PSQ Holdings, Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of $23.2 million, a substantial increase of 308% compared to $5.7 million in 2023. This growth was primarily driven by the acquisition of Credova and the launch of PSQ Payments, which contributed approximately $10.1 million in revenue. The Brands segment, particularly through the EveryLife product line, also saw a notable increase in revenue, rising from $2.7 million in 2023 to $10.2 million in 2024.
Despite the revenue growth, PSQ Holdings reported a net loss of $57.7 million for 2024, compared to a loss of $53.3 million in the previous year. The increase in losses was attributed to higher operating expenses, which rose to $78.9 million, up from $45.0 million in 2023. Key contributors to this rise included a 185% increase in general and administrative expenses, largely due to the expansion of operations and staffing costs associated with the new FinTech segment. The company also incurred $6.8 million in transaction costs related to the Business Combination in 2023, which were not present in 2024.
Operationally, PSQ Holdings has made strategic moves to enhance its market position. The company completed the acquisition of EveryLife in February 2023 and Credova in March 2024, expanding its product offerings and financial technology services. The launch of PSQ Payments in October 2024 marked a significant addition to its financial technology capabilities, allowing for a more integrated payment processing solution for merchants. The company also underwent a strategic reorganization in late 2024, reducing its workforce by approximately 35% to improve efficiency and reduce costs, which is expected to save around $11 million annually.
As of December 31, 2024, PSQ Holdings had 85 full-time employees and reported a cash balance of $36.3 million, up from $16.4 million in 2023. The company is focused on expanding its marketplace and financial technology segments, with plans to onboard more merchants and enhance its product offerings. However, it faces challenges, including a material weakness in internal controls over financial reporting, which management is actively working to address. The outlook for the company remains cautious, with expectations of continued investment in growth initiatives while navigating the complexities of being a public company.
About PSQ Holdings, Inc.
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