PSQ Holdings Inc (PSQH) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to PSQ Holdings first quarter 2026 financial results conference call. (Operator Instructions)

您好，感謝各位稍候。我的名字是 Bella，今天將由我擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 PSQ Holdings 2026 年第一季財務業績電話會議。（接線員指示）

I would now like to turn the conference over to William Kent. You may begin.

現在我想將電話會議交給 William Kent。您可以開始了。

Good morning, and welcome to the PSQ Holdings first quarter 2026 earnings call. Joining me today are Dusty Wunderlich, our Chairman and Chief Executive Officer; Mike Pena, our Chief Financial Officer; and Krista Wenzel, our Chief Accounting Officer.

各位早安，歡迎參加 PSQ Holdings 2026 年第一季財報電話會議。今天與我一同出席的有 Dusty Wunderlich，我們的董事長兼執行長；Mike Pena，我們的財務長；以及 Krista Wenzel，我們的會計長。

Before we begin, please note that the information we discuss today, including our outlook, is current as of today and includes forward-looking statements that involves risks and uncertainties. We are not required to update these statements if new information arises. For details on factors that could cause actual results to differ, please see today's earnings press release and our SEC filings, including our 2025 Form 10-K. We may also present non-GAAP measures alongside financial measures calculated according to GAAP.

在開始之前，請注意我們今天討論的資訊（包括我們的展望）截至今日為最新，並包含涉及風險與不確定性的前瞻性陳述。若有新資訊出現，我們不一定需要更新這些陳述。關於可能導致實際結果與前述陳述不同的因素詳情，請參閱今日的財報新聞稿以及我們向 SEC 提交的文件（包括 2025 年 Form 10-K）。我們也可能在依 GAAP 計算的財務衡量指標之外，同時提供非 GAAP 衡量指標。

I'll now hand the call over to Dusty.

我現在把電話交給 Dusty。

Thank you, Will, and good morning, everyone. On our year-end call in March, I said you should expect deliberate communication when there is meaningful progress to report. Q1 2026 is meaningful progress. At the end of 2025, we committed to focusing our strategy, being accountable in operations, improving cash efficiency, and raising revenue per employee. This quarter's results show we are delivering on those promises.

謝謝你，Will，各位早安。在 3 月的年終電話會議上，我曾表示，當有具體且重要的進展可報告時，你們可以期待我們以審慎的方式溝通。2026 年第一季就是重要的進展。2025 年底，我們承諾聚焦策略、強化營運問責、提升現金效率，並提高每位員工的營收。本季的結果顯示，我們正在兌現這些承諾。

Revenue grew 167% year over year during the first quarter. Operating expenses declined 18%. Operating loss improved 34%. Payments delivered its largest gross merchandise volume or GMV quarter ever. Credit GMV grew 32% and revenue per employee, our North Star metric, improved 287%. These figures represent actual results, not projections. Krista will walk through the P&L story, and Mike will speak to platform scale, cash and our capital position.

第一季營收年增 167%。營運費用下降 18%。營運虧損改善 34%。Payments 創下史上最高單季總商品交易額（GMV）。Credit GMV 成長 32%，而每位員工營收（我們的北極星指標）提升 287%。這些數字是實際結果，而非預測。Krista 將說明損益表（P&L）的脈絡，Mike 則會談到平台規模、現金與資本狀況。

At the ROTH Conference in March, a replay is available on our IR site, I said AI adoption was expected to meaningfully change revenue per employee and that we aim to improve this metric every quarter. Q1 is our first data point supporting that thesis. AI continues to be a force multiplier, and we are seeing in real time how it is actively pushing us to redesign and upgrade how we work. Since we first deployed machine learning in Credova's underwriting in 2021, we have expanded its use across engineering, financial operations and risk monitoring.

在 3 月的 ROTH Conference（重播可於我們的投資人關係網站取得）上，我提到 AI 的採用預期將顯著改變每位員工營收，而我們的目標是每一季都改善這項指標。第一季是支持該論點的第一個數據點。AI 持續發揮倍增效應，我們也正即時看到它如何積極推動我們重新設計並升級工作方式。自 2021 年我們首次在 Credova 的承保中部署機器學習以來，我們已將其應用擴展至工程、財務營運與風險監控。

AI agent infrastructure has improved our situational awareness, operational efficiency, and accelerated our team's decision-making. With a smaller team and better tools, we are working more efficiently and Q1 reflects it. The restructuring we executed over the past two quarters is now fully reflected in our cost structure. We reduced staff by 41% from September 2025 to March 2026, wound down the Marketplace segment and reduced contractor and consulting expenses.

AI 代理（agent）基礎設施提升了我們的情勢掌握能力、營運效率，並加速團隊決策。以更精簡的團隊與更好的工具，我們運作得更有效率，而第一季已反映出來。我們在過去兩個季度執行的重整，現在已完整反映在成本結構中。自 2025 年 9 月至 2026 年 3 月，我們將人力縮減 41%，逐步結束 Marketplace 部門，並降低承包商與顧問費用。

These actions are expected to deliver approximately $8 million in annualized cash savings, and we view them not as a onetime reset, but as a foundation of a more capital-efficient operating model designed to support sustained revenue growth with disciplined cost management.

