Detailed financial statements for PSQ Holdings, Inc. (PSQH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PSQ Holdings, Inc. manages a digital ecosystem, accessible via both an app and a website, that facilitates connections between American consumers and businesses sharing similar values, whether online or within their local areas. This expansive platform features over 70,000 businesses spanning numerous industries and serves a substantial community of 1.6 million consumer members.
Analysis Summary
Trailing-twelve-month margins: gross margin 54.7%, operating margin -105.0%, net margin -132.7%.
At the current price of $4.75, PSQH has negative trailing earnings (P/E not meaningful) and an ROE of -351.36%. Market capitalisation stands at $16M.
Balance sheet quality for PSQH: current ratio of 2.0, net cash position of $7.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $8843 | $475175 | $5.7M | $23.2M | $18.2M |
| Cost of Revenue | $124976 | $716102 | $3.8M | $9.1M | $5.6M |
| Gross Profit | -$116134 | -$240927 | $1.9M | $14.1M | $12.6M |
| Research & Development | $846745 | $1.4M | $4.6M | $4.4M | $3.8M |
| Selling, General & Admin | $1.2M | $4.6M | $27.3M | $62.1M | $34.8M |
| Operating Expenses | $2.2M | $6.9M | $41.2M | $69.8M | $44.6M |
| Operating Income | -$2.3M | -$7.1M | -$39.3M | -$55.7M | -$32.0M |
| EBITDA | -$2.2M | -$6.1M | -$50.7M | -$52.1M | -$14.8M |
| Interest Expense | 0 | 0 | $177444 | $2.3M | $3.5M |
| Pre-tax Income | -$2.3M | -$7.0M | -$53.3M | -$57.7M | -$24.9M |
| Income Tax | 0 | $800 | $1945 | $1181 | 0 |
| Net Income | -$2.3M | -$7.0M | -$53.3M | -$57.7M | -$24.9M |
| EPS | $-1.59 | $-9.15 | $-36.45 | $-27.00 | $-8.10 |
| EPS (Diluted) | $-1.59 | $-9.15 | $-36.45 | $-27.00 | $-8.10 |
| Shares Outstanding (Diluted) | $1.4M | $766467 | $1.5M | $2.1M | $3.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $4.4M | $7.3M | $8.2M | $7.1M |
| Gross Profit | $3.0M | $4.9M | $4.6M | $2.4M |
| Operating Income | -$9.7M | -$7.7M | -$6.1M | -$4.8M |
| EBITDA | -$7.4M | -$4.5M | -$5.6M | -$3.1M |
| Net Income | -$12.0M | -$11.8M | -$6.5M | -$5.6M |
| EPS | $-3.90 | $-3.75 | $-1.80 | $-1.54 |
| EPS (Diluted) | $-3.90 | $-3.75 | $-1.80 | $-1.54 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $399403 | $2.3M | $16.4M | $36.3M | $14.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $204879 | $4.7M | $1.9M |
| Inventory | 0 | 0 | $1.4M | $2.7M | 0 |
| Total Current Assets | $431556 | $2.6M | $21.2M | $46.8M | $31.8M |
| Property, Plant & Equipment | 0 | $320243 | $451377 | $550142 | $856618 |
| Goodwill | 0 | 0 | 0 | $10.9M | $10.9M |
| Intangible Assets | $582257 | $1.3M | $3.6M | $15.8M | $14.6M |
| Total Assets | $1.0M | $4.2M | $25.2M | $74.9M | $59.7M |
| Accounts Payable | $143335 | $424065 | $1.8M | $3.5M | $5.4M |
| Short-term Debt | 0 | 0 | 0 | $3.8M | $6.5M |
| Total Current Liabilities | $155809 | $684488 | $4.0M | $8.6M | $15.7M |
| Long-term Debt | 0 | 0 | 0 | $28.4M | $354286 |
| Total Liabilities | $155809 | $814250 | $14.8M | $48.0M | $46.2M |
