GrabAGun Digital (PEW) Q3 2026 earnings summary

Executive summary

• Q3 revenue declined 4.7% YoY to $21.230M, while gross profit rose 43.6% to $3.055M and gross margin expanded 480 bps to 14.4%.

• Q3 net loss narrowed to $3.047M from $3.838M; Adjusted EBITDA loss widened to $2.124M from $0.929M.

• Nine-month revenue grew 5.3% to $70.375M, while net loss widened to $6.7M from $2.9M.

• The $34.0M all-cash Camfour acquisition closed after quarter-end, adding wholesale distribution; Camfour is excluded from Q3 results.

Financial highlights

• Q3 operating loss narrowed to $3.777M from $4.764M; diluted loss per share improved to $0.10 from $0.14.

• Nine-month gross profit rose 35.3% to $8.947M; operating loss widened to $9.0M from $3.9M.

• Q3 cost of goods sold declined 10% YoY to $18.2M; nine-month costs increased 2% to $61.4M, primarily due to higher average firearm costs and direct manufacturer purchases.

• Q3 operating expenses were $6.8M versus $6.9M; a $2.6M decline in stock-based compensation largely offset higher compensation and professional services.

Outlook and guidance

• Priorities include disciplined capital allocation, expense management, stronger cash generation, scaling PEW Logistics, returning the core business to growth, and realizing Camfour's potential.

• Management expects existing cash, after Camfour's purchase and working-capital needs, to fund operations and obligations for at least 12 months; no near-term capital raise is anticipated.

• Operating expenses are expected to rise in absolute dollars but decline as a share of revenue; cost of goods sold is expected to decline as a share of revenue over time.

• Q4 results include Camfour from October 26; audited financial statements and pro forma information were expected in an amended Form 8-K/A.