這些行動預計可帶來約 800 萬美元的年度化現金節省。我們不將其視為一次性的重置，而是更具資本效率的營運模式之基礎；該模式旨在以嚴謹的成本管理，支持可持續的營收成長。

Payments is our fastest-growing revenue driver. Q1 GMV reached $186.2 million, reflecting ongoing merchant onboarding and strong existing relationships. We've signed several new merchant agreements and are negotiating more. It is noteworthy that industries beyond our core advert category are actively seeking to implement our payment offerings in response to continued politically motivated debanking and deplatforming pressure.

Payments 是我們成長最快的營收驅動因素。第一季 GMV 達 1.862 億美元，反映持續的商戶導入以及既有合作關係的強勁表現。我們已簽署數項新的商戶協議，並正洽談更多。值得注意的是，除我們核心廣告類別之外的產業，也正積極尋求導入我們的支付方案，以因應持續的政治動機之去銀行化（debanking）與去平台化（deplatforming）壓力。

In credit, Credova grew 32%, even though the broader firearms market remains soft, NSSF-adjusted NICS data, which represents the number of firearm background checks initiated through the NICS, show that softness has continued into early 2026. Despite the backdrop, our growth in credit is being driven by execution, improved conversion, higher approval rates, customer reengagement and expansion into adjacent categories.

在信貸方面，Credova 成長 32%，即使整體槍枝市場仍然疲弱。NSSF 調整後的 NICS 數據（代表透過 NICS 啟動的槍枝背景審查數量）顯示，這種疲弱延續至 2026 年初。儘管大環境如此，我們信貸業務的成長來自於執行力、轉換率提升、更高的核准率、客戶再互動，以及向相鄰類別的擴張。

Credit quality remains strong. Our giving product, which we previously referred to as Impact, is a specialized component of our payment stack serving nonprofits and political campaigns. We continue to see inbound interest from organizations drawn to both the quality of our platform and the deep platforming pressure they face elsewhere. Our focus is on building a quality product and working closely with our early clients to refine the platform for scale. This is a deliberate measured ramp, and we will share more as the product matures.

信用品質仍然強勁。我們的 giving 產品（先前稱為 Impact）是我們支付技術堆疊中的專門組件，服務非營利組織與政治競選活動。我們持續看到來自外部的主動洽詢，這些組織同時被我們平台的品質所吸引，也面臨在其他平台上的深度去平台化壓力。我們的重點是打造高品質產品，並與早期客戶密切合作，以完善平台、為規模化做準備。這是一個刻意且審慎的爬坡過程，隨著產品成熟，我們會分享更多資訊。

One more item I want to cover is that you may have noticed the publicsquare.com website is now redirecting to a new credova.com experience. This change is a natural evolution of our brand as we shift fully to a fintech-focused organization and create a more unified customer experience.

我還想補充一點：各位可能注意到 publicsquare.com 網站現在會重新導向至全新的 credova.com 體驗。這項變更是我們品牌的自然演進，因為我們正全面轉型為以金融科技為核心的組織，並打造更一致的客戶體驗。

We continue to actively pursue the sale of our Brands segment. The sale process remains ongoing, and we hope to enter into a definitive agreement in the first half of 2026. Since the beginning of 2026, we have made a number of operational changes in the Brands segment, including rightsizing the team, renegotiating our third-party logistics relationship, and making material changes to sales and marketing, all of which have led to significant cost savings, which we are realizing now and we believe are beneficial to the ultimate acquirer of the business.

我們仍在積極推進出售 Brands 部門。出售流程仍在進行中，我們希望在 2026 年上半年簽訂具約束力的最終協議。自 2026 年初以來，我們已在 Brands 部門進行多項營運調整，包括調整團隊規模、重新談判第三方物流合作關係，以及對銷售與行銷做出重大變更；這些措施都帶來了顯著的成本節省，我們目前正在實現這些節省，並相信這些改變也將有利於最終的業務收購方。

Our priorities are unchanged: grow revenue with discipline, reduce cash burn, and drive towards profitability. Revenue per employee is our leading indicator. As that metric rises, margins improve, cash burn declines and our operating results progress.

我們的優先事項不變：在紀律下成長營收、降低現金消耗，並朝獲利邁進。每位員工營收是我們的領先指標。隨著該指標上升，毛利率與利潤率改善、現金消耗下降，我們的營運結果也會持續進步。

We do not need to add many employees to drive real revenue growth. Our infrastructure is in place. Our merchant relationships are expanding and AI is making us more efficient with each passing quarter. We believe Q1 reflects meaningful progress and our focus is on continuing to build on that momentum each quarter.

要推動實質的營收成長，我們不需要增加太多員工。我們的基礎設施已就位。我們的商戶關係正在擴大，而 AI 也讓我們每一季都更有效率。我們相信第一季反映了重要進展，我們的重點是每一季都在這股動能上持續累積。

I'll now turn the financial portion of the call over to Krista Wenzel, our Chief Accounting Officer; and Mike Pena, our Chief Financial Officer. Krista will walk through how the progress I highlighted is showing up in the financials and how the shift to a focused fintech model is translating into improved financial performance.

