PSQH

MKT CAP:$36M

PSQ Holdings, Inc.

Market Cap

$36M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$0.69-$0.38 (-35.12%)

Apr 21, 2026

Company Details

PSQ Holdings, Inc. operates an app and website that connects Americans to businesses that share values online and in local communities. The platform has over 70,000 businesses from different industries and 1.6 million consumer members. The ...

CEO

Dustin Wunderlich

IPO Date

Jul 7, 2021

Website

publicsq.com

Key Metrics TTM

Revenue

$24M

+70.4% YoY

Net Income

-$47M

EPS (Diluted)

-$1.35

Free Cash Flow

-$31M

Revenue / Share

$0.54

Gross Margin

62.6%

Operating Margin

-173.6%

Net Margin

-192.5%

FCF Margin

-129.0%

P/S

1.5x

P/E

—

Earnings Reports

Q3 2025

May 14, 2026

PENDING

Q2 2025

Aug 12, 2025

$7M+18.3%EPS -$0.18

Q1 2025

May 8, 2025

$7M+94.7%EPS -$0.10

FY 2024

Mar 13, 2025

$23M+308.0%EPS -$1.80

Q4 2024

Mar 13, 2025

$7M+162.4%EPS -$0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$0	$0	-$82.9K
Q3 21	$0	$0	-$331.5K
Q4 21	$0	$0	-$436.7K
Q2 22	$72.9K	-$81.8K	-$2M
Q3 22	$124.6K	-$85.7K	-$2M
Q4 22	$277.6K	$45.3K	-$2M
Q1 23	$378.0K	$15.1K	-$6M
Q2 23	$529.7K	$96.8K	-$7M
Q3 23	$2M	$557.7K	-$13M
Q4 23	$3M	$1M	-$14M
Q1 24	$3M	$1M	-$15M
Q2 24	$6M	$4M	-$14M
Q3 24	$3M	$3M	-$10M
Q4 24	$7M	$4M	-$12M
Q1 25	$7M	$4M	-$12M
Q2 25	$7M	$4M	-$8M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	—
Q4 21	—	55.7x
Q2 22	3910.9x	134.6x
Q3 22	1060.8x	212.7x
Q4 22	452.4x	—
Q1 23	256.3x	—
Q2 23	205.9x	—
Q3 23	73.5x	—
Q4 23	25.1x	—
Q1 24	17.6x	—
Q2 24	8.1x	—
Q3 24	5.1x	—
Q4 24	7.8x	—
Q1 25	3.2x	—
Q2 25	3.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$39.1K	-$39.1K
Q3 21	-$874.7K	-$874.7K
Q4 21	-$59.6K	-$59.6K
Q2 22	-$1M	-$1M
Q3 22	-$4M	-$4M
Q4 22	-$2M	-$2M
Q1 23	-$3M	-$4M
Q2 23	-$7M	-$7M
Q3 23	-$10M	-$12M
Q4 23	-$13M	-$15M
Q1 24	-$7M	-$7M
Q2 24	-$10M	-$11M
Q3 24	-$10M	-$11M
Q4 24	-$7M	-$7M
Q1 25	-$6M	-$8M
Q2 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$5
Q4 21	$0
Q2 22	$21.5K
Q3 22	$21.5K
Q4 22	$8.5K
Q1 23	$783.4K
Q2 23	$99.3K
Q3 23	$2M
Q4 23	$1M
Q1 24	$769.6K
Q2 24	$1M
Q3 24	$1M
Q4 24	$3
Q1 25	$2M
Q2 25	$1

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+168617.3%
Q3 22	—	+2613.8%
Q4 22	—	+686.2%
Q1 23	—	+1254.3%
Q2 23	+626.2%	+357.5%
Q3 23	+1529.5%	+567.0%
Q4 23	+889.7%	+528.8%
Q1 24	+816.8%	+210.6%
Q2 24	+1029.9%	+159.3%
Q3 24	+57.9%	-10.3%
Q4 24	+162.4%	+17.7%
Q1 25	+94.7%	+0.4%
Q2 25	+18.3%	-24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	—
Q3 21	$0	—
Q4 21	$0	—
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$2M	103.2%
Q4 23	$5M	167.8%
Q1 24	$6M	169.8%
Q2 24	$5M	86.4%
Q3 24	$6M	180.7%
Q4 24	$0	0.0%
Q1 25	$4M	53.7%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	—	—	—	$82.9K
Q3 21	—	—	—	$331.5K
Q4 21	—	—	—	$436.7K
Q2 22	$102.3K	$857.6K	$406.5K	—
Q3 22	$413.7K	$993.5K	$429.5K	—
Q4 22	$572.3K	—	$2M	—
Q1 23	$248.5K	$4M	$666.1K	—
Q2 23	$288.5K	$4M	$2M	—
Q3 23	$1M	$4M	$4M	—
Q4 23	$1M	$8M	$5M	—
Q1 24	$1M	$10M	$5M	—
Q2 24	$1M	$11M	$5M	—
Q3 24	$408.3K	$10M	$2M	—
Q4 24	$1M	$10M	$4M	—
Q1 25	$1M	$11M	$2M	—
Q2 25	$1M	$6M	$3M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 21	—	—	—
Q3 21	—	—	—
Q4 21	—	—	—
Q2 22	—	-2025.3%	—
Q3 22	—	-1542.1%	—
Q4 22	—	-710.4%	—
Q1 23	—	-1622.6%	—
Q2 23	626.2%	-3750.1%	-3123.9
Q3 23	1529.5%	-956.8%	572.6
Q4 23	889.7%	567.5%	1457.1
Q1 24	816.8%	-350.7%	466.1
Q2 24	1029.9%	-162.7%	867.2
Q3 24	57.9%	-215.7%	-157.8
Q4 24	162.4%	-261.0%	-98.6
Q1 25	94.7%	-35.0%	59.8
Q2 25	18.3%	-82.1%	-63.8

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$458.2K	$0	$458.2K
Q2 22	$281.3K	$0	$281.3K
Q3 22	$265.7K	$0	$265.7K
Q4 22	$2M	$0	$2M
Q1 23	$3M	$0	$3M
Q2 23	$1M	$0	$1M
Q3 23	$25M	$0	$25M
Q4 23	$16M	$0	$16M
Q1 24	$9M	$0	$9M
Q2 24	$8M	$0	$8M
Q3 24	$5M	$0	$5M
Q4 24	$36M	$0	$36M
Q1 25	$28M	$0	$28M
Q2 25	$21M	$0	$21M
Q3 25	$11M	$0	$11M
Q4 25	$15M	$0	$15M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	19M	+0.0%	—
Q3 21	22M	+11.7%	—
Q4 21	22M	0.0%	—
Q2 22	22M	0.0%	+11.7%
Q3 22	29M	+35.7%	+51.5%
Q4 22	22M	-26.3%	0.0%
Q1 23	29M	+35.7%	+35.7%
Q2 23	29M	0.0%	+35.7%
Q3 23	26M	-10.2%	-10.2%
Q4 23	28M	+5.2%	+28.1%
Q1 24	28M	+2.8%	-2.9%
Q2 24	31M	+10.6%	+7.3%
Q3 24	32M	+1.2%	+20.9%
Q4 24	31M	-1.2%	+13.6%
Q1 25	43M	+36.8%	+51.3%
Q2 25	45M	+5.4%	+44.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$84.8K	85
Q1 25	$79.4K	85
Q2 25	$83.3K	85

Revenue / Employee