Q4 2025 PSQ Holdings Inc Earnings Call

March 17, 2026

Speaker #3: After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

Speaker #3: If you would like to withdraw your question, again, press star one. Thank you. I now like to turn the call over to William Kent, Head of Corporate Affairs.

Speaker #3: You may begin.

Speaker #2: Thanks, Robbie. Good morning, everyone, and welcome to PSQ Holdings' Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining me today are Dusty Wunderlich, Chairman and Chief Executive Officer, and James Rinn, Chief Financial Officer.

William Kent: Thanks, Robin. Good morning, everyone, and welcome to PSQ Holdings' Q4 and full year 2025 Earnings Conference Call. Joining me today are Dusty Wunderlich, Chairman and Chief Executive Officer, and James Rinn, Chief Financial Officer. Before we get started, we want to emphasize that the information discussed on this call, including our outlook, is based on information as of today and contains forward-looking statements that may involve risks, uncertainties, and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filing, including our 2025 10-K filed this morning, for factors that may cause actual results to differ materially from our forward-looking statements.

Speaker #2: Before we get started, we want to emphasize that the information discussed on this call, including our outlook, is based on information as of today and contains forward-looking statements that may involve risks, uncertainties, and assumptions.

Speaker #2: We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filing, including our 2025 10-K filed this morning, for factors that may cause actual results to differ materially from our forward-looking statements.

Speaker #2: We'd also like to point out that we may present non-GAAP measures in addition to, not as a substitute for, financial measures calculated in accordance with GAAP.

William Kent: We'd also like to point out that we may present non-GAAP measures in addition to, not as a substitute for, financial measures calculated in accordance with GAAP. I'll now hand the call over to Dusty.

Speaker #2: I'll now hand the call over to Dusty.

Speaker #3: Thank you, Will, and welcome, everyone. Today's call marks the beginning of a new leadership phase for our company. We are simplifying the company, focusing entirely on financial infrastructure and aligning the business around discipline and execution. In the past, the market saw ambitious ideas that lacked consistent follow-through.

Dusty Wunderlich: Thank you, Will, and welcome everyone. Today's call marks the beginning of a new leadership phase for our company. We're simplifying the company, focusing entirely on financial infrastructure and aligning the business around disciplined execution. In the past, the market saw ambitious ideas that lacked consistent follow-through. Our goal now is to restore investor confidence through measurable execution. We are moving forward with four core themes. Strategic focus, operational accountability, cash efficiency, and a drive toward higher revenue per employee. Despite headwinds in certain sectors, our Fintech strategy is working. We delivered over 80% year-over-year growth, bolstered by a strong Q4 performance with over 100% quarter-over-quarter growth. This growth is driven by our focus on Fintech infrastructure and credit products, particularly within underserved but economically meaningful industries. Notably, alongside this meaningful revenue growth, we reduced SG&A expenses by $9.9 million year-over-year.

Speaker #3: Our goal now is to restore investor confidence through measurable execution. We are moving forward with four core themes: strategic focus, operational accountability, cash efficiency, and a drive toward higher revenue per employee.

Speaker #3: Despite headwinds in certain sectors, our fintech strategy is working. We delivered over 80% year-over-year growth bolstered by a strong fourth-quarter performance with over 100% quarter-over-quarter growth.

Speaker #3: This growth is driven by our focus on fintech infrastructure and credit products, particularly within underserved but economically meaningful industries. Notably, alongside this meaningful revenue growth, we reduced SG&A expenses by 9.9 million year-over-year.

Speaker #3: A clear example is the firearms industry. While broader market data suggests softness, our business continues to grow. This statement is well-supported by the December 2025 NSSF-adjusted NICs checks.

Dusty Wunderlich: A clear example is the firearms industry. While broader market data suggests softness, our business continues to grow. This statement is well supported by the December 2025 NSSF adjusted NICS checks, which declined approximately 3.4% year-over-year in December. We believe this is structural market shift, not a contraction. Younger digital-first buyers, specifically Millennials and Gen Z, are moving towards e-commerce infrastructure, which directly benefits our payments and credit businesses. Further to this point, we significantly increased our repeat credit customer rates in Q4 as well as year-over-year, helping us drive efficient and cost-effective growth. To support this lean high output model, we have taken decisive action. Since September, we have reduced our headcount from 87 employees to approximately 50. We have significantly lowered our operating expenses while continuing to grow revenue year-over-year.

Speaker #3: Which declined approximately 3.4% year-over-year in December. We believe this has structural market shift not a contraction, younger digital-first buyers specifically millennials and Gen Z are moving towards e-commerce infrastructure which directly benefits our payments and credit businesses.

Speaker #3: Further to this point, we significantly increased our repeat credit customer rate in Q4, as well as year-over-year, helping us drive efficient and cost-effective growth.

Speaker #3: To support this lean, high-output model, we have taken decisive action. Since September, we have reduced our headcount from 87 employees to approximately 50. We have significantly lowered our operating expenses while continuing to grow revenue year over year.

Dusty Wunderlich: Note, we incurred approximately $250,000 in cash severance expense in Q4. We expect to recognize certain one-time severance costs in the first half of 2026, but the net impact of these reductions will result in lower cash burn in the coming quarters and should bring us much closer to profitability in the near term. We believe that a key metric of success that can be easily measured is revenue produced per employee, and we expect this metric to grow significantly throughout 2026 as we continue simplifying the organization and concentrating our efforts on the core business of credit, payments, and financial infrastructure. As we complete the divestiture or restructuring non-core assets and continue deploying automation and AI tools internally, we believe our organization will be capable of producing materially more revenue with fewer people and significantly lower cost structure.

Speaker #3: Note, we incurred approximately $250,000 in cash severance expense in Q4. We expect to recognize certain one-time severance costs in the first half of 2026, but the net impact of these reductions will result in lower cash burn in the coming quarters and should bring us much closer to profitability in the near term.

Speaker #3: We believe that a key metric of success that can be easily measured is revenue produced per employee. And we expect this metric to grow significantly throughout 2026 as we continue simplifying the organization and concentrating our efforts on the core business of credit, payments, and financial infrastructure.

Speaker #3: As we complete the divestiture or restructuring of non-core assets and continue deploying automation and AI tools internally, we believe our organization will be capable of producing materially more revenue with fewer people and a significantly lower cost structure.

