands of small businesses that prioritize quality and classic American values. PublicSquare leverages data and insights from the Marketplace to assess its customers’ and merchants' needs and provide a suite of wholly-owned Financial Technology services and a wholly-owned Direct to Consumer ("D2C") brand. The Brands segment includes EveryLife, a premium D2C life-affirming baby products company. The Financial Technology segment comprises Credova, a "Buy Now Pay Later" company focused on the outdoors & shooting sports industry, and PSQ Payments, a "cancel-proof" payments processing company.
We incorporated PSQ Holdings, Inc. in February of 2021, began development of our digital platform (mobile app and website) in May 2021 and launched our initial product regionally in San Diego County, California in October 2021 on iOS, Android and on our website. After 10 months of testing in various markets and courting consumer feedback, we launched the Platform nationwide on July 4, 2022.
On February 23, 2023, PublicSquare completed a stock-for-stock transaction to purchase 100% of the outstanding shares of EveryLife, Inc. (“EveryLife”), a Delaware corporation, in exchange for 1,071,229 shares of common stock, par value $0.001 per share, of Private PSQ.
On July 19, 2023 (the “Closing Date”), we consummated the transactions contemplated by that Agreement and Plan of Merger, dated as of February 27, 2023 (the “Merger Agreement”), each by and among PublicSq. Inc. (f/k/a PSQ Holdings, Inc.), a Delaware corporation (“Private PSQ”), Colombier Acquisition Corp., a Delaware corporation (“Colombier”), Colombier-Liberty Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of Colombier (“Merger Sub”), and Colombier Sponsor, LLC (the “Colombier Sponsor”), a Delaware limited liability company, in its capacity as purchaser representative, for the purposes set forth in the Merger Agreement, which, among other things, provided for the merger of Private PSQ into Merger Sub with Private PSQ surviving the merger as a wholly owned subsidiary of Colombier (the “Business Combination”). At the closing of the Business Combination (the “Closing”), Colombier changed its name to “PSQ Holdings, Inc.”
On March 13, 2024, we entered into an agreement and plan of merger (the “Credova Merger Agreement”) with Cello Merger Sub, Inc., a Delaware corporation and our wholly-owned subsidiary (“Merger Sub”), Credova Holdings, Inc., a Delaware corporation (“Credova”), and Samuel L. Paul, in the capacity as the Seller Representative in accordance with the terms of the Credova Merger Agreement. Pursuant to the Credova Merger Agreement, on March 13, 2024, the transactions which are the subject of the Credova Merger Agreement were consummated (the “Credova Closing”) and Merger Sub merged with and into Credova (the “Merger”), with Credova surviving as a wholly-owned subsidiary of PublicSquare. In connection with the Merger, each share of Credova was converted into the right to receive newly-issued shares of our Class A common stock (“Class A Common Stock”), delivered to the Credova stockholders at the Credova Closing (“Credova Stockholders”). As consideration for the Merger, Credova stockholders received 2,920,993 newly-issued shares of Class A Common Stock (the “Consideration Shares”). A number of Consideration Shares equal to ten percent (10%) of the Consideration Shares (the “Escrow Shares”) was placed in an escrow account for indemnity claims made under the Credova Merger Agreement. Assuming they are not subject to indemnity claims, the Escrow Shares remaining in escrow upon the 12-month anniversary of the Credova Closing will be released and distributed pro rata to the former stockholders of Credova.
The mailing address of PublicSquare's principal executive office is 1501 Belvedere Rd, Suite 500, West Palm Beach, Florida 33406.
Executive Leadership Changes
On January 7, 2026, the Company announced updates to its Board and executive leadership structure intended to delineate board oversight, enhance operational focus, and position the Company for its next phase of growth as a scaled public FinTech platform. The leadership updates include:
•Michael Seifert stepped down as Chairman of the Board.
•Dusty Wunderlich was named Chairman of the Board and has stepped down as Chief Strategy Officer of the Company.
•Blake Masters was appointed Lead Independent Board Director and will provide independent oversight and serve as liaison between the Board and management.
•Michael Perkins was appointed Chief Operating Officer.
•Mike Hebert stepped down as Chief Operating Officer and was named Senior Vice President of People to oversee the organizational development, talent and culture of the Company.
On January 27, 2026, Michael Seifert stepped down as Chief Executive Officer and resigned from the Company's Board of Directors, and Dusty Wunderlich was appointed as Chief Executive Officer.
As part of Mr. Seifert's separation from the Company, Mr. Seifert forfeited 1,000,000 shares of Class C common stock. As of February 27, 2026, all of Mr. Seifert's Class C common stock converted into shares of Class A common stock. As a result, Mr. Seifert no longer possesses a majority of the voting power of the Company's common stock and the Company is no longer a "controlled company" under NYSE rules. We are now required to comply with certain NYSE rules that govern corporate governance standards from which we were previously exempt, subject to certain phase-in periods. These include the requirement to have (i) a majority of independent directors, (ii) a nominating/corporate governance committee composed entirely of independent directors, and (iii) a compensation committee composed entirely of independent directors. NYSE rules mandate that the Company must satisfy the majority independent board requirement within one year of the date its status changed and have at least one independent member on its nominating committee and at least one independent member on its compensation committee by the date its status changes, at least a majority of independent members on each committee within 90 days of the date its status changes and fully independent committees within one year of the date its status changes. There can be no assurance that the Company will be able to satisfy such requirements. Failure to meet such requirements could subject the Company to delisting from the NYSE.
