PSQ Holdings Q3 2026 Earnings Call Transcript

PSQ Holdings (NYSE:PSQH) reported third-quarter financial results on Friday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

PSQ Holdings reported a 67% increase in third-quarter revenue to $7.3 million, with payments volume up 121% year-over-year.

The company completed significant restructuring by shutting down its marketplace, selling its brands business, and reducing its workforce by half, resulting in a $6.7 million improvement in losses from these segments.

Management reaffirmed its 2026 outlook of $32 million in revenue and positive non-GAAP operating income, targeting positive monthly operating cash flow by 2027.

PSQ Holdings has shifted focus to payments and credit services, with all revenue now derived from these activities, and has successfully integrated three new consumer lending platforms.

Operating loss decreased significantly from $9.7 million to $3.3 million, with cash burn reduced every quarter, reaching $1.7 million in the third quarter.

The company highlighted its strategic use of AI to improve revenue per employee, aiming for $2 million per employee in revenue, and stressed the importance of its niche market in firearms and outdoor retailers, which are underserved by traditional banks.

Management addressed regulatory and listing concerns, noting ongoing discussions with the NYSE regarding its market cap threshold and exploring options to maintain its listing status.

Full Transcript

OPERATOR

We will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to William Kent, Head of Corporate Affairs. Please go ahead.

William Kent (Head of Corporate Affairs)

Welcome to the PSQ Holdings third quarter 2026 earnings call. Joining me today are Dusty Wonderlich, our Chairman and Chief Executive Officer, Mike Pena, our Chief Financial Officer, and Krista Wenzel, our Chief Accounting Officer. Before we begin, please note that the information we discuss today, including our outlook, is current as of today and includes forward-looking statements that involve risks and uncertainties. We are not required to update these statements if new information arises. For details on factors that could cause actual results to differ, please see today’s earnings press release and our SEC filings, including our 2025 Form 10-K and our subsequent quarterly reports on Form 10-Q. We will also discuss non-GAAP measures alongside financial measures calculated according to GAAP. Reconciliations of those non-GAAP measures to the most directly comparable GAAP measures are included in today’s earnings press release, which is available on our investor relations website.

If you’d like to submit a question for management to answer during the Q&A portion of today’s call, please email invest@publicsq.com. With that, I’ll hand the call over to Dusty.

Dusty Wonderlich (Chairman and Chief Executive Officer)

Thank you, Will, and good morning, everyone. I want to use my time this morning a little differently. Krista and Mike will walk you through the quarter. I want to take you through the last three quarters, because the third quarter only makes sense as part of that story. Where we started. Go back to the plan. This company went public on a values-based shopping marketplace and later a family of consumer brands. In 2024, that plan used $34 million of cash in operations and lost $58 million. In 2025 it used another $20 million. The marketplace the company is named for never covered its costs. Neither did the brands. The one business with a real reason to exist was Cordova, the smallest of the three. When the company bought it, it was carrying the overhead of a company built for something else.

A year ago we had 72 employees and were using about $6 million a quarter in operations. In January, the team that built Cordova took over running the whole company. Mike, Jim, and I built Cordova as a private company that paid its own way. We’ve never had a capital market to cover a loss, so every product had to earn its keep. And that is how we have run this company since. We told you we would do four things: get out of consumer brands; cut the cost structure down to the business we actually have; grow payments and credit without growing headcount; and get this company to the point where it funds itself. We put numbers on each of those and asked you to hold us to them. Doing those four things meant ending the strategy this company went public on. What we have done three quarters later—here’s where that stands.

In that time, we shut down the marketplace, sold the brands business, cut the workforce in half, completed a reverse split, took our payment stack into consumer lending with three new integrations, and more than doubled revenue. We did all that at once while running the business day to day. Any one of those is a year’s work in most companies. The marketplace is gone. It’s fully wound down by the end of June. EveryLife was sold this week to Freehold Brands for $5.5 million, before fees and customary adjustments.

