PSQ (PSQH) Q4 2025 earnings summary

Executive summary

• Leadership transition completed, with a new CEO focused on operational discipline and capital efficiency.

• Strategic pivot to focus exclusively on fintech infrastructure, credit, and payments, targeting underserved industries.

• Company delivered over 80% year-over-year revenue growth and over 100% quarter-over-quarter growth in Q4 2025.

• Significant reduction in SG&A expenses and headcount, aiming for higher revenue per employee and lower cash burn.

• Divestiture of non-core assets and brand segment underway to sharpen fintech focus, with marketplace segment wound down.

Financial highlights

• Net revenue from continuing operations reached $18.2 million in 2025, up 81% year-over-year and above guidance.

• Q4 fintech net revenue was $7.3 million, a 109% increase from the prior year.

• Credit business revenue in Q4 rose 47% year-over-year to $4.8 million.

• GMV grew 411% year-over-year, driven by payments business expansion.

• Operating loss improved by $9.7 million year-over-year, with a total operating loss of $32 million in 2025, $16.7 million of which was non-cash expenses.

Outlook and guidance

• Expectation of continued growth in revenue per employee and further reductions in cash burn through 2026.

• Focus on executing a disciplined, capital-efficient business model to achieve profitability.

• Anticipate material improvements in top-line revenue, unit economics, and Adjusted EBITDA loss in 2026.

• Management expects to enter a definitive agreement to sell the Brands segment in the first half of 2026.