GrabAGun Digital Holdings (PEW) investor relations material

Executive summary

• Q3 2025 revenue reached $22.3 million, up 10% year-over-year, with firearms sales rising 12% to $18.1 million on 16% volume growth, significantly outperforming industry trends as FBI NICS data declined 5.3%.

• Net loss was $3.3 million versus net income of $0.6 million in Q3 2024, primarily due to $3.2 million in stock-based compensation and legal/professional fees related to the public listing and Business Combination.

• Growth driven by increased customer base, higher order volumes, favorable product mix shift toward firearms, and rising mobile engagement, with mobile sessions up 13% and accounting for 67% of orders and 64% of revenue.

• Lifetime value for new customers increased 8.4% to $551, existing customer LTV rose 5.7% to $1,813, and overall customer LTV increased 11% year-over-year.

• The Business Combination with Colombier closed in July 2025, resulting in a reverse recapitalization, public listing, and $119.4 million in net proceeds.

Financial highlights

• Net revenues were $22.3 million, a 10% increase over the prior year; gross profit margin improved to 11%, up 200 basis points year-over-year.

• Firearm sales contributed $18.1 million (16% volume growth), non-firearm sales $4.2 million (up 3%).

• Loss from operations was $4.2 million, compared to $0.5 million income in Q3 2024.

• Adjusted EBITDA was a $0.3 million loss, down from $0.6 million in Q3 2024.

• Cash and cash equivalents stood at $109.5 million with no debt as of September 30, 2025.

Outlook and guidance

• Management expects mid to high single-digit year-over-year revenue growth in Q4 2025, slight sequential gross margin improvement, and continued investment in marketing, technology, and headcount.

• Existing cash resources and Business Combination proceeds are expected to fund operations for at least the next twelve months.