PSQ Holdings Inc (PSQH) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to the Public Square third quarter 2025 earnings conference call.

感謝您的耐心等待。我叫安琪拉，今天將由我擔任你們的會議接線生。此時此刻，我謹代表 Public Square 歡迎各位參加 2025 年第三季財報電話會議。

[Operator Instructions]

[操作說明]

Thank you. I would now like to turn the call over to Mr. William Kent, Head of Corporate Affairs. You may begin.

謝謝。現在我將把電話交給企業事務主管威廉‧肯特先生。你可以開始了。

Thank you, Angela, and good morning, everyone, and welcome to Public Square's third quarter 2025 earnings conference call. Joining me today are Michael Seifert, Chairman and Chief Executive Officer, and James Rinn, Chief Financial Officer.

謝謝安吉拉，大家早上好，歡迎參加 Public Square 2025 年第三季財報電話會議。今天與我一同出席的有董事長兼執行長麥可‧塞弗特和財務長詹姆斯‧林恩。

Before we get started, we want to emphasize that the information discussed on this call, including our outlook and guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties, and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events.

在正式開始之前，我們想強調，本次電話會議中討論的信息，包括我們的展望和指導，均基於截至今日的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新資訊或未來事件而更新此類聲明的義務或責任。

Please refer to today's earnings press release and our SEC filings, including our 2024 10k, for factors that may cause actual results to differ materially from our forward-looking statements. We'd also like to point out that we present non-GAAP measures in addition to and dot as a substitute for financial measures calculated in accordance with GAAP. I'll now hand the call over to Michael. Michael, please go ahead.

請參考我們今天的獲利新聞稿和我們向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 報告，以了解可能導致實際結果與我們的前瞻性聲明有重大差異的因素。我們也要指出，除了依照公認會計原則計算的財務指標外，我們還提供非公認會計原則指標作為替代指標。現在我將把電話交給麥可。邁克爾，請繼續。

Thank you, Will, and welcome everyone to our rd 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.

謝謝威爾，歡迎大家參加我們2025年第三季財報電話會議。感謝各位今天蒞臨，首先，我想和大家分享本季的一些最值得關注的亮點。這對我們來說是件大事。

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.

首先，我們比先前發布的營收預期高出 10%，我們很自豪地重申 2025 年第四季以及 2026 年全年的營收預期。

Secondly, our fintech revenue increased 28% quarter over quarter, with our payment's revenue increasing 50% quarter over quarter and our credit revenue increasing 22% quarter over quarter.

其次，我們的金融科技收入較上季成長了 28%，其中支付收入較上季成長了 50%，信貸收入較上季成長了 22%。

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.

第三，一年前，我們談到，我們在 2024 年進行的投資，加上我們在 2024 年 11 月進行的業務重組，將如何大幅提高我們創造更多收入的能力，同時減少我們的支出。

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.

今天，我感到無比自豪和欣慰地宣布，我們的努力取得了巨大的成功。與去年同期相比，我們的淨虧損減少了 33%，營業費用減少了 13%。我為我們團隊的執行方式感到無比自豪。我們將繼續利用各種策略來提高效率，並對這種積極勢頭能夠繼續保持感到興奮。

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.

最後，我們第三季的業績有力地證實了我們今年稍早在第二季財報電話會議上所做的決定，即精簡我們的重點並加倍投入金融科技。隨著越來越多的新商家加入我們，他們對我們對經濟自由和技術卓越的承諾充滿熱情，我們的支付業務持續快速成長。我們預計，憑藉我們強大的新商家進駐通路和預期的聖誕節購物季，這種成長動能將推遲到第四季。此外，我們的信貸業務依然健康，並且能夠從這些趨勢中受益，因為我們將充分發揮我們經常提到的捆綁式結帳服務的優勢。

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.

展望 2026 年，我們計劃抓住重大機遇，在 2025 年取得的成功基礎上再創佳績。我們正在擴展我們的金融科技平台，提供商家和客戶一直期待的新服務，包括自有品牌信用卡、創新的募款工具、加密貨幣支付功能和數位資產資金管理解決方案。

I will now pass the microphone to our wonderful CFO James Rinn to provide a deeper financial overview on our performance in the 3rd quarter. James, please take us away.