| Retained Earnings | -$1.9M | -$8.9M | -$62.2M | -$119.9M | -$156.5M |
| Total Equity | $860504 | $3.4M | $10.4M | $26.9M | $13.4M |
| Total Debt | 0 | $299036 | $327368 | $32.5M | $6.9M |
| Net Debt | -$399403 | -$2.0M | -$16.1M | -$3.8M | -$7.8M |
| Working Capital | $275747 | $1.9M | $17.2M | $38.2M | $16.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.6M | $14.6M | $10.1M | $8.3M |
| Total Assets | $58.8M | $59.7M | $54.4M | $49.2M |
| Total Liabilities | $43.9M | $46.2M | $46.0M | $45.0M |
| Total Equity | $14.9M | $13.4M | $8.3M | $4.2M |
| Total Debt | $5.3M | $6.9M | $8.0M | $36.3M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $3.7M | -$7.0M | -$53.3M | -$57.7M | -$36.6M |
| Depreciation & Amortization | 0 | $895031 | $2.7M | $3.3M | $169607 |
| Stock-based Compensation | 0 | 0 | $6.7M | $20.7M | $10.8M |
| Change in Working Capital | -$121300 | $49396 | $4.2M | -$2.6M | $3.4M |
| Operating Cash Flow | -$973475 | -$6.0M | -$25.8M | -$34.1M | -$19.9M |
| Capital Expenditure | -$5 | -$1.6M | -$3.5M | -$3.7M | -$6.7M |
| Acquisitions | 0 | 0 | 0 | $141215 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$973480 | -$7.6M | -$29.3M | -$37.8M | -$26.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.1M | -$2.6M | -$4.1M | -$2.3M |
| Capital Expenditure | -$2.0M | -$515377 | -$671284 | $2.3M |
| Free Cash Flow | -$8.1M | -$3.1M | -$4.8M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.4M | $2.8M | $1.4M | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +5273.5% | +1096.6% | +308.0% | -21.5% |
| Net Income Growth (YoY) | | -205.2% | -664.2% | -8.2% | +56.8% |
| EPS Growth (YoY) | | -475.5% | -298.4% | +25.9% | +70.0% |
| Shares Change (YoY) | | -46.7% | +91.0% | +45.8% | +45.2% |
| FCF Growth (YoY) | | -679.5% | -285.6% | -29.2% | +29.6% |
| Gross Margin | -1313.3% | -50.7% | 33.2% | 60.7% | 69.3% |
| Operating Margin | -25856.1% | -1493.5% | -692.0% | -240.1% | -175.6% |
| EBITDA Margin | -24514.1% | -1280.1% | -891.8% | -224.7% | -81.2% |
| Net Margin | -25856.1% | -1468.6% | -937.9% | -248.7% | -136.8% |
| FCF Margin | -11008.5% | -1597.0% | -514.6% | -163.0% | -146.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.68 | $-9.90 | $-19.98 | $-17.71 | $-8.59 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.4M | $766467 | $1.5M | $2.1M | $3.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -351.36% |
| Return on Invested Capital | -69.03% |
| Return on Assets | -72.87% |
| Gross Margin | 54.71% |
| Operating Margin | -104.95% |
| Net Margin | -132.73% |
Financial Health
| Debt / Equity | 8.67 |
| Current Ratio | 1.47 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -90.94 | -16.30 | -2.16 | -2.52 | -1.91 |
| P/B | 241.56 | 33.60 | 11.03 | 5.41 | 3.56 |
| P/S | 23506.42 | 240.50 | 20.24 | 6.27 | 2.63 |
| Gross Margin | -1313.3% | -50.7% | 33.2% | 60.7% | 69.3% |
| Operating Margin | -25856.1% | -1493.5% | -692.0% | -240.1% | -175.6% |
| Net Margin | -25856.1% | -1468.6% | -937.9% | -248.7% | -136.8% |