Q2 2024 PSQ Holdings Inc Earnings Call - Q&A
Greetings and welcome to the Public Square's second quarter 2024 earnings conference call-in webcast. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, William Kent, VP of Investor Relations. Thank you and you may begin.
Operator: At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, William Kent, VP of Investor Relations. Thank you, and you may begin. Thank you, Jeremy.
Operator: As a reminder, this conference is being recorded.
Operator: This now, my pleasure to introduce your host, William Kent, VP of Investor Relations. Thank you, and you may begin.
William Kent: Thank you, Jeremy.
William Kent: Good morning, everyone, and welcome to Publixquare's second quarter 2024 Earnings Conference. Joining me today are Michael Seifert, Chairman and Chief Executive Officer, and Brad Serrell, Chief Financial Officer of PublicSquare. The information discussed today is entirely qualified by Form 8K and Form 10K filed today by PublicSquare, which may be accessed on the SEC and PublicSquare's website. Today's call is also being webcast, and a replay will be posted to PublicSquare's Investor Relations page.
William Kent: Good morning, everyone, and welcome to PublicSquare's second quarter of 2024 earnings conference call. Joining me today are Michael Cipher, Chairman and Chief Executive Officer, and Brant Serol, Chief Financial Officer of PublicSquare.
William Kent: Thank you, Jeremy. Good morning, everyone, and welcome to Public Square's second quarter 2024 earnings conference call. Joining me today are Michael Seifert, Chairman and Chief Executive Officer, and Brad Serrell, Chief Financial Officer of Public Square.
William Kent: Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made based on PublicSquare's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update these statements. For the foodstabins, PublicSquare's actual results to differ from its historical results and fortune, including those outlined in PublicSquare's filings with the SEC, and you should refer to and carefully consider those for more information.
William Kent: The information discussed today is entirely qualified by Form 8-K and Form 10-K filed today by PublicSquare, which may be accessed on the SEC and PublicSquare's website. Today's call is also being broadcast, and a replay will be posted to PublicSquare's IR page.
Speaker Change: The information discussed today is entirely qualified by Form 8K and Form 10K filed today by PublicSquare, which may be accessed on the SEC
Speaker Change: and public squares websites. Today's call is also being webcast and replay will be posted to the public squares I.R. page.
William Kent: Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made based on PublicSquare's views and assumptions regarding future events and business performance at the time they're made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks that can cause PublicSquare's actual results to differ from its historical results and forecasts, including those outlined in PublicSquare's filings with the SEC. And you should refer to and carefully consider those for more information. The costary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements.
Speaker Change: Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made based on Public Square's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update these statements.
Speaker Change: For the few statements are subject to risks that can cause public squares of act results to differ from its historical results in forecasts.
Speaker Change: Including those outline of public square smiling with the SEC. And you should refer to and carefully consider those for more information. The cost of a statement applies to all sorts of statements made during this call, do not place under reliance on any forward-looking statements.
William Kent: The cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statement. During this call, we may refer to certain non-GAAP financial... These non-GAAP measures are not prepared in accordance with generally accepted accounting principles.
William Kent: During this call, we may refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles; a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's quarterly filing today with the SEC.
Speaker Change: During this call we may refer to certain non-gap financial measures.
William Kent: A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's quarterly filing today with the SEC. I will now hand the call over to Michael Seifert. Michael, please go ahead.
Speaker Change: These non-GAAP measures are not prepared in accordance with generally accepted county principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's quarterly filing today with PSCC. I will now hand the call over to Michael Seifert. Michael, please go ahead.
William Kent: I will now hand the call over to Michael Cyford. Michael, please go ahead.
Michael Cipher: Wonderful. Thank you, Will. And welcome everybody to our second quarter 2024 earnings call.
Michael Seifert: Wonderful. Thank you, Will. And welcome everybody to our second quarter 2020 earnings call, as we celebrate the completion of our first full year as a public company. I'm going to take a bit of a different approach and depart from our normal setup from our past calls and utilize the majority of our time here today to present the long-term vision of PublicSquare and detail where we plan on taking the business over the next 24 months and beyond.
Michael Seifert: Wonderful! Thank you, Will.
Michael Cipher: As we celebrate the completion of our first full year as a public company, I'm going to take a bit of a different approach and depart from our normal setup from our past calls and utilize the majority of our time here today to cast the long-term vision of PublicSquare. And detail where we plan on taking the business over the next 24 months and beyond. While we won't have a formal question-and-answer session at the conclusion of today's call, we have received a number of great questions from shareholders submitted through the SA Technologies platform that I will be sure to answer throughout my comments today.
Michael Seifert: And welcome, everybody, to our second quarter 2024 earnings call.
Michael Seifert: as we celebrate the completion of our first full year as a public company.
Michael Seifert: I'm going to take a bit of a different approach and depart from our normal setup from our past calls and utilize the majority of our time here today to cast the long-term vision of PublicSquare and detail where we plan on taking the business over the next 24 months and beyond.
Michael Seifert: While we won't have a formal question and answer session at the conclusion of today's call, we have received a number of great questions from shareholders submitted through the Safe Technologies platform that I will be sure to answer during my comments today.
