Revenue growth remains highly inconsistent, while the company continues to struggle with profitability, evidenced by a -75.2% operating margin reported in 2026Q1.
| Sales/Revenue | 26.98M | 18.2M | 23.2M | 5.69M | 475.18K | 8.84K |
| Revenue Growth % | 16.53% | -21.55% | 308.01% | 1096.61% | 5273.46% | - |
| Cost of Goods Sold | 10.9M | 5.6M | 9.13M | 3.8M | 716.1K | 124.98K |
| COGS % of Revenue | - | 30.78% | 39.33% | 66.8% | 150.7% | 1413.28% |
| Gross Profit | 16.08M | 12.62M | 14.07M | 1.89M | -240.93K | -116.13K |
| Gross Margin % | 59.6% | 69.32% | 60.67% | 33.2% | -50.7% | -1313.29% |
| Gross Profit Growth % | - | -10.36% | 645.55% | 883.55% | -107.46% | - |
| Operating Expenses | 47.71M | 44.58M | 69.79M | 41.23M | 6.86M | 2.17M |
| OpEx % of Revenue | - | 244.93% | 300.81% | 725.18% | 1442.75% | 24542.79% |
| Selling, General & Admin | 36.78M | 34.85M | 62.09M | 27.32M | 4.57M | 1.2M |
| SG&A % of Revenue | - | 191.47% | 267.65% | 480.46% | 961.13% | 13625.5% |
| Research & Development | 3.78M | 0 | 4.43M | 4.63M | 1.45M | 846.75K |
| R&D % of Revenue | - | - | 19.11% | 81.37% | 304.38% | 9575.31% |
| Other Operating Expenses | 4M | 9.73M | 3.26M | 9.29M | 842.2K | 118.67K |
| Operating Income | -31.63M | -31.96M | -55.71M | -39.35M | -7.1M | -2.29M |
| Operating Margin % | -117.26% | -175.61% | -240.14% | -691.98% | -1493.45% | -25856.06% |
| Operating Income Growth % | - | 42.63% | -41.59% | -454.44% | -210.37% | - |
| EBITDA | -24.38M | -25.35M | -52.45M | -36.9M | -6.2M | -2.17M |
| EBITDA Margin % | -90.38% | -139.26% | -226.09% | -649.02% | -1305.1% | -24514.09% |
| EBITDA Growth % | 44.45% | 51.68% | -42.13% | -495.07% | -186.08% | - |
| D&A (Non-Cash Add-back) | 7.25M | 6.61M | 3.26M | 2.44M | 895.03K | 118.67K |
| EBIT | -29.2M | -21.39M | -55.38M | -53.15M | -7.1M | -2.29M |
| Net Interest Income | -1.69M | -3.51M | -2.3M | -177.44K | 591 | 6.51K |
| Interest Income | 0 | 0 | 0 | 0 | 591 | 6.51K |
| Interest Expense | 1.69M | 3.51M | 2.3M | 177.44K | 0 | 0 |
| Other Income/Expense | -556.61K | 7.06M | -1.97M | -13.98M | 118.75K | 0 |
| Pretax Income | -32.19M | -24.9M | -57.69M | -53.33M | -6.98M | -2.29M |
| Pretax Margin % | -119.32% | -136.81% | -248.65% | -937.87% | -1468.46% | -25856.06% |
| Income Tax | -34.95K | 0 | 1.18K | 1.95K | 800 | 0 |
| Effective Tax Rate % | 0.11% | 0% | -0% | -0% | -0.01% | 0% |
| Net Income | -38.62M | -24.9M | -57.69M | -53.33M | -6.98M | -2.29M |
| Net Margin % | -143.15% | -136.81% | -248.66% | -937.91% | -1468.63% | -25856.06% |
| Net Income Growth % | 22.07% | 56.84% | -8.17% | -664.18% | -205.21% | - |
| Net Income (Continuing) | -32.16M | -24.9M | -57.69M | -53.33M | -6.98M | -2.29M |
| Discontinued Operations | -1.97M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.71 | -0.54 | -1.80 | -2.43 | -0.61 | 0.17 |
| EPS Growth % | 47.06% | 70% | 25.93% | -298.36% | -458.82% | - |
| EPS (Basic) | - | -0.54 | -1.80 | -2.43 | -0.61 | 0.17 |
| Diluted Shares Outstanding | 54.03M | 46.49M | 32.02M | 21.96M | 11.5M | 21.56M |
| Basic Shares Outstanding | 54.03M | 46.49M | 32.02M | 21.96M | 11.5M | 21.56M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable cash burn rate
As reported in recent financial filings, PSQH's revenue growth has exhibited significant volatility, fluctuating between 1.7% and 162.4% over the last ten quarters, suggesting that the company's transition toward a hybrid marketplace and CPG model has yet to establish a predictable or sustainable expansion trajectory.
