0001847064-26-000005
SEC filingColombier Acquisition Corp. reported net loss of $36.6M for FY 2025, improved 37% from $57.7M in FY 2024, driven by operational efficiencies and non-operating gains. Revenues grew 81% YoY to $18.2M, fueled by payment processing at $5.6M and new lease merchandise revenue of $3.3M, despite a strategic shift from credit GMV which declined 18% to $48.9M. Operating loss narrowed 23% to $32.0M from $41.7M, reflecting $14.0M in expense savings, lower share-based compensation, and cost reductions. Cash used in operations improved to $19.9M from $34.1M, with total cash and equivalents at $16.4M end-period. Balance sheet shows total assets $59.7M, liabilities $46.2M, equity $13.4M. FinTech segment dominates, with PSQ Payments GMV surging 2816% to $308.8M. Management focuses on FinTech growth, cost discipline, and Brands segment monetization expected in H1 2026, amid NYSE compliance challenges and liquidity measures including staff reductions for $8.0M annualized savings.
Colombier Acquisition Corp. (operating as PSQ Holdings, Inc.) posted FY 2025 net loss of $36.6M, a 37% YoY improvement from $57.7M, with continuing operations loss at $24.9M versus $43.6M. Revenues rose 81% to $18.2M from $10.1M, driven by payment processing ($5.6M) and lease revenue ($3.3M). Operating loss narrowed 23% to $32.0M from $41.7M due to $9.9M lower G&A and $2.3M reduced sales/marketing. Non-operating items included $9.0M warrant liability gain. Cash from operations used $19.9M, better than $34.1M prior year. Total assets $59.7M, equity $13.4M.
Revenues from Financial Technology segment totaled $18.2M, up 81% YoY. Breakdown: payment processing $5.6M (new PSQ Payments/Impact), loan/lease sales $4.5M, lease merchandise $3.3M (new), interest on loans $2.6M stable, direct $2.3M down. Credit GMV fell 18% to $48.9M amid firearm retail slowdown (NSSF NICS -4.1%), offset by PSQ Payments GMV +2816% to $308.8M. Top merchants 57% of credit GMV. No geographic split disclosed.
Cost of revenue surged 1179% to $5.6M due to transaction fees. No explicit gross profit/margin stated; implied gross ~$12.6M (69%). Operating expenses fell 3% to $50.2M: G&A -26% ($28.9M), sales/marketing -28% ($6.0M), offset by R&D +103% ($3.8M), D&A +151% ($5.9M). Share-based comp down significantly. Loss before taxes -$24.9M, no tax expense.
Operating cash use $19.9M (vs $34.1M). Investing use $10.5M (loans/leases/software). Financing provided $10.0M (stock/pre-funded warrants $6.7M+$1.2M, revolver net +$2.4M). Cash/equivalents $14.6M + restricted $1.1M = $16.4M total (down $20.5M). Assets: current $31.8M (cash $14.6M, loans $6.1M), intangibles/goodwill $25.5M. Liabilities $46.2M (current $15.7M incl. revolver $6.2M; earn-out/warrants $1.7M). Equity $13.4M, accumulated deficit -$156.5M.
Focus on FinTech: expand PSQ Payments/Credova/PSQ Impact, diversify verticals, AI underwriting. Brands sale targeted H1 2026. Cost savings $14.0M realized, $8.0M annualized from 35% staff cut +19% planned. ATM program $48.8M available. Risks: NYSE delisting notice (market cap/price/equity), material weakness unremediated, competition, regulation, credit losses.