On December 18, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an existing fundamental institutional investor (the “Purchaser”) relating to the registered direct offering and sale of an aggregate of 1,800,000 shares (the “Shares”) of the Company’s Class A Common Stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 5,018,184 shares of Class A Common Stock, and accompanying common warrants to purchase an aggregate of 8,522,730 shares of Class A Common Stock (the “Common Warrants” and the offering of the Shares, the Pre-Funded Warrants and the Common Warrants, the “Offering”) at a combined offering price of $1.10 per share, provided, that the combined purchase price per Pre-Funded Warrant and accompanying Common Warrant is identical to the purchase price per Shares and accompanying Common Warrant, less the Pre-Funded Warrant exercise price of $0.0001 per share. The Common Warrants have an exercise price of $1.18 per share, will be exercisable six months following issuance and have a term of five and a half years from the initial exercise date. The gross proceeds to the Company from the Offering were approximately $7.5 million.
On December 5, 2024, PublicSquare announced it had closed a registered direct offering for the purchase and sale of an aggregate 7,813,931 shares of its Class A common stock at a purchase price per share of $4.63, for gross proceeds of approximately $36.2 million. PublicSquare will use the net proceeds from the offering for general corporate purposes, including working capital.
Board of Director Appointments and Resignation
On December 3, 2024, PublicSquare announced Donald Trump, Jr. and Willie Langston were appointed to the Board of Directors, and Omeed Malik resigned.
On February 19, 2025, Board member Kelly Loeffler was confirmed as the Administrator of Small Business Administration ("SBA") by the United States Senate. Per the Company's Corporate Governance Principles, upon her confirmation, Ms. Loeffler submitted her resignation as a member of the Board, effective on February 19, 2025.
Launch of New Products
On December 10, 2024, EveryLife launched their high-performing training pants made from clean, premium materials without fragrances, dyes, lotions, parabens, or phthalates. With flow channel technology for faster absorption, the EveryLife training pant offers a 360-degree stretchy waistband, a quick dry top sheet, easy tear-away sides, and 12-hour leak protection.
On November 20, 2024, EveryLife expanded their product offering to include soaps and lotions. Their Shampoo and Baby Wash is tear free, dermatologist-tested and safe for sensitive skin. EveryLife’s Face & Body Baby Lotion, also dermatologist-tested and safe for sensitive skin, leaves the skin perfectly moisturized. Both products are available in scented (lavender) and unscented and are free from synthetic fragrances, dyes, parabens, and phthalates.
Launch of PSQ PaymentsImpact
In October 2025, PSQ Holdings, Inc. launched PSQ Impact, a next-generation political fundraising platform engineered to supercharge the Conservative movement and values-aligned non-profit ecosystem. PSQ Impact leverages the Company’s existing technology infrastructure, payments capabilities, and merchant network to provide an integrated digital fundraising solution that includes donor acquisition, payment processing, compliance tools, data analytics, and campaign management functionality.
The platform is intended to create a vertically integrated ecosystem that connects donors with aligned organizations while providing transparency, security, and operational efficiency. By utilizing the Company’s payments processing technology and consumer network, PSQ Impact seeks to reduce customer acquisition costs, increase donor conversion and retention rates, and enhance recurring contribution programs.
PSQ Impact is also designed to expand our FinTech-focused strategy by diversifying revenue streams through transaction-based fees, platform subscription services, and value-added compliance and data services. Management believes PSQ Impact positions the Company to capture incremental share within the political fundraising market while deepening engagement within its broader values-driven marketplace.
On October 28, 2024, PublicSquare launched PSQ Payments, a payment stack consisting of a framework of technological components and services the Company's customers can utilize to manage their payment processes.
Strategic Reorganization
In late October 2024, the Company enacted a strategic plan where it reorganized vital business functions to improve efficiency, eliminating approximately 35% of the Company's workforce in the process. This strategic reorganization of the business is expected to save approximately $11.0 million on an annualized basis and is also expected to meaningfully lower the Company's cash needs while maintaining strong revenue growth. The Company began to realize cost savings associated with the organizational changes beginning in November 2024 and they are expected to continue for the full year 2025.
For the years ended December 31, 2025 and 2024, the Company reported net loss of $36.6 million and $57.7 million, respectively. The year-over-year improvement in net loss was driven by improved operating performance and other non-operating items. Operating loss improved to $32.0 million in 2025 from $41.7 million in 2024, reflecting operational efficiencies and cost reductions implemented during the period.
Net loss decreased by $21.1 million compared to the prior year, primarily due to a $9.0 million gain from changes in the fair value of warrant liabilities, an $8.2 million increase in revenues, a $2.4 million decrease in loss from discontinued operations, a $1.6 million reduction in operating expenses, and a $0.6 million increase in interest income, partially offset by a $1.2 million increase in interest expense. The Company has not been profitable since inception and, as of December 31, 2025 and 2024, had an accumulated deficit of $156.5 million and $119.9 million, respectively. Since inception, the Company has financed its operations primarily through equity and debt financings.
