# EDGAR Filing Document

**Accession Number:** 0001847064
**File Stem:** 0001628280-25-039902
**Filing Date:** 2025-8
**Character Count:** 39751
**Document Hash:** cc0f461562148db9d3f6287f97d89a95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-039902.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001628280-25-039902

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250812

**ITEM INFORMATION**: Results of Operations and Financial Condition

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PSQ Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001847064
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 862062844
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40457
- **FILM NUMBER:** 251207028

**BUSINESS ADDRESS:**
- **STREET 1:** 313 DATURA STREET
- **STREET 2:** SUITE 200
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 877-776-2402

**MAIL ADDRESS:**
- **STREET 1:** 313 DATURA STREET
- **STREET 2:** SUITE 200
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PSQ Holdings, Inc
- **DATE OF NAME CHANGE:** 20230719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Colombier Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210219

?xml version='1.0' encoding='ASCII'? psqh-20250812

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 12, 2025**

**PSQ Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40457** | **86-2062844** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification Number) |

---

**313 Datura Street, Suite 200**

**West Palm Beach, Florida 33401**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(754) 264-8701**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 per share | PSQH | New York Stock Exchange |
| Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | PSQH.WS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 12, 2025, PSQ Holdings, Inc. (the "Company") issued a press release announcing its financial and operating results for the quarter ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K and the press release furnished as Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 7.01 Regulation FD Disclosure.**

On August 12, 2025, the Company issued the press release described above in Item 2.02 of this Current Report on Form 8-K. The press release is attached as Exhibit 99.1 and incorporated into this Item 7.01 by reference.

All statements in the press release and this Current Report on Form 8-K, other than historical financial information, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. See the Company's other filings with the Securities and Exchange Commission (the "SEC") for a discussion of other risks and uncertainties. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The information in this Current Report on Form 8-K under Item 7.01 is being "furnished" and not "filed" with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under such section. Furthermore, such information shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, unless specifically identified as being incorporated therein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release, dated August 12, 2025](psqhq225earningsrelease.htm#ia2fdc1d79abc499da5a3b984c5fec429_1)</u> |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | PSQ Holdings, Inc. | PSQ Holdings, Inc. |
| Date: August 12, 2025 | By: | /s/ James M. Giudice |
|  | Name: | James M. Giudice |
|  | Title: | Chief Legal Officer and General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![ex99-1_001.jpg](ex99-1_001.jpg)

**PublicSquare Reports Second Quarter 2025 Financial Results, Announces Strategic Repositioning to Accelerate Fintech Growth**

**WEST PALM BEACH, FL, August 12, 2025** — PSQ Holdings, Inc. (NYSE: PSQH) ("PublicSquare," or the "Company"), today reported financial results for the second quarter 2025 and announced a strategic repositioning to accelerate the growth of its Fintech segment. Three key initiatives comprise this repositioning, including: (1) Focusing the PublicSquare organization on a bundled offering including payments, credit, and digital asset solutions to drive scalable, capital-efficient growth as a Fintech-forward business, (2) Monetizing the Brands segment business through the pursuit of a sale of EveryLife and the pursuit of a sale of its Marketplace segment business or a strategic repurposing of the marketplace IP to complement its fintech offering, (3) Advancing of the long-term vision to embrace and implement cryptocurrency and decentralized finance solutions as part of its fintech offerings that enhances economic liberty for consumers and merchants while providing high-margin revenue streams. Anticipated proceeds from the monetization efforts of the EveryLife and Marketplace segment business are expected to fuel the next phase of PublicSquare's fintech innovation and growth.