The exit from consumer brands is complete. Those were hard calls, and the numbers show they were the right ones. In the first nine months of last year, the marketplace and brand business lost $7.2 million between them. In the first nine months of this year they lost half a million. That is a $6.7 million improvement from two decisions, with their operating costs down from $10.5 million to $3.7 million. We didn’t sell every line of the broken business. We cut its operating costs by 43% while its revenue grew 8% and was close to breakeven in the third quarter when we sold it. For the first time since the company went public, every dollar of revenue we report comes from moving money. The cost structure has been reset. We committed to roughly $8 million of annualized savings and delivered closer to $10 million. We have 35 people today, half the team of a year ago.

And the bar for adding a dollar of cost back is that it has already earned its way in. The business grew through it all. Third quarter revenue was $7.3 million, up 67% from a year ago. Through nine months, revenue has more than doubled. Payments volume was $197.3 million in the quarter, up 121% year over year. Cordova grew originations 23%. In the firearms market, it grew about 2.5% in the quarter. That growth came from a team half the size. That is the whole turnaround in one sentence: revenue up two-thirds, headcount down half, and nothing broke.

The consumer side is changing and explains the shape of our credit growth this year. Applications from consumers with credit scores below 640 are down about 7%. Applications 640 and up are higher, and the 720-plus band grew the most. We didn’t decline more of the lower-score customers—they stopped applying. That’s the K-shaped economy people talk about. Higher-income households are still spending, and a lot of them pay with a card. Lower-income households are pulling back on the purchases they used to finance.

Against that, we converted better—the share of approved customers who went on to complete a financed purchase— in every credit band. Our primary installment product more than doubled and drove nearly three-quarters of our contract growth, while higher-APR volume shrank. So this year’s credit growth came from closing more of the customers already in front of us. There’s a limit to how far that grows, and that’s why the next leg of growth is putting the monthly payment in front of customers before they decide how to pay.

And the losses are closing. Operating loss went from $9.7 million a year ago to $3.3 million. But the number I care about most is cash, and I want to be plain about why. A business that burns cash runs on other people’s money, and sooner or later that market sets the terms. A business that pays for itself sets its own. For its first two years as a public company, this one burned cash. This year we’ve cut it every quarter. In the first quarter, operations used $4.1 million.

In the second quarter, $2.3 million—down 44%. In the third quarter, $1.7 million—down another 26%—and that included about $600,000 of one-time costs Mike will walk you through. In 2024 this company burned more than $8 million a quarter. We are now at a fifth of that. Next year, the business pays for itself. Our target is positive monthly operating cash flow in 2027. On a non-GAAP basis, we’ve already earned an operating profit two quarters in a row.

I’ll give you one more number and then I’ll stop reciting them. In the third quarter of last year, each employee at this company supported about $61,000 of quarterly revenue. This quarter it was $210,000—three and a half times in 12 months. AI is a large part of how we did that—in underwriting, engineering, finance, and risk monitoring—and is why we report revenue per employee every quarter and expect it to keep improving from here. That metric only moves if revenue moves, which is exactly how we want to be measured.

Why this is all worth doing. None of this would matter if the business we kept was not worth keeping. So let me spend a minute on why it is. Cordova serves markets the banks and large processors walked away from: firearms and outdoor retailers, consumer lenders, campaigns, and nonprofits. These are lawful businesses that get declined or priced as high-risk on the basis of a category code rather than on how they actually perform. We underwrite the category ourselves and reprice to the defaults and chargebacks we actually measure.

Years of that performance data in categories most lenders will not touch is the asset. Every merchant we add makes the pricing more accurate. And because most of our merchants are on both payments and credit through us, each one adds data on both sides of the transaction. That position is hard to copy. We hold state lending licenses. We’ve run machine learning underwriting on our own data since 2021, and we’re the exclusive payments and credit provider inside Rayon AI’s firearm software.

A competitor would need all three—and years—to build them. That is why our demand does not depend on outspending anyone. Merchants come to us because the alternative is being shut off, and we continue to see businesses outside our core outdoor category seek us out for the same reason. We get asked whether a friendlier regulatory climate brings the banks back. The new federal rule on reputation risk, which took effect in June, changes how examiners supervise things, doesn’t change the published policies of large processors and pay-later lenders, and it gives no bank the data to underwrite a firearms dealer. A returning competitor still has to learn the category we already have. We also give merchants a reason to stay—and they do have choices.