During the years ended December 31, 2024 and 2023, our net loss was $57.7 million and $53.3 million, respectively. Our net loss increased in 2024 from 2023, largely due to the growth of the Company resulting in an operating loss of $55.7 million in 2024 compared to $39.3 million in 2023. This was partially offset by the decrease in the change in fair value of the promissory note of $14.6 million and the increase in interest expense of $2.1 million. Our operating expenses will likely increase in the future as we develop and launch new offerings and platform features, expand in existing and new markets, increase our sales and marketing efforts and continue to strategically invest in our three segments. We have not been profitable since inception, and as of December 31, 2024 and December 31, 2023, our accumulated deficit was $119.9 million and $62.2 million, respectively. Since inception, we have financed our operations primarily through equity and debt raises.
We generate revenues from ourone three segments: Marketplace, Brands and segment—Financial Technology; a summary of each is—as described below.
Financial Technology
Marketplace revenues are derived from a mix of advertising and e-commerce revenues.
Advertising revenues are generated from digital advertising fees from both local and national advertisers and also through our newly launched Cost per Mille ("CPM") advertising product which allows businesses to deliver more effective ads to consumers.
E-commerce revenue is derived from a mix of (i) referral fees in the form of commissions, based on the dollar amounts of transactions between the businesses we connect on the PSQ Platform and (ii) transaction-based fees from providing multi-merchant shopping cart and checkout capabilities on the PSQ Platform.
Our brand revenues have been derived primarily from our sale of products.
In July 2023, the Company launched the EveryLife business and began to generate revenue through the sale of diapers and wipes to consumers by way of the EveryLife’s website. In November 2023, EveryLife’s products became available for purchase on the Platform. The Company considers customer orders to be the contracts with the customer. There is a single performance obligation, which is the Company’s promise to transfer the Company’s product to customers based on specific payment and shipping terms in the arrangement.
The CompanyCredova principally generates BNPL revenue from fourfive activities: revenue from sale of loan and lease contracts, revenue from interest earned on loans, revenuerent frompayments on leased merchandise, retailer discounts, and origination fees paid by lendingthird institutions (direct revenue)parties earned in connection with providing financing on consumer goods. Revenue from the Company’s sales of loans and leases is recognized at a point in time when the Company satisfies a performance obligation by transferring control of the loans and leases to a third party. Interest on loans is calculated by the simple-interest method on daily balances of the principal amount outstanding. Revenue from leases is recognized over time when the Company satisfies a performance obligation based on the agreed upon financing terms. Revenue from retailer discounts is recognized at a point in time when the Company satisfies performance obligations by purchasing the contract from the merchant in connection with a merchant-originated consumer financing product. Origination fees from lenders are recognized at time of loan origination.
PSQ Payments generates revenue via its merchant servicer platform to provide its customers with a payments stack to efficiently manage their payment processes. The merchant servicer platform combines the payment processing and gateway into a single, integrated service encompassing all debit and credit card processing and ACH in and out payment processing. The Company recognizes card processing and transaction revenues in connection with customer use of the platform.
PSQ Impact generates revenues via its fundraising platform by providing a secure payments and reporting technology to support 501c(3) and 501c(4) nonprofits in the conservative movement.
For a description of our revenue recognition policies, see Note 3,3 — Summary of Significant Accounting Policies, in our consolidated financial statements.
Cost of revenue (exclusive of depreciation and amortization) consists of underwriting and transaction costs related to the sale of loans and leases, transaction costs incurred in the facilitation of loan and lease origination, and payment processing activities including interchange fees, assessment fees, processing costs and bank settlement charges paid to third-party payment processors and financial institutions in the ordinary course of operations.
Cost of revenue (exclusive of depreciation and amortization) consists of the direct costs incurred in building and running the Marketplace Platform, as well as underwriting and transaction costs related to our FinTech segment.
Cost of Goods Sold (exclusive of depreciation and amortization)
Cost of goods sold (exclusive of depreciation and amortization) includes the purchase price of merchandise sold to customers, inbound and outbound shipping and handling costs, freight and duties, shipping and packaging supplies and warehouse fulfillment costs incurred.
As we are a high-growth company with a focus on cost-saving measures including resource reduction and reallocation, we anticipate that each of the following categories of operating expenses will increase in absolute dollar amounts but decline as a percentage of revenue for the foreseeable future.
Transaction costs incurred in connection with the Business Combination
Transaction costs incurred in connection with the Business Combination primarily consists of professional fees, travel expenses and one-time share-based payments to non-employee advisors and influencers.
General and administrative expenses consist primarily of personnel-related expenses for our finance, legal, human resources and administrative personnel, as well as the costs of information technology, professional services, insurance, travel, and other administrative expenses. We expect to continue incurring expenses associated with operating as a public company, including legal, audit, tax and accounting costs, investor relations costs, insurance premiums and compliance costs. As a result of cost-saving measures,measures and the reclassification of certain costs, we expect that general and administrative expenses will increasedecrease in absolute dollars in future periods butand decline as a percentage of total revenue over time. Our inability to scale our expenses could negatively impact profitability.
Sales and marketing expenses consist primarily of salaries, employee benefits, consultant fees, commissions, and direct marketing costs related to the promotion of PSQ’sour platforms/solutions. As a result of cost-cuttingreclassification efforts,of costs, we expect that sales and marketing expenses will remain steadyincrease in absolute dollars inand futuredecline periodsas a percentage of total revenue over time as we scale back paid marketing efforts and focus on monetizing our current customer base, and decline as a percentage of total revenue over time.base. Our inability to scale our expenses could negatively impact profitability.
