olivLaw · US equity research
PSQ Holdings, Inc. PSQH
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
PSQ Holdings is a payments and financial infrastructure company serving industries underserved by traditional banks, through Credova (buy-now-pay-later credit), PSQ Payments and PSQ Impact. After exiting the Brands and Marketplace segments, its fintech revenue grew sharply, reaching 7.1 million USD in the second quarter of 2026. The company remains loss-making, though losses have narrowed, so its progress in coming quarters is worth following.
At the close of 04 Nov 2026, PSQ Holdings, Inc. (PSQH) stock was 1.92 USD (−32.63% on the day), with market capitalisation 6.5 m USD, beta 2.16, 52-week range 1.92–29.10 USD. Latest reported quarter (Q2 2026): revenue of 7.1 m USD (+107.8% YoY), net income of -5.6 m USD, diluted EPS -1.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.30 – 4.06
- below the lower band · %B -0.22 · band width 55.3%
- SMA 50 / 200
- 4.35 / 7.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.49 / -0.45
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −53.4% | −1.1% | −52.3 pp | — |
| 3 months | −53.7% | −0.5% | −53.3 pp | — |
| 6 months | −84.4% | +4.4% | −88.8 pp | — |
| Year to date | −87.6% | +12.3% | −99.9 pp | — |
| 1 year | −93.3% | +13.5% | −106.8 pp | −46.8% |
| 3 years | −98.1% | +76.4% | −174.5 pp | −65.5% |
| 5 years | −98.7% | +63.7% | −162.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 m | 3.5 m | 3.1 m | 3.4 m | 4.4 m | 7.3 m | 8.2 m | 7.1 m |
| Cost of revenue | 1.8 m | — | — | — | — | — | — | — |
| Gross profit | 4.2 m | — | — | — | — | — | — | — |
| Research & development | 408.3 k | 649.4 k | 1.0 m | 951.0 k | 1.2 m | 619.0 k | 624.1 k | 759.4 k |
| Operating income | -10.3 m | -9.4 m | -9.3 m | -5.2 m | -9.7 m | -7.7 m | -6.1 m | -4.8 m |
| Depreciation & amortisation | 729.2 k | 1.1 m | 1.2 m | 1.4 m | 1.7 m | 1.9 m | 1.8 m | 1.7 m |
| Interest expense | 756.8 k | — | — | — | — | — | — | — |
| Pre-tax income | -8.7 m | -18.0 m | -2.0 m | -5.5 m | -10.1 m | -7.3 m | -6.5 m | -5.2 m |
| Income tax | -12.4 k | 0 | 8.2 k | -3.1 k | -8.2 k | 0 | 0 | 0 |
| Net income | -13.1 m | -20.7 m | -4.4 m | -8.4 m | -12.0 m | -11.8 m | -6.5 m | -5.6 m |
| Diluted EPS | -0.41 | -0.57 ≈ | -0.10 | -2.78 | -0.26 | -0.25 ≈ | -0.12 | -1.54 |
| Operating cash flow | -10.2 m ≈ | -7.0 m | -6.4 m | -4.9 m ≈ | -6.1 m ≈ | -2.6 m | -4.1 m | -2.3 m ≈ |
| Capex | — | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 475.2 k | 5.7 m | 10.1 m | 18.2 m |
| Revenue YoY | unavailable | +1,096.6% | — | +81.1% |
| Net income | -7.0 m | -53.3 m | -57.7 m | -36.6 m |
| Net income YoY | unavailable | unavailable | — | unavailable |
| Diluted EPS | -0.61 | -2.43 | -1.80 | -0.81 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable |
| net % | -1,468.6% | -937.9% | -573.4% | -200.9% |
| Free cash flow | -6.1 m | -25.9 m | -34.1 m | unavailable |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 13.4 m USD
- Total assets
- 59.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.03x
- ROE
- -181.8%
- ROA
- -54.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 475.2 k | 5.7 m | 10.1 m | 18.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Research & development | 1.4 m | 4.6 m | 1.9 m | 3.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Operating income | -7.1 m | -39.3 m | -41.7 m | -32.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 842.2 k | 2.4 m | 3.3 m | 6.6 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | -6.3 m ≈ | -36.9 m ≈ | -38.4 m ≈ | -25.3 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Interest expense | 591 | -177.4 k | — | — | SEC (XBRL)· 14 Mar 2024verified |
| Pre-tax income | -7.0 m | -53.3 m | -43.6 m | -24.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Income tax | 800 | 1.9 k | 1.6 k | 0 | SEC (XBRL)· 17 Mar 2026verified |
| Net income | -7.0 m | -53.3 m | -57.7 m | -36.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | -0.61 | -2.43 | -1.80 | -0.81 | SEC (XBRL)· 17 Mar 2026verified |
