PublicSquare outlined a leadership transition and a sharper strategic focus during its fourth-quarter and full-year 2025 earnings call, emphasizing a companywide shift toward financial technology infrastructure and cost discipline. Dusty Wunderlich, newly named chairman and chief executive officer of PSQ (NYSE:PSQH), said the company is “simplifying the company” and focusing entirely on “financial infrastructure,” with an aim to restore investor confidence through “measurable execution.”
New leadership, narrowed strategy
Wunderlich described the call as the start of a “new leadership phase,” built around four themes: strategic focus, operational accountability, cash efficiency, and driving higher revenue per employee. He said the company is aligning the business around “disciplined execution,” after what he characterized as a period when “ambitious ideas” were not matched by consistent follow-through.
Fintech growth and cost actions
Management reported strong growth in its fintech operations, which include payment processing through PSQ Payments and consumer credit products through Credova. Wunderlich said the company delivered more than 80% year-over-year growth and “over 100% quarter-over-quarter growth” in the fourth quarter, attributing momentum to fintech infrastructure and credit products in underserved industries.
Alongside revenue growth, management highlighted operating cost reductions. Wunderlich said SG&A was reduced by $9.9 million year-over-year and the company reduced headcount from 87 employees in September to approximately 50. He noted the company incurred about $250,000 in cash severance expense in Q4 and expects additional one-time severance costs in the first half of 2026. However, he said the net impact should be lower cash burn and movement closer to profitability.
Wunderlich repeatedly cited “revenue per employee” as a key measure, arguing that automation and artificial intelligence tools should allow the company to generate “materially more revenue with fewer people and significantly lower cost structure.”
2025 results: revenue above guidance, GMV surge
Chief Financial Officer James Rinn said 2025’s second half was defined by “executional discipline and strategic focus,” with objectives to reduce cash burn while efficiently growing the fintech platform. For full-year 2025, the company reported net revenue from continuing operations of $18.2 million, above prior guidance of $16.5 million. Rinn said this represented an 81% increase from $10.1 million in 2024.
Rinn also reported gross merchandise volume (GMV) growth of 411% year-over-year, driven by the expansion of the payments business. In Q4, fintech generated $7.3 million in net revenue, up 109% from the prior year period. Within that segment, Credova credit revenue increased by $1.5 million, or 47% year-over-year, to $4.8 million in Q4 2025.
Operational metrics in the credit portfolio improved, according to management. Rinn said repeat customers increased 25% in 2025 versus 2024, and loan charge-offs declined by $466,000, or 34%, reflecting the “continued maturation of the portfolio” and improvements to underwriting and credit selection. He attributed credit improvements to enhanced underwriting discipline and a higher mix of “prime paper.”
On expenses, Rinn said general and administrative costs fell $9.9 million, or 26%, year-over-year in 2025. Research and development increased $1.9 million, as the company continued investing in internally developed software, including $2.9 million of capital allocated for enhancements to fintech platforms.
Rinn said these actions contributed to “a notable improvement” in operating loss versus the prior year; he also stated the company had a $32 million operating loss for the year and noted that $16.7 million of the 2025 operating loss was tied to non-cash stock-based compensation and depreciation and amortization.
Margins, liquidity, and cash management initiatives
Rinn said the company’s non-GAAP gross margin for fintech was 69% in 2025, down from 96% in 2024, due to revenue mix changes and growth in lower-margin payment processing revenue. He argued that bundling services, while reducing gross margin percentage, can create “a much stickier merchant relationship,” higher retention, and higher lifetime value.
As of Dec. 31, PSQ Holdings had $16.1 million in cash and restricted cash, including $0.4 million related to discontinued operations. Rinn also said the company had $6.2 million outstanding on its $10 million revolving line of credit used to finance Credova credit products.
Rinn outlined cash management initiatives tied to the strategic shift to focus exclusively on fintech operations, including divesting the brand segment, winding down the marketplace, reducing corporate operating expenses, staff reductions of over 40%, and efforts to terminate or reduce contractor and consulting agreements. He said executed and planned cost reductions beginning in Q4 2025 are expected to deliver approximately $8 million in annualized cash savings.
Divestitures, AI, and payments evolution
Management discussed plans to divest or restructure non-core assets. Wunderlich said the company is evaluating divestitures for its Impact platform and is in active discussions with “several interested parties” regarding the EveryLife business, with updates to come “when appropriate.” He also said the company is “pleased with the early results” of the Impact platform, noting the technology is live in the market.
Rinn provided discontinued operations detail, stating that the Brands segment—driven primarily by EveryLife—generated $14.2 million in revenue in 2025, up $4 million, or 40%. The Marketplace generated $1.1 million in 2025, which he said was in line with expectations.
Wunderlich positioned artificial intelligence as central to productivity and underwriting performance. He said machine learning and AI-driven credit scoring models have already improved underwriting performance within Credova and that the company is expanding AI use across engineering productivity, financial operations, and risk monitoring. In Q&A, he said the company is forming an internal “AI task force” and described AI as a “cognitive leverage tool,” while cautioning that external, product-level applications in regulated lending and payments may take time due to compliance complexity.
On payments strategy, Wunderlich said the company expects “significant disintermediation across the payments ecosystem” as more efficient systems reduce intermediaries, costs, and transaction latency. He said PSQ is focused on building an integrated financial platform for the merchants and consumers it serves and is evaluating stablecoins and blockchain settlement rails for potential improvements in transaction speed, cost, and reliability—while emphasizing the company is not treating Bitcoin or digital assets as speculative balance sheet investments.
Looking to 2026, management pointed investors to a handful of benchmarks. Wunderlich cited top-line growth with improved unit economics, reducing adjusted EBITDA loss toward profitability, lowering operating cash flow burn, and increasing revenue per employee. He also described three key milestones: completing divestitures to fully focus on fintech, and demonstrating “material improvements” in revenue growth and unit economics as reflected in cash flow and adjusted EBITDA trends.
About PSQ (NYSE:PSQH)
PSQ Holdings, Inc, together with its subsidiaries, operates an online marketplace through advertising and eCommerce in the United States. It operates through two segments, Marketplace and Brands segments. The PSQ platform is accessible through its mobile application and website. The company also sells diapers and wipes to mothers online under the EveryLife brand name. PSQ Holdings, Inc is headquartered in West Palm Beach, Florida.