Research and development expenses consist primarily of salaries, employee benefits and consultant fees related to our development activities to originate, develop, and enhancebuild our platforms. As a result of cost-cutting efforts, the PlatformCompany and build the PSQ Payments ecosystem. As this is a large focus of the Company, we expect thatexpects research and development expenses will increasedecrease in absolute dollars in future periods butand decline as a percentage of total revenue over time.
What changed in the latest 10-Q
Risk Factors
Largest changes
“We may be subject to immediate suspension and delisting from the NYSE if our average total market capitalization over a consecutive 30 trading-day period falls below $15 million. Section 802.01B of the NYSE Listed Company Manual requires an average total market capitalization of at least $15 million over any trailing 30 trading-day period. A breach of this threshold triggers immediate suspension and delisting procedures, with no cure period and no compliance-plan eligibility, regardless of the standard under which we originally listed. …”see in full comparison
“The disposition of our EveryLife business is subject to execution, financial, tax and accounting risks that could adversely affect our results of operations, financial condition, and net operating loss carryforwards. We have entered into a definitive agreement to sell EveryLife's assets for a purchase price of $5.5 million. The transaction is subject to customary closing conditions and may not be completed on the anticipated timeline, or at all; if it is delayed or does not close, we will have incurred transaction costs without realizing the anticipated proceeds or strategic benefits. …”see in full comparison
There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31,see in full comparison2025.2025, other than as set forth below in this Item 1A.
Full comparison: every changed paragraph (3)
There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.2025, other than as set forth below in this Item 1A.
We may be subject to immediate suspension and delisting from the NYSE if our average total market capitalization over a consecutive 30 trading-day period falls below $15 million. Section 802.01B of the NYSE Listed Company Manual requires an average total market capitalization of at least $15 million over any trailing 30 trading-day period. A breach of this threshold triggers immediate suspension and delisting procedures, with no cure period and no compliance-plan eligibility, regardless of the standard under which we originally listed. As of July 31, 2026, our average total market capitalization was $17.3M. Continued stock price volatility could cause us to fall below this threshold, resulting in prompt delisting.
The disposition of our EveryLife business is subject to execution, financial, tax and accounting risks that could adversely affect our results of operations, financial condition, and net operating loss carryforwards. We have entered into a definitive agreement to sell EveryLife's assets for a purchase price of $5.5 million. The transaction is subject to customary closing conditions and may not be completed on the anticipated timeline, or at all; if it is delayed or does not close, we will have incurred transaction costs without realizing the anticipated proceeds or strategic benefits. If completed, the purchase price allocation under Internal Revenue Code Section 1060 will determine the character and timing of any taxable gain we recognize, which may result in tax liability that differs from our current estimates. The transaction is also subject to post-closing purchase price adjustments and indemnification holdbacks, which may reduce the net cash proceeds we retain and could affect our available liquidity.
Management's Discussion & Analysis (MD&A)
New heading “Reverse Stock Split”
Removed heading “Second Amended and Restated Loan and Security Agreement”
Largest changes
“As part of Mr. Seifert's separation from the Company, Mr. Seifert forfeited 1,000,000 shares of Class C Common Stock. As of February 27, 2026, all of Mr. Seifert's Class C Common Stock converted on a one-for-one basis into shares of Class A Common Stock. As a result, Mr. Seifert no longer possesses a majority of the voting power of the Company's common stock and the Company is no longer a "controlled company" under NYSE rules. …”see in full comparison
“On May 18, 2026, the Company announced that the NYSE accepted the Company's previously submitted plan to regain compliance with the NYSE's continued listing standards. In its notification to the Company, the NYSE granted the Company an 18-month period from the February 10, 2026, notice of noncompliance. The Company will be subject to quarterly reviews by the NYSE during the 18-month period. …”see in full comparison
On February 10, 2026, the Company received written notice from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE Listed Company Manual (i) Rule 802.01B, relating to the Company's required minimum average total market capitalization over a consecutive 30 trading-day period and minimum stockholders equity, and (ii) Rule 802.01C, relating to the minimum average closing price of the Company's Class A Common Stock, required over a consecutive 30 trading-day period. This notice does not result in the immediate delisting of the Company's Class A common stock. The Company responded to the NYSE within 10 business days of its intent to submit a business plan to regain compliance with Rule 802.01B and to cure its non-compliance with Rule 802.01C, and submittedsee in full comparisona business planto the NYSE within 45 daysdemonstratingof receipt a business plan to demonstrate compliance withRulethe802.01BNYSE's continued listing standards within 18 months of receipt of the notice.If the NYSE accepts the business plan, the Company will be subject to quarterly monitoring; if the NYSE does not accept the plan or the Company fails to comply with the plan, the NYSE may commence suspension and delisting procedures. [FD1] The Company can gain compliance with Rule 802.01C at any time within the six-month cure period if, on the last trading day of any calendar month during the cure period, the Class A common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on that date. On February 17, 2026, the Company issued a press release regarding the NYSE notice.
“We define GMV - PSQ Payments as the total dollar amount of all transactions processed by our merchant partners during the applicable period.”see in full comparison
Full comparison: every changed paragraph (72)
This Quarterly Report on Form 10-Q, including, without limitation, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, the future financial performance of the company, our growth plans and opportunities, our planned acquisitions or divestitures, our ability to comply with the NYSE continued listing standards and maintain our exchange listings, our financial performance, our ability to raise additional funds, and any other statements that are not statements of current or historical facts.