現在我將把麥克風交給我們優秀的財務長詹姆斯林恩，讓他為我們第三季的財務表現做更深入的概述。詹姆斯，請帶我們離開。

Thank you, Michael, and good morning everyone. Let's walk through the key financial highlights from the third quarter in the year-to-date 2025 results. As a result of our decision announced on August 12th to monetize our brand segment through the sale of Every Life and to monetize our marketplace segment through a sale or strategic repurposing of the marketplace IP to complement our fintech offering.

謝謝你，邁克爾，大家早安。讓我們一起來看看2025年迄今業績中第三季的主要財務亮點。由於我們在 8 月 12 日宣布了透過出售 Every Life 實現品牌業務盈利，並透過出售或策略性地重新利用市場智慧財產權來補充我們的金融科技產品，從而實現市場業務盈利的決定，因此我們得以實現這一目標。

We are accordingly showing the results of both those segments and discontinued ops throughout our financial statements in regard 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%.

因此，我們在財務報表中展示了這兩個部門和已終止經營業務的業績，以反映收入成長和財務表現。截至 2025 年 9 月 30 日的季度，我們報告持續經營業務的淨收入為 440 萬美元。與 2024 年第三季的 320 萬美元相比，年增 37%。正如麥可所提到的，第三季營收比我們最近在 2025 年 9 月給出的收入預期高出 40 萬美元，即 10%。

The breakdown of revenue illustrates the strength 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.

收入細分顯示我們目前收入來源的強勁勢頭，正如所述，金融科技（包括透過 PSQ 支付進行支付處理和透過 Cordova 提供信貸）淨收入為 440 萬美元，如前所述，比上一時期增長了 37%。

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 $500,000 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.

其中包括我們最近推出的 PSQ 付款的 150 萬美元，比 2025 年第二季成長 50%。今年迄今，金融科技收入為 1,090 萬美元，比去年同期成長 430 萬美元，增幅達 66%。如前所述，我們的信貸業務收入在第三季環比成長了 50 萬美元，增幅達 22%，達到 290 萬美元。該公司透過更多地運用人工智慧驅動的承銷和機器學習技術，提高了信貸組合的績效品質。

Our portfolio has demonstrated consistent improvement in early payment performance, with first payment default rates declining. In doing so in a challenging market environment. Regarding operating expense controls for continuing operations, I'd like to highlight the following. The company maintains strong expense discipline in Q3 and continued to optimize capital allocation.

我們的投資組合在早期付款表現方面持續改善，首次付款違約率下降。在充滿挑戰的市場環境下這樣做。關於持續經營的營運費用控制，我想重點介紹以下幾點。該公司在第三季保持了嚴格的費用控制，並繼續優化資本配置。

For Q3, general and administrative expenses reduced by $2.3 million or 22.3% compared to the same period last year. And year-to-date, G&A expenses decreased by 33% or $10.1 million year-to-date, 2025 compared to 2024. R&D expenses for the quarter increased by $0.8 million over the prior year and $2 million year-to-date compared to 2024.

第三季度，一般及行政費用較去年同期減少了 230 萬美元，降幅達 22.3%。截至目前，2025 年的 G&A 費用比 2024 年同期減少了 33%，即 1,010 萬美元。本季研發費用比上年同期增加 80 萬美元，比 2024 年同期增加 200 萬美元。

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 in our operating loss of $8.1 million compared to the prior year and a $24.2 million-dollar operating loss year-to-date 2025.

我們持續投資內部開發的軟體。這些舉措導致了支出的增加，我們為此撥款 230 萬美元資金，用於持續改進我們的金融科技平台，這對我們未來的成功至關重要。最終，與前一年相比，我們的營業虧損顯著減少 810 萬美元，而截至 2025 年的營業虧損為 2,420 萬美元。

Transitioning to margin of 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 GAAP operating loss from continuing operations for the quarter was $9.7 million a $0.6 million dollar improvement from the $10.3 million in the same quarter of 2024.

向利潤率轉型。第三季金融科技非GAAP毛利率為68%，去年同期為97%。下降主要與收入結構以及低利潤率支付處理收入的成長有關。本季持續經營業務的 GAAP 營業虧損為 970 萬美元，比 2024 年同期的 1,030 萬美元減少了 60 萬美元。

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 $0.26 per share, a 37% per share improvement compared to a loss of $0.41 per share reported in Q3 of 2024.