Speaker #3: Artificial intelligence is central to this productivity leverage. We have already seen meaningful improvements in underwriting performance within our Cordova credit platform through the application of machine learning and AI-driven credit scoring models.

Dusty Wunderlich: Artificial intelligence is central to this productivity leverage. We've already seen meaningful improvements in underwriting performance within our Credova credit platform through the application of machine learning and AI-driven credit scoring models. We are now expanding the use of AI across multiple parts of the business, including engineering productivity, financial operations, and risk monitoring. These tools enable a leaner team to operate with greater speed and precision, which is essential as we scale the company's FinTech infrastructure. Looking ahead, we expect significant disintermediation across the payments ecosystem. Traditional payment rails were largely built decades ago and were designed for a very different financial environment. They rely on multiple intermediaries, legacy infrastructure, and settlement processes that introduce friction, costs, and latency into transactions.

Speaker #3: We are now expanding the use of AI across multiple parts of the business, including engineering productivity, financial operations, and risk monitoring. These tools enable a leaner team to operate with greater speed and precision, which is essential as we scale the company's fintech infrastructure.

Speaker #3: Looking ahead, we expect significant disintermediation across the payments ecosystem. Traditional payment roles were largely built decades ago and were designed for a very different financial environment.

Speaker #3: They rely on multiple intermediaries, legacy infrastructure, and settlement processes that introduce friction, costs, and latency into transactions. As new financial technologies mature, we are seeing the emergence of more efficient systems that enable faster settlement, lower transaction costs, and more direct relationships between merchants, consumers, and financial institutions.

Dusty Wunderlich: As new financial technologies mature, we are seeing the emergence of more efficient systems that enable faster settlement, lower transaction costs, and more direct relationships between merchants, consumers, and financial institutions. These technologies are fundamentally reshaping how payments infrastructure is built and who participates in the value chain. In our view, the payments industry is entering a period where many of the legacy layers historically sat between the merchant and the customer will be compressed or eliminated. This creates an opportunity for new platforms that can provide integrated financial services, simplified payment flows, and better alignment with the needs of modern merchants. At PSQ Holdings, we believe our approach positions us well for this shift. Rather than simply participating in legacy payment rails, our focus is on building a more integrated financial platform designed specifically for merchants and consumers we serve.

Speaker #3: These technologies are fundamentally reshaping how payments infrastructure is built and who participates in the value chain. In our view, the payments industry is entering a period where many of the legacy layers that historically sat between the merchant and the customer will be compressed or eliminated.

Speaker #3: This creates an opportunity for new platforms that can provide integrated financial services, simplified payment flows, and better alignment with the needs of modern merchants.

Speaker #3: At PSQ Holdings, we believe our approach positions us well for this shift. Rather than simplify simply participating in legacy payment rails, our focus is on building a more integrated financial platform designed specifically for merchants and consumers we serve.

Speaker #3: Over time, we believe this will allow us to reduce friction, increase merchant economics, and capture more value within the transaction lifecycle. Our overall approach to payments also includes a practical approach to digital assets.

Dusty Wunderlich: Over time, we believe this will allow us to reduce friction, increase merchant economics, and capture more value within the transaction lifecycle. Our overall approach to payments also includes a practical approach to digital assets. We are not approaching Bitcoin or digital assets as a speculative balance sheet investment. Instead, we are evaluating how stable coins and blockchain-based settlement rails may improve transaction speed, reduce payment costs, and increase reliability for our merchant partners over time. Our goal is to position PSQ as a modern financial infrastructure provider to industries that have historically been underserved by large financial institutions. Finally, regarding our portfolio, we are evaluating divestitures in the future of the Impact platform. We are in active discussions with several interested parties regarding our EveryLife business and will provide updates when appropriate. Finally, we are pleased with the early results of our Impact platform.

Speaker #3: We are not approaching Bitcoin or digital assets as a speculative balance sheet investment. Instead, we are evaluating how stablecoins and blockchain-based settlement rails may improve transaction speed, reduce payment costs, and increase reliability for our merchant partners over time.

Speaker #3: Our goal is to position PSQ as a modern financial infrastructure provider to industries that have historically been underserved by large financial institutions. Finally, regarding our portfolio, we are evaluating divestitures in the future of the impact platform.

Speaker #3: We are an active discussion with several interested parties regarding our everyday business and will provide updates when appropriate. And finally, we are pleased with the early results of our impact platform.

Speaker #3: The technology is live in the market, and we look forward to sharing more about how it fits within our broader payments roadmap over time.

Dusty Wunderlich: The technology is live in the market, and we look forward to sharing more about how it fits within our broader payments roadmap over time. Our objective now is straightforward. Simplify the company, strengthen the balance sheet, and compound the core FinTech platform. Now I'd like to hand it over to our Chief Financial Officer, James Rinn.

Speaker #3: Our objective now is straightforward: simplify the company, strengthen the balance sheet, and compound the core fintech platform. Now, I'd like to hand it over to our Chief Financial Officer, James Rinn.

Speaker #4: Thank you, Dusty, and good morning, everyone. The theme for the second half of 2025 was executional discipline in strategic focus. Over the last several quarters, we communicated clear objectives.

James Rinn: Thank you, Dusty, and good morning, everyone. The theme for the second half of 2025 was executional discipline and strategic focus. Over the last several quarters, we communicated clear objectives. Reduce operating cash burn while focusing on and efficiently growing our financial technology platform. We made meaningful progress on both fronts during 2025, and it has resulted in significant improvement in the financial results and will benefit the company as we move forward. Let's walk through the key financial highlights from the Q4 and year-to-date 2025 results. In regard to revenue growth and financial performance, we reported net revenue from continuing operations of $18.2 million for 2025 above our previous 2025 guidance of $16.5 million. That's 81% year-over-year increase compared to $10.1 million in 2024.

Speaker #4: Reduce operating cash burn while focusing on an efficiently growing our financial technology platform. We made meaningful progress on both fronts during 2025, and it has resulted in significant improvement in the financial results and will benefit the company as we move forward.

Speaker #4: Let's walk through the key financial highlights from the fourth quarter and year-to-date 2025 results. In regard to revenue growth and financial performance, we reported net revenue from continuing operations of $18.2 million for 2025, above our previous 2025 guidance of $16.5 million.

Speaker #4: That's 81% year-over-year increase compared to $10.1 million in 2024. GMV grew $411% year-over-year to the growth of our payments business. The breakdown of revenue for Q4 illustrates the strength of our current revenue streams.