The forward-looking statements contained in this report are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 17, 2026, which are incorporated by reference herein, and in this Quarterly Report on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. These risks and others described under “Risk Factors” may not be exhaustive.
PSQ Holdings, Inc. is a payments and financial infrastructure company. The Company builds and operates infrastructure in highly regulated environments for industries underserved by traditional financial institutions, including businesses, campaigns, and nonprofits that depend on reliable, compliant payment solutions. PSQ Holdings, Inc. historically operated under three segments: Financial Technology, Marketplace, and Brands ("Financial Technology", "Marketplace", and "Brands"),Brands, however, in August 2025, the Company announced a strategic repositioning to focus its resources and capital on accelerating the growth of its Financial Technology segment. As part of this repositioning, the Company initiated a plan to monetize the Brands segment through the sale of EveryLife and to pursue a sale or strategic partnership of the Marketplace segment, including evaluating opportunities to repurpose certain intellectual property to complement its Financial Technology offerings.
On July 28, 2026, the Company entered into a definitive agreement for the sale of EveryLife's assets to FreeHold Brands, LLC, at a purchase price of $5.5 million in cash, before transaction fees and customary adjustments. The transaction is expected to close by September 30, 2026, subject to customary closing conditions.
As of March 31, 2026, the Company continues to actively pursue the monetization of the Brands segment, and the sale process remains ongoing. Management expects to enter into a definitive agreement during the first half of 2026 and continues to engage with interested parties.
Reverse Stock Split
On July 9, 2026, the Company's stockholders approved a reverse stock split of the Company's Class A Common Stock at a ratio within a range of 1-for-5 and 1-for-15 and granted the Company's Board of Directors (the "Board") the discretion to determine the timing and ratio of the split within such range.
On July 9, 2026, the Board determined to effect the reverse stock split at a 1-for-15 ratio ("Reverse Stock Split"). The Company's Class A Common Stock began trading on a split-adjusted basis when the market opened on July 13, 2026 (the "Reverse Stock Split Effective Date").
On the Reverse Stock Split Effective Date, every 15 shares of Class A Common Stock then issued and outstanding were combined automatically into one share of Class A Common Stock, with no change in par value per share. No fractional shares were outstanding following the Reverse Stock Split, and any fractional shares that would have resulted from the Reverse Stock Split were settled in cash. The number of shares of Class A Common Stock outstanding was reduced from 50,349,974 to 3,356,609 with 55.33336 fractional shares payable in cash totaling $267.
As of the Reverse Stock Split Effective Date, the number of shares of Class A Common Stock available for issuance under the Company's Amended and Restated 2023 Stock Incentive Plan and 2023 Employee Stock Purchase Plan were automatically reduced in proportion to the Reverse Stock Split ratio. The Reverse Stock Split also resulted in reductions in the number of shares of Class A Common Stock issuable upon the vesting of equity awards in proportion to the Reverse Stock Split ratio.
On January 7, 2026, the Company announced updates to its Board and executive leadership structure intended to delineate board oversight, enhance operational focus, and position the Company for its next phase of growth as a scaled public FinTech platform. The leadership updates include:
•Michael Seifert stepped down as Chairman of the Board.
•Dusty Wunderlich was named Chairman of the Board and has stepped down as Chief Strategy Officer of the Company.
•Blake Masters was appointed Lead Independent Board Director and will provide independent oversight and serve as liaison between the Board and management.
•Michael Perkins was appointed Chief Operating Officer.
•Mike Hebert stepped down as Chief Operating Officer and was named Senior Vice President of People to oversee the organizational development, talent and culture of the Company.
On January 27, 2026, Michael Seifert stepped down as Chief Executive Officer and resigned from the Company's Board of Directors, and Dusty Wunderlich was appointed as Chief Executive Officer.
As part of Mr. Seifert's separation from the Company, Mr. Seifert forfeited 1,000,000 shares of Class C Common Stock. As of February 27, 2026, all of Mr. Seifert's Class C Common Stock converted on a one-for-one basis into shares of Class A Common Stock. As a result, Mr. Seifert no longer possesses a majority of the voting power of the Company's common stock and the Company is no longer a "controlled company" under NYSE rules. We are now required to comply with certain NYSE rules that govern corporate governance standards from which we were previously exempt, subject to certain phase-in periods. These include the requirement to have (i) a majority of independent directors, (ii) a nominating/corporate governance committee composed entirely of independent directors, and (iii) a compensation committee composed entirely of independent directors. NYSE rules mandate that the Company must satisfy the majority independent board requirement within one year of the date its status changed and have at least one independent member on its nominating committee and at least one independent member on its compensation committee by the date its status changes, at least a majority of independent members on each committee within 90 days of the date its status changes and fully independent committees within one year of the date its status changes. There can be no assurance that the Company will be able to satisfy such requirements. Failure to meet such requirements could subject the Company to delisting from the NYSE.
On June 1, 2026, the Company announced that Nicholas Ayers would not be renominated to the PSQ Holdings' Board at the Company's 2026 Annual Meeting of Stockholders and James Celli would be nominated to serve as an independent director. Mr. Celli has two decades of experience building and exiting high-growth companies across fintech, consumer finance, IT, and logistics. He was the founder and CEO of LoanPaymentPro, a specialized payment processor and acquirer.
During the Annual Meeting of Stockholders on July 9, 2026, James Celli's nomination to the Company's Board was approved.