Michael Seifert: While we won't have a formal question and answer session at the conclusion of today's call, we have received the number of great questions from shareholders submitted through the say Technologies Platform that I will be sure to answer throughout my comments today.
Operator: As a reminder, this conference is being recorded.
William Kent: This now, my pleasure to introduce your host, William Kent, VP of Investor Relations. Thank you, and you may begin. Thank you, Jeremy.
Michael Seifert: But to get started, I do want to spend a minute and share a few material updates from Q2 related to the financial performance of our business. Number one, our net revenue in the second quarter increased 1,030 percent, and cash flow operating expenses only rose 49 percent compared to the second quarter of 2023. So again, in the second quarter of 2024, our revenue increased 1,030% while cash flow operating expenses only rose 49% compared to the same period of last year. We increased net revenue. P-E-C-U-J-E-A-Z-D-E-A-A-N-T-E-N
Michael Cipher: But to get started, I do want to spend a minute and share a few material updates from Q2 related to the financial performance of our business. Number one, our net revenue in the second quarter increased 1000 and 30%, and cash flow operating expenses only rose 49%. Compared to the second quarter of 2023. So again, the second quarter of 2024, our revenue increased 1000 and 30% while cash flow operating expenses only rose 49% compared to the same period of last year. We increased net revenue, which is net of returns and discounts, by 73% quarter over quarter to 6 million compared to 3.5 million in the first quarter.
Michael Seifert: But to get started, I do want to spend a minute and share a few material updates from Q2 related to the financial performance of our business.
Michael Cipher: Good morning, everyone, and welcome to PublicSquare's second quarter of 2024 earnings conference call.
Michael Cipher: Joining me today are Michael Cipher, Chairman and Chief Executive Officer in Brant Serol, Chief Financial Officer of PublicSquare. The information discussed today is entirely qualified by Form 8K and Form 10K filed today by PublicSquare, which may be accessed on the SEC and PublicSquare's website. Today's call is also being broadcast and a replay will be posted to PublicSquare's IRPage. Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements.
Michael Seifert: 1. Our net revenue in the second quarter increased 1,030% and cash flow operating expenses only rose 49% compared to the second quarter of 2023. So again.
Michael Seifert: The second quarter of 2024, our revenue increased 1,030% while cash flow operating expenses only rose 49% compared to the same period of last year. We increased net revenue.
Michael Seifert: So our Q2 business year combined net worth and net amount of revenue or net rate in process in the first quarter of the fiscal year with net of returns and discounts by 73% quarter over quarter to $6 million compared to $3.5 million in the first quarter. So again, in Q1 of this year, we generated $3.5 million, 67% in the second quarter of 2024 compared to 43% in the first quarter of 2024. Our second quarter results ultimately show that we are on a solid path toward profitability, with our revenue growth far outpacing the growth of our expenses. It's exactly what we want to see.
Michael Cipher: Such statements are made based on PublicSquare's views and assumptions regarding future events and business performance at the time they're made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks that can cause PublicSquare's actual results to differ from its historical results and forecasts, including those outlined in PublicSquare's filings with the SEC. And you should refer to and carefully consider those for more information. The costary statement applies to all forward-looking statements made during this call do not place undue reliance on any forward-looking statements. During this call, we may refer to certain non-gap financial measures.
Speaker Change: This is Natta Returns in Discount.
Speaker Change: By 73% quarter over quarter to 6 million compared to 3.5 million in the first quarter. So again.
Michael Cipher: So again, Q1 of this year, we generated $3.5 million in revenue, and Q2 of this year, we generated $6 million. Our gross margin across the business increased. to 67% in the second quarter of 2024 compared to 43% in the first quarter of 2024.
Speaker Change: Q1 of this year.
Speaker Change: We generated $3.5 million in revenue, and Q2 of this year, we generated $6 million. Our gross margin across the business increased.
Speaker Change: to 67% in the second quarter of 2024, compared to 43% in the first quarter of 2024.
Michael Cipher: Our second quarter results ultimately show that we are on a solid path toward profitability, with our revenue growth far outpacing the growth of our expenses. It's exactly what we want to see.
Michael Cipher: These non-gap measures are not prepared in accordance with generally accepted county principles, a reconciliation of the non-gap financial measures to the most directly comparable gap measures is available in the company's quarterly filing today with the SEC.
Speaker Change: Our second quarter results ultimately show that we are on a solid path toward profitability. With our revenue growth far outpacing the growth of our expenses.
Michael Seifert: But the greatest success of the last quarter, in my strong opinion, is the foundation we have set for the future of our marketplace and payments ecosystem. And I'm looking forward to telling you more about that here today. Three years ago, as a little backstory, our business consisted of an idea, a few lines of code, and seven employees in a one-room garage office. Everybody likes to say they started in a garage. We actually started in a garage.
Michael Cipher: But the greatest success of the last quarter, in my strong opinion, is the foundation we have set for the future of our marketplace and payments ecosystem. I'm looking forward to telling you more about that here today.
Speaker Change: It's exactly what we want to see, but the greatest success of the last quarter, in my strong opinion, is the foundation we have set for the future of our marketplace and payments ecosystem, and I'm looking forward to telling you more about that here today.
