The company's operating income remains consistently negative, evidenced by a -10.2% operating margin in 2026Q1 as SG&A expenses of $5.4 million continue to outpace gross profit.
| Sales/Revenue | 77.82M | 96.45M | 0 | 0 |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 68.1M | 85.12M | 0 | 0 |
| COGS % of Revenue | - | 88.26% | - | - |
| Gross Profit | 9.72M | 11.33M | 0 | 0 |
| Gross Margin % | 12.49% | 11.74% | - | - |
| Gross Profit Growth % | - | - | - | - |
| Operating Expenses | 17.4M | 15.69M | 3.02M | 441.96K |
| OpEx % of Revenue | - | 16.27% | - | - |
| Selling, General & Admin | 17.13M | 15.69M | 3.02M | 441.96K |
| SG&A % of Revenue | - | 16.27% | - | - |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 274K | 0 | 0 | 0 |
| Operating Income | -7.68M | -4.36M | -3.02M | -441.96K |
| Operating Margin % | -9.87% | -4.52% | - | - |
| Operating Income Growth % | - | -44.51% | -583.27% | - |
| EBITDA | -7.44M | -4.34M | 5.76M | 414.5K |
| EBITDA Margin % | -9.56% | -4.5% | - | - |
| EBITDA Growth % | -300.59% | -175.45% | 1289.27% | - |
| D&A (Non-Cash Add-back) | 240K | 19K | 0 | 0 |
| EBIT | -5.1M | -2.5M | 5.76M | 414.5K |
| Net Interest Income | 4.45M | 1.87M | 8.78M | 856.46K |
| Interest Income | 4.45M | 1.87M | 8.78M | 856.46K |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.62M | 1.87M | 8.78M | 856.46K |
| Pretax Income | -5.1M | -2.5M | 5.76M | 414.5K |
| Pretax Margin % | -6.55% | -2.59% | - | - |
| Income Tax | 12K | 12K | 0 | 0 |
| Effective Tax Rate % | -0.24% | -0.48% | 0% | 0% |
| Net Income | -5.11M | -2.51M | 5.76M | 414.5K |
| Net Margin % | -6.57% | -2.6% | - | - |
| Net Income Growth % | -237.78% | -143.54% | 1289.27% | - |
| Net Income (Continuing) | -5.11M | -2.51M | 5.76M | 414.5K |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.17 | -0.08 | 0.27 | 0.02 |
| EPS Growth % | -208% | -131.11% | 1284.62% | - |
| EPS (Basic) | - | -0.08 | 0.27 | 0.02 |
| Diluted Shares Outstanding | 29.65M | 29.85M | 21.25M | 21.25M |
| Basic Shares Outstanding | 29.65M | 29.83M | 21.25M | 21.25M |
| Dividend Payout Ratio | - | - | - | - |
Negative operating margin scale
As indicated by the quarterly financial data, PEW's revenue trajectory remains highly inconsistent, with recent periods showing $25.9 million in 2026Q1 following significant gaps in reporting, suggesting that the company's top-line growth is not yet stabilized or predictable within its current e-commerce distribution framework.
The intermittent revenue reporting suggests that the company may have undergone significant operational shifts or business model pivots in recent quarters. Investors should monitor whether the current $25.9 million quarterly run rate represents a sustainable baseline or if it remains subject to the extreme seasonality and demand fluctuations inherent in the firearms retail sector.
Based on the reported figures, PEW's gross margin peaked at 15.4% in 2025Q4 before contracting to 10.7% in 2026Q1, highlighting the company's limited pricing power and vulnerability to the high variable costs associated with its drop-ship and third-party FFL delivery model.
The thin gross margins indicate that PEW functions more as a high-volume intermediary than a value-added retailer, leaving little room for error in logistics or procurement. Without a shift toward higher-margin private label offerings or improved supplier terms, the company appears structurally challenged to achieve the profitability levels seen in more established industry peers.
According to the income statement, PEW's operating income remains consistently negative, with a -10.2% operating margin in 2026Q1, demonstrating that the company has yet to achieve the necessary scale to cover its fixed overhead and digital platform maintenance costs effectively.
The inability to scale operating income alongside revenue growth suggests that the company's cost structure is heavily weighted toward fixed expenses that do not diminish with volume. This lack of operating leverage implies that significant top-line expansion is required before the business can reach a break-even point on an operating basis.
As reported in financial statements, PEW's SG&A expenses of $5.4 million in 2026Q1 significantly exceeded its gross profit of $2.8 million, underscoring a cost structure that remains misaligned with the company's current ability to generate sustainable retail margins.
The high ratio of SG&A to gross profit suggests that the company is investing heavily in customer acquisition or platform infrastructure that has not yet yielded a commensurate return. Management's expense discipline warrants further investigation, as the current burn rate appears to be eroding the company's substantial cash reserves.
While the company maintains a robust cash balance of $110.4 million, the persistent negative net income and lack of consistent revenue growth suggest that the market may be overvaluing the entity as a cash-rich vehicle rather than a viable, long-term retail operation.
Short-term observers might focus on the company's liquidity, but the fundamental reality is that the core business is currently consuming capital rather than generating it. If the company fails to pivot toward a self-sustaining model, the large cash pile may eventually be depleted by ongoing operational losses rather than being deployed for accretive growth.
Quick answers to the most common questions about buying PEW stock.
For fiscal year 2025, GrabAGun Digital Holdings Inc. (PEW) reported total revenue of $96.4M.
GrabAGun Digital Holdings Inc. (PEW) reported a net loss of $2.5M for the fiscal year ending 2025.
GrabAGun Digital Holdings Inc. (PEW) reported an operating income of $-4.4M, resulting in an operating profit margin of -4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
GrabAGun Digital Holdings Inc. (PEW) generated $11.3M in gross profit for the year, representing a gross profit margin of 11.7%. This demonstrates the company's core pricing power and production efficiency.