James Rinn: GMV grew 411% year-over-year to the growth of our payments business. The breakdown of revenue for Q4 illustrates the strength of our current revenue streams. Financial technology, which includes payment processing via PSQ Payments and credit offering via Credova, earned $7.3 million in net revenue, 109% increase from the prior year. Our credit business revenue in Q4 increased by $1.5 million or 47% year-over-year to $4.8 million in Q4 of 2025. One area we have focused on improving is repeat usage of the Credova platform. During 2025, repeat customers increased 25% compared to 2024, demonstrating stronger customer engagement and retention across our ecosystem.

Speaker #4: Financial technology, which includes payment processing via PSQ Payments and credit offering via Cordova, earned $7.3 million in net revenue, a 109% increase from the prior year.

Speaker #4: Our credit business revenue in Q4 increased by $1.5 million or 47% year-over-year to $4.8 million in Q4 of 2025. One area we have focused on improving is repeat usage of the Cordova platform.

Speaker #4: During 2025, repeat customers increased 25% compared to 2024. Demonstrating stronger customer engagement and retention across our ecosystem. Our loan charge-offs reduced by $466,000 or 34%, reflecting the continued maturation of the portfolio and improvements we made to underwriting and credit selection.

James Rinn: Our loan charge-offs reduced by $466,000 or 34%, reflecting the continued maturation of the portfolio and improvements we made to underwriting and credit selection. This portfolio performance improvement was driven primarily by enhanced underwriting discipline and an increasing mix of prime paper within the portfolio, which improved overall credit performance. Regarding operating expense control, for continuing operations, I would like to highlight the following. The company maintained strong expense discipline in Q4 and continued to optimize capital allocation. As Dusty mentioned, our operating efficiency continues to improve into 2026. In 2025, general and administrative expenses reduced by $9.9 million or 26% compared to the prior year. R&D expenses for 2025 increased $1.9 million over the prior year. We continued to invest in internally developed software.

Speaker #4: This portfolio performance improvement was driven primarily by enhanced underwriting discipline and an increasing mix of prime paper within the portfolio, which improved overall credit performance.

Speaker #4: Regarding operating expense control and for continuing operations, I would like to highlight the following: the company maintains strong expense discipline in Q4 and continued to optimize capital allocation.

Speaker #4: As Dusty mentioned, our operating efficiency continues to improve into 2026. In 2025, general and administrative expenses reduced by $9.9 million, or 26%, compared to the prior year.

Speaker #4: R&D expenses for 2025 increased $1.9 million over the prior year. We continue to invest in internally developed software. These actions drove the increase in expense and we allocated $2.9 million of capital for ongoing enhancements to our fintech platforms.

James Rinn: These actions drove the increase in expense, and we allocated $2.9 million of capital for ongoing enhancements to our Fintech platforms. Ultimately, our disciplined execution resulted in a notable improvement in our operating loss of $9.7 million compared to the prior year, and a $32 million operating loss for the year. I will note that $16.7 million of the 2025 operating loss related to non-cash stock-based compensation expenses, and depreciation and amortization. It is also worth highlighting that the company's board of directors and executive team have outlined an operating plan which reflects the strategic shift to focus exclusively on Fintech operations to improve the company's cash position and involves a variety of cash management initiatives. This plan is supported by a strong Fintech performance in the second half of 2025, which has continued with solid momentum into 2026.

Speaker #4: Ultimately, our disciplined execution resulted in a notable improvement in our operating loss of $9.7 million compared to the prior year, and a $32 million operating loss for the year.

Speaker #4: I will note that $16.7 million of the 2025 operating loss related to non-cash stock-based compensation expenses and depreciation in amortization. It is also worth highlighting that the company's board of directors and executive team have outlined an operating plan which reflects the strategic shift to focus exclusively on fintech operations to improve the company's cash position and involves a variety of cash management initiatives.

Speaker #4: This plan is supported by a strong fintech performance in the second half of 2025, which has continued with solid momentum into 2026. The cash management initiatives include the divestiture of its brand segment and the winding down of the marketplace, reducing corporate operating expenses, and staff reductions of over 40%.

James Rinn: The cash management initiatives include the divestiture of its brand segment and the winding down of the marketplace, reducing corporate operating expenses and staff reductions of over 40%. In addition, the company is working to terminate or reduce contractor and consulting agreements. These executed and planned cost reductions that started in Q4 of 2025 are expected to result in annualized cash savings of approximately $8 million. Transitioning to discuss gross margins, Fintech, our non-GAAP gross margin for 2025 was 69% compared to 96% in 2024. The decline is related to revenue mix changes and the growth of our lower margin payment processing revenues. I would point out that the bundling of the services while reducing gross margin percentage creates a much stickier merchant relationship, higher customer retention, and higher LTV. Discussing cash flow and liquidity.

Speaker #4: In addition, the company is working to terminate or reduce contractor and consulting agreements. These executed and planned cost reductions, which started in the fourth quarter of 2025, are expected to result in annualized cash savings of approximately $8 million.

Speaker #4: Transitioning to discuss gross margins, fintech, our non-gap gross margin for 2025 was 69% compared to 96% in 2024. The decline is related to revenue mix changes and the growth of our lower margin payment processing revenues.

Speaker #4: I would point out that the bundling of the services, while reducing gross margin percentage, creates a much stickier merchant relationship and higher customer retention and higher LTV.

Speaker #4: Discussing cash flow and liquidity, as of December 31st, PSQ Holdings had $16.1 million of cash and restricted cash, which included $0.4 million related to discontinued operations.

James Rinn: As of December 31, PSQ Holdings had $16.1 million of cash and restricted cash, which included $0.4 million related to discontinued ops. Net cash for operating activity decreased by $14.2 million during 2025 as compared to the prior year due to cost discipline initiatives we implemented throughout the year that began to take effect, as well as the gross margin growth in 2025. On our revolving line of credit that we utilized to finance our Credova credit products, we had $6.2 million outstanding on our $10 million line of credit. Moving on to discontinued ops. Brands driven primarily by EveryLife earned revenue in 2025 of $14.2 million, which is an increase of $4 million and 40%. Marketplace earned $1.1 million in 2025, which was in line with our expectations.

Speaker #4: Net cash for operating activities decreased by $14.2 million during 2025 as compared to the prior year, due to cost discipline initiatives we implemented throughout the year.