接下來我將把電話會議的財務部分交給我們的會計長 Krista Wenzel，以及財務長 Mike Pena。Krista 將說明我剛才強調的進展如何反映在財務數字上，以及轉向聚焦的金融科技模式如何轉化為更佳的財務表現。

Thank you, Dusty, and good morning, everyone. I want to start with the headline of our Q1 financials because it is the single most important point I can leave you with today. Revenue grew, operating expenses declined, and operating loss improved meaningfully, all in the same quarter. That combination is the direct tangible outcome of the decision we made in the third quarter of 2025 to refocus the company as a pure-play financial technology business.

謝謝你，Dusty，各位早安。我想先從第一季財務的重點標題談起，因為這是我今天能留給各位最重要的一點：營收成長、營運費用下降、營運虧損顯著改善，而且都發生在同一個季度。這種組合是我們在 2025 年第三季決定將公司重新聚焦為純金融科技業務後，所帶來的直接且具體的成果。

Q1 2026 is the first full quarter that decision shows us on both halves of the income statement and the P&L validates the path. Net revenue from continuing operations was $8.2 million compared to $3.1 million in the prior year quarter. That's 167% year-over-year growth. The drivers are precisely the parts of the business we have been investing in, payments, Credova's loan and lease originations and lease merchandise revenue.

2026 年第一季是該決策首次在損益表兩端完整呈現的季度，而 P&L 驗證了這條路徑。持續營運的淨營收為 820 萬美元，去年同期為 310 萬美元，年增 167%。驅動因素正是我們一直投資的業務部分：支付、Credova 的貸款與租賃承作（originations），以及租賃商品營收。

The revenue mix for the quarter was payment processing revenue, including payments and impact of $3.7 million, loan and lease contracts sold net of $2.1 million, lease merchandise revenue of $900,000, interest income on loans of $800,000, and direct revenue of $700,000. On the other side of the ledger, total operating expenses, which include G&A, sales and marketing and R&D combined, declined $2 million or 18% year-over-year.

本季營收組合為：支付處理營收（包含 payments 與 impact）370 萬美元；出售的貸款與租賃合約淨額 210 萬美元；租賃商品營收 90 萬美元；貸款利息收入 80 萬美元；以及直接營收 70 萬美元。另一方面，總營運費用（包含一般及行政費用 G&A、銷售與行銷以及研發 R&D 合計）年減 200 萬美元或 18%。

That decline reflects the full period impact of the structural cost actions Dusty referenced, including the headcount reduction, the wind down of marketplace and tighter discipline on contractor and consulting spend. Within that, G&A declined $1.6 million or 20% and R&D declined $400,000 or 39% in both cases, primarily driven by lower share-based compensation, which was $1.7 million lower in total.

該降幅反映了 Dusty 所提及之結構性成本措施在整個期間的影響，包括人力縮減、逐步結束 marketplace，以及對承包商與顧問支出更嚴格的紀律。在此之中，G&A 下降 160 萬美元或 20%，研發下降 40 萬美元或 39%；兩者主要皆由較低的股份基礎給付（share-based compensation）所驅動，該項目合計減少 170 萬美元。

Sales and marketing rose modestly by $100,000 as we shifted from paid acquisitions toward existing merchant expansion. Together with revenue up 167% and operating expenses down 18%. Those two halves produced the result we are most focused on.

銷售與行銷小幅增加 10 萬美元，因為我們從付費獲客轉向既有商戶的擴張。隨著營收年增 167% 且營運費用年減 18%，這兩端共同帶來了我們最關注的結果。

Operating loss for Q1 2026 was $6.1 million, an improvement of $3.2 million or 34% compared to $9.3 million in the prior year quarter. On a non-GAAP basis, which excludes share-based compensation, depreciation and amortization and unallocated corporate costs, segment non-GAAP operating loss was $900,000, a 70% improvement from $2.8 million last year. The pivot to fintech is producing operating leverage.

2026 年第一季營運虧損為 610 萬美元，較去年同期的 930 萬美元改善 320 萬美元或 34%。以非 GAAP 基礎計算（排除股份基礎給付、折舊與攤銷，以及未分攤的公司成本），部門非 GAAP 營運虧損為 90 萬美元，較去年的 280 萬美元改善 70%。轉向金融科技正在產生營運槓桿。

Below the operating line, our reported net loss was $6.5 million, compared to $4.4 million in Q1 2025. At first glance, that may look inconsistent with the operating improvement I just walked through. It is not, and I'll explain why. The $2 million year-over-year increase in net loss is driven almost entirely by a single noncash item, changes in the fair value of our warrant and earn-out liability.

在營業利益線以下，我們報告的淨虧損為 650 萬美元，較 2025 年第一季的 440 萬美元增加。乍看之下，這似乎與我剛才說明的營運改善不一致。其實並不矛盾，我會解釋原因。淨虧損年增 200 萬美元幾乎完全由單一非現金項目所致，即我們的認股權證及或有對價負債公允價值變動。

In Q1 2025, we recognized roughly $7.8 million in noncash gains from those fair value changes. In Q1 2026, the equivalent gains were approximately $700,000. The difference, about $7.1 million essentially explains the year-over-year change in net loss on its own.