The erratic quarterly revenue figures indicate that the company is struggling to find a consistent growth engine between its digital marketplace and the EveryLife CPG segment. Investors should monitor whether this instability reflects a genuine difficulty in scaling the niche user base or merely the lumpy nature of early-stage product launches.
Based on the provided income statement data, PSQH's gross margins have swung wildly from a low of 37.9% to a high of 96.7%, reflecting the inherent difficulty in blending high-margin software services with the capital-intensive, variable-cost structure of physical consumer goods manufacturing and logistics.
The lack of margin stability suggests that the company's cost of goods sold is highly sensitive to product mix shifts and potential inventory management challenges. This volatility complicates the ability to forecast long-term profitability, as the underlying economics of the CPG business appear to be significantly different from the marketplace platform.
According to the latest income statement, PSQH's operating margin of -175.61% highlights a profound lack of operating leverage, as SG&A expenses consistently dwarf gross profits, indicating that the company is currently unable to scale its revenue base without incurring disproportionately high customer acquisition and administrative costs.
The persistent gap between gross profit and operating income suggests that the company's current business model is heavily reliant on aggressive marketing spend to maintain its ecosystem. Without a clear path to reducing these overheads, the company appears to be trapped in a cycle of high-cost growth that may not be self-sustaining.
As indicated by the financial statements, the company's net income is consistently negative, with significant quarterly losses that are further complicated by periodic stock-based compensation, which may mask the true cash-based operational deficit and complicate the assessment of long-term shareholder value creation.
The reliance on non-cash items and the sheer scale of operating losses suggest that reported EPS figures are currently poor indicators of fundamental health. Investors should focus on the cash burn rate rather than bottom-line earnings, as the latter is heavily distorted by the company's current aggressive growth-at-all-costs strategy.
Based on the reported figures, the primary risk to the narrative is the company's inability to achieve positive operating margins despite significant scale, which may suggest that the 'parallel economy' niche is not large enough to support the current cost structure without further dilutive financing.
Short-sellers would likely focus on the widening gap between cash reserves and the burn rate, which implies that the company may face a liquidity crunch in the near term. The reliance on a niche demographic also introduces a ceiling on total addressable market growth that management has yet to demonstrate they can overcome.
Quick answers to the most common questions about buying PSQH stock.
For fiscal year 2025, PSQ Holdings, Inc. (PSQH) reported total revenue of $18.2M. This represents a 205712.5% increase compared to $0.0M in 2021.
PSQ Holdings, Inc. (PSQH) reported a net loss of $24.9M for the fiscal year ending 2025.
PSQ Holdings, Inc. (PSQH) reported an operating income of $-32.0M, resulting in an operating profit margin of -175.6%. This margin reflects the operational efficiency of the business before interest and taxes.
PSQ Holdings, Inc. (PSQH) generated $12.6M in gross profit for the year, representing a gross profit margin of 69.3%. This demonstrates the company's core pricing power and production efficiency.