PSQ (PSQH) Q1 2026 earnings summary

Executive summary

• Revenue grew 167% year-over-year in Q1 2026 to $8.2 million, with operating expenses down 18% and operating loss improving by 34%; non-GAAP operating loss improved 70% to $0.9 million.

• Strategic pivot to a pure-play fintech included winding down Marketplace, holding Brands for sale, and focusing on payments, credit, and nonprofit solutions.

• Revenue per employee surged 287% to $173,583, with headcount reduced by 31% to 47 full-time employees.

• Net loss increased to $6.5 million, mainly due to lower non-cash gains from warrant and earnout liability revaluation.

• Leadership changes included new CEO, CFO, and board restructuring; company no longer a controlled company under NYSE rules.

Financial highlights

• Net revenue from continuing operations was $8.2 million, up from $3.1 million in Q1 2025.

• Payments GMV reached $186.2 million, up 417% year-over-year; Credit GMV was $15.1 million, up 32% year-over-year.

• Operating cash burn improved 36% year-over-year to $4.1 million, with underlying burn of ~$2.9 million after excluding ~$1.2 million in non-recurring items.

• Ended the quarter with $10.1 million in cash and equivalents, $1.6 million restricted, and net working capital of $11.2 million.

• Non-GAAP segment operating loss was $0.9 million, a 70% improvement year-over-year.

Outlook and guidance

• Focus remains on disciplined revenue growth, reducing cash burn, and driving toward profitability.

• Anticipated proceeds from the Brands segment sale and existing cash are expected to fund operations for at least the next 12 months.

• Continued improvement in revenue per employee and operating leverage expected as AI and infrastructure investments scale.