| Weighted average diluted shares | 11.5 m | 22.0 m | 32.0 m | 45.5 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.3 m | 16.4 m | 35.7 m | 14.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | — | 204.9 k | 262.1 k | 1.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | — | 1.4 m | 2.7 m | — | SEC (XBRL)· 13 Mar 2025verified |
| Current assets | 2.6 m | 21.2 m | 46.8 m | 31.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 26.7 k | 127.1 k | 275.5 k | 187.3 k | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | — | 0 | 10.9 m | 10.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.3 m | 3.6 m | 14.6 m | 14.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 4.2 m | 25.2 m | 74.9 m | 59.7 m | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 424.1 k | 1.8 m | 2.9 m | 5.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Current liabilities | 684.5 k | 4.0 m | 8.6 m | 15.7 m | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 814.3 k | 14.8 m | 48.0 m | 46.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Equity | 3.4 m † | 10.4 m † | 26.9 m † | 13.4 m † | SEC (XBRL)· 17 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -6.0 m | -25.8 m | -34.1 m | -19.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Capex | 29.9 k | 113.1 k | 0 | — | SEC (XBRL)· 13 Mar 2025verified |
| Free cash flow | -6.1 m ≈ | -25.9 m ≈ | -34.1 m ≈ | — | SEC (XBRL)· 13 Mar 2025derived |
| Investing cash flow | -1.6 m | -3.3 m | -3.0 m | -10.5 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | 9.5 m | 43.2 m | 57.3 m | 10.0 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.5 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -132.7% | 8 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 237.2% | 100 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial56/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PSQ Holdings, Inc. (PSQH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 18.2 m USD in 2025; YoY growth 81.1%; net margin -132.7%; ROE -269.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 237.2%
What contradicts it
- Net margin: -132.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −24% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −64% / −61% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +90% / +9% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −77% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −25% / −47% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −93% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
1- and 3-year price returns: for PSQH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PSQ Holdings is a payments and financial infrastructure company serving industries underserved by traditional banks, through Credova (buy-now-pay-later credit), PSQ Payments and PSQ Impact. After exiting the Brands and Marketplace segments, its fintech revenue grew sharply, reaching 7.1 million USD in the second quarter of 2026 3. The company remains loss-making, though losses have narrowed, so its progress in coming quarters is worth following 13.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Continued losseshigh
The company has not yet achieved profitability and could keep losing money if revenue does not grow fast enough 13.
- Need for capitalhigh
The company could need additional capital, and access to financing on acceptable terms is not assured 1.
- NYSE noticehigh
The company received a notice of non-compliance on capitalization and share price, and failure to meet the rules could lead to delisting 2.
- Credit and reserve riskmedium
Credit losses, disputes and reserve requirements could rise suddenly and limit commercial activity 1.
- Reliance on cloud providersmedium
Disruptions at hosting or internet providers could affect services and the company's reputation 1.
Investment thesis
What would need to be true (bull case)
- Fintech revenue grew strongly in 2026, which could indicate solid demand for the company's products 3.
- The EveryLife sale could simplify the company's structure and focus resources on payments and credit 23.
