PSQ Holdings outlines $32M 2026 revenue target as fintech focus drives Q3 growth

Earnings Call Insights: PSQ Holdings, Inc. (PSQH) Q3 2025

MANAGEMENT VIEW

* Michael Seifert, Founder, President, CEO & Chairman of the Board, announced that the company “beat our previously issued revenue guidance by 10%” and reaffirmed both fourth quarter 2025 and full year 2026 revenue guidance. He highlighted a fintech revenue increase of 28% quarter-over-quarter, payments revenue growth of 50% quarter-over-quarter, and credit revenue rising 22% quarter-over-quarter. Seifert stated, “Our net loss has decreased by 33% compared to the prior year period, and our operating expenses decreased 13% compared to the prior year period.” He emphasized, “Our third quarter performance emphatically affirms our decision made earlier this year that we spoke about on the Q2 earnings call to streamline our focus and double down on fintech.”
* Seifert outlined upcoming product expansions for 2026, including private label credit cards, fundraising tools, crypto payment capabilities, and digital asset treasury management solutions.
* CFO James Rinn reported, “We reported net revenue from continuing operations of $4.4 million for the quarter ended September 30, 2025. That's a 37% year-over-year increase compared to $3.2 million in Q3 of 2024.” Rinn also noted, “Q3 revenue beat our most recent revenue guidance...by $0.4 million or 10%.”
* Rinn described the company's expense control initiatives: “General and administrative expenses reduced by $2.3 million or 22.3% compared to the same period last year.” He added that Q3 fintech non-GAAP gross margin was 68% compared to 97% a year ago, attributing the decline to “revenue mix and the growth in our lower-margin payment processing revenues.”
* Seifert confirmed that the business is “exceeding expectations” heading into Q4 and revealed plans for “exciting developments to announce over the next 7 weeks, especially regarding our soon-to-launch fundraising platform, PSQ Impact, as well as our private label credit card program.”

OUTLOOK

* Rinn stated, “Fourth quarter 2025 revenue is expected to be approximately $6 million, comprised of $2.4 million in payment processing revenue and $3.6 million in credit product-related revenue.”
* Full year 2026 revenue guidance was reaffirmed at “greater than or equal to $32 million in revenue.”
* Management described the 2026 guidance as “really focused on our business as it stands today,” with new products conservatively projected and not fully baked into guidance.

FINANCIAL RESULTS

* Net revenue from continuing operations for Q3 2025 was $4.4 million, up from $3.2 million in Q3 2024.
* Payments revenue reached $1.5 million, a 50% increase from Q2 2025, and credit business revenue increased by $0.5 million to $2.9 million in Q3.
* Year-to-date fintech revenue was $10.9 million, an increase of $4.3 million or 66% from the prior year.
* The company reported a GAAP operating loss from continuing operations of $9.7 million, an improvement from $10.3 million a year ago. Net loss for the quarter was $12 million compared to $13.1 million for the same quarter in 2024. Net loss per common share was $0.26, improving from a loss of $0.41 per share last year.
* Cash and restricted cash as of December 30, 2025, totaled $12.3 million, with $4.6 million outstanding on a $10 million line of credit.
* The company realized approximately $11 million of its expected $11 million in annualized savings from its reorganization announced in Q4 2024.

Q&A

* Darren Aftahi, ROTH Capital: Asked about customer bundling and retention, and detail on 2026 revenue guidance. Seifert responded that “the majority of our enterprise clients are utilizing our bundled services,” making the product “incredibly sticky” and that the 2026 guidance is “focused on our business as it stands today,” with new verticals conservatively projected.
* Francesco Marmo, Maxim Group: Inquired about the momentum in top line growth and its drivers. Seifert stated that the “strong majority is from new customer acquisition” and that onboarding efficiency has led to accelerated top line growth.
* Submitted question: On payment processing service utilization and merchant diversity, Seifert explained, “our base of merchants that have joined us in our fintech offering is actually more industry diverse than I would have anticipated at this stage.”
* Submitted question: On balancing new initiatives with steady earnings, Seifert said the focus is on “operating efficiency that is tied with an executional focus to drive this fintech business forward in such a way where we are able to substantially increase revenue while actually decreasing our losses and expenses.”
* Submitted question: On the status of monetizing EveryLife and the Marketplace, Seifert reported, “we anticipate that we will be in the purchase agreement stage by the end of the year.”

SENTIMENT ANALYSIS

* Analysts asked questions with a constructive and curious tone, focusing on revenue growth drivers, customer bundling, and product adoption.
* Management’s sentiment was positive and confident throughout, with Seifert repeatedly emphasizing execution, efficiency, and forward momentum—“the business is exceeding expectations.”
* Compared to the previous quarter, both analysts and management maintained a positive tone, though the current quarter’s Q&A reflected more confidence around new customer onboarding and product stickiness.
* Management’s tone in prepared remarks was assertive, while in Q&A, it remained detailed and upbeat.

QUARTER-OVER-QUARTER COMPARISON

* The company maintained its strategic focus on doubling down on fintech, with Q3 providing data points that affirm the decision made in Q2 to divest non-core segments and concentrate on fintech operations.
* Revenue growth accelerated, with fintech segment revenues and payments revenue both showing significant quarter-over-quarter increases.
* Management reaffirmed full year 2026 revenue guidance and provided more granular Q4 expectations.
* Operating expense reductions continued, and the company realized its annualized savings target ahead of schedule.
* Analysts’ questions shifted to examine the success of the fintech bundling model and the diversity of the merchant base, reflecting growing interest in operational details.
* Management’s confidence in the company’s execution and strategic positioning appeared stronger than in the prior quarter.

RISKS AND CONCERNS

* Management acknowledged stock volatility and investor uncertainty around long-term strategy and profitability, emphasizing their focus on operational efficiency and the principle of driving revenue growth while reducing expenses.
* The company noted the challenge of integrating new initiatives without compromising the path to steadier earnings, reiterating that all new investments are assessed for alignment with efficiency and execution.
* The process of monetizing discontinued segments (EveryLife and Marketplace) is ongoing, with a purchase agreement for EveryLife expected by year-end.

FINAL TAKEAWAY

PSQ Holdings management highlighted a strong quarter marked by substantial revenue growth, reduced net losses, and effective cost controls. The company reaffirmed its commitment to a fintech-centric strategy and set clear forward-looking revenue targets, with a robust pipeline of new product launches and merchant onboarding expected to drive continued momentum into Q4 and beyond.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/psqh/earnings/transcripts]

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