We bring them customers. We reach about 4 million email subscribers, an audience mainstream advertisers largely ignored. In one recent manufacturer-funded 0% promotion, units sold rose 43%. Processors compete on rate. We compete on rates and on sales. It is also why the loan payments vertical matters so much. Consumer lenders face the same exclusion our firearms merchants do. The difference is scale and frequency in lender processing: we handle repayment every month on every loan for the life of the loan. In August we announced Linsuite, DealerCash, and Rovon. Those integrations take our payment stack into loan-repayment processing, and together they put us in front of roughly 150 lenders on three loan platforms, more than 100 auto dealers in Texas.

We expect these relationships to be contributing in the fourth quarter of 2026, first quarter of 2027, and to build through 2027. Credit quality remains strong, and losses and delinquencies are inside our expectations. So what comes next? Our priorities for the rest of the year have not changed. We are reaffirming our 2026 outlook: $32 million of revenue and positive non-GAAP operating income for the full year. Mike will walk through what the fourth quarter has to deliver and why we believe it will. Beyond that, the target is positive monthly operating cash flow in 2027. We said that in July and we’re saying it again today. I want to be clear about the standard we hold ourselves to: we are not declaring victory on three quarters.

The turnaround is not finished until the business funds itself. What three quarters have shown is that this team does what it says it will do, and the business underneath is a real one with a real reason to exist. Krista will show you that the financial statements now tell the same story I just did. Mike will take you through cash and the outlook. Krista, handing it to you.

Krista Wenzel (Chief Accounting Officer)

Thank you, Dusty, and good morning. I’m going to keep this to the three things in the financial statements that I think matter most and leave the line-by-line detail to the release. First, the shape of revenue: payments is now almost half of our revenue, up from about a third a year ago, and that shift changes our margin profile. Payments carries transaction fees and cost of revenue. So as the mix moves towards payments, cost of revenue rises with it. Cost of revenue was $3.5 million this quarter, up from $1.5 million a year ago. That means after transaction costs we kept about 52 cents of every revenue dollar compared to 67 cents in the prior-year quarter.

Those fees are variable; they move with the volume that generates the revenue. And once a merchant is live, each additional dollar processed requires very little incremental operating cost. So while the percentage declined, revenue less cost of revenue grew about 30% in dollars. At the same time, the cost actions that began in late 2025 and that we significantly deepened this year cut operating expenses in half. Together those two drivers closed our operating loss by two-thirds.

A lower-margin, higher-volume revenue stream on a much leaner cost base is how this business reaches profitability, and the third quarter shows that model working. Within credit, revenue continues to shift towards selling originations rather than holding them. Lease merchandise revenue is running off by design since we stopped adding new consumer leases on the balance sheet a year ago, while revenue from loan and lease contracts sold nearly tripled.

Less of our capital sits in lease merchandise and the revenue line reflects that. Second, the cost reduction: operating expenses, which we define as G&A, Sales and Marketing, and R&D, were $5.5 million, down 50% from a year ago. About $4 million of that decline reflects lower share-based compensation which largely came from the headcount reductions under the plan. Because it’s non-cash, I would rather you hear that from me than from a model. Excluding share-based compensation, operating expenses still fell by roughly a fifth on a revenue base that is two-thirds larger.

The cash flow statement confirms it. Cash used in operations fell 72%, and Mike will walk through that in a moment. Third, the bottom line. Net loss for the quarter was $4.1 million compared to $12 million a year ago. On our first-quarter call I spent time on non-cash movements and our warrant and earn-out liabilities that distorted the comparison; this quarter there is nothing like that to explain. Those items were small in both periods. The $7.9 million improvement comes from the business: more revenue, lower costs, and a much smaller loss from discontinued operations.