在 2025 年第一季，我們因上述公允價值變動認列約 780 萬美元的非現金收益。到了 2026 年第一季，相對應的收益約為 70 萬美元。兩者差額約 710 萬美元，基本上單獨就能解釋淨虧損的年對年變動。

Those liabilities are mark-to-market with our stock price. From December 2024 to March 2025, our share price declined, which mechanically reduced the value of liabilities and resulted in a large noncash gain. From December 2025 to March 2026, our share price was more stable, so the corresponding gain was proportionately smaller. This is an entirely noncash item. The same dynamic explains the modest increase in loss per share from $0.10 to $0.12. Stripping out the warrant and earn-out movement, our underlying business performance improved meaningfully year over year, consistent with the operating line story.

這些負債會隨我們股價按市價（mark-to-market）重新衡量。從 2024 年 12 月到 2025 年 3 月，我們股價下跌，機械性地降低了負債價值，因而產生大額非現金收益。從 2025 年 12 月到 2026 年 3 月，我們股價較為穩定，因此相應的收益按比例較小。這完全是非現金項目。同樣的動態也解釋了每股虧損從 0.10 美元小幅增加至 0.12 美元。剔除認股權證與或有對價的變動後，我們的核心業務表現年對年有顯著改善，與營業利益線所呈現的故事一致。

Net revenues from discontinued operations, which include Brands and Marketplace, were $3.7 million, consistent with Q1 of 2025. However, Brands now represents 98% of discontinued revenue compared to 88% a year ago, reflecting the substantial wind down of Marketplace. Income from discontinued operations was approximately $27,000 in Q1 2026, compared to a $2.4 million loss in the prior year quarter, reflecting the Marketplace wind down and stronger operating performance at Brands as it moves towards divestiture.

來自終止營運的淨營收（包括 Brands 與 Marketplace）為 370 萬美元，與 2025 年第一季一致。然而，Brands 目前占終止營運營收的 98%，高於一年前的 88%，反映 Marketplace 的大幅縮減。2026 年第一季終止營運的收益約為 2.7 萬美元，而去年同期為 240 萬美元虧損，主要反映 Marketplace 的縮減，以及 Brands 在邁向出售（divestiture）過程中更強的營運表現。

With that, I'll turn it over to Mike to walk through platform scale, cash, and our liquidity position.

接下來我把時間交給 Mike，請他說明平台規模、現金，以及我們的流動性狀況。

Thank you, Krista. I'm pleased to join my first earnings call as CFO of PSQ Holdings. Before I go further, I want to acknowledge James Rinn, who stepped down as CFO on April 30. I appreciate his work during a critical transition, and I look forward to building on that foundation. I'll pick up where Krista left off and walk through how the operating story converges into measurable platform scale, cash and a stronger run rate.

謝謝你，Krista。我很高興以 PSQ Holdings 財務長（CFO）的身分參加我的第一場法說會。在我繼續之前，我想先致謝 James Rinn，他已於 4 月 30 日卸任 CFO。我感謝他在關鍵轉型期間的付出，也期待在此基礎上持續推進。我將從 Krista 的內容接續，說明營運面的敘事如何匯聚成可衡量的平台規模、現金表現與更強的經常性運行水準（run rate）。

Payments delivered $186.2 million in GMV during the quarter compared to $36 million in Q1 2025. That's an increase of 417%. That step change reflects sustained merchant onboarding, deeper engagement from existing relationships and the full period contributions of agreements signed in the back half of last year.

本季 Payments 帶來 1.862 億美元的 GMV（商品交易總額），相較 2025 年第一季的 3,600 萬美元，成長 417%。這個躍升反映了持續的商戶導入、既有合作關係更深的參與度，以及去年下半年簽署協議在本季的完整期間貢獻。

Credit GMV was $15.1 million, up 32% year over year, achieved against a soft backdrop in the broader firearms market. The growth on the credit side is being driven by execution, that's better conversion, higher approval rates and reengagement of our existing borrower base, not from a tailwind from the underlying market. And importantly, these are the levers we control and plan to continue building on.

Credit 的 GMV 為 1,510 萬美元，年增 32%，是在整體槍械市場偏弱的背景下達成。信貸端的成長來自執行力——也就是更好的轉換率、更高的核准率，以及對既有借款人基礎的再互動，而不是受惠於底層市場的順風。更重要的是，這些都是我們可控的槓桿，我們也計畫持續強化。

As we improve conversions and approval quality, we are also seeing better alignment between volume growth and unit economics, which is critical to scaling the credit platform responsibly. As a reminder, our credit business exhibits seasonal patterns with demand typically moderating following the first quarter. While we are encouraged by the year-over-year growth and improvements in conversion and customer engagement, we expect some normalization in quarter-to-quarter trends, with performance more appropriately evaluated on a year-over-year basis.