此外，本季淨虧損為 1,200 萬美元，而 2024 年同期淨虧損為 1,310 萬美元。以普通股計算，每股淨虧損為 0.26 美元，與 2024 年第三季報告的每股虧損 0.41 美元相比，每股虧損減少了 37%。

For continuing operations, the net loss improved from $0.27 per share to $0.22 per share in the current quarter. For discontinued operations, the net loss improved from $0.14 per share to $0.04 per share in the third quarter of 2025.

持續經營業務方面，本季淨虧損從每股 0.27 美元改善至每股 0.22 美元。對於已終止經營的業務，2025 年第三季的淨虧損從每股 0.14 美元改善至每股 0.04 美元。

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. That's compared to the same period of the prior year.

討論現金流和流動性，截至 2025 年 12 月 30 日，Public Square 擁有 1,230 萬美元的受限現金，其中包括與終止經營相關的 130 萬美元。2025 年頭三個季度，經營活動所用現金淨額減少了 970 萬美元。這是與上年同期相比的情況。

On our revolving line of credit that we utilize to finance our Cordova credit products; we had $4.6 million outstanding on our $10 million dollar 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.

在我們用於為 Cordova 信貸產品提供融資的循環信貸額度中，我們 1000 萬美元的信貸額度中有 460 萬美元未償還。我們做出了一項策略決定，將消費金融應收款保留在我們的資產負債表上，預計到 2025 年，這些應收款將帶來約 340 萬美元的現金流。我們執行了這項策略，以改善財務表現並提高資本收益率。

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.

這筆資金將根據支付條款循環變現，並獲得可觀的回報。討論我們的 ATM 機，在 2025 年 5 月 23 日的市場發行中，我要指出的是，我們在第三季沒有使用該 ATM 機。

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 2025. We are continuing to explore a sale or strategic repurposing of our marketplace segment, and we will provide updated disclosures as appropriate.

接下來，我們將討論我們品牌和市場板塊的獲利問題。公司已聘請投資銀行對其品牌板塊業務進行強有力的出售流程。我很高興地報告，這一進程進展順利，預計將在 2025 年第四季末達成收購協議。我們正在繼續探索出售或策略性地重新定位我們的市場業務板塊，並將在適當的時候提供更新的資訊揭露。

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 in annualized saving savings, so we're well ahead of schedule in 2025.

回到費用方面，我們很高興地報告，公司在 2024 年第四季度宣布的重組計劃中，營運費用削減效果好於預期，實現了約 1100 萬美元的預期年度節省，因此我們在 2025 年遠遠領先於計劃。

Moving on to discontinued ops, brands driven primarily by Every Life 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 every life exceeded $13.4 million. Marketplace earned $0.2 million during the quarter, which was in line with management expectations.

接下來是已停止營運的品牌，主要由 Every Life 推動的品牌在第三季度獲得了 370 萬美元的收入，與上一季相比增長了 42.7%，即增加了 110 萬美元。過去 12 個月，每位用戶的收入超過 1,340 萬美元。該季度市場收入為 20 萬美元，符合管理層的預期。

The business outlook and guidance are unchanged from our September 25th, 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.

公司業務展望和指導意見與我們 2025 年 9 月 25 日的分析師和投資者日活動保持一致。預計 2025 年第四季營收約 600 萬美元，其中支付處理收入為 240 萬美元，信貸產品相關收入為 360 萬美元。

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 path forward for Public Square.

我們再次重申，2026 年全年營收預期將達到或超過 3,200 萬美元。綜上所述，我們的收入正以強勁的速度成長，保持健康的利潤率，並且由於營運成本逐年降低，營運虧損顯著減少。我們相信，隨著市場份額的成長、營運紀律的維持和業務規模的擴大，我們有能力為股東創造長期價值。現在，讓我們把麥克風交還給邁克爾，讓他來詳細介紹一下公共廣場令人興奮的未來發展道路。

Thank you, James. As we mentioned, Q3 was a monumental quarter for us as a company. We have focused our business and doubled down on our fintech charter with our mission first model in order to build a parallel economic ecosystem that serves a vast network of merchants and customers who value economic liberty.