**SECOND QUARTER 2025 HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenue for the quarter ended June 30, 2025 was $7.1 million compared to $6.0 million for the second quarter 2024, a 18% increase compared to the prior year period, while operating expense (defined as general and administrative, sales and marketing, and research and development expense) for the quarter ended June 30, 2025 decreased 41% compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Financial Technology revenue for the quarter ended June 30, 2025 was $3.4 million compared to $3.0 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Financial Technology revenue in the quarter ended June 30, 2025 would have been $0.4 million higher without the impact of a one-time legacy Credova vendor true up which occurred during the second quarter 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company continued to strengthen credit portfolio performance in the quarter through the use of AI-driven underwriting, machine learning, and traditional credit metrics, decreasing First Payment Default Rates over the last nine months by 74.8%, on a monthly vintage basis, outperforming peers in a challenging consumer environment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments revenue for the quarter ended June 30, 2025 was $1.0 million an increase of over 80% sequentially

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Marketplace revenue for the quarter ended June 30, 2025 was $0.3 million compared to $0.7 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Brands revenue for the quarter ended June 30, 2025 was $3.3 million compared to $2.3 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ General and administrative expense for the quarter ended June 30, 2025 decreased $5.0 million or 46% compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sales & marketing expense for the quarter ended June 30, 2025 decreased $2.3 million or 45% compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In the first half of 2025, the Company achieved approximately $9.0 million of the projected $11.0 million in annualized operating expense savings from its 2024 reorganization efforts, exceeding expectations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Earnings per share for the quarter ended June 30, 2025 improved to $(0.18) compared to $(0.36) for the second quarter 2024, a 50% increase compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ First half 2025 net loss was $12.8 million an improvement of $11.0 million compared to a net loss of $23.8 million in the prior year period

"PublicSquare's performance in the second quarter of 2025 underscores the momentum within our expanding fintech segment and affirms our commitment to a market of merchants and customers who value high-performing technology and economic liberty," said Michael Seifert, Chairman and Chief Executive Officer of PublicSquare. "With today's announced initiatives, we are charting a bold path forward, one defined by meaningful innovation and strategic focus."

**FINTECH-FOCUSED GROWTH STRATEGY**

PublicSquare is embarking on a strategic repositioning of its business to accelerate the growth of its Fintech segment. While our mission of building a financial ecosystem that protects economic liberty remains unchanged, our strategy has evolved to ensure the Company is directionally focused and well-positioned as a leader in the dawn of a new era of financial technology.

**Strategic Repositioning Framework**

*1. Focus on Fintech Growth* 

The Company is sharpening its strategic focus to deliver best-in-class, purpose-driven financial technology solutions as a bundled solution that serves and supports values-aligned merchants and consumers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit and Payments: Rapid adoption of our bundled checkout solution among values-driven merchants has validated the Company's approach to financial services that reflect a commitment to security, cancel-proof technology, and financial freedom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Transmitter Licenses (MTLs): PublicSquare is actively pursuing the acquisition of MTLs to accelerate growth and margin in our payments services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alternative Payment Methods: PublicSquare is developing cryptocurrency-based payment options that position the company strongly for a market moving rapidly away from traditional payment rails and networks

*2. Non-core Segments* 

PublicSquare plans to monetize its Brands segment business through the sale of EveryLife and monetize its Marketplace segment business through a sale or strategically repurpose the marketplace IP to complement its fintech offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value Creation: The Company is engaging with potential buyers and working with financial advisors to maximize shareholder value for each segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital Reallocation: Anticipated proceeds and cost savings are expected to support a leaner operating model, fund fintech product innovation, and accelerate the development of our bundled payments, credit, and consumer financial tools

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timeline: The Company expects to complete these efforts by the end of the fourth quarter 2025

*3. Digital Asset Solutions*

PublicSquare is advancing a long-term vision to embrace and implement cryptocurrency and decentralized finance solutions as part of its fintech offerings that enhances economic liberty for consumers and merchants while providing high-margin revenue streams

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Productization of Crypto: Tokenized assets, blockchain-powered innovation, and alternative payment rails offer resilient infrastructure to combat a traditional financial environment encumbered by debanking and cancel culture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merchant Treasury Solutions: PublicSquare is in the early stages of implementing digital treasury tools to optimize liquidity across the digital assets ecosystem