Michael Cipher: I will now hand the call over to Michael Cyford. Michael, please go ahead. Wonderful. Thank you, Will. And welcome everybody to our second quarter, 2024 earnings call.
Michael Cipher: Three years ago, as a little backstory, our business consisted of an idea, a few lines of code, and seven employees in a one-room garage office. Everybody likes to say they started in the garage. We actually started in a garage. Three years ago, we had a road map filled with promise, but we didn't even have a product live yet. We had a simple mission that remains as true today as it was then. We knew there were millions of Americans out there, just like us, that were desperately looking for economic solutions that would embrace excellence, meritocracy, and family values.
Speaker Change: Three years ago, as a little backstory, our business consisted of an idea, a few lines of code, and seven employees in a one-room garage office. Everybody likes to say they started in a garage. We actually started in a garage.
Michael Cipher: As we celebrate the completion of our first full year as a public company, I'm going to take a bit of a different approach and depart from our normal setup from our past calls and utilize the majority of our time here today to cast the long term vision of PublicSquare. And detail where we plan on taking the business over the next 24 months and beyond. While we won't have a formal question and answer session at the conclusion of today's call, we have received the number of great questions from shareholders submitted through the SA Technologies platform that I will be sure to answer throughout my comments today.
Michael Seifert: Three years ago, we had a roadmap filled with promise, but we didn't even have a product live yet. We had a simple mission that remains as true today as it was then. We knew there were millions of Americans out there just like us that were desperately looking for economic solutions that would embrace excellence, meritocracy, and family values. They wanted a marketplace that wouldn't cancel you if you held more conservative views or deemed the big box stores essential while suppressing the rights of small business owners and sacrificing the sacred treasure of the American mainstream.
Speaker Change: 3 years ago, we had a road map filled with promise, but we didn't even have a product live yet.
Speaker Change: We had a simple mission that remains as true today that was then. We knew there were millions of Americans out there just like us that were desperately looking for economic solutions that would embrace excellence, meritocracy, and family values.
Michael Cipher: They wanted a marketplace that wouldn't cancel you if you held more conservative views or deem the big box stores essential while suppressing the rights of small business owners and sacrificing the sacred treasure of the American Main Street. But simply, we set out to connect a market of unaddressed consumers and businesses and an economic ecosystem that values the principles that have made the United States the greatest country to ever exist. Most notably, life, liberty, faith, family. We knew our vision could only be accomplished through determined and deft execution. We put our heads down, got to work, and the growth we've experienced in the last three years has exceeded all expectations.
Speaker Change: They wanted a marketplace that wouldn't cancel you if you held more conservative views or deemed the big box stores essential while suppressing the rights of small business owners in sacrifice and the sacred treasure of the American Main Street.
Michael Cipher: But to get started, I do want to spend a minute and share a few material updates from Q2 related to the financial performance of our business. Number one, our net revenue in the second quarter increased 1000 and 30% and cash flow operating expenses only rose 49%. Compared to the second quarter of 2023. So again, the second quarter of 2024, our revenue increased 1000 and 30% while cash flow operating expenses only rose 49% compared to the same period of last year.
Michael Seifert: Put simply, we set out to connect a market of unaddressed consumers and businesses and an economic ecosystem that values the principles that have made the United States the greatest country to ever exist, most notably life, liberty, faith, and family. We knew our vision could only be accomplished through determined and deft execution. We put our heads down, got to work, and the growth we've experienced in the last three years has exceeded all expectations. We generated $7,000 in revenue in 2021. $7,000.
Speaker Change: But simply, we set out to connect a market of unaddressed consumers and businesses in an economic ecosystem that values the principles that have made the United States the greatest country to ever exist. Most notably, life, liberty, faith, family. We knew our vision could only be accomplished through determined and deft execution.
Speaker Change: We put our heads down, got to work, and the growth we've experienced in the last three years has exceeded all expectations. We generated.
Michael Cipher: We generated $7,000 in revenue in 2021, $7,000, $475,000 in 2022, $5.7 million in 2023, and in the last quarter alone generated $6 million. 2021 was $7,000, 2022 was $475,000, 2023 was $5.7 million, and last quarter alone, the second quarter of this year, we generated $6 million. I think it's safe to say that we've executed.
Speaker Change: $7,000 in revenue in 2021. $7,000
Michael Cipher: We increased net revenue, which is net of returns and discounts by 73% quarter over quarter to 6 million compared to 3.5 million in the first quarter. So again, Q1 of this year, we generated 3.5 million in revenue and Q2 of this year, we generated $6 million. Our gross margin across the business increased, to 67% in the second quarter of 2024 compared to 43% in the first quarter of 2024. Our second quarter results ultimately show that we are on a solid path toward profitability with our revenue growth far outpacing the growth of our expenses. It's exactly what we want to see.
Speaker Change: 475,000 dollars in 2022 5.7 million dollars in 2023 and in the last quarter alone generated 6 million dollars.
Michael Seifert: $475,000 in 2022, $5.7 million in 2023, and in the last quarter alone, generated $6 million. 2021 was $7,000. 2022 was $475,000. In 2023, $5.7 million. And last quarter alone, the second quarter of this year, we generated $6 million. I think it's safe to say that we have, and yet we as a team hold the firm belief that we have barely scratched the surface of our business's potential. We are in the first inning, and we have the long game in mind.
