Wed, May 15, 11:04 AM (232 days ago)
PSQ Holdings, Inc. reported its Q1 2024 financial results, highlighting significant changes and performance metrics. The company saw revenues increase to $3.5 million from $378,000 in Q1 2023, driven by new product sales and advertising revenue. However, the net loss widened to $12.6 million from $6.7 million, primarily due to increased costs in general and administrative expenses, marketing, and research and development. Key financial changes include: - Cash and cash equivalents decreased to $9.1 million from $16.4 million at year-end 2023. - Current liabilities rose to $13.2 million from $4.0 million, including a new revolving line of credit. - The Credova acquisition added $0.4 million in revenue and $0.3 million in net loss. The company also secured a $10 million convertible note post-Q1 to bolster liquidity. Management plans to improve cash flow through strategic resource allocation and potential equity raises. Despite the higher losses, PSQ Holdings expects its strategic initiatives and recent acquisitions to drive future growth.