Net loss per share, adjusted for the reverse split in July, improved to $1.00 from $3.90, and that improvement came even as our weighted-average share count grew by about a third. On discontinued operations, EveryLife was still classified as discontinued operations on September 30th since the sale closed after quarter-end. Loss from discontinued operations was about $100,000 for the quarter, down from $1.9 million a year ago, reflecting the marketplace wind-down and the cost actions taken at EveryLife ahead of the sale.

The final accounting for this transaction will come through in the fourth quarter. Before I turn it over to Mike, one more item. Beginning in the third quarter of 2023, our filings have reported a material weakness in internal control over financial reporting related to the presentation of our statement of cash flows. Over the past several quarters we strengthened our review process for complex transactions and added experienced accounting professionals to the team. After testing the design and operating effectiveness of those controls, management concluded that the material weakness was remediated as of September 30, 2026.

I want to thank our finance and accounting team for their disciplined work behind this result. I’ll now turn it over to Mike.

Mike Pena (Chief Financial Officer)

Thank you, Krista. So, cash first. Dusty walked through the trend. Let me explain what’s inside this quarter’s $1.7 million of operating cash burn. Roughly $600,000 of that was one-time, mostly severance and deal cost, and another $650,000 was annual payments that land in the third quarter. The structural burn is lower than the headline, and the headline has fallen every quarter regardless. On the balance sheet, we ended the quarter with $6.8 million of cash, cash equivalents and restricted cash, of which $3.8 million was unrestricted cash from continuing operations. On the revolver that funds Cordova originations, $6.8 million was drawn against the $10 million facility. That line turns over as receivables are collected or sold. So think of it as working capital for the credit book rather than corporate debt.

EveryLife closed after quarter-end. Of the $5.5 million purchase price we received $1 million in cash at closing and the balance payable monthly over the following 12 months. As for the 2026 outlook, we are reaffirming our $32 million of revenue and positive non-GAAP operating income for 2026. And I want to be direct about the arithmetic. Through nine months we have $22.6 million of revenue. So the fourth quarter needs to deliver roughly $9.4 million. That would be the largest quarter in the company’s history, above the $8.2 million we reported in the first quarter. We are reaffirming because the fourth quarter has two things going for it that no other quarter does.

First is seasonality. Hunting season and the holidays make the fourth quarter the strongest period of the year for credit originations and for payments volume across our outdoor merchants. And secondly, new payment merchants going online. This includes the LIN Suite Dealer Cash and Roha relationships which begin contributing in the fourth quarter of 2026 and into the first quarter of 2027. And we expect them to continue building throughout 2027. On non-GAAP operating income, we are at a loss of $100,000 through nine months after two consecutive positive quarters. A fourth quarter at the revenue level I just described takes the full year positive. Our capital priorities have not changed. Keep reducing burn, hold the operating discipline, and convert that into positive monthly operating cash flow in 2027. That target includes the interest we pay on our convertible notes and the revolver, which is why the operating improvement has to keep coming and why we are not adding costs back ahead of revenue.

With that, back to Dusty.

Dusty Wonderlich (Chairman and Chief Executive Officer)

Thank you, Mike. Twelve months ago this was a company without a cogent story and a cash problem. Today it is one business with half the people, two-thirds more revenue, a fraction of the burn, and two straight quarters of non-GAAP operating profit. That was done in three quarters by the team that ran Cordova as a private company that generated cash. We intend to get back there. Every eligible director bought stock in our August private placement at a premium to market and with no warrants.

And in July I said I was not asking you to believe me. I was asking you to watch what we do against what we said we would do. That is still the standard. Operator, we will take questions.

OPERATOR

Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Thomas Forte with Maxim Group.

Your line is open. Please go ahead.

Thomas Forte (Analyst)

Dusty, Mike, Kristen, Will, thanks for taking my questions. Congratulations on the successful divestiture of EveryLife. I have two questions initially and then, Dusty, depending on your answers I might have more. I’ll go one at a time. So for starters, as best exemplified by the initial success of Meta Platforms’ Muse when you go by app download data—sorry, app download data—Dusty, I’d appreciate your thoughts on agentic commerce and the opportunities it creates for your company.