Speaker Change: 2021 was $7,000, 2022 was $475,000, 2023 was $5.7 million, and last quarter alone, the second quarter of this year, we generated $6 million. I think it's safe to say that we've executed.
Michael Cipher: And yet, we as a team hold the firm belief that we have barely scratched the surface of our business's potential. We are in the first inning, and we have the long game in mind.
Speaker Change: And yet, we as a team hold the firm belief that we have barely scratched the surface of our business's potential. We are in the first inning, and we have the long game in mind.
Michael Cipher: We started with the creation of the marketplace because we knew that according to any economic ecosystem, had to exist in exchange, a digital environment where we could facilitate high trust transactions between consumers and business merchants. We launched our marketplace nationwide July 4th of 2022. It was a glorious Independence Day. And in the last two years, we've helped millions of Americans find small businesses with impactful stories to tell and high-quality products to sell. In fact, one of the most common testimonials we receive from our customers is that they come to Public Square, they come to Every Life for the values, but they stay for the quality of the product.
Michael Seifert: We started with the creation of the marketplace because we knew that the core of any economic ecosystem had to exist an exchange, a digital environment where we could facilitate high-trust transactions between consumers and business merchants. We launched our marketplace nationwide on July 4th, 2022. It was a glorious Independence Day, and in the last two years, we've helped millions of Americans find small businesses with impactful stories to tell and high-quality products to sell.
Speaker Change: We started with the creation of the marketplace, because we knew that core to any economic ecosystem had to exist an exchange, a digital environment where we could facilitate high-trust transactions between consumers and business merchants.
Michael Cipher: But the greatest success of the last quarter, in my strong opinion, is the foundation we have set for the future of our marketplace and payments ecosystem. I'm looking forward to telling you more about that here today.
Speaker Change: We launched our marketplace nationwide July 4th.
Speaker Change: of 2022 is a glorious Independence Day and in the last two years
Michael Cipher: Three years ago, as a little backstory, our business consisted of an idea, a few lines of code, and seven employees in a one-room garage office. Everybody likes to say they started in the garage. We actually started in a garage. Three years ago, we had a road map filled with promise, but we didn't even have a product live yet. We had a simple mission that remains as true today as it was then.
Michael Seifert: In fact, one of the most common testimonials we get from our customers is that they come to PublicSquare and EveryLife for the values, but they stay for the quality of the product. It's a real differentiator for us, and it's a real honor to connect these business owners with consumers that are driven to support them in that way, as we believe that small businesses are the backbone of our economy. And as our marketplace began to experience hyper growth, we learned quite a lot from both our consumers and our merchants.
Speaker Change: We've helped millions of Americans find small businesses with impactful stories to tell and high-quality products to sell. In fact, one of the most common testimonials we receive from our customers is that they come to Public Square, they come to EveryLife for the values, but they stay for the quality of the products.
Michael Cipher: It's a real differentiator for us, and it's a real honor to connect these business owners with consumers that are driven to support them in that way, as we believe that small businesses are the backbone of our economy.
Speaker Change: It's a real differentiator for us and it's a real honor to connect these business owners with consumers that are driven to support them in that way, as we believe that small businesses are the backbone of our economy. And as our marketplace began to experience hyper growth, we learned quite a lot from both our consumers and our merchants.
Michael Cipher: We knew there were millions of Americans out there, just like us, that were desperately looking for economic solutions that would embrace excellence, meritocracy, and family values. They wanted a marketplace that wouldn't cancel you if you held more conservative views or deem the big box stores essential while suppressing the rights of small business owners and sacrificing the sacred treasure of the American main street. But simply, we set out to connect a market of unaddressed consumers and businesses and an economic ecosystem that values the principles that have made the United States the greatest country to ever exist.
Michael Cipher: And as our marketplace began to experience hyper growth, we learned quite a lot from both our consumers and our merchants. We learned what products they were looking for, where their pain points were, and what solutions they were hoping would eventually be creating.
Michael Seifert: We learned what products they were looking for, where their pain points were, and what solutions they were hoping would eventually be created. With that data and proprietary insights, we created EveryLife, the only pro-life and pro-family baby brand and the fastest growing diaper brand in America.
Speaker Change: We learned what products they were looking for, where their pain points were, and what solutions they were hoping would eventually be created.
Michael Cipher: With that data and proprietary insight, we created Every Life, the only pro-life and pro-family baby brand and the fastest growing diaper brand in America. We partnered with hundreds of churches and pregnancy centers, donated over 1.5 million diapers with the help of our consumers through our Bifurra Cause program, and we generated over $7.5 million of sales in the first 12 months with our direct-to-consumer brand, all with less than 10 team members. We expect this to be the first of many premium and high-performing brands that we bring to market as solutions to the needs our customers have clearly articulated to us.
Speaker Change: With that data and proprietary insight, we created every life.
Speaker Change: The only pro-life and pro-family baby brand and the fastest growing diaper brand in America.