謝謝你，詹姆斯。正如我們之前提到的，第三季對我們公司來說是一個意義非凡的季度。我們專注於金融科技領域，並以使命為先的模式加倍投入，旨在建立一個平行的經濟生態系統，服務於重視經濟自由的龐大商家和客戶網絡。

With our bundled checkout offering, including payments, credit, and digital asset treasury management paired with our leveraging of AI, Defi, and proprietary economic modelling, we are firmly positioned to lead the values-driven next gen of fintech that is growing rapidly amid systemic distrust of legacy finance.

憑藉我們整合的支付、信貸和數位資產資金管理服務，以及我們對人工智慧、DeFi 和專有經濟模型的運用，我們已做好充分準備，引領以價值為導向的下一代金融科技發展，在傳統金融體系普遍不信任的背景下，這一領域正在迅速成長。

Today, roughly five weeks into Q4, we are positioned exactly where we want to be. The business is exceeding expectations, and we anticipate a significant Christmas shopping season for our merchant and customer community.

今天，第四季已經過去大約五週，我們正處於我們想要的位置。公司業務超出預期，我們預計聖誕節購物季將對我們的商家和顧客群來說意義重大。

We will have quite a lot of exciting developments to announce over the next 7 weeks, especially regarding our soon to launch fundraising platform PSQ Impact, as well as our private label credit card program. We're packing a ton into Q4 as we seek to end the year on our highest note ever, so be sure to stay tuned.

在接下來的 7 周里，我們將宣布許多令人興奮的進展，特別是關於我們即將推出的籌款平台 PSQ Impact 以及我們的自有品牌信用卡計劃。第四季我們將投入大量精力，力爭以史上最佳成績結束這一年，敬請期待。

We are grateful you're on the journey with us onward and upward. Now, let's move on to Q&A.

感謝您與我們攜手並進，共同邁向更高目標。現在，我們進入問答環節。

Thank you.

謝謝。

[Operator Instructions]

[操作說明]

Thank you. Your first question comes from the line of Darren Aftahi with ROTH Capital. Your line is now open.

謝謝。你的第一個問題來自 ROTH Capital 的 Darren Aftahi。您的線路已開通。

Hey, good morning, guys. Thanks for taking my question and congrats on the progress. Just two questions if I may, just in terms of the bundling, can you talk about, both the attach rate of customers bundling and then how that's benefiting retention and then second on.

嘿，大家早安。感謝您解答我的問題，也祝賀您的進展。如果可以的話，我只想問兩個問題，就捆綁銷售而言，您能談談客戶捆綁購買的附加率，以及這如何有利於客戶留存嗎？其次，關於捆綁銷售。

Your '26 revenue guidance, can you speak to in a little bit more detail what's assumed as kind of existing products to drive that growth versus new products? I guess another way, how much kind of line of sight do you have in that 32 versus some of these call options on new products you're introducing! Thanks.

對於您2026年的營收預期，能否更詳細地說明一下，推動成長的主要是現有產品還是新產品？我想換個角度來說，你對那 32 種產品與你推出的某些新產品的買權相比，有多少了解？謝謝。

Great question, Darren, great to hear from you. Thanks for joining us today. To address your first question, I will say that the majority of our enterprise clients are utilizing our bundled services, so the majority of our payment's revenue is actually coming from payments clients that are also leveraging our credit offerings at checkout to drive conversion, as well as our marketing services.

達倫，問得好，很高興收到你的來信。感謝您今天收看我們的節目。關於你的第一個問題，我想說，我們的大多數企業客戶都在使用我們的捆綁服務，因此，我們的大部分支付收入實際上來自那些在結帳時也利用我們的信貸產品來提高轉換率以及使用我們行銷服務的支付客戶。

Because that's really the trifle beauty we bring to the transaction is that we're able to not only secure your transaction via our payment processing capabilities, provide conversion tools via our credit offerings that lend to the entire credit spectrum, but also we, as we mentioned on our analyst investor day back on September 25th, we want to help you elevate your brand message utilizing our brand creative storytelling and marketing capabilities.