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, Tom, good to hear from you. Always appreciate you being on this call and you know, we’ve—you and I have kind of gone over this question after the last couple quarters, and I’ve been pretty—I mean, I think the whole world that’s starting to use AI is starting to see how rapidly the adoption is. It’s unlike anything I’ve seen the last 20 years in my career. In fact, I just made my first payment with an agent myself personally this week. So the time of agentic commerce is upon us, and I would really position it, Tom, similar to our overall company thesis.

What we do best is we go into industries, into merchants that have what I would call a lot of complexity. And what I define as complexity is regulatory complexity, operational complexity, and political complexity as well. A lot of financial institutions want to streamline underwriting and pricing, and they don’t like to deal with complexity. So I believe from an agentic commerce perspective that’s going to be the same and that will run true. So for example, Link or Shopify with their integrated agentic wallets are likely not to put in the time or effort to go and do something around the firearm industry that has serialized products that have to go through background checks. So we think the thesis runs true even with agentic commerce. It’s something we’re thinking about in our roadmap and will continue to serve the industries that we think will get rejected because of that complexity risk with other traditional financial companies.

Thomas Forte (Analyst)

All right, so before I get to my second question then—thank you for that—I have a follow-up. So one of the things that I’m trying to determine is, will agentic commerce result in a greater portion of total transactions through existing marketplaces, or will there be an element that it’s an equalizer and then result in incremental transactions for smaller players within different categories?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, it’s a great question, Tom, and one I’ve been thinking a lot about as well as I’m playing around with it myself as a consumer. And you know, I think we’re in a very interesting time in the sense of who is adopting agentic commerce and who is not. And for example, right now Amazon has blocked all agents from their site. So you have some very powerful players that are going the route of not adopting. You look at someone like Stripe that has built a wallet around agentic commerce.

So I think you’re going to initially see a lot of probably smaller- to medium-size players in e-commerce in particular adopt agentic commerce, whereas the bigger players are probably going to resist it as they figure out where they position. Because essentially what agentic commerce is going to do is it’s going to make e-commerce effectively a commodity as agents more and more just start to interact with e-commerce and personalize it. In our own experience, that UI/UX that you have in e-commerce is just not going to be important anymore. These are just going to be API calls that are being passed. And an example I’ll give: one of the agents that I’ve been using, a company called Instinct—when you go to their landing page it is literally three or four lines, it’s a stick figure, and it effectively says sign up with your phone number. And there’s no UI/UX. Everything I do is personalized and through my text message.

So the days of us having these robust e-commerce sites and UI/UX experiences are going away. So that battle is happening. I think it’s going to drastically change the environment and it’s probably going to come from the bottom up. I think it’s inevitable. I think that the majority of transactions will be done with agents in the next five years. But I think we’re going to see a massive mix-up in e-commerce over the next three to five years.

Thomas Forte (Analyst)

Excellent. All right, so then switching to my second question. So judging from the market’s reaction to your stock following the midterms, it seems to me there’s a misunderstanding regarding what the results of the midterms mean for your business. So in my opinion I could see how a Democratic-controlled Congress could be a catalyst for your sales to the extent it inspires more Second Amendment–focused companies to sign up for your payment services on a greater concern of potential disruption.

Dusty, I’d appreciate your thoughts?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, no, I greatly appreciate that and the nuance in which you look at our company, Tom, because I do believe the market has a misunderstanding of that. You know, this industry, particularly the firearm industry, which is a big portion of our sales, is very counterintuitive to what a lot of Wall Street and just the general public realizes. One, geopolitical events move the industry in a pretty significant way. Elections in particular do that. And when there is a change to a more Democratic-controlled governance structure, that tends to be a windfall for the firearm industry.

And the reason why is consumers start to get worried that they’re going to be restricted from buying products that they want to buy. So it basically brings demand up front. There’s a reason for demand to move up front in the households if they think that that product they want will no longer be available. So although we have a tougher regulatory environment, it tends to be a better revenue and sales environment for the company. The same is true with the economic environment as well.