Speaker #4: That began to take effect as well as the gross margin growth in 2025. On our revolving line of credit, that we utilized to finance our Cordova credit products, we had $6.2 million outstanding on our $10 million line of credit.

Speaker #4: Moving on to discontinued ops, brands driven primarily by EveryLife earned revenue in 2025 of $14.2 million, which is an increase of $4 million, or 40%.

Speaker #4: Marketplace earned $1.1 million in 2025, which was in line with our expectations. In closing, 2025 represented an important transition year for the company. We significantly reduced operating cash burn.

James Rinn: In closing, 2025 represented an important transition year for the company. We significantly reduced operating cash burn. We are growing revenue at a strong pace, maintaining healthy margins and significantly narrowing operating losses due to staff reductions, operating efficiencies in part due to leveraging AI and reducing operating costs year over year. We believe we are 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 Dusty for some final words about our path forward.

Speaker #4: We are growing revenue at a strong pace. Maintaining healthy margins and significantly narrowing operating losses due to staff reductions operating efficiencies in part due to leveraging AI and reducing operating costs year over year.

Speaker #4: We believe we are 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 Dusty for some final words about our path forward.

Speaker #1: Thank you, James. In closing, as I mentioned in my letter to shareholders in early February, I speak less by design. You should not expect frequent commentary driven by market volatility.

Dusty Wunderlich: Thank you, James. In closing, as I mentioned in my letter to shareholders in early February, I speak less by design. You should not expect frequent commentary driven by market volatility. Instead, you should expect deliberate communication when there is meaningful progress to report. Our goal is to build credibility with investors through consistent execution, discipline, capital allocation, and transparent reporting. Thank you all for joining us today, and I'll turn it over to questions now.

Speaker #1: Instead, you should expect deliberate communication when there is meaningful progress to report. Our goal is to build credibility with investors, through consistent execution, discipline, capital allocation, and transparent reporting.

Speaker #1: Thank you all. For joining us today, and I'll turn it over to questions now.

Speaker #2: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press *1 on your telephone keypad.

Operator 3: Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. If you'd like to withdraw your question, simply press star one again. Your first question comes from the line of Thomas Forte from Maxim Group. Your line is open.

Operator: Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. If you'd like to withdraw your question, simply press star one again. Your first question comes from the line of Thomas Forte from Maxim Group. Your line is open.

Speaker #2: If you'd like to withdraw your question, simply press star one again. Your first question comes from a line of Thomas Forte from Maxim Group.

Speaker #2: Your line is open.

Speaker #3: Great. First off, Dusty and James, congrats on the progress. So I have a handful of questions. I think I'll go with three and then I'll get back in the queue.

Thomas Forte: Great. First off, Dusty and James, congrats on the progress. I have a handful of questions. I think I'll go with three, and then I'll get back in the queue. Dusty, first off, congratulations on being named Chairman and CEO of PSQ Holdings. Since this is your first earnings call after the management change, why was now the appropriate time for the management change? At a high level, how do you intend to run the company similarly to, and different from, Michael?

Speaker #3: So Dusty, first off, congratulations on being named chairman and CEO of PSQ Holdings. Since this is your first earnings call up to the management change, why was now the appropriate time for the management change and at a high level how do you intend to run the company similarly to and different from Michael?

Dusty Wunderlich: Tom, good to hear from you, and thanks for being here and the thoughtful questions as always. It's a great question. This is the management change was something deliberated at the board level for a long period of time as we were making this strategic pivot into Fintech and Fintech infrastructure. Over a period of time through the back half of last year, in unison with the board, Michael and myself, we ultimately thought that, you know, giving me the chairmanship and the CEO role was the best for the future of Fintech, given my background in financial technology throughout my career and the team at Credova that I've led that is really at the core of the Fintech team that is taking this company forward.

Speaker #1: Tom, good to hear from you and thanks for being here and the thoughtful questions, as always. And it's a great question, and this management change was something deliberated at the board level for a long period of time as we were making this strategic pivot into fintech and fintech infrastructure.

Speaker #1: And over a period of time, through the back half of last year, in unison with the board, Michael and myself, we ultimately thought that giving me the chairmanship and the CEO role was the best for the future of fintech, given my background in financial technology throughout my career and the team at Cordova that I've led that is really at the core of the fintech team that is taking this coming forward.

Dusty Wunderlich: It was a very deliberate process. I know these always seem, at times from the outside looking in, abrupt, but it's something that we spent a lot of time thinking through and working through as a team. Now, I'd say what are the differences really in how I'll lead and, versus Michael and what are the similarities. You know, what brought Michael and I together to start with the Credova transaction is this. We truly believed in free markets, and we both had a passion for serving consumers and merchants that have been really disenfranchised. That could be from a financial technology perspective, that could have been from a marketplace perspective, or just consumers that didn't have products that aligned with their values.

Speaker #1: So, it was a very deliberate process. I know these always seem, at times, from the outside looking in, abrupt, but it's something that we spent a lot of time thinking through and working through as a team.

Speaker #1: Now, I'd say, what are the differences really in how I'll lead versus Michael, and what are the similarities? What brought Michael and I together to start with— with the Cordova transaction— is that we truly believed in free markets, and we both had a passion for serving consumers and merchants that have been really disenfranchised. And that could be from a financial technology perspective; that could have been from a marketplace perspective.

Speaker #1: We're just consumers that didn't have products that aligned with their values. So our passion for the segment of merchants and consumers, and really free markets, is not going to change at all.

Dusty Wunderlich: Our passion for that segment of merchants and consumers and really free markets is not gonna change at all. We were always aligned, and I will continue to lead the company that way. Now from an operational perspective, you know, it would be run quite differently. That's where we really depart. You probably heard from my words today in my shareholder letter that, you know, I come from a background of running very capital efficient businesses, really leaning into technology, finding out a way to drive more revenue per employee, and to really think about cash flow and EBITDA long term, and to drive that shareholder value. That's where you'll see a stark difference in really leaning into operational and capital discipline going forward.

Speaker #1: We were always aligned and I will continue to lead the company that way. Now from an operational perspective, it would be run quite differently.

Speaker #1: That's where we really depart and you probably heard from my words today and my shareholder letter is that I come from a background of running very capital-efficient businesses, really leaning into technology, finding out a way to drive more revenue per employee, and long-term and to drive that shareholder value.

Speaker #1: So that's where you'll see a stark difference and really leaning into operational and capital discipline going forward.

