PSQ (PSQH) Q3 2026 earnings summary

Executive summary

• Marketplace operations ended in June and EveryLife’s sale completed the consumer-brand exit; focus is now payments and financial infrastructure.

• Q3 continuing-operations revenue rose 67% YoY to $7.34M; Payments volume increased 121% to $197.3M.

• GAAP operating loss narrowed to $3.33M from $9.70M; Q3 non-GAAP operating income was $0.34M, and operating cash use fell to $1.7M.

Financial highlights

• Q3 net loss was $4.13M versus $11.98M YoY; 9M revenue rose 108% to $22.63M and net loss narrowed 35% to $16.21M.

• Q3 operating expenses fell 50% YoY; total costs and expenses declined 24% to $10.67M, including a 61% reduction in G&A to $3.18M.

• 9M GAAP operating loss improved 41% to $14.3M; 9M non-GAAP operating loss was $0.14M versus $7.80M.

• Q3 operating cash use declined 72% YoY to $1.7M; 9M operating cash use was $8.17M versus $17.37M.

• Q3 and 9M net loss per share were $1.00 and $4.29, respectively, on a reverse-split-adjusted basis.

Outlook and guidance

• Reaffirmed FY2026 continuing-operations revenue guidance of $32M and positive full-year non-GAAP operating income; Q4 requires record revenue to reach guidance.

• Q4 tailwinds include hunting-season and holiday demand and new merchant relationships; LendSuite, Dealer Cash and Roja are expected to contribute in Q4 2026 and build into 2027.

• Target remains positive monthly operating cash flow in 2027 on a non-GAAP basis.

• Cost reductions are expected to generate $8.0M in annualized cash savings; $10.8M had been achieved by September 30, alongside a 51% workforce reduction.