PSQ Holdings, Inc. Q2 FY2025 earnings call

• Revenue growth: Net revenue up 18% Y/Y in Q2 2025. Financial Technology, Brands, and Marketplace segments had specific revenue performances. - Expense control: Total costs/operating expenses down 13% Y/Y in H1 2025, net loss improved by 46% from $23.8 million to $12.8 million. - Reorganization: Annualized savings of $11 million expected, realized $9 million in H1 2025. - Strategic repositioning: Monetizing EveryLife and Marketplace, focusing entirely on fintech. - Core initiatives: Doubling down on fintech, monetizing noncore segments, deploying cryptocurrency solutions.

Net revenue for the quarter ended June 30, 2025 was $7.1 million, a 18% year-over-year increase from $6 million in Q2 2024. Financial Technology (including PSQ Payments and Credova) earned $3.4 million in revenue, a 15.6% Y/Y increase; without a $0.4 million vendor true up, it would have been $3.8 million, a 28% Y/Y increase. PSQ Payments launched in Q2 had $1 million revenue, over 80% increase from Q1 2025. Brands (driven primarily by EveryLife) earned $3.3 million, a 45.5% increase Y/Y. Marketplace earned $0.3 million, soft due to marketing halt for Made in America launch.

• Revenue growth thesis holds, expecting material revenue in second half with over 80% increase from Q1 to Q2. - Anticipate completing divestiture of EveryLife and Marketplace by end of Q4 2025. - Plan to share more on cryptocurrency strategy at September Analyst and Investor Day.

• Operational: Onboarding taking longer than anticipated due to merchants wanting bundled checkout. - Market/regulatory: Uncertainties around divestiture processes and cryptocurrency regulations.

Q: On payment customer onboarding thesis.

A: Thesis still holds, but onboarding longer due to merchants wanting bundled checkout.

Q: EveryLife sale process.

A: Process started recently, positive interest, expected to close by Q4 2025.

Q: AI-driven initiatives in credit.

A: AI used in credit underwriting, improved delinquency and charge-offs.

Q: ATM filing.

A: For corporate housekeeping, raised funds to cover ATM setup cost.

Q: Board's role.

A: Board members provide strategic, operational, and economic guidance.

Q: Profitability without compromising core values.

A: Pursuing profitability aligns with core values, driving merchant onboarding.

Q: Crypto strategy.

A: Excited about crypto, will share details at Analyst Day, with Caitlin Long's expertise.