Michael Seifert: We've partnered with hundreds of churches and pregnancy centers, donated over 1.5 million diapers with the help of our consumers through our Buy for a Cause program, and we generated over $7.5 million in sales in the first 12 months with our direct-to-consumer brand, all with less than 10 team members. We expect it to be the first of many premium and high-performance brands that we bring to market as solutions to the needs our customers have clearly articulated to us. We knew the market was there for it. We knew we'd have the right team to create a quality product to execute on the opportunity, and thankfully, it's proven fruitful. Now it's time to do it again.
Speaker Change: We've partnered with hundreds of churches and pregnancy centers donated over 1.5 million diapers
Michael Cipher: Most notably, life, liberty, faith, family. We knew our vision could only be accomplished through determined and deft execution. We put our heads down, got to work, and the growth we've experienced in the last three years has exceeded all expectations. We generated $7,000 in revenue in 2021, $7,000, $475,000 in 2022, $5.7 million in 2023, and in the last quarter alone generated $6 million. 2021 was $7,000, $2022 was $475,000, $2023 was $5.7 million, and last quarter alone, the second quarter of this year, we generated $6 million. I think it's safe to say that we've executed. And yet, we as a team hold the firm belief that we have barely scratched the surface of our business's potential.
Speaker Change: with the help of our consumers through our Buy for a Cause program, and we generated over seven and a half million dollars of sales in the first 12 months with our direct-to-consumer brand, all with less than 10 team members.
Speaker Change: We expect this to be the first of many premium and high-performing brands that we bring to market as solutions to the needs our customers have clearly articulated to us. We knew the market was there, we knew we'd have the right team to create a quality product, to execute on the opportunity, and thankfully, it's proven fruitful. Now it's time to do it again.
Michael Cipher: We knew the market was there; we knew we'd have the right team to create a quality product to execute on the opportunity, and thankfully it's proven fruitful.
Michael Cipher: Now it's time to do it again.
Michael Cipher: We also learned from the merchants on our platform that they were hungering for business services, especially related to their checkout technology and payments processing that would drive conversion and allow them to thrive without fear of cancellation. We can't tell you how many stories we've heard of businesses that are growing, that are providing great quality products, that are turned off by their payments processors simply because they sell firearms, they exercise their First or Second Amendment, they're involved in a religious organization. This creates an opportunity for us because these are our people.
Michael Seifert: We also learned from the merchants on our platform that they were hungering for business services, especially related to their checkout technology and payments processing, that would drive conversion and allow them to thrive without fear of cancellation. We can't tell you how many stories we've heard of businesses that are growing, that are providing great quality products, that are turned off by their payments processors simply because they sell firearms, they exercise their first or second amendment, or they're involved in a religious organization.
Speaker Change: We also learned from the merchants on our platform that they were hungering for business services, especially related to their checkout technology and payments processing.
Speaker Change: That would drive conversion and allow them to thrive without fear of cancellation. We can't tell you how many stories we've heard of businesses that are growing, that are providing great quality products that are turned off by their payment processors.
Michael Cipher: We are in the first inning and we have the long game in mind. We started with the creation of the marketplace because we knew that according to any economic ecosystem had to exist in exchange, a digital environment where we could facilitate high trust transactions between consumers and business merchants.
Speaker Change: simply because they sell firearms, they exercise their first or second amendment, they're involved in a religious organization.
Michael Seifert: This creates an opportunity for us, because these are our people. A need that was clearly highlighted led us to engage in conversations with the excellence-driven team over at Cordova. Cordova has been a juggernaut in the financial technology space that has specifically focused its efforts on supporting the gun industry. So obviously, we love them, and we felt confident that inviting Cordova into our company through acquisition would prove incredibly beneficial as the Cordova technology and team members could serve as the foundation of the payments business we wanted to build out underneath the PublicSquare brand. And now, five months post-acquisition, I cannot tell you how much confidence I feel in that.
Michael Cipher: This need that was clearly highlighted led us to engage in conversations with the excellence-driven team over at Cradova. Cradova's been a juggernaut in the financial technology space that has specifically focused their efforts on supporting the gun industry, so obviously we love them. And we felt confident that inviting Cradova into our company through acquisition would prove incredibly beneficial, as the Cradova technology and team members could serve as the foundation of the payments business we wanted to build out underneath the Public Square brand. And now, five months post-acquisition, I cannot tell you how much confidence I feel in that decision.
Speaker Change: This creates an opportunity for us, because these are our people.
Michael Cipher: We launched our marketplace nationwide July 4th of 2022. It was a glorious independence day. And in the last two years, we've helped millions of Americans find small businesses with impactful stories to tell and high quality products to sell. In fact, one of the most common testimonials we receive from our customers is that they come to public square, they come to every life for the values, but they stay for the quality of the product.
Speaker Change: lead that was clearly highlighted led us to engage in conversations with the excellence-driven team over at Cordova.
Speaker Change: Cordova's been a juggernaut in the financial technology space that has specifically focused their efforts on supporting the gun industry, so obviously we love them.
Speaker Change: We felt confident that inviting Kurova into our company through acquisition would prove incredibly beneficial of the Kurova technology and team members.
Speaker Change: could serve.
Michael Cipher: It's a real differentiator for us, and it's a real honor to connect these business owners with consumers that are driven to support them in that way as we believe that small businesses are the backbone of our economy. And as our marketplace began to experience hyper growth, we learned quite a lot from both our consumers and our merchants. We learned what products they were looking for, where their pain points were, and what solutions they were hoping would eventually be creating.
