$PSQH-WT

PSQ Holdings, Inc.

CIK:0001847064|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues, net

$ 7,132,526

$ 3,431,876

$ 15,290,943

$ 6,482,661

Costs and expenses:

Cost of revenue (exclusive of depreciation and amortization expense shown below)

2,998,624

1,046,964

6,598,579

1,676,975

General and administrative

5,580,668

3,728,246

12,195,832

11,988,989

Sales and marketing

867,354

1,540,327

2,472,161

3,078,788

Research and development

759,442

951,039

1,383,537

1,981,261

Depreciation and amortization

1,716,209

1,367,561

3,564,253

2,274,387

Total costs and expenses

11,922,297

8,634,137

26,214,362

21,000,400

Operating loss

(4,789,771)

(5,202,261)

(10,923,419)

(14,517,739)

Other (expense) income:

Other (expense) income, net

(16,841)

434,153

(114,121)

743,973

Changes in fair value of earn-out liabilities

480,500

10,000

519,000

460,000

Changes in fair value of warrant liabilities

57,000

115,000

715,250

7,496,500

Interest expense, net

(974,193)

(868,456)

(1,921,662)

(1,736,913)

Loss before income taxes from continuing operations

(5,243,305)

(5,511,564)

(11,724,952)

(7,554,179)

Income tax benefit (expense)

3,056

(5,185)

Loss from continuing operations

(5,243,305)

(5,508,508)

(11,724,952)

(7,559,364)

Loss from discontinued operations, net of tax

(377,786)

(2,857,472)

(351,076)

(5,253,961)

Net loss

$ (5,621,091)

$ (8,365,980)

$ (12,076,028)

$ (12,813,325)

Continuing operations loss per common share, basic (in dollar per share)

^[1]

$ (1.44)

$ (1.83)

$ (3.24)

$ (2.57)

Continuing operations loss per common share, diluted (in dollar per share)

^[1]

(1.44)

(1.83)

(3.24)

(2.57)

Discontinued operations loss per common share, basic (in dollar per share)

^[1]

(0.10)

(0.95)

(0.10)

(1.79)

Discontinued operations loss per common share, diluted (in dollar per share)

^[1]

(0.10)

(0.95)

(0.10)

(1.79)

Net loss per common share, basic (in dollars per share)

^[1]

(1.54)

(2.78)

(3.34)

(4.36)

Net loss per common share, diluted (in dollars per share)

^[1]

$ (1.54)

$ (2.78)

$ (3.34)

$ (4.36)

Weighted average shares outstanding, basic (in shares)

^[1],[2]

3,639,800

3,016,887

3,620,930

2,940,307

Weighted-average shares outstanding, diluted (in shares)

^[1],[2]

3,639,800

3,016,887

3,620,930

2,940,307

[1]	Results have been adjusted to reflect the reverse stock split of the Class A Common Stock at a ratio of 1-for-15 that became effective July 13, 2026. See Note 1 — Organization and Business Operations for further details.
[2]	Pre-funded warrants, issued in December 2025, can be exercised for nominal consideration (an exercise price per share equal to $0.0001 per share), and 334,545 remain unexercised as of June 30, 2026.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from Operating Activities
Net loss	$ (12,076,028)	$ (12,813,325)
Adjustment to reconcile net loss to net cash used in operating activities:
Changes in fair value of warrant liabilities	(715,250)	(7,496,500)
Changes in fair value of earn-out liabilities	(519,000)	(460,000)
Share-based compensation	2,599,171	3,552,984
Amortization of step-up in loans held for investment	0	169,607
Provision for credit losses on loans held for investment	638,450	1,152,420
Origination of loans and leases for resale	(25,570,378)	(14,825,985)
Proceeds from sale of loans and leases for resale	29,747,924	16,384,107
Gain on sale of loans and leases	(4,177,546)	(1,558,122)
Recovery of lease merchandise	(69,327)	0
Loss on disposal of furniture	8,559	0
Depreciation and amortization	3,564,253	2,893,612
Non-cash operating lease expense	158,141	114,410
Changes in operating assets and liabilities:
Accounts receivable	25,987	(175,697)
Lease receivable	99,541	(152,463)
Interest receivable	(20,268)	95,625
Inventory	605,832	122,135
Prepaid expenses and other current assets	337,905	223,867
Deposits	28,243	(21,705)
Accounts payable	(456,908)	(627,932)
Accrued expenses	201,346	249,917
Deferred revenue	(726,419)	2,000,177
Operating lease liabilities	(156,501)	(112,688)
Net cash used in operating activities	(6,472,273)	(11,285,556)
Cash flows from Investing Activities
Disposals/(Additions) to lease merchandise, net of disposals	420,161	(2,194,358)
Software development costs	(1,184,571)	(1,554,442)
Principal paydowns on loans held for investment	13,071,785	8,911,312
Disbursements for loans held for investment	(15,019,888)	(9,406,157)
Purchase of licenses	0	(455,000)
Net cash used in investing activities	(2,712,513)	(4,698,645)
Cash flows from Financing Activities
Proceeds from revolving line of credit	7,916,764	4,761,935
Repayments on revolving line of credit	(6,743,259)	(4,532,580)
Net disbursement for closing costs from private equity transaction	(22,091)	0
Proceeds from issuance of common stock at-the-market offering	248,733	361,528
Cash paid for stock issuance costs	0	(312,059)
Net cash provided by financing activities	1,400,147	278,824
Net decrease in cash, cash equivalents and restricted cash	(7,784,639)	(15,705,377)
Cash, cash equivalents and restricted cash, beginning of period	16,117,319	36,589,607
Cash, cash equivalents and restricted cash, end of the period	8,332,680	20,884,230
Cash and cash equivalents from continued operations	6,735,250	18,479,548
Restricted cash from continued operations	1,552,921	307,114
Cash and cash equivalents from discontinued operations	44,509	2,097,568
Total cash, cash equivalents and restricted cash, end of the period	8,332,680	20,884,230
Supplemental Cash Flow Information
Cash paid for interest for convertible notes and revolving line of credit	947,469	868,457
Issuance of common shares in connection with the asset acquisition	0	4,500,000
Earnout liability generated by asset acquisition	0	550,000
Operating lease right-of-use asset obtained in exchange for operating lease liability	0	652,410
Accrued variable compensation settled with RSU grants	$ 0	$ 597,397

Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 6,735,250

$ 14,644,384

Restricted cash

1,552,921

1,119,580

Accounts receivable, net

1,611,793

1,630,987

Lease receivable, net

56,975

156,516

Loans held for investment, net of allowance for credit losses of $943,713 and $778,704 as of June 30, 2026 and December 31, 2025, respectively

7,310,976

6,148,072

Lease merchandise, net of accumulated depreciation of $580,592 and $938,959 as of June 30, 2026 and December 31, 2025, respectively

219,408

960,024

Interest receivable

270,718

250,450

Prepaid expenses and other current assets

1,941,565

2,450,321

Current assets held for sale (Note 4)

3,629,058

4,407,921

Total current assets

23,328,664

31,768,255

Loans held for investment, net of allowance for credit losses of $204,679 and $150,702 as of June 30, 2026 and December 31, 2025, respectively, non-current

1,336,582

1,189,832

Lease merchandise, net of accumulated depreciation of $93,616 and $72,335 as of June 30, 2026 and December 31, 2025, respectively, non-current

152,330

329,463

Property and equipment, net

134,676

187,262

Intangible assets, net

12,804,583

14,573,323

Goodwill

10,930,978

Operating lease right-of-use assets

511,215

669,356

Deposits

29,939

Total assets

49,228,967

59,678,408

Current liabilities:

Revolving line of credit

7,348,052

6,174,546

Accounts payable

4,817,664

5,351,651

Accrued expenses

1,013,430

1,205,386

Operating lease liabilities, current portion

321,504

323,842

Current liabilities held for sale (Note 4)

2,356,003

2,612,041

Total current liabilities

15,856,653

15,667,466

Earn-out liabilities

21,000

540,000

Warrant liabilities

515,000

1,230,250

Operating lease liabilities

200,123

354,286

Total liabilities

45,042,276

46,241,502

Commitments and contingencies (Note 16)

Stockholders’ equity

Preferred stock, $0.0001 par value; 50,000,000 authorized shares; no shares issued and outstanding as of June 30, 2026 and December 31, 2025

Additional paid-in capital

^[1]

172,774,479

169,948,371

Accumulated deficit

(168,588,124)

(156,512,096)

Total stockholders’ equity

4,186,691

13,436,906

Total liabilities and stockholders’ equity

49,228,967

59,678,408

Related Party

Current liabilities:

Convertible promissory notes

20,000,000

Nonrelated Party

Current liabilities:

Convertible promissory notes

8,449,500

Class A Common Stock

Stockholders’ equity

Common Stock

336

310

Class C Common Stock

Stockholders’ equity

Common Stock

$ 0

$ 321

[1]	Results have been adjusted to reflect the reverse stock split of the Class A Common Stock at a ratio of 1-for-15 that became effective July 13, 2026. See Note 1 — Organization and Business Operations for further details.