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leadership: The recent appointment of Caitlin Long, a renowned bitcoin and crypto finance expert, to the Company's Board of Directors adds deep expertise to guide the rollout of these initiatives

"Over the past two years, we've built a dynamic and diversified business spanning marketplace, consumer products, and fintech," said Michael Seifert. "As we looked toward the future, it became increasingly clear that an intentional focus on our bundled fintech offering, including payments, credit, cryptocurrency and decentralized finance solutions, represent the most scalable, high-margin avenue for sustainable growth. This strategic repositioning enables us to double down on these strengths, operate with greater capital efficiency, and drive long-term value for our shareholders. With a streamlined structure and concentrated investment in fintech innovation, we're confident in our ability to deliver outstanding results in the months and years ahead, all to satisfy the original mission of creating an economic ecosystem for a previously unaddressed audience of American customers and merchants who value financial freedom."

*Note: Beginning with the third quarter 2025 reporting period both the Brands and Marketplace business segments will be shown as discontinued operations in the Company's financial statements until the monetization activities for each segment is concluded*.

**FINANCIAL REVIEW**

**Balance Sheet & Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, PublicSquare had $20.6 million of cash and cash equivalents and $0.3 million of restricted cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ During the second quarter 2025 the Company invested $0.5 million in the application process to obtain MTLs to further enhance payment processing options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company had an outstanding principal balance of $4.0 million on its $10.0 million revolving line of credit as of June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately $1.1 million of cash was utilized in the second quarter 2025 as part of the Company's balance sheet strategy where the Company holds certain consumer receivables from its consumer finance business on its balance sheet to increase revenue potential instead of immediately monetizing them to third parties

**2025 BUSINESS OUTLOOK & GUIDANCE**

The Company's 2025 outlook and guidance has been updated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of the Company's planned monetization of its Brands segment business through the pursuit of a sale of EveryLife and the pursuit of a sale of its Marketplace segment business or a strategic repurposing of the marketplace IP to complement its fintech offering, the Company is removing full year revenue guidance and the Company's previous 2025 revenue guidance, reiterated on May 8, 2025, should no longer be relied upon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expense guidance remains unchanged. Operating expense (defined as general and administrative, sales and marketing, and research and development expense) is expected to be lower than 2024 reflecting foundational investments and the full impact of organizational changes made in late 2024

------

**Fintech Initiatives Analyst & Investor Meeting** 

PublicSquare plans to hold an analyst and investor meeting in September 2025 to further discuss its fintech initiatives and provide greater detail around its long-term plans related to digital assets. Further information, including details regarding participation and the location of this event, will be provided in a separate market communication.

**Second Quarter 2025 Conference Call and Webcast**

Management will host a teleconference and webcast to discuss its second quarter 2025 results today, August 12, 2025 at 4:30 p.m. ET. The conference call can be heard live through a link on the PublicSquare Investor Relations website https://investors.publicsquare.com. During the webcast, the Company will take both inbound questions received ahead of the call and questions from equity research analysts. In addition, you may participate in the conference call by dialing (888) 210-4474 domestically or (646) 960-0693 internationally, referencing conference ID # 9605882. Attendees should log in to the webcast or dial in approximately 15 minutes prior to the call's start time.

