PSQ Holdings Financials
This page shows PSQ Holdings (PSQH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Faster-growing revenue is starting to absorb overhead, but cash still leaves the business faster than sales replace it.
FY2025 revenue reached$18.2M while operating cash outflow narrowed to-$19.9M , a better pairing than FY2024 because SG&A came down even as sales expanded. That suggests incremental revenue is now covering more overhead; the improvement looks driven by cost discipline rather than by a temporary financing inflow or accounting noise.
Liquidity compressed quickly in FY2025: cash fell to
Net loss of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of PSQ Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
PSQ Holdings scores -4.53, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($21.7M) relative to total liabilities ($46.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
PSQ Holdings passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, PSQ Holdings generates $0.54 in operating cash flow (-$19.9M OCF vs -$36.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
PSQ Holdings generated $18.2M in revenue in fiscal year 2025. This represents an increase of 81.1% from the prior year.
PSQ Holdings's EBITDA was -$25.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.1% from the prior year.
PSQ Holdings reported -$36.6M in net income in fiscal year 2025. This represents an increase of 36.5% from the prior year.
PSQ Holdings earned $-0.81 per diluted share (EPS) in fiscal year 2025. This represents an increase of 55.0% from the prior year.
Cash & Balance Sheet
PSQ Holdings held $14.6M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
PSQ Holdings's operating margin was -175.4% in fiscal year 2025, reflecting core business profitability. This is up 239.1 percentage points from the prior year.
PSQ Holdings's net profit margin was -201.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 372.4 percentage points from the prior year.
PSQ Holdings's ROE was -272.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 57.6 percentage points from the prior year.
Capital Allocation
PSQ Holdings invested $3.8M in research and development in fiscal year 2025. This represents an increase of 102.9% from the prior year.
PSQH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.2M+121.6% | $3.7M-16.4% | $4.4M-37.8% | $7.1M+132.2% | $3.1M | N/A | $3.2M-46.4% | $6.0M |
| Cost of Revenue | $3.6M | N/A | N/A | N/A | N/A | N/A | $609K+14.7% | $531K |
| Gross Profit | $4.6M | N/A | N/A | N/A | N/A | N/A | $2.6M-35.3% | $4.0M |
| R&D Expenses | $624K+131.0% | $270K-78.2% | $1.2M-4.5% | $1.3M+26.2% | $1.0M | N/A | $408K-60.4% | $1.0M |
| SG&A Expenses | $6.6M+1.8% | $6.5M-20.2% | $8.1M+36.3% | $6.0M-27.7% | $8.3M | N/A | $10.5M-4.6% | $11.0M |
| Operating Income | -$6.1M-25.4% | -$4.9M+49.5% | -$9.7M-20.3% | -$8.1M+13.5% | -$9.3M | N/A | -$10.3M+26.9% | -$14.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $757K+36.8% | $553K |
| Income Tax | $0+100.0% | -$1+100.0% | -$8K-12877.8% | -$63-100.8% | $8K | N/A | -$12K-188.6% | $14K |
| Net Income | -$6.5M+45.4% | -$11.8M+1.4% | -$12.0M-43.2% | -$8.4M-88.1% | -$4.4M | N/A | -$13.1M-16.9% | -$11.2M |
| EPS (Diluted) | $-0.12 | N/A | $-0.26-44.4% | $-0.18-80.0% | $-0.10 | N/A | $-0.41-13.9% | $-0.36 |
PSQH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $54.4M-8.9% | $59.7M+1.4% | $58.8M-10.1% | $65.5M-1.1% | $66.2M-11.7% | $74.9M+69.3% | $44.2M-1.8% | $45.1M |
| Current Assets | $27.4M-13.7% | $31.8M+4.2% | $30.5M-5.3% | $32.2M-17.0% | $38.7M-17.3% | $46.8M+193.5% | $16.0M-5.3% | $16.9M |
| Cash & Equivalents | $10.1M-31.3% | $14.6M+38.1% | $10.6M-48.5% | $20.6M-26.6% | $28.0M-21.5% | $35.7M+658.7% | $4.7M-38.1% | $7.6M |
| Inventory | N/A | N/A | N/A | $2.5M+4.5% | $2.4M-8.7% | $2.7M+77.5% | $1.5M+17.5% | $1.3M |
| Accounts Receivable | $1.9M+18.5% | $1.6M+793.3% | $183K-70.7% | $624K-7.5% | $674K+157.3% | $262K-57.9% | $622K+82.7% | $341K |
| Goodwill | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M0.0% | $10.9M |
| Total Liabilities | $46.0M-0.5% | $46.2M+5.2% | $43.9M+2.2% | $43.0M+7.2% | $40.1M-16.5% | $48.0M+20.6% | $39.8M+21.4% | $32.8M |