Thomas Forte: Wonderful. All right. The second one I had was, so Dusty, specifically given your background, to the extent I guess you haven't already explained, how will your go-to-market strategy change for the company's Fintech efforts?

Speaker #3: Wonderful. All right. So then the second one I had was, so Dusty, specifically given your background, to the extent I guess you haven't already explained, how will your go-to-market strategy change for the company's fintech efforts?

Dusty Wunderlich: Yeah. It's a great question, Tom. You know, it's for us, it's just executing on what's working. As you can see from the back half of 2025, once we really leaned in, focused, and got the right players on the right seats on the bus, Fintech is executing and we're growing. There's market demand there for good financial infrastructure. There is for credit products and payment products really in these industries that tend to be highly regulated or disenfranchised by the financial system. As we are saying here today, a lot of our team is first things first, and we're gonna continue to go and execute on that. We believe that there is a tremendous TAM there to continue to tap into.

Speaker #1: Yeah, it's a great question, Tom. And for us, it's just executing on what's working. As you can see from the back half of 2025, once we really leaned in, focused, and got the right players in the right seats on the bus, fintech is executing and we're growing.

Speaker #1: So there's market demand there. For good financial infrastructure, there is for credit products and payment products, really in these industries that tend to be highly regulated or disenfranchised by the financial system.

Speaker #1: So, as we are saying here today, a lot of our team is first things first, and we're going to continue to go and execute on that.

Speaker #1: We believe that there is a tremendous TAM there to continue to tap into, and that's really our go-to-market strategy—to just continue to execute efficiently on that strategy.

Dusty Wunderlich: That's really our go-to-market strategy is just continue to execute efficiently on that strategy.

Thomas Forte: Excellent. Last one, then I'll get back in the queue. What are your capital priorities, including paying down debt, investing in the business, and then maybe even further out, engaging in strategic M&A?

Speaker #3: Excellent. Last one, and I'll get back in the queue. So, what are your capital priorities, including paying down debt, investing in the business, and then maybe even further out, engaging in strategic M&A?

Dusty Wunderlich: Yeah. It really goes back just to the last question, Thomas, is we have to show the market and our shareholders that we can run a capital efficient business as it stands today. Our focus in 2026 is driving that revenue per employee, becoming more cash efficient and, you know, moving this company to, you know, profitability. To me, once you do that creates optionality around all these other areas of paying down debt, expanding through strategic M&A. Again, I would say first things first. We have to go run a disciplined business, and then that will give us the optionality to start thinking about how we clean up the balance sheet or how we continue to strategically grow from there.

Speaker #1: Yeah, and it really goes back just to the last question, Tom, is we have to show the market and our shareholders that we can run a capital-efficient business as it stands today.

Speaker #1: So our focus in 2026 is driving that revenue per employee, becoming more cash efficient, and moving this company to—once you do that, that creates optionality around all these other areas of paying down debt, expanding through strategic M&A. So, again, I would say first things first: we have to go run a disciplined business, and then that will give us the optionality to start thinking about how we clean up the balance sheet or how we continue to strategically grow from there.

Thomas Forte: Great. Thanks, Dusty. I'll get back in the queue.

Speaker #3: Great. Thanks, Dusty. I'll get back in the queue.

Dusty Wunderlich: Thanks, Tom.

Speaker #1: Thanks, Tom.

Operator 3: Your next question comes from a line of Darren Aftahi from Roth Capital Partners. Your line is open.

Operator: Your next question comes from a line of Darren Aftahi from Roth Capital Partners. Your line is open.

Speaker #2: Your next question comes from a line of Darren Aftahi from Roth Capital Partners. Your line is open.

Darren Aftahi: Yeah, good morning. Hey, Dusty. Hey, Jim. Thanks for taking my questions, and congrats on the new role, Dusty. I guess kind of going back to your roots, obviously being the founder of Credova and now running a company, your core focus was outdoor and firearms. I guess with maybe a bigger platform now with PSQ, like, where do you see kind of low-hanging fruit in payments and credit that would not be super capital intensive to the business. Said another way, like, where do you see the biggest opportunity that's gonna have the best return for you, kind of near term view on your core areas of focus?

Speaker #4: Yeah. Good morning. Hey, Dusty. Hey, Jim. Thanks for taking my questions, and congrats on the new role, Dusty. I guess, kind of going back to your roots—obviously being the founder of Cordova and now running the company—your core focus was outdoor and firearms.

Speaker #4: I guess with maybe a bigger platform now with PSQ, where do you see kind of low-hanging fruit in payments and credit that would not be, I guess, super capital intensive to the business?

Speaker #4: Said another way, where do you see the biggest opportunity that's going to have the best return for you kind of near-term view on your core areas of focus?

Dusty Wunderlich: Yeah. Darren, good to hear from you. Thanks for being on the call, and it's a great question and you're absolutely right. We were very singularly focused at Credova when we were building that out. One of the areas that attracted us to PSQ from an acquisition perspective is, although we focus on an industry, we knew we shared a broader demographic with PublicSquare, both from a merchant and consumer perspective. Being in the PublicSquare ecosystem has really, you know, opened our eyes to that. Darren, there isn't, you know, a week that goes by that we don't get some type of call where someone has been turned off from payments for a whole host of reasons, from really just political-based reasons to, you know, a processor just doesn't like their business anymore.

Speaker #1: Yeah. Jen, good to hear from you. Thanks for being on the call and it's a great question and you're absolutely right. We were very singularly focused at Cordova when we were building that out, but one of the areas that attracted us to PSQ from an acquisition perspective is although we focus on an industry, we knew we shared a broader demographic with public square, both from a merchant and consumer perspective.

Speaker #1: And being in the public square ecosystem has really opened our eyes to that. And Darren, there isn't a week that goes by that we don't get some type of call where someone has been turned off from payments for a whole host of reasons, from really just political-based reasons to a processor just doesn't like their business anymore.

Dusty Wunderlich: This is where we thrive. We lean into the areas of the market where a lot of traditional fintech shies away from. One of those areas we've been recently doing that is the 501(c)(3) and 501(c)(4) space. That's an area that we think is a natural fit, and that's an area where we're seeing, you know, a whole host of cancellation risk, especially on the payment side. You know, for us, we're just naturally seeing organically through our network, as people know that we're leaning into these industries that have been disenfranchised by the financial system, that we're organically getting opportunities.