Speaker Change: as the foundation of the payments business we wanted to build out underneath the Public Square brand. And now, five months post-acquisition, I cannot tell you how much confidence I feel in that decision.
Michael Cipher: Over the last quarter, we've set a firm foundation for our business that we believe will be fruitful for the years to come. So now for a bit more on what that looks like practically. And why did the enhanced focus on our FIM tech staff and the clear synergies that are materializing between the marketplace and financial technology, we have made the exciting decision to actually sunset the brand name Cradova over the coming months and consolidate our branding, marketing and our various product features all under the name Public Square. The public square marketplace will continue to focus our offerings to a family values oriented, patriotic audience targeting our core consumers with a better shopping experience through initiatives like a branded digital wallet, user rewards, financing options like paying for at checkout, and free shipping, all while expanding our public square B2B and B2C staff offerings to our 80,000 plus merchants through payment processing, credit, and advertising services.
Michael Seifert: Over the last quarter, we set a firm foundation for our business that we believe will be preferable for the years to come, so now for a bit more on what that looks like. In light of the enhanced focus on our FinTech staff and the clear synergies that are materializing between the marketplace and financial technology, we have made the exciting decision to actually sunset the brand name Cordova over the coming months and consolidate our branding, marketing, and our various product features The PublicSquare marketplace will continue to focus our offerings to a family values-oriented patriotic audience, targeting our core consumers with a better shopping experience through initiatives like a branded digital wallet, user rewards, financing options like pay-in-four at checkout, and free shipping, all while expanding our PublicSquare B2B and B2C SaaS offerings to our 80,000-plus merchants through payment processing, credit, and advertising services.
Speaker Change: Over the last quarter, we've set a firm foundation for our business that we believe will be fruitful for the years to come. So now, for a bit more on what that looks like practically.
Michael Cipher: With that data and proprietary insight, we created every life, the only pro-life and pro-family baby brand and the fastest growing diaper brand in America. We partnered with hundreds of churches and pregnancy centers, donated over 1.5 million diapers with the help of our consumers through our Bifurra Cause program and we generated over $7.5 million of sales in the first 12 months with our direct-to-consumer brand, all with less than 10 team members. We expect this to be the first of many premium and high-performing brands that we bring to market as solutions to the needs our customers have clearly articulated to us. We knew the market was there, we knew we'd have the right team to create a quality product to execute on the opportunity and thankfully it's proven fruitful.
Speaker Change: In wide of the enhanced focus on our FinTech staff and the clear synergies that are materializing between the marketplace and financial technology, we have made the exciting decision to actually sunset the brand name Kurova over the coming months, and consolidate our branding, marketing, and our various product features all under the name Public Square.
Speaker Change: The Public Square Marketplace will continue to focus our offerings to a family values oriented, patriotic audience, targeting our core consumers with a better shopping experience.
Speaker Change: Through initiatives like a branded digital wallet, user rewards, financing options, like pay-in-4 at checkout and free shipping.
Speaker Change: All while expanding our public square B2B and B2C staff offering to our 80,000 plus merchants through payment processing credit and advertising services. These initiatives.
Michael Cipher: These initiatives, along with reallocating and consolidating resources associated with these initiatives, are expected to result in cost saving for our overall business, a streamlined message, and more effective customer and merchant acquisition and onboarding.
Michael Seifert: These initiatives, along with reallocating and consolidating resources associated with these initiatives, are expected to result in cost savings for our overall business, a streamlined message, and more effective customer and merchant acquisition and onboarding. This morning, we announced a $10 million convertible note investment that closed from a board member and his affiliates at the same terms as our convertible notes from this past March. This will supercharge the launch of our payment stack in order to serve our tens of thousands of merchants with best-in-class technology, competitive rates, and a cancel-proof promise.
Michael Cipher: Now it's time to do it again. We also learned from the merchants on our platform that they were hungering for business services, especially related to their checkout technology and payments processing that would drive conversion and allow them to thrive without fear of cancellation. We can't tell you how many stories we've heard of businesses that are growing, that are providing great quality products, that are turned off by their payments processors simply because they sell firearms, they exercise their first or second amendment, they're involved in a religious organization. This creates an opportunity for us because these are our people.
Speaker Change: Along with reallocating and consolidating resources associated with these initiatives are expected to result in cost savings for our overall business, a streamlined message, and more effective customer and merchant acquisition and onboarding.
Michael Cipher: This morning we announced a $10 million convertible note investment that closed from a board member and its affiliates at the same terms as our convertible notes from this past March. This will supercharge the launch of our payment stack in order to serve our tens of thousands of merchants with best-in-class technology, competitive rates, and a cancel-proof promise. We believe with the launch of our payment stack this month, August of 2024, with over 200 million in annualized GMV in payments processing volume already under contract and currently integrating. And with a line of sight to a billion dollars of annualized GMV by the beginning of the 2024 Christmas shopping season, our vision for the marketplace and payment ecosystem is materializing and ready for scale.
Speaker Change: This morning, we announced a $10 million convertible note investment that closed from a board member and his affiliates at the same terms as our convertible notes from this past March.
