GrabAGun Digital (PEW) investor relations material

Executive summary

• Q4 2025 net revenue rose 14.1% to $29.6M, with full year revenue up to $96.5M (+4% YoY), outperforming an industry decline of 4.1% in adjusted NICS background checks.

• Firearms sales volume grew 11.5% in Q4 and 9.7% for the year, while non-firearms sales declined 20.1% annually.

• Launched PEW Logistics, a direct-to-consumer fulfillment platform, and became the first major firearms retailer to accept cryptocurrency payments.

• Expanded digital engagement, with mobile sessions accounting for up to 72% of traffic and 64% of revenue in 2025.

• Ended 2025 with $110.4M in cash and minimal debt, supporting financial flexibility and future growth.

Financial highlights

• FY 2025 net revenue: $96.5M (+4% YoY); Q4 net revenue: $29.6M (+14.1% YoY); firearms sales: $81.2M (+9.7% YoY).

• Gross profit margin improved to 15.9% in Q4 and 11.7% for the year; gross profit for FY 2025 was $11.3M.

• Q4 net income was $0.4M; full year net loss was $2.5M; Q4 EPS $0.01 (diluted), full year EPS $(0.13).

• Adjusted EBITDA for FY 2025 was $753K (down 84% YoY); Q4 Adjusted EBITDA was $0.2M.

• Share repurchase authorization of $20M, with $8.9M executed and $11.1M remaining at year-end.

Outlook and guidance

• Entered 2026 with strong inventory, operational flexibility, and optimism for continued revenue growth from market share gains, customer acquisition, and platform expansion.

• Operations expected to be approximately cash flow neutral in 2026, with capital deployment focused on share repurchases and high-return investments.

• Continued investment in logistics, technology, and customer experience, with PEW Logistics expected to scale as a high-margin platform.