因為我們為交易帶來的真正美妙之處在於，我們不僅能夠透過我們的支付處理能力保障您的交易安全，還能透過我們面向所有信用等級的信貸產品提供轉換工具，而且正如我們在9月25日的分析師投資者日上所提到的，我們希望利用我們的品牌創意故事講述和營銷能力來幫助您提升您的品牌信息。

So again, the majority of our revenue generated through payments is actually with merchants who are also using our credit offering and the suite of marketing services that we leverage. And to go a little bit further on that, you asked the question of kind of what that does to retention.

所以，我們透過支付方式獲得的大部分收入其實都來自那些同時使用我們的信貸產品和我們所提供的全套行銷服務的商家。更進一步來說，你問了這樣一個問題：這會對用戶留存率產生什麼影響？

This makes our product incredibly sticky because we are far deeper ingrained in your business and in the operations layer of your transaction. Than a typical payments company would be. We are meeting with your CFO. We're having conversations with your marketing department about how to drive conversion.

這使得我們的產品具有極強的用戶黏性，因為我們已經深深融入您的業務和交易的營運層面。比一般的支付公司高很多。我們要和你們的財務長會面。我們正在與貴公司的市場部門探討如何提高轉換率。

And when you as a consumer go to check out on these sites, these merchants that we work with, you actually see multiple payment options that are all housed underneath our umbrella. And it leads to a deepening of our relationship with our merchants and ultimately a stickiness that is hard to replicate without that bundled service.

當您作為消費者在這些網站（即與我們合作的商家）上結帳時，您實際上會看到多種付款選項，這些選項都歸我們所有。這有助於加深我們與商家的關係，並最終建立起一種如果沒有這種捆綁服務就很難複製的客戶黏性。

So, Darren, I just reaffirm that this is truly key to our success as we move forward. Regarding revenue for 2026, I would say that the guidance that we have issued is really focused on our business as it stands today. We don't want to factor in too much of new verticals that we've talked about over the last two months.

所以，達倫，我再次強調，這對我們未來的成功至關重要。關於 2026 年的收入，我想說，我們發布的指導方針實際上主要針對我們目前的業務狀況。我們不想過多考慮過去兩個月我們討論過的新垂直領域。

We're conservatively projecting those into our revenue guidance for 2026 and really want to feel confident in issuing guidance that is based on the foundation of the business as it stands today. James, I don't know if there's anything else you'd add there. But.

我們保守地將這些因素納入了我們對 2026 年收入的預測，並且我們非常希望能夠自信地發布基於公司當前基礎的業績指引。詹姆斯，我不知道你還有什麼要補充的。但。

Yeah, I would, reiterate that our $32 million 2026 guidance is based on kind of the product set and revenue sources that we have today related to private label credit cards and some of the development in those areas. We'll update forecasts accordingly in the quarters ahead as we have better visibility, but that's not really baked into the current forecast.

是的，我再次重申，我們 2026 年 3,200 萬美元的業績預期是基於我們目前與自有品牌信用卡相關的產品組合和收入來源，以及這些領域的一些發展。接下來幾個季度，隨著我們對市場前景的了解更加深入，我們將相應地更新預測，但這並沒有真正體現在當前的預測中。

Appreciate it thanks guys.

謝謝各位。

Thank you.

謝謝。

Your next question comes from the line of Francesco Marbo with Maxim Group. Your line is now open.

你的下一個問題來自 Maxim Group 的 Francesco Marbo。您的線路已開通。

Hey guys, thank you for taking my question and congratulations on the quarter. Kind of like a big picture, you already kind of touched on this, but I was curious if you could give us a bit more color around the momentum in top-line. I was wondering whether it is primarily new customer, addition, new customer being on boarded, or is it more higher transaction volume from existing customers or greater adoption of your bundle, offerings.

大家好，感謝你們回答我的問題，也恭喜你們本季取得好成績。就像描繪一幅大圖景，您已經略微提及過這一點，但我很好奇您是否可以為我們更詳細地介紹一下營收成長動能。我想知道這主要是新客戶增加、新客戶入駐，還是現有客戶交易量增加或您的套餐/產品被更多人接受。

Great question. Thanks, Francesco. Great to hear from you. I would say that the majority of our top-line growth, the strong majority is from new customer acquisition. We've really turned onboarding on in the second half of the year. We've gotten far more efficient in our ability to move folks through the pipeline in a much more expedited manner.