On February 10, 2026, the Company received written notice from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE Listed Company Manual (i) Rule 802.01B, relating to the Company's required minimum average total market capitalization over a consecutive 30 trading-day period and minimum stockholders equity, and (ii) Rule 802.01C, relating to the minimum average closing price of the Company's Class A Common Stock, required over a consecutive 30 trading-day period. This notice does not result in the immediate delisting of the Company's Class A common stock. The Company responded to the NYSE within 10 business days of its intent to submit a business plan to regain compliance with Rule 802.01B and to cure its non-compliance with Rule 802.01C, and submitted a business plan to the NYSE within 45 days demonstratingof receipt a business plan to demonstrate compliance with Rulethe 802.01BNYSE's continued listing standards within 18 months of receipt of the notice. If the NYSE accepts the business plan, the Company will be subject to quarterly monitoring; if the NYSE does not accept the plan or the Company fails to comply with the plan, the NYSE may commence suspension and delisting procedures. [FD1] The Company can gain compliance with Rule 802.01C at any time within the six-month cure period if, on the last trading day of any calendar month during the cure period, the Class A common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on that date. On February 17, 2026, the Company issued a press release regarding the NYSE notice.
On May 18, 2026, the Company announced that the NYSE accepted the Company's previously submitted plan to regain compliance with the NYSE's continued listing standards. In its notification to the Company, the NYSE granted the Company an 18-month period from the February 10, 2026, notice of noncompliance. The Company will be subject to quarterly reviews by the NYSE during the 18-month period. If the Company does not regain compliance with the NYSE listing standards by the end of the 18-month period, or if the Company does not make sufficient progress consistent with the submitted plan, the NYSE may initiate delisting proceedings. In addition, if the Company’s average total market capitalization over a consecutive 30 trading-day period falls below $15.0 million, the NYSE will immediately suspend the trading of its Class A Common Stock and commence delisting proceedings. There can be no assurance that the Company will be able to regain compliance with the NYSE’s continued listing standards and avoid the delisting of its securities.
Second Amended and Restated Loan and Security Agreement
On March 12, 2026, the Company entered into the Second Amended and Restated Loan and Security Agreement which extends the funding termination date through July 31, 2027. No other material changes were made to the terms of the Company's Amended and Restated Loan and Security Agreement as a result of this agreement.
During the three months ended MarchJune 31,30, 2026 and 2025, our net loss was $6.5$5.6 million and $4.4$8.4 million, respectively.respectively, Duringa thedecrease threeof months$2.7 ended March 31, 2026, our net loss increased $2.0 million as compared to the three months ended March 31, 2025,million, primarily due to an increase in revenues of $3.7 million, an increase in the change in fair value of the earnout liabilities of $0.5 million and decrease in loss from discontinued operations of $2.5 million, partially offset by an increase in total costs and expenses of $1.9$3.3 million, decrease in the change in fair value of the warrant liabilities of $6.7$0.1 million, decrease in the change in fair value of the earnout liabilities of $0.4 million and increase in interest and other expenses of $0.5$0.6 million. This was partially offset by an increase in revenues of $5.1 million and decrease in loss from discontinued operations of $2.4 million.
For a description of our revenue recognition policies, see Note 3, Summary of Significant Accounting Policies, in our unauditedAnnual condensedReport consolidatedon financialForm statements.10-K for the year ended December 31, 2025.
Sales and marketing expenses consist primarily of salaries, employee benefits, consultant fees, commissions, and direct marketing costs related to the promotion of our platforms/solutions. As a result of reclassificationcost-saving of costs,measures, we expect sales and marketing expenses will increasedecrease in absolute dollars and decline as a percentage of total revenue over time as we scale back paid marketing efforts and focus on monetizing our current customer base. Our inability to scale our expenses could negatively impact profitability.
Other income, net relates to interest income earned on the money market accounts and a gain resulting from the sale of leased assets for each of the three and six months ended MarchJune 31,30, 2026.
We measure GMV to assess the volume of transactions that take place on our platform. We define GMV - Credit as the total dollar amount of all transactions generated from the Financial Technology segment during the applicable period, net of refunds. GMV does not represent revenue earned by us; however, it is an indicator of the success of our merchants and the strength of our platform.
We define GMV - PSQ Payments as the total dollar amount of all transactions processed by our merchant partners during the applicable period.
For the three months ended MarchJune 31,30, 2026 and 2025, GMV - Credit was $15.1$14.1 million and $11.4$10.7 million, respectively, which represented an approximate change of 32% as compared to the same period in 2025.
For the six months ended June 30, 2026 and 2025, GMV - Credit was $29.2 million and $22.1 million respectively, which represented an approximate change of 32% as compared to the same period in 2025.
For each of the three months ended MarchJune 31,30, 2026,2026 and 2025, our top five merchants and platform partners represented approximately 56% of total GMV - Credit,Credit. as compared to 58% for the three months ended March 31, 2025.Total GMV - Credit attributable to our largest merchant during each of the three months ended MarchJune 31,30, 2026 and 2025 representedwas 23% of total GMV - Credit. The slight decrease in concentration among our top five merchants reflect the impact of onboarding new merchants, which has diversified the overall merchant mix.24%.
For the six months ended June 30, 2026, our top five merchants and platform partners represented approximately 56% of total GMV - Credit, as compared to 58% for the six months ended June 30, 2025. Total GMV - Credit attributable to our largest merchant during each of the six months ended June 30, 2026 and 2025 was 24%. The slight decrease in concentration among our top five merchants reflect the impact of onboarding new merchants, which has diversified the overall merchant mix.
