GrabAGun Digital (PEW) Q3 2025 earnings summary

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 public listing costs.

• Mobile sessions grew 13% year-over-year, now accounting for 67% of transactions and 64% of revenue.

• Lifetime value (LTV) improved across all cohorts, with new customer LTV up 8.4% to $551 and existing customer LTV up 5.7% to $1,813.

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

Financial highlights

• Net revenues for Q3 2025 were $22.3 million, a 10% increase over the prior year; gross profit margin was 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 $0.9 million year-over-year.

• Cash and cash equivalents stood at $109.5 million with no debt; $925,000 in interest income earned in the quarter.

Outlook and guidance

• Expecting mid to high single-digit year-over-year revenue growth in Q4 2025 and slight sequential improvement in gross margin.

• Management expects existing cash resources and Business Combination proceeds to fund operations for at least the next twelve months.

• Marketing spend and headcount investments will increase in Q4 to drive growth and operational leverage.

• Seasonal activity for Q4 is tracking as expected, with strong demand anticipated for Black Friday, Cyber Monday, and holiday promotions.

• Continued investment in technology, supplier relationships, and customer experience to drive scale and efficiency.