**About PublicSquare**

PublicSquare is a marketplace and payments ecosystem, valuing life, family, and liberty. PublicSquare operates under three segments: Financial Technology, Marketplace and Brands. PublicSquare's Financial Technology segment includes Credova, a consumer financing and payments company. The primary mission of the Marketplace segment is to help consumers "shop their values" and put purpose behind their purchases. PublicSquare leverages data and insights from the Marketplace to assess its customers' needs and provide wholly-owned quality financial products and brands. PublicSquare's Brands segment comprises EveryLife, a premium D2C life-affirming baby products company. The PublicSquare Marketplace is free to join for both consumers and business owners. Download the app on the App Store or Google Play, or visit PublicSquare.com to learn more.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and for purposes of the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein are forward-looking statements. Such forward-looking statements include, but are not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding PublicSquare, anticipated product launches, our products and markets, future financial condition, expected future performance and market opportunities of PublicSquare. Forward-looking statements generally are identified by the words "anticipate," "believe," "could," "expect," "estimate," "future," "intend," "may," "might," "strategy," "opportunity," "plan," "project," "possible," "potential," "project," "predict," "scales," "representative of," "valuation," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, and in this press release, include statements about our expected revenue, revenue growth, operating expenses, anticipated growth, ability to achieve profitability, and our outlook; however, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, without limitation: (i) unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of our operations, including the possibility that any of the anticipated benefits of the Credova transaction will not be realized or will not be realized within the expected time period, (ii) changes in the competitive industries and markets in which PublicSquare operates, variations in

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performance across competitors, changes in laws and regulations affecting PublicSquare's business and changes in the combined capital structure, (iii) the ability to implement business plans, growth, marketplace and other expectations, and identify and realize additional opportunities, (iv) risks related to PublicSquare's limited operating history, the rollout and/or expansion of its business and the timing of expected business milestones, (v) risks related to PublicSquare's potential inability to achieve or maintain profitability and generate significant revenue, (vi) the ability to raise capital on reasonable terms as necessary to develop its products in the timeframe contemplated by PublicSquare's business plan, (vii) the ability to execute PublicSquare's anticipated business plans and strategy, (viii) the ability of PublicSquare to enforce its current or future intellectual property, including patents and trademarks, along with potential claims of infringement by PublicSquare of the intellectual property rights of others, (ix) actual or potential loss of key influencers, media outlets and promoters of PublicSquare's business or a loss of reputation of PublicSquare or reduced interest in the mission and values of PublicSquare and the segment of the consumer marketplace it intends to serve, (x) because the payment processing and credit agreements are terminable at will without notice, merchants that have signed agreements to use PublicSquare's payment processing services may terminate those services or otherwise fail to utilize the services at the expected volume, (xi) the risk of economic downturn, increased competition, a changing regulatory landscape and related impacts that could occur in the highly competitive consumer marketplace, both online and through "bricks and mortar" operations, (xii) the risk of PublicSquare being unable to sell its Brands or Marketplace segment businesses, in a timely manner,at desirable prices,or at all, and (xiii)risks associated with the Company's ability to execute on its plans to reposition into a Fintech-forward business, including the Company's pursuit of any money transmitter licenses. The foregoing list of factors is not exhaustive. Recipients should carefully consider such factors and the other risks and uncertainties described and to be described in PublicSquare's public filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Recipients are cautioned not to put undue reliance on forward-looking statements, and PublicSquare does not assume any obligation to, nor does it intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. PublicSquare gives no assurance that PublicSquare will achieve its expectations.