隨著我們提升轉換率與核准品質，我們也看到量的成長與單位經濟（unit economics）之間更好的匹配，這對於負責任地擴張信貸平台至關重要。提醒一下，我們的信貸業務具有季節性，需求通常在第一季之後趨於放緩。雖然我們對年對年成長以及轉換與客戶互動的改善感到鼓舞，但我們預期季對季趨勢會有一定程度的正常化，因此更適合以年對年基礎來評估表現。

On headcount, we ended the quarter at 47 full-time employees compared to 68 a year earlier. That's a 31% reduction. Pairing that with the 167% revenue growth Krista described, revenue per employee climbed from $44,864 to $173,583. That's a 287% improvement and the metric that Dusty has identified as our North Star.

在人力方面，本季末我們有 47 名全職員工，較一年前的 68 名減少。這是 31% 的縮減。再搭配 Krista 所描述的 167% 營收成長，每位員工營收從 44,864 美元提升至 173,583 美元，改善 287%，而這也是 Dusty 所認定的「北極星」指標。

Importantly, we believe we can continue to grow revenue without a corresponding increase in headcount given the infrastructure and tools now in place. The savings tied to that headcount reduction and related restructuring are expected to generate approximately $8 million in annualized cash savings.

重要的是，我們相信在現有基礎設施與工具到位的情況下，即使人力不相應增加，我們仍能持續成長營收。與人力縮減及相關重整（restructuring）相連的節省，預期可帶來約 800 萬美元的年度化現金節省。

Q1 is the first full quarter under the reduced cost base, and we're now starting to see that come through in the numbers. I'll briefly highlight an expected dynamic within our lease-related revenue. As we transition from balance sheet and consumer leases to selling new originations, lease revenue will moderate as prior leases run off. This is an intentional outcome of the shift and reflects improved capital efficiency, not a change in underlying demand.

第一季是降低成本基礎後的第一個完整季度，我們現在開始看到這些效益反映在數字上。我也簡要說明一個在租賃相關營收中的預期動態。隨著我們從資產負債表內租賃與消費者租賃，轉向出售新的承作（originations），隨著既有租賃逐步到期（run off），租賃營收將會趨緩。這是轉型的刻意結果，反映資本效率提升，而非底層需求的改變。

Operating cash burn was $4.1 million for Q1 of 2026 compared to $6.4 million in Q1 of '25. That's a $2.3 million improvement or 36% year over year. I want to be clear on what is included in that $4.1 million. Approximately $1.2 million relates to nonrecurring items, including approximately $315,000 in severance tied to restructuring actions.

2026 年第一季的營運現金消耗（operating cash burn）為 410 萬美元，較 2025 年第一季的 640 萬美元改善 230 萬美元，年對年改善 36%。我想清楚說明這 410 萬美元包含哪些內容：其中約 120 萬美元與非經常性項目相關，包括約 31.5 萬美元與重整措施相關的資遣費（severance）。

In addition, our legal and accounting costs were higher in Q1 of '26, directly related to the preparation of our annual report and financial statement audit. Adjusting for those onetime payments, underlying operating cash burn was approximately $2.9 million for the quarter, and that is the level we expect to keep working down as we move through the year. Said simply, we improved cash burn by 36% year over year, a meaningful portion of what remains is onetime and the structural run rate is materially better than the headline figures suggest.

此外，我們在 2026 年第一季的法律與會計成本較高，直接與年度報告編製及財報審計準備相關。剔除這些一次性付款後，本季核心營運現金消耗約為 290 萬美元，而這也是我們預期在今年持續努力降低的水準。簡而言之，我們的現金消耗年對年改善 36%；剩餘的一大部分屬一次性，結構性的經常性水準（structural run rate）明顯優於表面數字所呈現的情況。

We ended the quarter with $11.8 million of cash, restricted cash and cash equivalents, of which $10.1 million was unrestricted. Net working capital was $11.2 million. On our revolving line of credit, which funds Credova's consumer lending originations, we had $7.4 million outstanding on the $10 million facility as of March 31. The facility was extended in March of 2026 through July 31, 2027.

本季末我們的現金、受限制現金及約當現金合計為 1,180 萬美元，其中 1,010 萬美元為不受限制。淨營運資金為 1,120 萬美元。在我們的循環信用額度（revolving line of credit）方面，該額度用於資助 Credova 的消費者放款承作，截至 3 月 31 日，在 1,000 萬美元的額度中已動用 740 萬美元。該融資安排已於 2026 年 3 月展延至 2027 年 7 月 31 日。

We draw on the line to fund consumer loans and leases and repay it as those receivables are collected or sold to third parties. We believe our existing cash, together with the anticipated proceeds from the planned sale of the Brands segment will be sufficient to fund operating and capital needs for at least the next 12 months. We also have access to our at-the-market offering program. Our capital priorities are clear, continue to reduce cash burn, maintain operating discipline, and convert that progress into a clear path to profitability.

我們會動用該額度來資助消費者貸款與租賃，並在相關應收款被收回或出售給第三方時償還。我們相信，現有現金加上計畫出售 Brands 事業部預期取得的款項，將足以支應至少未來 12 個月的營運與資本需求。我們也可使用我們的按市價發行（at-the-market）計畫。我們的資本優先事項很明確：持續降低現金消耗、維持營運紀律，並將這些進展轉化為清晰的獲利路徑。

With that, I'll turn it back to Dusty to close.