Speaker #1: And this is where we thrive. We lean into the areas of the market where a lot of traditional fintech shies away from. One of those areas we've been recently doing that is the 503 and 504 space.

Speaker #1: That's an area that we think is a natural fit, and that's an area where we're seeing a whole host of cancellation risk, especially on the payment side.

Speaker #1: So for us, we're just naturally seeing, organically through our network, as people know that we're leaning into these industries that have been disenfranchised by the financial system, that we're organically getting opportunities.

Dusty Wunderlich: Another one there that we're seeing, you know, opportunity is Michael Perkins, who's now our Chief Operating Officer, came from the company he helped build, which is LoanPaymentPro, that served payments for the lending industry. That's another industry that's had a troubled past with, you know, just processing payments. We see that as another industry where we're gonna have opportunity to lean into. Some of these are, you know, within our product roadmap, Darren, some of these we're just seeing organically come up as our brand becomes more associated with unique fintech infrastructure that's gonna serve industries that have been mistreated by the financial system.

Speaker #1: Another one there that we're seeing opportunity is Michael Perkins, who's now our Chief Operating Officer, came from the company he helped build, which is Loan Payments Pro, that served on payments for the lending industry.

Speaker #1: And that's another industry that's had a troubled past with just processing payments and so we see that as another industry where we're going to have opportunity to lean these are within our product roadmap.

Speaker #1: Darren, some of these we're just seeing organically come up is our brand becomes more associated with unique fintech infrastructure that's going to serve industries that have been mistreated by the financial system.

Darren Aftahi: Great. Then a couple more if I could. I know in the past, you guys have talked about, potentially having a digital asset strategy. Is that still part of the go forward portfolio, or is that something that maybe is this past predecessor?

Speaker #3: Great. And then a couple more, if I could. I know in the past, you guys have talked about potentially having a digital asset strategy.

Speaker #3: Is that still part of the go-forward portfolio or is that something that maybe is past predecessor?

Dusty Wunderlich: Yeah, I mean, as I kinda mentioned in my comments today, where we're really focused from a digital asset perspective is how do we really usher in what we believe is the most important part of digital assets is the new payment rails, specifically, stablecoins. To us, that is going to fundamentally change the payment rails. It's going to compress the payment rails, and is gonna push more money back to merchants and consumers. It's going to make for more seamless and safe transactions. Our focus is very much there in this new season under my leadership, Darren, is how do we implement really digital assets or currencies into the payment stack?

Speaker #1: Yeah. I mean, as I kind of mentioned in my comments today, where we're really focused from a digital asset perspective, is how do we really usher in what we believe is the most important part of digital assets is the new payment rails, specifically stablecoins.

Speaker #1: And to us, that is going to fundamentally change the payment rails. It's going to compress the payment rails, and it's going to push more money back to make for more seamless and safe transactions.

Speaker #1: So our focus is very much there in this new season, under my leadership, Darren, is how do we implement really digital assets or currencies into the payment stack?

Dusty Wunderlich: As we discussed in the past, where we also think it's interesting for there and continue to as we explore how we fit into this new ecosystem is really that treasury as a service that we talked about. Once we start seeing stable coins and digital assets running through the payment rails, we want merchants to be able to be their own bank and be able to hold that currency and make returns off of it. This is where we really see the future of digital assets and stable coins is first the payment rails, and then how do we help and facilitate merchants be their own bank. This goes into our core thesis of that cancellation risk and taking out those multitude of intermediaries that can cause issues and cancellation within the payment stack.

Speaker #1: And as we discussed in the past, where we also think it's interesting for there, and continue to, as we explore how we fit into this new ecosystem, is really that treasury as a service that we talked about.

Speaker #1: Once we start seeing stablecoins and digital assets running through the payment rails, we want merchants to be able to be their own bank, and be able to hold that currency and make returns off of it.

Speaker #1: And this is where we really see the future of digital assets and stablecoins is first the payment rails and then how do we help and facilitate merchants be their own bank?

Speaker #1: And this goes into our core thesis of that cancellation risk. And taking out those multitude of intermediaries that can cause issues and cancellation within the payment stack.

Darren Aftahi: Great. One last one from me. You mentioned AI and obviously this headcount reduction, you'll be leaning into AI for, you know, the platform in general. Just as it pertains to kinda what you just mentioned about stable coins or some other companies that are leaning into intrinsic AI and AI finance, I'm just wondering, AI is kind of a vague word, but when you say that, like, how encompassing is PSQ gonna lean into? Is that gonna be part of product offerings? Is it gonna be used internally? All the above? Just any kind of enlightenment would be great. Thanks.

Speaker #3: Great. And one last one for me. You mentioned AI, and obviously, with this headcount reduction, you'll be leaning into AI for the platform in general.

Speaker #3: But just as it pertains to what you just mentioned about stablecoins or some other companies that are leaning into agentic AI and AI finance, I'm just wondering—AI is kind of a vague word, but when you say that, how encompassing is PSQ going to lean into?

Speaker #3: Is that going to be part of product offerings? Is it going to be used internally? All of the above—just any kind of enlightenment would be great.

Dusty Wunderlich: Yeah, it's a great question. Yeah, right now we're internally putting together an AI task force. It's a big buzzword right now, but we wanna be very thoughtful and intentional about a comprehensive strategy within our business. We were very early adopters of AI on the Credova side. We started running machine learning and AI back to 2021, and we've seen significant results out of that and continue to train our models over a long period of time. Our view of it is what we'll call the AI industrial revolution. What we're doing is really increasing cognitive capacity, as we see it as really a cognitive leverage tool. That's huge for thinking work, which is a lot what we do. That's where we see the lever point.

Speaker #3: Thanks.

Speaker #1: Yeah, it's a great question. And yeah, right now we're internally putting together an AI task force. It's a big buzzword right now, but we want to be very thoughtful and intentional about a comprehensive strategy within our business.

Speaker #1: And we were very early adopters of AI on the Cordova side. We started running machine learning and AI back in 2021. And we've seen significant results out of that and continue to train our models over a long period of time.

Speaker #1: But for our view of it, what we'll call the AI industrial revolution is—what we're doing is really increasing cognitive capacity. We see it as really a cognitive leverage tool.

Speaker #1: So that to us, for thinking work, which is a lot what we do, that's where we see the lever point. So now what could have taken two or three people to cognitively work through a problem?

