PEW-WT · GrabAGun Digital Holdings Inc.

GrabAGun Digital Holdings Inc. delivered preliminary first quarter 2026 results showing robust top-line growth with net revenue rising 11.1% year-over-year to $25.9 million, significantly outpacing the 1.6% increase in Adjusted NICS background checks. Firearms sales, the core segment, grew 10.5% to $21.7 million, while non-firearms sales increased 10.4% to $4.1 million. Initial revenue from the newly launched PEW Logistics service totaled $0.1 million, marking entry into B2B fulfillment for firearms manufacturers with partners KelTec Weapons and Derya Arms onboarded in Q1. Gross margin expanded 110 basis points to 10.7%, indicating pricing power or cost efficiencies amid scale. However, operating loss widened to $2.6 million from near-breakeven prior year, attributed to elevated stock-based compensation, public company costs, and headcount investments. Net loss stood at $1.8 million or $(0.06) per share, versus prior-year profit. Adjusted EBITDA reflected a $2.0 million loss, down from $0.5 million income. Balance sheet remains strong with $106.4 million in cash and minimal debt, supporting $2.4 million in share repurchases under the $20 million program. CEO Marc Nemati highlighted market share gains via technology platform and PEW Logistics as pivotal for B2B expansion, positioning GrabAGun to leverage potential ATF regulatory changes for remote transfers. Mobile traffic drove 67% of sessions and 64% of revenue, reinforcing the mobile-first strategy. Customer lifetime value rose 4.2% to $906, signaling retention strength. No forward guidance provided, but management expressed confidence in growth execution.