接下來我把時間交回給 Dusty 做結語。

Thank you, Mike. I'll close with the same message I shared at the ROTH Conference in March. We have found our focus. Q4 showed the impact of that focus and Q1 confirmed it. Our job now is keep executing and prove our model each quarter. We are building a payments and financial infrastructure business with lasting value. We serve merchants who need a trusted provider, and we earn that trust through consistent performance and staying power. Q1 is evidence of that commitment, and we plan to keep delivering on it.

謝謝你，Mike。我將以我在 3 月 ROTH 會議上分享的同樣訊息作結。我們已找到聚焦方向。第四季展現了聚焦的影響，而第一季則加以確認。我們現在的工作是持續執行，並在每一季證明我們的模式。我們正在打造一個具長期價值的支付與金融基礎設施業務。我們服務需要可信賴供應商的商戶，而我們透過穩定的表現與長期經營能力來贏得這份信任。第一季就是這份承諾的證明，我們也計畫持續交付成果。

I'll now turn the call over for questions.

接下來進入問答。

(Operator Instructions) Thomas Forte, Maxim Group.

（接線員指示）Thomas Forte，Maxim Group。

Great. So first off, Dusty, Krista, Will, congrats on the quarter. Mike, welcome to the call. So one question and one follow-up. Dusty, you did a beautiful job in your prepared remarks talking about how you're going to capitalize on artificial intelligence, run the company with a very modest headcount.

很好。首先，Dusty、Krista、Will，恭喜本季表現。Mike，歡迎加入電話會議。我有一個問題以及一個追問。Dusty，你在事先準備的發言中談到如何運用人工智慧、以非常精簡的人力規模來經營公司，講得非常出色。

When I think about earnings calls for the first quarter, Amazon, Google, Microsoft, Meta, and others have talked a lot about agentic commerce. So I was hoping on how you could talk about how you believe you can capitalize on agentic commerce.

當我回想第一季的法說會時，Amazon、Google、Microsoft、Meta 等公司都談了很多關於 agentic commerce（代理式商務）。因此我想請你談談，你認為你們將如何把握代理式商務帶來的機會。

Tom, great to have you here, and thanks for the thoughtful question. I know that, that is certainly top of mind for a lot of folks right now and what is agentic commerce going to mean for the fintech world. And I think what we're seeing is the foundation being set of how we're going to be doing commerce in the future, and that is going to be built on the basis of payments and the ability for companies to be able to move money on behalf of agents in a safe way.

Tom，很高興你在場，也謝謝你這個很有深度的問題。我知道這確實是許多人目前非常關注的焦點：代理式商務將對金融科技世界意味著什麼。我認為我們正在看到未來商務運作方式的基礎正在成形，而這將建立在支付的基礎之上，以及讓企業能夠以安全的方式代表代理（agents）進行資金移轉的能力之上。

So we are continuing to keep an eye on that. It's moving quickly, as you can imagine. But we think, again, our brand promise of really sticking to merchants in industries that are traditionally underserved in some cases, underbanked or debanked, that brand promise still goes through even from an agentic commerce perspective. But we continue to believe that payments will be at the forefront of agentic commerce, and we'll continue to work towards that in our own product road map as we watch this unfold in the market, Tom.

所以我們會持續關注這件事。正如你所想像的，它進展很快。但我們再次認為，我們的品牌承諾——真正支持那些在某些情況下傳統上服務不足、銀行服務不足或被去銀行化的產業商戶——即使從代理式商務（agentic commerce）的角度來看，這個品牌承諾依然成立。不過我們仍然相信，支付將會站在代理式商務的最前線，而我們也會在觀察市場發展的同時，持續在我們自己的產品路線圖上朝這個方向努力，Tom。

Great. And then for my follow-up, somewhat related, as a long-time follower of the industry, and I guess, technically multiple industries, e-commerce, cryptocurrency, et cetera. I guess there was a point in time where people thought bitcoin might have a high level of acceptance in e-commerce. But now with the merchant of stablecoins, I'd appreciate your thoughts on stablecoins and if you think that will become -- if use of that for payments in the future will grow over time.

很好。那我的追問，算是有點相關。作為長期關注這個產業的人——我想嚴格說起來是多個產業，電商、加密貨幣等等——我記得曾經有一段時間，人們以為比特幣可能會在電商中獲得很高的接受度。但現在隨著穩定幣作為商戶端的（支付）選項出現，我想聽聽你對穩定幣的看法，以及你是否認為未來用它來做支付的使用量會隨時間成長。

Yeah, absolutely. I mean the GENIUS Act, I think, changed the stablecoin adoption considerably and took away the gray area from a regulatory perspective. And I believe that is the stablecoins are the payment rails of the future. The current payment rails have been built over decades. Some of the code that's out there still built in COBOL and not much has changed over the last 50 years.