問得好。謝謝你，弗朗西斯科。很高興收到你的來信。我認為，我們營收成長的大部分，絕對的大部分，都來自新客戶的獲取。今年下半年，我們真正加大了新進員工入職訓練的力道。我們大幅提高了人員流動效率，使人員能夠以更快的速度完成整個流程。

So, the growth in top-line that we have seen over the last two quarters as well as the growth we anticipate seeing in 2026 that we've guided towards is largely an effect of our expedited onboarding capabilities. And we are grateful that we've barely scratched the surface on our pipeline, so being able to move through that pipeline more efficiently is going to be key to our success over the next 12 months and thankfully we've already started to see that prove itself out.

因此，我們在過去兩個季度看到的營收成長，以及我們預計在 2026 年看到的成長（我們已對此進行了指導），很大程度上得益於我們加快了新員工入職流程。我們很慶幸我們才剛開始開發我們的產品線，因此，能夠更有效率地推進產品線將是我們未來 12 個月成功的關鍵，值得慶幸的是，我們已經開始看到這一點得到了驗證。

The only other thing I'd add here is that obviously in Q4 many of our merchants are in the retail sector, so it's exciting that we get to have these newly onboarded merchants as we head into Christmas shopping season, help them elevate their brand and some of the deals they're offering for events like Black Friday or Cyber Monday. Christmas shopping season, this is sort of their Super Bowl, and so we're honored that they would invite us into the transaction layer with our bundled offering, to help them drive sales toward the end of the year here. Another reason why we anticipate a strong Q4. So that's how I'd answer that. Will, James, great.

我唯一要補充的是，顯然在第四季度，我們的許多商家都來自零售業，因此，隨著聖誕購物季的臨近，我們很高興能夠迎來這些新加入的商家，幫助他們提升品牌形象，並為他們在黑色星期五或網絡星期一等活動中提供的優惠活動做好準備。聖誕購物季對他們來說就像是超級盃一樣，所以我們很榮幸他們邀請我們透過我們的捆綁產品進入交易層，幫助他們推動年底的銷售。我們預期第四季業績強勁的另一個原因是：這就是我的回答。威爾，詹姆斯，太好了。

Thank you, Francesco.

謝謝你，弗朗西斯科。

Thank you.

謝謝。

At this time, I will be handing the call over to Mr. William Kent for submitted questions.

此時，我將把電話交給威廉·肯特先生，回答大家提交的問題。

Thank you, Angela. As the quarters passed, we've taken questions through the state technologies platform before the call, and we'll answer a couple of the questions that were submitted. The first question is, what is the utilization level of PS's payment processing service? Has there been growth and is the client base mostly staying with niche, i.e., firearms dealers, or are you seeing more diverse businesses that are making a switch over?

謝謝你，安吉拉。過去幾個季度，我們在電話會議之前透過州技術平台收集了一些問題，我們將回答其中幾個提交的問題。第一個問題是，PS支付處理服務的使用率是多少？市場是否有所成長？客戶群是否主要集中在特定領域，例如槍枝經銷商，還是有更多不同類型的企業正在轉型？

Yeah, I love this question.

是的，我喜歡這個問題。

Thank you to, whichever shareholder asked this. We're grateful you're on the journey with us. I would say resoundingly that our base of merchants that have joined us in our fintech offering is actually more industry diverse than I would have anticipated at this stage. We've had a wide ranging, network that has, joined us in this mission. Primarily focused on retail, so online retail e-commerce is our bread and butter certainly, but we've really expanded into more B2BA services as well.

感謝提出這個問題的股東。感謝您與我們一路同行。我可以毫不誇張地說，加入我們金融科技服務的商家群體，其產業多樣性實際上比我現階段預想的要高得多。我們擁有一個廣泛的網絡，許多成員都加入了我們完成這項使命。我們主要專注於零售，因此線上零售電子商務當然是我們的主要收入來源，但我們也確實擴展到了更多的 B2BA 服務領域。

We've focused a lot on our ACH product, allowing for these business-to-business relationships to strengthen. We've really focused on the nonprofit space, and we've been able to provide a bunch of. Value there we've had great opportunities in firearms adjacent verticals as well that have been referred to us by the firearms space so our pipeline and existing merchant mix is more diverse than I would have anticipated at this stage, and I think that's a testament to the scalability of our payment stack and our multiple payment methods bundled into the checkout offering.