**Investors Contact:**

**<u>investment@publicsquare.com</u>**

**Media Contact:**

**<u>pr@publicsquare.com</u>**

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**PSQ HOLDINGS, INC.**

**Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(Unaudited)** | |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $20577116 | $36324354 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 307114 | 265253 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 623516 | 447819 |
| &nbsp;&nbsp;&nbsp;Lease receivable, net | 152463 |  |
| &nbsp;&nbsp;&nbsp;Loans held for investment, net of allowance for credit losses of $563,319 and $689,007 as of June 30, 2025 and December 31, 2024, respectively | 4058928 | 3986997 |
| &nbsp;&nbsp;&nbsp;Lease merchandise, net of accumulated depreciation of $345,410 and zero and allowances of $716,461 and zero as of June 30, 2025 and December 31, 2024, respectively | 774415 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 218479 | 314104 |
| &nbsp;&nbsp;&nbsp;Inventory | 2541262 | 2663397 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2923430 | 2835238 |
| Total current assets | 32176723 | 46837162 |
| &nbsp;&nbsp;&nbsp;Loans held for investment, net of allowance for credit losses of $83,007 and $127,038 as of June 30, 2025 and December 31, 2024, respectively, non-current | 598096 | 735118 |
| &nbsp;&nbsp;&nbsp;Lease merchandise, net of accumulated depreciation of $1,333 and zero and allowances of $45,630 and zero as of June 30, 2025 and December 31, 2024, respectively, non-current | 69986 |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 208062 | 275539 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 20590934 | 15790437 |
| &nbsp;&nbsp;&nbsp;Goodwill | 10930978 | 10930978 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 808511 | 274603 |
| &nbsp;&nbsp;&nbsp;Deposits | 71709 | 50004 |
| **Total assets** | $65454999 | $74893841 |
| Liabilities and stockholders' equity |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Revolving line of credit | $4006634 | $3777279 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2850853 | 3503553 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1417246 | 1167329 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 2053848 | 53671 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 523021 | 122587 |
| Total current liabilities | 10851602 | 8624419 |
| &nbsp;&nbsp;&nbsp;Convertible promissory notes, related party (Note 9) | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;Convertible promissory notes | 8449500 | 8449500 |
| &nbsp;&nbsp;&nbsp;Earn-out liabilities | 710000 | 620000 |
| &nbsp;&nbsp;&nbsp;Warrant liabilities | 2689500 | 10186000 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 303004 | 163716 |
| **Total liabilities** | 43003606 | 48043635 |
| Commitments and contingencies (Note 15) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 50,000,000 authorized shares; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common stock, $0.0001 par value; 500,000,000 authorized shares; 42,676,029 shares and 39,575,499 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 4267 | 3958 |
| &nbsp;&nbsp;&nbsp;Class C Common stock, $0.0001 par value; 40,000,000 authorized shares; 3,213,678 shares issued and outstanding as of June 30, 2025, and December 31, 2024 | 321 | 321 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 155160558 | 146746355 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (132713753) | (119900428) |
| **Total stockholders' equity** | 22451393 | 26850206 |
| **Total liabilities and stockholders' equity** | $65454999 | $74893841 |

---

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**PSQ HOLDINGS, INC.**

**Condensed Consolidated Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues, net** | $**7082868** | $**5985228** | $**13832489** | $**9451117** |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of depreciation and amortization expense shown below) | 1142764 | 531098 | 1879009 | 1129459 |
| &nbsp;&nbsp;&nbsp;Cost of goods sold (exclusive of depreciation and amortization expense shown below) | 2231290 | 1438843 | 4304564 | 2830251 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5976081 | 10993793 | 16500572 | 21256671 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 2807172 | 5090331 | 5263558 | 9772969 |
| &nbsp;&nbsp;&nbsp;Research and development | 1299799 | 1031794 | 2737252 | 2173752 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1682502 | 930874 | 2893612 | 1227471 |
| &nbsp;&nbsp;&nbsp;Total costs and expenses | 15139608 | 20016733 | 33578567 | 38390573 |
| **Operating loss** | **(8056740)** | **(14031505)** | **(19746078)** | **(28939456)** |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 434153 | 52599 | 721343 | 155978 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of earn-out liabilities | 10000 | 220000 | 460000 | 340000 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrant liabilities | 115000 | 3091000 | 7496500 | 5322500 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (868456) | (553303) | (1736913) | (677481) |
| **Loss before income taxes** | **(8366043)** | **(11221209)** | **(12805148)** | **(23798459)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 63 | (14037) | (8177) | (13618) |
| **Net loss** | $**(8365980)** | $**(11235246)** | $**(12813325)** | $**(23812077)** |
| &nbsp;&nbsp;&nbsp;Net loss per common share, basic and diluted | $(0.18) | $(0.36) | $(0.29) | $(0.80) |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding, basic and diluted | 45253319 | 31391595 | 44104601 | 29901952 |