Dusty Wunderlich: Now what could have taken two or three people to cognitively work through a problem, it might just take one now. We're really assessing what are the leverage points. You know, there's a lot of people talking about it, and a lot of it comes down to how efficiently people are prompting and using AI. Is it a 2 to 1? Is it a 3 to 1? That's what we're assessing right now, and we'll definitely be talking to the market more about that as we go. That really addresses the internal, Darren. I would say the external, how we're really thinking about it is we're watching consumer lending, particularly, is always a very late adopter because of the complexity of the regulation in the market.

Speaker #1: It might just take one now. And we're really assessing what are the leverage points. There's a lot of people talking about it. And a lot of it comes down to how efficiently people are prompting and using AI.

Speaker #1: So is it a two-to-one? Is it a three-to-one? That's what we're assessing right now. And we'll definitely be talking to the market more about that as we go.

Speaker #1: And that really addresses the internal, Darren. I would say externally, how we're really thinking about it is we're watching consumer lending—particularly, it's always a very late adopter.

Speaker #1: Because of the complexity of the regulation in the market, we're very reticent when we're seeing a lot of people say, 'Hey, we've got agentic shopping.'

Dusty Wunderlich: We're very reticent when, you know, we're seeing a lot of people say, "Hey, we've got, you know, agentic shopping. We're going to see agentic lending." Absolutely. But that comes with understanding how that fits within the regulatory framework. I think that's something we're positioned really well to do because we have worked in, you know, between the firearms industry and consumer lending, we've worked within very complex regulatory frameworks. We believe we're in a good position to take advantage of that and do it in a compliant way with regulations. I wouldn't expect anything in the near term there because of the complexity of the regulations around lending and payments.

Speaker #1: We're going to see agentic lending. Absolutely. But that comes with understanding how that fits within the regulatory framework. And I think that's something we're positioned really well to do, because we have worked in between the firearms industry and consumer lending.

Speaker #1: We've worked within very complex regulatory frameworks, so we believe we're in a good position to take advantage of that and do it in a compliant way with regulations.

Speaker #1: But I wouldn't expect anything in the near term there, because of the complexity of the regulations around lending and payments.

Darren Aftahi: That's helpful. Appreciate it, Dusty.

Dusty Wunderlich: Yeah. Thanks, Darren.

Speaker #3: That's helpful. Appreciate it, Dusty.

Operator 3: Your next question comes from a line of Thomas Forte from Maxim Group. Your line is open.

Operator: Your next question comes from a line of Thomas Forte from Maxim Group. Your line is open.

Speaker #1: Yeah. Thanks, Darren.

Speaker #2: Your next question comes from Alina of Thomas Forte from Maxim Group. Your line is open.

Thomas Forte: Great. Last two for me, Dusty, but if you answer these in a provocative manner, I might ask a third. All right. I recognize it's early and the divestiture process is ongoing, but as of today, could you just discuss how you intend to use the proceeds from the sale of the brand segment?

Speaker #3: Great. Last two for me, Dusty. But if you answer these in a provocative manner, I might ask a third. All right. So, I recognize it's early, and the divestiture process is ongoing.

Speaker #3: But as of today, can you discuss how you intend to use the proceeds from the sale of the brand segment?

Dusty Wunderlich: Yeah, no, it's great question, Tom. It's gonna go into, you know, exactly what we discussed today is how do we go and execute in 2026 on, you know, our product roadmap, and how do we do that cost effectively. That is really gonna. It's not gonna be in expanding payroll and going and hiring people. As you know, we're really focused, laser focused on revenue per employee. It's really how do we go and continue to build out the markets that we're in, create product features that are gonna make us more competitive. A big thing we're really focused on, Tom, that leads into this is in the past we were focused sometimes on revenue that drove good top line but really bad gross margin, our overall unit economics.

Speaker #1: Yeah. No, it's great. Great question. Tom. And it's going to go into exactly what we discussed today is how do we go and execute in 2026 on our product roadmap and how do we do that cost-effectively?

Speaker #1: So that is really going to it's not going to be an expanding payroll and going and hiring people because we're really focused laser-focused on revenue per employee.

Speaker #1: It's really how do we go and continue to build out the markets that we're in, create product features that are going to make us more competitive. And a big thing we're really focused on, Tom, that leads into this, is in the past we were focused sometimes on revenue that drove good top line, but really bad gross margin or overall unit economics.

Dusty Wunderlich: It was there for a press release, and that area is changed. Like, we're hyper-focused now on if we're going to get revenue, it's gotta be accretive revenue. It's gotta have good unit economics. That takes investment into the product. It takes thoughtful strategy into how we're targeting markets and how we're positioning ourselves in markets. The use of proceeds are gonna be there to drive those principles and move us closer to profitability.

Speaker #1: And it was there for a press release. And that area has changed. We're hyper-focused now on, if we're going to get revenue, it's got to be accretive revenue.

Speaker #1: It's got to have good unit economics, so that takes investment into the product. It takes thoughtful strategy into how we're targeting markets and how we're positioning ourselves in markets.

Speaker #1: So the use of proceeds are going to be there to drive those principles. And move us closer to profitability.

Thomas Forte: Wonderful. All right, last one, unless you, again, answer it, and I have a follow on. All right. Dusty, you've touched upon a couple metrics on the call, but what would you say are the KPIs we should follow to measure your success in running the business?

Speaker #3: Wonderful. All right. So, last one, unless you again answer it, and I have a follow-on. But all right. So, Dusty, you've touched upon a couple of metrics on the call.

Speaker #3: But what would you say are the KPIs we should follow to measure your success in running the business?

Dusty Wunderlich: Yeah. Great question. Things we're really focused on, we're a growth company. We have to see that there is top line growth. Again, that top line growth needs to be strategic and needs to be smart. You know, a big part of what we're looking at is we wanna drive down that adjusted EBITDA loss, and we eventually wanna turn that positive. I mean, that just has to happen over time as a business. There should be natural friction there between that revenue and then how that's impacting that adjusted EBITDA at the end of the day. The other component that we're looking at very closely is our operating cash flow, and are we driving that down over time?

Speaker #1: Yeah. Great question. Things we're really focused on. We're a growth company. We have to see that there is top-line growth. But again, that top-line growth needs to be strategic and needs to be smart.

Speaker #1: So a big part of what we're looking at is we want to drive down that adjusted EBITDA loss. And we eventually want to turn that positive.