我們非常重視 ACH 產品，這使得企業與企業之間的關係得以加強。我們一直專注於非營利領域，並且已經能夠提供很多服務。由此可見，我們在槍械相關垂直領域也獲得了許多絕佳的機會，這些機會都是由槍械行業推薦給我們的。因此，我們的業務管道和現有商家組合比我預期的要更加多元化，我認為這證明了我們支付體系的可擴展性以及我們在結帳服務中整合的多種支付方式。

And the expansion of our TAM ultimately. We are, really excited about the merchants that we get to serve, and we've built a strong foundation that we believe will catapult us to reaching that broader audience. So, stay tuned on this too. We'll continue to update, the street as we onboard new material merchants from these other verticals to kind of showcase what's possible in these spaces, and so far, we're really pleased with the progress.

最終目標是擴大我們的目標市場規模。我們對能夠服務這些商家感到非常興奮，我們已經建立了一個強大的基礎，我們相信這將幫助我們接觸到更廣泛的受眾。所以，也請繼續關注此事。我們將繼續更新這條街，因為我們將引入來自其他垂直領域的新材料供應商，以展示這些領域的可能性，到目前為止，我們對進展感到非常滿意。

Thank you.

謝謝。

Next question. Public square stock has been volatile, suggesting investor uncertainty around long-term strategy and profitability. How is management balancing new initiatives such as crypto treasury as a service with the goal of achieving steadier earnings and long-term growth?

下一個問題。Public Square 的股票波動較大，顯示投資者對公司的長期策略和獲利能力存在不確定性。管理階層如何平衡加密貨幣資金管理服務等新措施與實現更穩定的收益和長期成長的目標？

This is a great question.

這是一個很好的問題。

Thank you for asking it. So we certainly acknowledge that, as we mentioned on the analyst Day, back on September 25th, that from our perspective, our stock is undervalued. We really believe in the upside potential of our equity as our business continues to execute. And regarding new initiatives, our focus is to maintain the principles that guided Q3 to success and ultimately we believe will guide Q4, all of 2026 and our future to success, which is operating efficiency.

謝謝你的提問。因此，我們當然承認，正如我們在 9 月 25 日的分析師日所提到的那樣，從我們的角度來看，我們的股票被低估了。我們堅信，隨著公司業務的持續發展，我們的股權將擁有巨大的上漲潛力。至於新舉措，我們的重點是保持第三季度成功的原則，我們相信這些原則最終也將指導第四季度、整個 2026 年以及我們未來的成功，那就是營運效率。

That is tied with an executional focus to drive this fintech business forward in such a way where we are able to substantially increase revenue while actually decreasing our losses and expenses. This is what we proved out in Q3 and it's what we anticipate proving out in the quarters to come. So, our focus is anything that complements those principles tight execution, lean efficiency of our operating business, constantly finding ways to improve our offering in order to drive an increase of revenue while reducing expenses.

這與執行層面的重點密切相關，旨在推動這項金融科技業務向前發展，從而在大幅增加收入的同時，實際減少損失和支出。這是我們第三季已經證明的，也是我們預計在接下來的幾季中將會證明的。因此，我們的重點是任何能夠補充這些原則的事情，例如嚴格執行、提高營運業務的精益效率，不斷尋找改善我們產品和服務的方法，以增加收入並降低支出。

That is our focus and to the extent that these new initiatives help to complement that and the investments we can make in these new initiatives drive value for our shareholders in alignment with those principles. Those are the things that we prioritize and so as I mentioned earlier on in this earnings call. In my comments, we are packing a ton into Q4.

這就是我們的關注點，這些新舉措在多大程度上有助於補充這一關注點，以及我們對這些新舉措的投資能否為我們的股東創造價值，都符合這些原則。這些是我們優先考慮的事情，正如我之前在這次財報電話會議上提到的那樣。在我的評論中，我們把很多內容都集中在了第四季。

We've been strategically placing investments incrementally that will complete the full picture of our fintech offering, and we'll have quite a lot to announce over the next seven weeks regarding those new initiatives but know that all of those initiatives are being deployed on the foundation of sound unit economics and a tight operational focus.