Industry conditions remainedshowed belowsigns prior-yearof levels.improvement during the quarter. According to the National Shooting Sports Foundation (“"NSSF”"), U.S. firearm sales as measured by NSSF-adjusted National Instant Criminal Background Check System (“"NICS”") checks declined in 2025 compared to 2024,2024; andhowever, earlyadjusted 2026NICS checks increased on a year-over-year basis in each month of the second quarter of 2026. While this trends indicatemay continuednot year-over-yearbe softness.indicative These trends reflectof a combinationsustained of reduced consumer purchasing urgencyrecovery, and macroeconomic factors, including inflationary pressures and constrained discretionary spending.spending, Despitecontinue theseto dynamics,weigh on consumer demand, the industry continues to demonstrate a consistent baseline level of demand, with monthly adjusted background checks exceeding one million.
For the three months ended MarchJune 31,30, 2026 and 2025, GMV - PSQ Payments was $186.2$172.5 million and $36.0$68.2 million, respectively, which represented an approximate change of 417%,153%, as compared to the same period in 2025.
For the six months ended June 30, 2026 and 2025, GMV - PSQ Payments was $374.3 million and $104.2 million, respectively, which represented an approximate change of 259% as compared to the same period in 2025.
For the three months ended MarchJune 31,30, 2026, our top three merchants accounted for approximately 73%83% of total GMV –- PSQ Payments, with our largest merchant representing 37% of total GMV – PSQ Payments. As PSQ Payments was a nascent business during this same period in 2025 and only a few merchants were actively processing through our solution, management believes first quarter 2025 GMV Payments breakdown by merchant is not beneficial to provide.35%.
For the six months ended June 30, 2026, our top three merchants accounted for approximately 78% of total GMV – PSQ Payments, with our largest merchant representing 35%. As PSQ Payments was a nascent business during this same period in 2025 and only a few merchants were actively processing through our solution, management believes 2025 GMV - PSQ Payments breakdown by merchant is not beneficial to provide.
Beginning in the first quarter 2026, the Company started tracking revenue per headcount as a key operating metric to evaluate ourits efficiency and productivity relative to peers.
For the three and six months ended MarchJune 31,30, 2026, total FTEs were 4736 compared to 6872 for the three and six months ended MarchJune 31,30, 2025. The year-over-year increase is driven by a 167%136% increase in revenue growth coupled with a 31%50% decrease in headcount.
The results of operations presented below should be reviewed in conjunction with the unaudited Condensed Consolidated Financial Statements for the three and six months ended MarchJune 31,30, 2026 and 2025 found elsewhere in this document.report.
The following tabletables sets forth our Condensed Consolidated Statements of Operations for the three and six months ended MarchJune 31,30, 2026 and 2025, and the dollar and percentage change between the two periods:
Revenues, net increased by $5.1$3.7 million for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025 and increased by $8.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increaseincreases isare primarily related to the launch of PSQ Payments, the increase in loan and lease contracts sold and an increase in the additioninterest ofincome leaseand merchandiseretailer revenue.discount revenues.
Cost of revenue (exclusive of depreciation and amortization) increased by $3.0$2.0 million, or 471%,186%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025, and $4.9 million or 293% for the six months ended June 30, 2026 and 2025. This is primarily attributed to an increase in transaction fees as a result of the launch of PSQ Payments.Payments and PSQ Impact.
General and administrative expenses decreasedincreased by $1.6$1.9 million, or 20%,50%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. The decreaseincrease was primarily due to thea reduction$2.2 million increase in share based compensation, driven by a one-time non-cash reversal of share-based compensation expensefollowing ofthe $1.7Chief million,Financial partiallyOfficer transition in June 2025. This is offset by $0.1a $0.3 million ofdecrease in other general and administrative expenses.
General and administrative expenses increased by $0.2 million or 2% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to an increase in share-based compensation of $0.5 million, offset by a $0.3 million decrease in other general and administrative expenses.
Sales and marketing expenses increaseddecreased $0.1$0.7 million, or 4%,44%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. The increasedecrease is primarily due to a $0.4$0.5 million increasedecrease in employeeshare-based compensation,compensation partiallycoupled offset bywith a decrease of share-based compensation of $0.1 million andin other sales and marketing costs of $0.2 million.expenses.
Sales and marketing expenses decreased $0.6 million or 20% or the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to an decrease in share-based compensation of $0.7 million, partially offset by a slight increase in other sales and marketing expenses.
Research and development expenses decreased by $0.4$0.2 million, or 39%,20%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. The decrease was primarily due to a $0.4$0.3 million decrease in share-based compensation expense.expense, partially offset by an increase of $0.1 million in employee compensation, primarily driven by capitalization levels.
Research and development expenses decreased $0.6 million or 30% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to a $0.7 million decrease in share-based compensation expense, partially offset by an increase of $0.1 million in employee compensation, primarily driven by capitalization levels.
Depreciation and amortization expense increased by $0.9$0.3 million, or 104%,25%, for the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. The increase was relatedprimarily due to the depreciation of leased assets of $0.3 million and the amortization of capitalized software development costs of $0.6$0.7 million, partially offset by a decrease in leased asset depreciation of $0.3 million.
Depreciation and amortization expense increased by $1.3 million or 57%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was due to the amortization of capitalized software development costs of $1.3 million.
