PSQH · Colombier Acquisition Corp.

PSQ Holdings reported a strong first quarter 2026, with net revenue from continuing operations reaching $8.2 million, a 167% increase from $3.1 million in the prior year period. The growth was driven by the financial technology segment, which includes payments and credit products. Operating expenses decreased 18% year-over-year to $9.1 million, reflecting the impact of a comprehensive operational restructuring that included a 41% staff reduction and winding down of the Marketplace segment. As a result, operating loss improved 34% to $6.1 million from $9.3 million. Revenue per headcount improved 287% to $173,583, demonstrating significant efficiency gains. Non-GAAP operating loss improved 70% to $0.9 million. However, net loss widened to $6.5 million from $4.4 million, primarily due to a $7.1 million decrease in gains related to changes in the fair value of warrant and earnout liabilities. Operating cash burn improved 36% to $4.1 million. Management highlighted the quarter as the strongest ever, with Payments Gross Merchandise Volume exceeding $186 million and Credit GMV up 32%. The company continues to pursue the sale of its Brands segment, expecting a definitive agreement in the first half of 2026. The financial leadership transition was also noted, with Michael Pena appointed CFO and Krista Wenzel as CAO effective May 1, 2026.