The industry tends to do better during economic hard times. So you could call it, in a way, that the firearm industry is recession-proof in the sense that it’s countercyclical to the macroeconomic environment. A lot of that, too, is just driven by consumers in tough times that moves demand up front for them to have their firearms. Protection is more of a thing, and that might even be subsistence hunting. Things like that tend to drive the consumer behavior.

So I’m glad you brought that up because I do believe there’s a fundamental misunderstanding. It’s something we’re going to continue to message to the market in the coming days.

Thomas Forte (Analyst)

Excellent. Last question. Unless you answer this, inspire me for one more. So I’ve been incredibly impressed by your ramp in revenue per employee. Can you talk about an endpoint, meaning that you think that you can operate the business at this level of total operating expenses on your path toward cash flow generation?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah. Thank you, Tom. That’s something we are very proud of as a team and something we think about all the time. You know, like I said, even on my first earnings call, I believe that revenue per employee in the age of AI is going to be a very important KPI. So I think adoption of AI is wildly different from company to company and industry to industry, and I think this is going to be the metric that really shows you which industries and which companies are seeing AI.

So we’re proud of being early adopters there. I’ve continued to have the figure in mind that we can do $2 million per employee of revenue. And, you know, that would effectively mean we can, with about where we’re at from a headcount right now, double the company without adding any additional headcount. And I caveat that with AI is moving so rapidly that that figure may change from quarter to quarter. But I continue to think that’s a good North Star for us in this company.

I might have an entirely different answer for you in six months, Tom. But as of right now, that is our North Star and I think it’s very reachable based on what we’re seeing in Canada.

Thomas Forte (Analyst)

Okay, great. So then I’ll step aside and then depending on the additional questions you get, I may star one for a follow-up. Thank you.

Dusty Wonderlich (Chairman and Chief Executive Officer)

Thanks, Tom.

OPERATOR

We will now move to our pre-submitted questions. I will hand the call back to William Kent.

William Kent (Head of Corporate Affairs)

Thank you. We did receive a number of pre-submitted questions ahead of the call. We’ll cover a couple of them here to the best of our ability. Excuse me. The first question is in regards to the EveryLife sale. The EveryLife sale was originally announced as a $5.5 million all-cash transaction, but the final structure consisted of $1 million in cash and a $4.5 million secured promissory note. Could management explain what drove this change?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Thank you, Will, and thank you for the pre-submitted question. It’s an important question, and I’d like to zoom out a little bit to talk about the EveryLife sale process. I believe there’s really two things happening here as we went through this process. The first was really operational. I mean, the board and the company made the decision to divest the brands division, the marketplace. Those were decisions that were made at a point in time about a year ago.

But there was still the operational component of a business and getting that business ready for sale. Prior to that, and prior to how former management was running companies, this company was running at a deep loss. And what you heard in the earnings today is once this team took over, we were able to still grow the company while reducing operating opex at about 40%. So part of the process was getting the company ready for sale. The second component that I would say is because of the pro-life mission of EveryLife, there is, without a doubt—just like our firearms market in the payments and credit side—an untapped market there. It is what has built that company, and it’s what Freehold’s going to, I think, be able to grow in a really good fashion. But that narrows buyers; that narrows bank financing because of that. I mean, whether we like it or not, we live in a politicized market.

And you can see that in even the recent rulings and executive orders out of the Administration around debanking and the concept of banks using reputational risk. That is the reality of the market we live in. Whether you like it or not, that’s where we’re at. So the buyer had struggles with finding the correct bank partner to finalize this transaction. So we made the decision that it’s best to finish this transaction. We’ll take seller financing and find the right bank.

This is something that we have become experts in on the Cordova side. So we’ve been working hand in hand with the buyer to find them the right bank to refinance us. Those are active conversations happening, and it was very important to us to stick to our word and make sure the company was divested, which we did. And we will be back to you very soon, I think, with good news on helping the buyer find the right bank for the right mission and get this seller finance note refinanced.