Speaker Change: This will supercharge the loss of our payment stack in order to serve our tens of thousands of merchants with best in class technology, competitive rates, and a canceled cruise promise.
Michael Seifert: We believe with the launch of our payment stack this month, August of 2024, with over $200 million in annualized GMV in payments processing volume already under contract and currently integrating, and with a line of sight to a billion dollars of annualized GMV by the beginning of the 2024 Christmas shopping season, our vision for the marketplace and payments ecosystem is materializing and ready for scale. Finally, I do want to address the performance of our stock.
Michael Cipher: This need that was clearly highlighted led us to engage in conversations with the excellence driven team over at Cradova. Cradova's been a juggernaut in the financial technology space that has specifically focused their efforts on supporting the gun industry, so obviously we love them. And we felt confident that inviting Cradova into our company through acquisition would prove incredibly beneficial as the Cradova technology and team members could serve as the foundation of the payments business we wanted to build out underneath the public square brand.
Speaker Change: We believe.
Speaker Change: with the launch of our payment stack this month, August of 2024, with over 200 million and annualized GMV in payments processing volumes already under contract and currently integrating. And with a line of sites to a billion dollars of annualized GMV by the beginning of the 2024 Christmas shopping season, our vision for the marketplace and payment ecosystems is materializing and ready for scale.
Michael Cipher: Finally, I do want to address the performance of our stock. While it has been an incredible year for our company in terms of growth and performance, it has been an objectively tough year for the stock. And simply put, we do not believe the current price of our stock is in any way, shape, or form accurately reflective of our business. We actually believe the market supports this belief as well. For example, if you use our trailing 12 months of revenue, if you look at our last 12 months of revenue, we're currently trading around six times trailing 12 months sales.
Michael Cipher: And now five months post acquisition, I cannot tell you how much confidence I feel in that decision. Over the last quarter, we've set a firm foundation for our business that we believe will be fruitful for the years to come. So now for a bit more on what that looks like practically.
Michael Seifert: While it has been an incredible year for our company, in terms of growth and performance, it has been an objectively tough year for the stock. And simply put, we do not believe the current price of our stock is, in any way, shape, or form, accurately reflective of our business. We actually believe that the market supports this belief as well. For example, if you use our trailing 12 months of revenue. If you look at our last 12 months of revenue, we're currently trading around six times trailing 12 months now. But if you look at comparable hypergrowth companies and similar industries in the market, they're trading at eight to nine times forward year sales.
Speaker Change: Finally, I do want to address the performance of our stock.
Speaker Change: While it has been an incredible year for our company in terms of growth and performance.
Speaker Change: It has been an objectively tough year for the stock. And simply put, we do not believe the current price of our stock is in any way, shape, or form, accurately reflective of our business.
Michael Cipher: And why did the enhanced focus on our FIM tech staff and the clear synergies that are materializing between the marketplace and financial technology, we have made the exciting decision to actually sunset the brand name Cradova over the coming months and consolidate our branding, marketing and our various product features all under the name public square. The public square marketplace will continue to focus our offerings to a family values oriented, patriotic audience targeting our core consumers with a better shopping experience through initiatives like a branded digital wallet, user rewards, financing options like paying for at checkout and free shipping, all while expanding our public square B2B and B2C staff offerings to our 80,000 plus merchants through payment processing credit and advertising services. These initiatives, along with reallocating and consolidating resources associated with these initiatives, are expected to result in cost saving for our overall business, a streamlined message, and more effective customer and merchant acquisition and onboarding.
Speaker Change: We actually believe that the market supports this belief as well. For example, if you use our trailing 12 months of revenue,
Speaker Change: If you look at our last 12 months of revenue, we're currently trading around six times, trailing 12 months failed.
Michael Cipher: But if you look at comparable hyper growth companies and similar industries in the market, they're trading at eight to nine times forward year sales. The word trading at about six times past 12 months; our industry comps are trading at eight to nine times forward year comp. We can speculate as to where this disconnect is, but at the end of the day, we believe the market hasn't fully realized what we built or where we're going in the near, medium, and long term. And we don't believe with how fast our revenue is growing that valuing our company based upon the trailing 12 months is appropriate.
Speaker Change: But if you look at comparable hypergrowth companies in similar industries in the market, they're trading at eight to nine times forward year sale.
Michael Seifert: So we're trading at about six times last 12 months; our industry comps are trading at eight to nine times board year comp. We can speculate as to where this disconnect is, but at the end of the day, we believe the market hasn't fully realized. What we built is where we're going in the near, medium, and long term, and we don't believe with how fast our revenue is growing that valuing our company based upon the trailing 12 months is a good idea.
Speaker Change: The word trading at about six times past 12 months, on industry cops are trading at 8 to 9 times board your cup.
Speaker Change: We can speculate as to where this disconnect is, but at the end of the day, we believe the market hasn't fully realized what we built or where we're going in the near, medium, and long term. And we don't believe, with how fast our revenue is growing, that valuing our company based upon the trailing 12 months is appropriate.
