PSQ Holdings Inc

Thank you, Will.

And welcome everyone to our third quarter 2025 earnings call. We appreciate you all joining us today. And to get us started, I would like to share some of our most notable highlights from the quarter. It was a big one for us. First, we beat our previously issued revenue guidance by 10%. And we are proud to reaffirm fourth quarter 2025, as well as full year 2026 revenue guidance. Secondly, Our FinTech revenue increased 28% quarter over quarter, with our payments revenue increasing 50% quarter over quarter, and our credit revenue increasing 22% quarter over quarter. Third, one year ago, we spoke about how the investments we made in 2024, paired with the restructuring of our business that took place in November of 2024... would lead to a drastic improvement in our ability to generate more revenue while reducing our spend. Today, I am proud and grateful to report that our efforts have paid off, resoundingly. Our net loss has decreased by 33% compared to the prior year period, and our operating expenses decreased 13% compared to the prior year period. I'm incredibly proud of the way our team has executed. We're continuing to leverage strategies to increase our efficiency and we are excited for this positive momentum to continue. Finally, our third quarter performance emphatically affirms our decision made earlier this year that we spoke about on the Q2 earnings call to streamline our focus and double down on FinTech. We continue to see rapid growth in our payments business as we onboard new merchants who are passionate about our commitment to economic liberty and technological excellence. And we expect this momentum to carry into the fourth quarter with our robust onboarding pipeline and anticipated Christmas shopping activity. Additionally, our credit business remains healthy and is positioned to benefit from these same trends as we exercise the power of our bundled checkout offering that we speak about often. Looking to 2026, we plan to take advantage of significant opportunities to build upon our 2025 success. We're expanding our FinTech platform with new services our merchants and customers have sought after, including private label credit cards, innovative fundraising tools, crypto payment capabilities, and digital asset treasury management solutions. I will now pass the microphone to our wonderful CFO, James Wren, to provide a deeper financial overview on our performance in the third quarter. James, please take us away.

Thank you, Michael, and good morning, everyone. Let's walk through the key financial highlights from the third quarter in year-to-date 2025 results. As a result of our decision announced on August 12th to monetize our brand segment through the sale of EveryLife and to monetize our marketplace segment through a sale or strategic repurposing of the marketplace IP to complement our FinTech offering, we are accordingly showing the results of both those segments and discontinued ops throughout our financial statements. In regards to revenue growth and financial performance, we reported net revenue from continuing operations of $4.4 million for the quarter ended September 30th, 2025. That's a 37% year-over-year increase compared to $3.2 million in Q3 of 2024. As Michael mentioned, Q3 revenue beat our most recent revenue guidance of September of 2025 by $0.4 million, or 10%. The breakdown of revenue illustrates the strengths of our current revenue streams. As stated, FinTech financial technology, which includes payment processing via PSQ payments and credit offering via Cordova, earned $4.4 million in net revenue, which as stated was a 37% increase over the prior period. This includes 1.5 million from our recently launched PSQ payments, an increase of 50% from Q2 of 2025. Year-to-date FinTech revenue was $10.9 million, which equates to an increase of $4.3 million, or 66% from the prior year. As noted, our credit business revenue increased by half a million dollars, or 22% quarter over quarter to $2.9 million in Q3. The company enhanced the quality of its credit portfolio performance through greater use of AI-driven underwriting and machine learning. Our portfolio has demonstrated consistent improvement in early payment performance, with first payment default rates declining and doing so in a challenging market environment. Regarding operating expense controls for continuing operations, I'd like to highlight the following. The company maintained strong expense discipline in Q3 and continued to optimize capital allocation. For Q3, general administrative expenses reduced by $2.3 million or 22.3% compared to the same period last year. And year-to-date, T&A expenses decreased by 33% or $10.1 million year-to-date 2025 compared to 2024. R&D expenses for the quarter increased by $.8 million over the prior year and $2 million year to date compared to 2024. We continued to invest in internally developed software. These actions drove this increase in expense, and we allocated $2.3 million in capital for ongoing enhancements to our fintech platforms that are key to our future success. Ultimately, this resulted in a notable improvement and our operating loss of $8.1 million compared to the prior year and a $24.2 million operating loss year-to-date 2025. Transitioning to margin and profitability, FinTech non-GAAP gross margin for Q3 was 68% compared to 97% in Q3 of last year. The decline is primarily related to revenue mix and the growth in our lower margin payment processing revenues. Our gap operating loss from continuing operations for the quarter was $9.7 million, a $.6 million improvement from the 10.3 in the same quarter of 2024. Moving on, net loss for the quarter was $12 million compared to a loss of $13.1 million for the same quarter of 2024. The net loss on a per common share basis was 26 cents per share A 37% per share improvement compared to a loss of 41 cents per share reported in Q3 of 2024. For continuing operations, the net loss improved from 27 cents per share to 22 cents per share in the current quarter. For discontinued operations, the net loss improved from 14 cents per share to 4 cents per share in the third quarter of 2025. Discussing cash flow and liquidity, as of December 30th, 2025, Public Square had $12.3 million of cash in restricted cash, which included $1.3 million related to discontinued ops. Net cash used for operating activities decreased by $9.7 million during the first three quarters of 2025, those compared to the same period of the prior year. On our revolving line of credit that we utilized to finance our Cordova credit products, we had 4.6 million outstanding on our $10 million line of credit. We made a strategic decision to retain consumer financing receivables on our balance sheet, representing approximately $3.4 million of cash flow year-to-date in 2025. We executed on this strategy to improve financial results and enhance yield on capital. This capital will be cycled back to cash based on the payment terms and with healthy returns. Discussing our ATM at the market offering, which was established May 23, 2025, I will note that we did not utilize the ATM during Q3. Transitioning to discuss the monetization of our brands and marketplace segments, The company is engaged in an investment bank to conduct a robust sales process of its brand segment business. This process, I'm happy to report, is on target to reach a purchase agreement by the end of the fourth quarter of 2025. We are continuing to explore a sale or strategic repurposing of our marketplace segment, and we will provide updated disclosures as appropriate. Coming back to expenses, we're happy to report that the company has experienced better than expected operating expense reductions results in its reorganization announced in the fourth quarter of 2024, realizing approximately $11 million of its expected $11 million annualized savings. So we're well ahead of schedule in 2025. Moving on to discontinued ops, brands driven primarily by EveryLife earned $3.7 million in revenue in Q3, which equates to 42.7% increase or $1.1 million increase compared to the prior period. Trailing 12-month revenue for EveryLife exceeded $13.4 million. Marketplace earned $0.2 million during the quarter, which was in line with management expectations. The business outlook and guidance is unchanged from our September 25, 2025 Analyst and Investor Day. Fourth quarter 2025 revenue is expected to be approximately $6 million, comprised of $2.4 million in payment processing revenue and $3.6 million in credit product-related revenue. Again, we affirm our full year 2026 revenue guidance of greater than or equal to $32 million in revenue. And so to summarize, we are growing revenue at a strong pace, maintaining healthy margins, and significantly narrowing operating losses in part due to reducing operating costs year over year. We believe we're well positioned to deliver long-term shareholder value as we grow market share, maintain operational discipline, and scale the business. Now let me hand it back to Michael for more about the exciting fast forward for Public Square.