Speaker #1: I mean, that just has to happen over time as a business. So there should be natural friction there between that revenue and then how that's impacting that adjusted EBITDA at the end of the day.

Speaker #1: The other component that we're looking at very closely is our operating cash flow. And are we driving that down over time? Because that has a lot to do with our unit economics, and in our opinion, it's about how efficiently we're using cash based on the revenue we're driving.

Dusty Wunderlich: Because that has a lot to do with our unit economics, in our opinion, is how efficiently are we using cash based on the revenue we're driving. That's another core metric we're looking at. Then, of course, the one I keep hitting on is revenue per employee. I think this is going to be an extremely important metric in the era of AI. I think it's going to get completely repriced in the market as we start to leverage AI, and it's something we're thinking about a lot, in a way we're gonna see how efficiently are we leveraging AI by driving revenue to employee.

Speaker #1: So that's another core metric we're looking at. And then, of course, the one I keep hitting on is revenue per employee. And I think this is going to be an extremely important metric in the era of AI.

Speaker #1: I think it's going to get completely repriced in the market as we start to leverage AI. And it's something we're thinking about a lot in a way we're going to see how efficiently are we leveraging AI by driving revenue to employee.

Thomas Forte: Excellent. All right. I'll end with a statement, and then you can treat my statement as a question if you want. All right, what I've appreciated as a longtime follower of PSQ Holdings is that I view your company as values-based or values-aligned organization. What I appreciate is that I do think you have a very strong fintech business. When you know, finish the divestiture process and focus on the fintech business, I think investors will be real appreciative of the operating results there. I am hopeful and confident that you'll unlock that. I'll leave it with the statement, and if you wanna treat that as a question, go ahead.

Speaker #3: All right. Excellent. So then, I'll end with a statement, and you can treat my statement as a question if you want. All right.

Speaker #3: So what I've appreciated as a longtime follower of PSQ Holdings is that I view your company as values-based or values-aligned organization. And what I appreciate is that I do think you have a very strong fintech business.

Speaker #3: So, when you finish the divestiture process and focus on the fintech business, I think investors would be really appreciative of the operating results there.

Speaker #3: And I am hopeful and confident that you'll unlock that. So I'll leave it with the statement. And if you want to treat that as a question, go ahead.

Dusty Wunderlich: Yeah, absolutely. I mean, it's absolutely top of mind. As we said in the comments, we have several interested buyers at the table. We agree this is an important aspect. One of the things that I've done since I've taken this seat is, I have taken a deep dive into the EveryLife business, and we're continuing to make good, efficient gains there. We're treating it, even though it is in discontinued ops, with the same philosophy as the fintech business. We're gaining, I think, really good efficiencies. It's just making the asset more valuable and more attractive for a sale, Tom.

Speaker #1: Yeah, absolutely. I mean, it's absolutely top of mind. As we said in the comments, we have several interested buyers at the table. We agree this is an important aspect.

Speaker #1: One of the things that I've done since I've taken the seat is I have taken a deep dive into the Every Life business and we're continuing to make good, efficient gains there.

Speaker #1: And we're treating it even though it is in discontinued ops. We're treating it with the same philosophy as the fintech business, and we're gaining, I think, really good efficiencies.

Speaker #1: It's just making the asset more valuable and more attractive for a sale, Tom.

William Kent: Thank you, Dusty.

Speaker #3: Thank you, Dusty.

Operator 3: There are no further phone questions. I will now turn it back to William for some written questions.

Operator: There are no further phone questions. I will now turn it back to William for some written questions.

Speaker #2: And there are no further phone questions. I will now turn it back to William for some written questions.

William Kent: Thanks, Rob. Although most of the questions were answered in the active Q&A, we'll end with one SayItTech question that we received here to finish up the call. Dusty, with the recent pivot towards fintech first and the leadership transition, what are the three most critical milestones for the company in 2026, and as it proves to shareholders that it can move away from its original, quote-unquote, "political brand to a sustainably profitable market, fintech leader?

Speaker #3: Thanks, Rob. Although most of the questions were answered to the active Q&A, we'll end with one SATEC question that we received. Here to finish up the call, Dusty, with the recent pivot towards fintech first and the leadership transition, what are the three most critical milestones for the company in 2026 and as it proves to shareholders that it can move away from its original "political brand" to a sustainably profitable market fintech leader?

Dusty Wunderlich: Yeah. That is a great question. Thank you for submitting that question. It definitely dovetails off what I was talking to Thomas about. His statement at the end is right. We have to finish our divestiture process, which will allow us full and total focus on the fintech business going forward. Then it is that natural tension between driving top-line revenue, but making sure the unit economics of that top-line revenue are being seen not only from reducing operating cash flow, but also reducing our loss on adjusted EBITDA. That's how we're thinking about and measuring the success of our fintech business and the pivot that we're making. We'll see material improvements in all of those areas as a mark of success in 2026.

Speaker #1: great question. Thank you for submitting that question. And it definitely dovetails off what I was talking to Tom about. And his statement at the end is right.

Speaker #1: We have to finish our divestiture process, which will allow us full and total focus on the fintech business going forward. And then there is that natural tension between driving top-line revenue, but making sure the unit economics of that top-line revenue are being seen not only from reducing operating cash flow, but also reducing our loss on adjusted EBITDA.

Speaker #1: And that's how we're thinking about and measuring the success of our fintech business in the pivot that we're making. So we'll see material improvements in all of those areas as a mark of success in 2026.

Operator 3: That will conclude our question and answer session. Please go ahead.

Operator: That will conclude our question and answer session. Please go ahead.

Speaker #2: And that will conclude our oh, I'm sorry. That will conclude our question and answer session. Please go ahead.

Dusty Wunderlich: Yeah. No, we thank you, everyone, and Tom, Darren, thank you for the thoughtful questions today. Much appreciated the way you guys follow our story and thoughtfully analyze our company and for the submitted questions this week as well. We look forward to doing Q1 results here in a short period of time. Thanks, everyone.

Speaker #1: Yeah. No, we thank you, everyone, for and Tom, Darren, thank you for the thoughtful questions today. Much appreciated the way you guys follow our story and thoughtfully analyze our company.

Speaker #1: And for the submitted questions this week as well. And we look forward to doing Q1 results here and a short period of time. So thanks, everyone.

Operator 3: That concludes today's conference call. Thank you for your participation. You may now disconnect.

Operator: That concludes today's conference call. Thank you for your participation. You may now disconnect.

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