是的，當然。我認為《GENIUS 法案》大幅改變了穩定幣的採用情況，並從監管角度消除了灰色地帶。而我相信，穩定幣就是未來的支付軌道（payment rails）。現有的支付軌道是數十年累積建立起來的。外面有些程式碼甚至仍是用 COBOL 寫的，過去 50 年其實沒有太大改變。

We still have the duopoly between Visa and Mastercard, the sponsored banking system. All of this has been layers put on top of layers with old technology. And what stablecoins is really doing is compressing the payment rails and making it much easier to move money 24/7 in a safe and secure way, and that is going to drastically change the cost to merchants.

我們仍然有 Visa 與 Mastercard 的雙頭壟斷，以及贊助銀行（sponsored banking）體系。這一切都是在舊技術之上層層疊加。而穩定幣真正做的事情，是壓縮支付軌道，讓資金能以更簡單的方式在 24/7 的情況下安全、可靠地移動，而這將會大幅改變商戶的成本結構。

So we are very, very bullish on stablecoins and believe that in the future, we will see completely different players in regards to how money is being moved. We believe that that's probably going to start in industries and adoption will start in industries that have traditionally been misunderstood by the payment rails, and that's where we see a unique opportunity for Credova and PublicSquare to play in the new generation of stablecoin adoption.

所以我們對穩定幣非常、非常看多，並相信未來在資金如何被移動這件事上，會出現完全不同的參與者。我們認為，這很可能會先從那些傳統上被支付軌道誤解的產業開始，採用也會先在這些產業啟動；而這正是我們看到 Credova 與 PublicSquare 在新一代穩定幣採用中可以發揮的獨特機會。

Great. Thanks for taking my questions, Dusty.

很好。謝謝你回答我的問題，Dusty。

Yeah, thanks, Tom. Take care.

好的，謝謝你，Tom。保重。

(Operator Instructions) That concludes our Q&A session. I will now turn the call back over to William Kent for closing remarks.

（接線員指示）問答環節到此結束。我現在把電話交回給 William Kent 作結語。

Thank you. We actually have some submitted questions via the Say Tech platform we'd like to cover before closing out the call. Our first question, and I'll put this to the group. PSQ has fallen from its post-launch highs. Your founder stepped down as CEO as part of the fintech pivot, and some of the excitement after Donald Jr. joining the Board has faded.

謝謝。我們在結束電話會議之前，還有一些透過 Say Tech 平台提交的問題想要回答。第一個問題我想請各位一起回應。PSQ 自上市後高點以來已下跌。作為金融科技轉型的一部分，你們的創辦人卸任 CEO，而 Donald Jr. 加入董事會後帶來的一些熱度也已消退。

What steps are you taking, Dusty, as the new CEO to reach stable profitability and deliver returns?

Dusty，作為新任 CEO，你正在採取哪些步驟來達到穩定獲利並為股東帶來報酬？

Yeah. Thank you for the question, and it's a great question. And I would definitely point to the last two earnings calls and my ROTH Conference remarks in the sense that we are a focused team now that is working on discipline and execution. I think prior leadership lack the experience to be able to focus the business in a way that rewarded shareholders.

是的，謝謝這個問題，這確實是個很好的問題。我會特別指向最近兩次財報電話會議，以及我在 ROTH 大會上的發言：我們現在是一個更聚焦的團隊，正在以紀律與執行力為核心。我認為先前的領導層缺乏足夠經驗，無法以能夠回饋股東的方式來聚焦這門生意。

And the team that is left here is the team that came mostly from the Credova acquisition, which we had a proven track record of building a business very capital efficient and profitable as well. So I think going forward, at the end of the day, shareholder value is driven by building a real business that can generate real cash flow in the future. And that will continue to be our focus. And we believe that if you can drive good focused results in a business that can, in the future, drive really good return on cash and return on investment for shareholders, this will start to be seen in the shareholder price as well.

而目前留下來的團隊，多數來自 Credova 併購案；我們過去已證明能以非常高的資本效率建立一個同時具備獲利能力的企業。所以我認為往前看，歸根結底，股東價值來自於打造一個真正的企業，未來能產生真正的現金流，而這也將持續是我們的重點。我們相信，如果你能在一個未來能為股東帶來很好的現金報酬率與投資報酬率的企業中，推動良好且聚焦的成果，這也會逐步反映在股價上。

So our commitment remains the same. You'll continue to hear us say that earnings call over earnings call. This will not be chasing opportunities or hype or overpromising. This will be just stone-cold execution and discipline of how we run this business.

所以我們的承諾不變。你會在一場又一場的財報電話會議上聽到我們這麼說。我們不會去追逐機會或炒作，也不會過度承諾；我們要做的就是冷靜、扎實的執行與經營紀律。

Thank you, Dusty. Next question is kind of a follow-on to that. What is your strategy over the next three years to improve shareholder value?

謝謝你，Dusty。下一個問題算是延伸：你在未來三年提升股東價值的策略是什麼？

Yeah. I'd reiterate again that at the end of the day, any business is based on what is the ultimate free cash flow. And that means you have to position products where there is demand in the market, which you can see from our revenue growth, we have found demand in the market, and then you have to materialize that demand into ultimate execution and profitability. And that is what we're going to continue to do quarter over quarter. Right now, we're at a place where we have to continue to grow the top line in order to get to that cash flow positivity along with being operationally efficient.