| Current Liabilities | $16.2M+3.6% | $15.7M+30.4% | $12.0M+10.7% | $10.9M+26.6% | $8.6M-0.6% | $8.6M+2.4% | $8.4M-6.8% | $9.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $8.3M-38.0% | $13.4M-9.8% | $14.9M-33.7% | $22.5M-13.7% | $26.0M-3.1% | $26.9M+509.8% | $4.4M-64.0% | $12.2M |
| Retained Earnings | -$163.0M-4.1% | -$156.5M-8.2% | -$144.7M-9.0% | -$132.7M-6.7% | -$124.3M-3.7% | -$119.9M-20.9% | -$99.2M-15.3% | -$86.0M |
PSQH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M-60.5% | -$2.6M+57.7% | -$6.1M-25.3% | -$4.9M+24.5% | -$6.4M+8.1% | -$7.0M+31.3% | -$10.2M+2.2% | -$10.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$7.0M | N/A | N/A |
| Investing Cash Flow | -$1.4M+50.9% | -$2.8M+8.1% | -$3.0M-4.3% | -$2.9M-59.9% | -$1.8M+12.7% | -$2.1M-106.7% | -$1.0M-343.8% | $411K |
| Financing Cash Flow | $1.2M-86.8% | $9.1M+1552.4% | $552K+57.0% | $352K+582.6% | -$73K-100.2% | $40.0M+338.7% | $9.1M+8.4% | $8.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PSQH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.9% | N/A | N/A | N/A | N/A | N/A | 81.0%+13.9pp | 67.1% |
| Operating Margin | -75.2%+57.7pp | -132.9%+87.2pp | -220.1%-106.4pp | -113.8%+191.6pp | -305.4% | N/A | -319.9%-85.5pp | -234.4% |
| Net Margin | -79.1%+241.9pp | -321.0%-49.0pp | -272.0%-153.9pp | -118.1%+27.7pp | -145.8% | N/A | -409.6%-221.9pp | -187.7% |
| Return on Equity | -77.5%+10.4pp | -87.9%-7.5pp | -80.5%-43.2pp | -37.3%-20.2pp | -17.1% | N/A | -298.4%-206.5pp | -91.9% |
| Return on Assets | -11.9%+7.9pp | -19.8%+0.6pp | -20.4%-7.6pp | -12.8%-6.1pp | -6.7% | N/A | -29.7%-4.8pp | -24.9% |
| Current Ratio | 1.69-0.3 | 2.03-0.5 | 2.54-0.4 | 2.97-1.6 | 4.52-0.9 | 5.43+3.5 | 1.90+0.0 | 1.87 |
| Debt-to-Equity | 5.53+2.1 | 3.44+0.5 | 2.95+1.0 | 1.92+0.4 | 1.54-0.2 | 1.79-7.3 | 9.05+6.4 | 2.68 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is PSQ Holdings's annual revenue?
PSQ Holdings (PSQH) reported $18.2M in total revenue for fiscal year 2025. This represents a 81.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is PSQ Holdings's revenue growing?
PSQ Holdings (PSQH) revenue grew by 81.1% year-over-year, from $10.1M to $18.2M in fiscal year 2025.
Is PSQ Holdings profitable?
No, PSQ Holdings (PSQH) reported a net income of -$36.6M in fiscal year 2025, with a net profit margin of -201.0%.
What is PSQ Holdings's EBITDA?
PSQ Holdings (PSQH) had EBITDA of -$25.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PSQ Holdings's operating margin?
PSQ Holdings (PSQH) had an operating margin of -175.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is PSQ Holdings's net profit margin?
PSQ Holdings (PSQH) had a net profit margin of -201.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is PSQ Holdings's return on equity (ROE)?
PSQ Holdings (PSQH) has a return on equity of -272.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is PSQ Holdings's operating cash flow?
PSQ Holdings (PSQH) generated -$19.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are PSQ Holdings's total assets?
PSQ Holdings (PSQH) had $59.7M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does PSQ Holdings spend on research and development?
PSQ Holdings (PSQH) invested $3.8M in research and development during fiscal year 2025.
What is PSQ Holdings's current ratio?
PSQ Holdings (PSQH) had a current ratio of 2.03 as of fiscal year 2025, which is generally considered healthy.
What is PSQ Holdings's debt-to-equity ratio?
PSQ Holdings (PSQH) had a debt-to-equity ratio of 3.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is PSQ Holdings's return on assets (ROA)?
PSQ Holdings (PSQH) had a return on assets of -61.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is PSQ Holdings's cash runway?
Based on fiscal year 2025 data, PSQ Holdings (PSQH) had $14.6M in cash against an annual operating cash burn of $19.9M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is PSQ Holdings's Altman Z-Score?
PSQ Holdings (PSQH) has an Altman Z-Score of -4.53, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is PSQ Holdings's Piotroski F-Score?
PSQ Holdings (PSQH) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are PSQ Holdings's earnings high quality?
PSQ Holdings (PSQH) has an earnings quality ratio of 0.54x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is PSQ Holdings?
PSQ Holdings (PSQH) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.