Other income,expense, net decreasedincreased by $0.4$0.5 million for the three months ended MarchJune 31,30, 2026, compared to the three months ended MarchJune 31,30, 2025. The decreaseincrease was primarily due to a $0.2decrease million loss on sale of leased assets along with $0.3 million lessin interest income earned on the money market accounts.accounts due to lower average balances.
Other expense, net increased by $0.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by a $0.7 million decrease in interest income earned on the money market accounts and a $0.2 million increase related to loss on sale of leased assets.
Changes in fair value of earn-out liabilities decreased by $0.4$0.5 million and $0.1 million, respectively, for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the three and six months ended MarchJune 31,30, 2025. The change was due to the fluctuation in the fair value of the earn-out liabilities at the end of theeach reporting period.
Changes in fair value of warrant liabilities decreased by $6.7$0.1 million and $6.8 million, respectively, for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the three and six months ended MarchJune 31,30, 2025. The change was due to the fluctuation in the fair value of the warrant liabilities at the end of theeach reporting period.
Interest expense, net increased by $0.1 million and $0.2 million for each of the three and six months ended MarchJune 31,30, 2026, respectively, compared to the three and six months ended MarchJune 31,30, 2025. The increase was due to the interest paid on the revolving line of credit.
Income tax benefit (expense) decreasedchanged by an insignificant amount for each of the three and six months ended MarchJune 31,30, 2026 compared to the three and six months ended MarchJune 31,30, 2025. The decreasechange was primarily related to state income tax.
Historically, our primary sources of liquidity have been funds from financing activities. We have reported net losses of $6.5$12.1 million and $4.4$12.8 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively, and had negative cash flows from operations of $4.1$6.5 million and $6.4$11.3 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. As of MarchJune 31,30, 2026 and December 31, 2025, the Company had aggregate unrestricted cash and cash equivalents of $10.1$6.7 million and $14.6 million and net working capital of $11.2$7.5 million and $16.1 million, respectively.
PSQH insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 50,000 shares, about $25.0K) and open-market sales in 4 filings (4 insiders, 4 trade dates, 81,116 shares, about $50.4K). Net open-market shares: -31,116 (purchases minus sales); net value about -$25.4K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Wenzel Krista |
Open-market sale | 112 | $4.94 | $553 |
| 2026-08-13 | Celli James |
Grant/award | 13,888 | $3.60 | $50.0K |
| 2026-08-13 | Langston Willie |
Grant/award | 27,777 | $3.60 | $100.0K |
| 2026-08-13 | Long Caitlin |
Grant/award | 277 | $3.60 | $997 |
| 2026-08-13 | Masters Blake |
Grant/award | 13,888 | $3.60 | $50.0K |
| 2026-08-13 | Trump Donald J. Jr |
Grant/award | 69,444 | $3.60 | $250.0K |
| 2026-08-13 | Pilot Davis Iii |
Grant/award | 236,111 | $3.60 | $850.0K |
| 2026-08-11 | Wenzel Krista |
Grant/award | 12,002 | — | — |
| 2026-08-11 | Pena Michael |
Grant/award | 12,002 | — | — |
| 2026-08-11 | Perkins Michael D. |
Grant/award | 12,002 | — | — |
| 2026-08-11 | Wunderlich Dusty |
Conversion | 3,333 | — | — |
| 2026-08-11 | Wunderlich Dusty |
Grant/award | 57,975 | — | — |
| 2026-07-09 | Celli James |
Grant/award | 16,666 | — | — |
| 2026-07-09 | Pilot Davis Iii |
Grant/award | 125,000 | — | — |
| 2026-07-09 | Rinn James |
Grant/award | 125,000 | — | — |
| 2026-07-09 | Trump Donald J. Jr |
Grant/award | 125,000 | — | — |
| 2026-07-09 | Langston Willie |
Grant/award | 125,000 | — | — |
| 2026-07-09 | Long Caitlin |
Grant/award | 125,000 | — | — |
| 2026-07-09 | Masters Blake |
Grant/award | 258,929 | — | — |
| 2026-06-08 | Langston Willie |
Open-market purchase | 50,000 | $0.50 | $25.0K |
| 2026-05-15 | Pena Michael |
Open-market sale | 4,590 | $0.59 | $2.7K |
| 2026-05-15 | Rinn James |
Open-market sale | 12,699 | $0.59 | $7.5K |
| 2026-05-15 | Wunderlich Dusty |
Open-market sale | 17,517 | $0.59 | $10.3K |
| 2026-05-14 | Pena Michael |
Open-market sale | 3,041 | $0.61 | $1.9K |
| 2026-05-14 | Rinn James |
Open-market sale | 8,413 | $0.61 | $5.1K |
| 2026-05-14 | Wunderlich Dusty |
Open-market sale | 11,606 | $0.61 | $7.1K |
| 2026-05-13 | Pena Michael |
Open-market sale | 3,051 | $0.66 | $2.0K |
| 2026-05-13 | Rinn James |
Open-market sale | 8,442 | $0.66 | $5.6K |
| 2026-05-13 | Wunderlich Dusty |
Open-market sale | 11,645 | $0.66 | $7.7K |
| 2026-05-12 | Rinn James |
Option exercise | 83,333 | — | — |
| 2026-05-12 | Wunderlich Dusty |
Option exercise | 50,000 | — | — |
Well-known investors holding PSQH (13F)
None of the 59 investors we track reported a position in their latest 13F.