好的。我再重申一次，任何企業到最後都取決於最終的自由現金流。這代表你必須把產品定位在市場有需求的地方——從我們的營收成長你可以看到，我們已找到市場需求——接著你必須把這個需求落實為最終的執行與獲利。我們會一季接一季持續這麼做。現在我們所處的位置是：必須持續成長營收（top line），同時保持營運效率，才能達到現金流轉正。

So we are balancing those two components of the business. And this is the beauty of the AI generation that we are in is that I think we can do that more efficiently than you have been able to over the last 5 to 10 years in a fintech business. So we expect to continue to grow that top line and also find that operational efficiency to ultimately drive that cash flow long term. And at the end of the day, that is what shareholders are looking for is a return on their investment, which means cash flow driving business model, which I think we can do. We have the margins, we have the growth right now, and we have the discipline.

所以我們正在平衡這兩個業務要素。而我們所處的 AI 世代之美在於，我認為我們可以比過去 5 到 10 年的金融科技公司更有效率地做到這件事。因此我們預期會持續推動營收成長，同時找到營運效率，最終在長期驅動現金流。歸根結底，股東要的是投資報酬，而這意味著由現金流驅動的商業模式；我認為我們做得到。我們現在有毛利、有成長，也有紀律。

Excellent. And our last submitted question that we're going to go through. On the credit side, does PSQ's strategy most closely resemble with Klarna, Sezzle, or Affirm? Or is PSQ pursuing a differentiated approach of its own?

很好。最後一個提交的問題我們也會回答。在信貸方面，PSQ 的策略最接近 Klarna、Sezzle 或 Affirm 嗎？還是 PSQ 正在追求自身差異化的做法？

It's a great question. And I would say from a comp perspective in regards to products, we most closely resemble what Block has done. And we have been very intentional about really owning the entire payment stack with our merchants. So that means traditional payment processing alongside consumer credit. And this is really the bundled services we've talked about.

這是個很好的問題。我會說，從可比公司（comp）的產品角度來看，我們最接近 Block 所做的事情。我們一直非常刻意地要在商戶端真正擁有完整的支付堆疊（payment stack）。這代表傳統的支付處理（payment processing）會與消費者信貸並行。而這正是我們談過的綑綁式服務。

We believe this makes merchants extremely sticky, and it drives long-term value. It's a value proposition of the merchant where they're not having two sets of pricing. They're not having two API documentation. And ultimately, it helps us to drive better pricing value to the merchant as well. And it also makes them more operationally efficient.

我們相信這會讓商戶黏著度非常高，並帶來長期價值。對商戶而言，價值主張在於他們不需要兩套定價，也不需要兩套 API 文件。最終，這也能幫助我們為商戶提供更好的定價價值，同時也讓他們在營運上更有效率。

The one thing I will say from Affirm, the Klarna, the Sezzle is, there's a few things, I think, from the credit side that really make us distinct and different is that we built a platform, and this gets into the financial infrastructure that allows for a lot of complexity, meaning that we can have multiple different types of credit products. We can have different types of lenders on there. We've had banks on our platform before. We've had other lenders. And so it makes us very malleable with credit markets.

我想說的是，相較於 Affirm、Klarna、Sezzle，我認為在信貸端有幾點讓我們更獨特、也更不同：我們打造了一個平台——這就涉及金融基礎設施——能夠承載很多複雜性，意思是我們可以提供多種不同類型的信貸產品；也可以讓不同類型的放款方進入。我們以前就曾讓銀行上到我們的平台，也有其他放款方。因此我們在面對信貸市場時非常有彈性。

We also have taken a very serious approach to leveraging, proprietary macroeconomic models and also, AI and machine learning into our underwriting, which I think you can see from a peer-to-peer perspective, we tend to outperform our peers from a credit perspective.

我們也非常嚴肅地採用自有的總體經濟模型，並把 AI 與機器學習運用到授信審核（underwriting）中；我想你從同業比較的角度也看得出來，我們在信貸表現上往往優於同業。

We always look at ourselves as a credit shop first with really good tech that enables that because if you cannot underwrite through credit cycles in the different changing interest rate environment, we're not going to survive as a credit provider. So we'll continue to think through how we become more robust as a payments and financial infrastructure platform, which I think differentiates us from true consumer credit peers that were mentioned in the question.

我們一直把自己視為一家以信貸為先的公司，而我們有很好的技術來支撐這件事；因為如果你無法在不同的信貸循環、以及利率環境變動中做好授信審核，我們就無法作為信貸提供者生存。因此我們會持續思考如何讓自己作為支付與金融基礎設施平台更強健；我認為這也讓我們與問題中提到的純消費者信貸同業有所區隔。

Excellent. Thank you, Dusty. Thank you all for joining the PSQ Holdings first quarter 2026 earnings conference call. We look forward to sharing our progress

非常好。謝謝你，Dusty。也謝謝各位參加 PSQ Holdings 2026 會計年度第一季財報電話會議。我們期待與各位分享我們的進展。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Everyone, have a great day.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位今天愉快。