William Kent (Head of Corporate Affairs)

Thank you, Dusty. Our next question is in regards to the NYSE listing risk. With PSQ facing pressure on its 30-day average market cap and the NYSE’s $15 million minimum threshold, which represents a significant near-term risk, what concrete steps is management taking to address this risk? And is the company actively considering an additional PIPE, strategic investment, or other measures to protect its NYSE listing? What is the contingency plan if the threshold is breached?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, no, it’s an important question. Thank you for whoever submitted that. Very thoughtfully worded as well. Look, the shareholder value is deeply important to me—outside of sell-to-cover, I’ve never sold a share. We did all equity in our deal. I am tied to the shareholders and always thinking, you know, how do we maximize shareholder value? I believe this team, since it’s taken over, has executed flawlessly to drive shareholder value with doubling our revenue, reducing opex, reducing cash burn.

We’ve done everything within our control to drive shareholder value. I feel very confident with that. I have no regrets in how we’ve executed in doing that. Now, I opened the earnings call today with what the company did in the past, and there was a tremendous amount of cash and capital that was squandered away without return, and we are paying the price for that. We’re also in a very tough market right now. I mean, P/E ratios are at historical highs, gas prices—everyone is aware—the consumer is strapped, the markets are very tough. So timing has just been very difficult. And it’s very frustrating as a shareholder and for the management team to see us produce the results that we’re producing and continue to see the stock doing what it’s doing.

In a lot of ways, it’s unfair, but those are the cards we’ve been dealt. So the answer of what are we doing about it? First of all, we are doing what we can to control and drive great results operationally, which I think we’ve done. Second, we continue to look at all options. And we went through this same issue back in August, and the board stepped up with a PIPE into the company to show the market that they believed in management, they believe in the story. We put out a number of releases on new partnerships to prove that we are driving shareholder value to drive up market cap.

We continue to be in conversations with NYSE on almost a daily basis right now regarding this issue. And, you know, look, we think this is an extraordinary situation that we have been working with NYSE on, and there is, we believe, room for special exemptions through the exchange. And we are exploring all of those options as part of other options in the capital markets to make sure that the company stays listed and we continue to drive shareholder value.

We think we have a very good story in which to justify that and what we’ll continue to fight for with the exchange.

William Kent (Head of Corporate Affairs)

Thank you, Dusty. And for our last submitted question: Given the strong growth in PSQ payments, how much additional runway do you see? And as payments and credit become increasingly more bundled, could that momentum help accelerate Cordova’s growth as well?

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, payments has been phenomenal growth. And the great part of that is it’s primarily been from merchants that we already had into our credit product. And building that bundle, one, has created a more sticky merchant because of the bundling and the pricing we can give. There’s also benefits we’re finding in the data of having both of these products combined that is making it even more powerful than we originally thought. So the bundle is something we are really leaning into that we think is going to be a real driver for both products.

Now, in regards to continued payments growth, we have entered a new market which we’ve been talking about with our partnerships with Roha Linsuite and going into the consumer lending space, which we believe has a lot of the same components of the firearm industry in the sense that risk is mispriced because of the complexity of that. There’s high levels of debanking occurring in that industry. It’s one that we know because we are a consumer lender, but two, we have a deep bench with the board and our management team that understand that space from a payments perspective.

So we continue to see really strong growth, in our opinion, with the emergence of a new merchant and new industry that we’re going to serve. So I expect to continue to see good growth in payments and in credit in the coming quarters.

William Kent (Head of Corporate Affairs)

We have reached the end of the Q and A session. I will now hand the call back to Dusty Wonderlich for closing remarks.

Dusty Wonderlich (Chairman and Chief Executive Officer)

Yeah, thank you all who participated in the questions. Thank you all who have been following the journey. We’ve, we’ve had a number of discussions with different people over Those that have been following our story over the last quarter have been watching what this management team is doing, and we appreciate the support. We’re going to continue to execute the best we can on what we say we’re going to do, and hopefully continue to earn that trust. Over the last three quarters, we’ve proven out what this management team is capable of. Thank you all for the time, and we look forward to the next earnings call in 2027.

OPERATOR

This concludes today’s call. Thank you for attending. You may now disconnect.

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