GrabAGun Digital (PEW) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenue grew 9.4% year-over-year to $23.2 million, with firearms sales up 8.5% and non-firearms sales up 7.5%.

• Gross margin expanded to 13.5%, driven by higher average order value, favorable product mix, and new service revenue from PEW Logistics.

• Net loss was $1.8 million for Q2 2026, compared to net income of $0.8 million in Q2 2025, reflecting increased operating expenses and public company costs.

• PEW Logistics launched in January 2026, onboarding three manufacturing customers and generating $0.2 million in service revenue.

• Leadership transition: Jonathan Terry named CFO, succeeding retiring co-founder Justin Hilty.

Financial highlights

• Q2 2026 net revenue: $23.2 million (up 9.4% year-over-year); firearms sales: $19.3 million (up 8.5%); non-firearms sales: $3.6 million (up 7.5%).

• Gross profit was $3.1 million (13.5% margin), up from $2.2 million (10.6%) last year; gross margin improved by 290 basis points.

• Adjusted EBITDA loss of $1.7 million in Q2 2026 vs. income of $0.9 million in Q2 2025; margin declined to -7%.

• Operating expenses rose to $5.7 million from $1.5 million, reflecting public company costs and growth investments.

• Cash and cash equivalents stood at $97.5 million as of June 30, 2026, with minimal debt.

Outlook and guidance

• Focus on expanding PEW Logistics, growing market share in core e-commerce, and disciplined expense management.

• G&A expenses expected to stabilize as public company costs normalize; working capital and cash levels anticipated to rebound in H2.

• Positioned as a consolidator in a fragmented firearms retail market, with M&A as a strategic but disciplined priority.

• Management expects operating expenses to rise in absolute terms but decline as a percentage of revenue over time.

• Liquidity is considered sufficient for at least 12 months, with $97.5 million in cash and equivalents.