Michael Cipher: What we do hope investors know, though, is that our teams, our management, and our board of directors are fully bought in and committed to continue executing with a long game in mind. We're putting action behind our words, as well as just this morning, people like myself, our CFO, Brad Surrell, investor and advisor Donald Trump Jr. have elected of our own volition to lock up our shares for another 12 months. We're patient, and we believe the stock will eventually reflect the fundamentals of our business. And we believe firmly that the fundamentals of our business are strong.
Michael Seifert: What we do hope investors know though is that our team, our management, and our board of directors are fully bought in and committed to continuing executing with the long game in mind. We're putting action behind our words, as well, and just this morning, people like myself, our CFO Brad Searle, investor, and advisor Donald Trump Jr., have elected, of our own volition, to lock up our shares for another 12 months. We're patient, and we believe the stock will eventually reflect the fundamentals of our business. And we believe firmly that the fundamentals of our business are strong. Until then, we'll keep building. We're more confident than we've ever been.
Speaker Change: What we do hope investors know, though, is that our teams, our management and our board of directors are fully bought in and committed to continue executing with the long game in mind.
Michael Cipher: This morning we announced a $10 million convertible note investment that closed from a board member and is affiliates at the same terms as our convertible notes from this past March. This will supercharge the launch of our payment stack in order to serve our tens of thousands of merchants with best-in-class technology, competitive rates and a cancel-proof promise.
Speaker Change: We'll put an action behind our words as well as just this morning. People like myself, our CFO Brad Ferrell, Investor and Advisor Donald Trump Jr. have elected of our own volition to lock up our shares for another 12 months. We're patient.
Michael Cipher: We believe with the launch of our payment stack this month, August of 2024, with over 200 million in annualized GMV in payments processing volume already under contract and currently integrating. And with a line of sight to a billion dollars of annualized GMV by the beginning of the 2024 Christmas Shopping season, our vision for the marketplace and payment ecosystem is materializing and ready for scale.
Speaker Change: And we believe the stock will eventually reflect the fundamentals of our business. And we believe firmly that the fundamentals of our business are strong.
Michael Cipher: Until then, we'll keep building one more confidence than we've ever been.
Michael Seifert: And if you're already an investor in our company, we thank you for believing in our company and in our mission. And if you're not yet an investor, we invite you to join us on this journey. We are just getting started.
Michael Cipher: And if you're already an investor of ours, we thank you for believing in our company and in our mission.
Speaker Change: Until then, we'll keep building, we're more confident than we've ever been. And if you're already an investor of ours, we thank you for believing in our company and in our mission. And if you're not yet an investor, we invite you to join us on this journey. We are just getting started.
Michael Cipher: And if you're not yet an investor, we invite you to join us on this journey.
Michael Cipher: We are just getting started. I'm very grateful for everyone that attended this conference call today. It is an absolute pleasure and honor to speak with you. I hope you have a fantastic rest of your weeks.
Operator: I'm very grateful for everyone that attended this conference call today. It is an absolute pleasure and honor to speak with you. I hope you have a fantastic rest of your week. And that marks the conclusion of this call. We will talk to you soon. Thank you.
Speaker Change: I'm very grateful for everyone that attended this conference call today. It is an absolute pleasure and honor to speak with you. I hope you have a fantastic rest of your week and that marks the conclusion of this call. We will talk to you soon.
Michael Cipher: Finally, I do want to address the performance of our stock. While it has been an incredible year for our company in terms of growth and performance, it has been an objectively tough year for the stock. And simply put, we do not believe the current price of our stock is in any way, shape or form accurately reflective of our business. We actually believe the market supports this belief as well. For example, if you use our trailing 12 months of revenue, if you look at our last 12 months of revenue, we're currently trading around six times trailing 12 months sales.
Operator: And that marks the conclusion of this call. We will talk to you soon.
Michael Cipher: But if you look at comparable hyper growth companies and similar industries in the market, they're trading at eight to nine times forward year sales. The word trading at about six times past 12 months, our industry comps are trading at eight to nine times forward year comp. We can speculate as to where this disconnect is, but at the end of the day, we believe the market hasn't fully realized what we built or where we're going in the near, medium and long term. And we don't believe with how fast our revenue is growing, that valuing our company based upon the trailing 12 months is appropriate.
Operator: Thank you. If that does conclude today's conference. Have a pleasant day.
Speaker Change: Thank you, that that concludes today's conference. Have a pleasant day.
Speaker Change: i
Michael Cipher: What we do hope investors know, though, is that our teams, our management and our board of directors are fully bought in and committed to continue executing with a long game in mind.
Michael Cipher: We're putting action behind our words as well as just this morning, people like myself, our CFO Brad Surrell investor and advisor Donald Trump Jr, have elected of our own volition to lock up our shares for another 12 months. We're patient and we believe the stock will eventually reflect the fundamentals of our business. And we believe firmly that the fundamentals of our business are strong. Until then, we'll keep building one more confidence than we've ever been. And if you're already investor of ours, we thank you for believing in our company and in our mission. And if you're not yet an investor, we invite you to join us on this journey.
Michael Cipher: We are just getting started. I'm very grateful for everyone that attended this conference call today. It is an absolute pleasure and honor to speak with you. I hope you have a fantastic rest of your weeks.
Operator: And that marks the conclusion of this call. We will talk to you soon. Thank you if that does conclude today's conference.
Operator: Have a pleasant day.