- If the integrated credit-plus-payments model proves efficient, the company could achieve better margins over time 1.
What to watch
- Closing of the EveryLife sale to FreeHold BrandsQ3 2026
- Compliance with NYSE capitalization and share price requirements2026
- Trend in net loss and operating cash flowQ3 2026
- Use of the 10 million USD revolving credit line and funding needsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PSQ Holdings, Inc. describes itself as a payments and financial infrastructure company that builds and operates infrastructure in highly regulated environments for industries underserved by traditional financial institutions 1. As of December 31, 2025 it has one reportable segment, Financial Technology, made up of three units: Credova, PSQ Payments and PSQ Impact 1. Its business model aims to combine credit, payment processing and fundraising in one platform 1.
Credova offers point-of-sale financing for merchants in the outdoor and shooting sports industries, including buy-now-pay-later credit, zero-interest instalment products and leased merchandise 1. PSQ Payments provides a merchant gateway and integrations with e-commerce SaaS platforms, while PSQ Impact is a payments and fundraising platform for political campaigns and nonprofit organizations 1. The company says it targets segments that traditional processors classify as high risk 1.
Leadership changed in January 2026, with Dusty Wunderlich becoming chief executive, and in April 2026 a new chief financial officer and chief accounting officer were named 12. In February 2026 the company received an NYSE notice of non-compliance on market capitalization and minimum share price requirements 2. The Class A shares underwent a 1-for-15 reverse stock split effective July 13, 2026 2.
Segments
Credova (BNPL)
Credova earns revenue from selling loan and lease contracts, interest, rent on leased merchandise, retailer discounts and origination fees, and its platform covers most of the credit spectrum 1. The segment focuses on the outdoor and shooting sports industries 1.
Market context
The company describes a market in which many traditional processors classify certain industries, such as hunting and firearms retail, as high risk, leading to higher fees and frequent account closures 1. Demand for political fundraising is shaped by election cycles and fundraising activity 1. The political platform market is described as relatively concentrated, with one dominant provider 1.
The company notes that the BNPL and payment processing markets are competitive and fast-moving, and management believes the complexity of these regulated markets can help differentiate it 1. Fundraising is seasonal, which could make revenue fluctuate from period to period 1.
Trends
- Fintech revenue growthtailwind
Revenue from continuing operations, led by fintech, rose 108% in the second quarter of 2026, suggesting that a single-segment focus could support growth if the trend continues 3. Progress still depends on sustaining transaction volume.
- Losses narrowing but persistingmixed
Net loss declined in fiscal 2025 and in the first half of 2026, yet the company has not been profitable since inception, which could make raising additional capital necessary 13.
- Exit from Brands and Marketplacemixed
The sale of EveryLife to FreeHold Brands, expected to close by September 30, 2026, could simplify the company and add liquidity if completed 23.
- Regulation and taxationheadwind
States and local jurisdictions are increasingly taxing digital services and payments, which could raise compliance costs and tax obligations for the company 1.
Competitive position
In BNPL, Credova competes with Affirm, Sezzle and Klarna, while PSQ Payments competes with Stripe, Elavon, PayPal and Fortis 1. The company says its experience in underserved markets with complex regulation sets it apart from these rivals 1.
In political fundraising, PSQ Impact competes with WinRed, which holds a significant market share, and switching costs and election cycles may limit customer movement 1. The company acknowledges it cannot assure it will attract customers from incumbent providers 1.
- AffirmAFRM
Buy-now-pay-later competitor for merchants and consumers, named by the company as a rival to Credova 1.
- Sezzle
BNPL provider named as a rival to Credova 1.
- Stripe
Payment processor named as a direct rival to PSQ Payments 1.
- WinRed
Dominant platform for political fundraising and the main rival of PSQ Impact 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (amendment)14 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report (amendment)14 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jul 2026Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement11 Jun 2026
- Current report01 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PSQ Holdings, Inc. · 17 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PSQ Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PSQ Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.