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**PSQ HOLDINGS, INC.** 

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

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| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net loss | $(12813325) | $(23812077) |
| Adjustment to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of warrant liabilities | (7496500) | (5322500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of earn-out liabilities | (460000) | (340000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3552984 | 11058185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of step-up in loans held for investment | 169607 | 269829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses on loans held for investment and lease merchandise | 1152420 | 154202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Origination of loans and leases for resale | (14825985) | (10124894) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of loans and leases for resale | 16384107 | 11247135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans and leases | (1558122) | (1122241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2893612 | 1227471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 114410 | 208564 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (175697) | (135715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease receivable | (152463) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 95625 | (358270) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 122135 | 161473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 223867 | 1571121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | (21705) | 13929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (627932) | (1335335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 249917 | (110806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2000177 | 16636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (112688) | (206258) |
| **Net cash used in operating activities** | (11285556) | (16939551) |
| **Cash flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to lease merchandise, net of disposals | (2194358) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software development costs | (1554442) | (1777479) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal paydowns on loans held for investment | 8911312 | 5265396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disbursements for loans held for investment | (9406157) | (3576860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of licenses | (455000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired |  | 141215 |
| **Net cash (used in) provided by investing activities** | (4698645) | 52272 |
| **Cash flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from convertible note payable, related party (Note 9) |  | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving line of credit | 4761935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on revolving line of credit | (4532580) | (1808833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of common stock for at-the-market offering | 361528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for stock issuance costs | (312059) |  |
| **Net cash provided by financing activities** | 278824 | 8191167 |
| Net decrease in cash, cash equivalents and restricted cash | (15705377) | (8696112) |
| **Cash, cash equivalents and restricted cash, beginning of period** | 36589607 | 16446030 |
| **Cash, cash equivalents and restricted cash, end of the period** | $20884230 | $7749918 |
| Cash and cash equivalents | $20577116 | $7613430 |
| Restricted cash | 307114 | 136488 |
| **Total cash, cash equivalents and restricted cash, end of the period** | $20884230 | $7749918 |
| **Supplemental Non-Cash Investing and Financing Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares in connection with the asset acquisition | $4500000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability generated by asset acquisition | $550000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset obtained in exchange for operating lease liability | $652410 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued variable compensation settled with RSU grants | $597397 | $411878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with Credova Merger | $— | $14137606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note Exchange in connection with Credova Merger | $— | $8449500 |

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**Non-GAAP Financial Measures**

The non-GAAP financial measures below have not been calculated in accordance with GAAP and should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions. Therefore, its use can make it difficult to compare our current results with our results from other reporting periods and with the results of other companies.

Our management uses these non-GAAP financial measures, in conjunction with GAAP financial measures, as an integral part of managing our business and to, among other things: (i) monitor and evaluate the performance of our business operations and financial performance; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of our management team; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

For the periods presented, we define non-GAAP operating loss as GAAP operating loss, adjusted to exclude, as applicable, certain expenses as presented in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation:** |  |  |  |  |
| GAAP operating loss | $(8056740) | $(14031505) | $(19746078) | $(28939456) |
| Non-GAAP adjustments |  |  |  |  |
| Corporate costs not allocated to segments | (1174818) | (3078332) | (3146191) | (8433875) |
| Transaction costs incurred in connection with acquisitions |  | (1908) |  | (2295502) |
| Share-based compensation (exclusive of what is included in transaction costs above) | 69861 | (5171761) | (3552984) | (10170774) |
| Depreciation and amortization | (1682502) | (930874) | (2893612) | (1227471) |
| **Non-GAAP operating loss** | $**(5269281)** | $**(4848630)** | $**(10153291)** | $**(6811834)** |

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