我們一直有條不紊地逐步進行策略性投資，這將完善我們的金融科技產品組合。在接下來的七周里，我們將宣布許多關於這些新措施的消息，但請大家放心，所有這些措施都是在穩健的單位經濟效益和嚴格的營運重點基礎上實施的。

Thank you, Michael. And for our last submitted question, back on August 12th, which was our second quarter earnings, you said that you were monetizing everylife via strategic sale, and either selling or repurposing the marketplace IP.

謝謝你，麥可。至於我們上次提交的問題，也就是 8 月 12 日，也就是我們第二季財報發佈時，您提到您正在透過策略出售將 Everylife 變現，並將市場智慧財產權出售或重新利用。

Later, you announced crypto treasury as a service in partnership with IDX and said you didn't put it for your own treasury. Do you have an update on those?

後來，你宣布與 IDX 合作推出加密貨幣金庫服務，並表示你沒有將其用於自己的金庫。請問這些方面有最新進展嗎？

Absolutely. So, James touched on this a little bit in his comments, but everything we articulated on August 12th, as well as September 25th is humming right along. We are indeed in the process of monetizing every life via strategic sale, and we anticipate that we will be in the purchase agreement stage by the end of the year as previously affirmed, and we are pursuing the path of either selling or repurposing the marketplace IP.

絕對地。詹姆斯在他的評論中稍微提到了這一點，但我們在 8 月 12 日以及 9 月 25 日闡述的所有內容都進展順利。我們確實正在透過策略性出售將每個人的生命貨幣化，正如之前所確認的那樣，我們預計到年底將進入購買協議階段，我們正在尋求出售或重新利用市場智慧財產權的途徑。

We are talking to multiple interested parties and also exploring the world in which we repurpose the marketplace IP and technology for the go forward fintech business, and we'll provide announcements or updates on that process as relevant. And then regarding IDX and our overall positioning on crypto, absolutely we are in the process of establishing our own treasury via our strategic partnership with IDX, and that ball is rolling right along anticipated timelines.

我們正在與多個有興趣的各方進行洽談，並探索如何將市場智慧財產權和技術重新用於未來的金融科技業務，我們將在適當的時候發布有關該過程的公告或更新。至於 IDX 以及我們對加密貨幣的整體定位，我們絕對正在透過與 IDX 的策略合作建立我們自己的金庫，而這項工作正按預期的時間表順利進行。

So, we're happy with the progress. That we articulated six weeks ago we've made leaps and bounds since then and as I mentioned, Q4 is going to be big for us as we leverage these different strategies and updates to do two things number 1 end 2025 on an incredibly high note but also set up for a clean 2026 where our fintech focus is dialled in and that we have these monetization efforts, significantly progressed upon so that we can focus on the go forward business as we head into Q1 and Q2.

所以，我們對目前的進展感到滿意。正如我們六週前所闡述的，自那時以來我們取得了長足的進步。正如我所提到的，第四季度對我們來說至關重要，我們將利用這些不同的策略和更新來實現兩件事：第一，以極高的成績結束 2025 年；第二，為 2026 年做好充分準備，屆時我們將專注於金融科技，並在貨幣化方面取得顯著進展，以便我們能夠在進入第一季度和第二季度時專注於未來的業務發展。

James, anything you'd add.

詹姆斯，你還有什麼要補充的嗎？

No, I think you covered it well. All right.

不，我覺得你已經解釋得很清楚了。好的。

Well, ladies and gentlemen, I believe that concludes our questions. So with that, we can't tell you how much we appreciate you joining us this morning. We're grateful that you're on the journey with us. We appreciate your interest in Public Square, and we hope you have a fantastic remainder of your Thursday.

好了，女士們、先生們，我想我們的問題就到此為止了。因此，我們無法用言語表達我們對您今天早上收看節目的感激之情。感謝您與我們一路同行。感謝您對公共廣場的關注，並祝您週四餘下的時間愉快！

Thank you all.

謝謝大家。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。