WEST PALM BEACH, Fla. - PSQ Holdings, Inc. (NYSE: PSQH), also known as PublicSquare, has announced its financial results for the year ending December 31, 2023, showing a significant increase in net revenue and marketplace growth. The company reported a 1,097% increase in net revenue, reaching $5.7 million compared to the previous year. This growth is attributed to the success of PublicSquare's marketplace, which saw a 529% revenue increase, and its wholly-owned baby-care brand EveryLife, contributing over $2.7 million in new revenue, 70% of which was subscription-based.
The company's consumer base expanded by 338% to over 1.6 million members, while the number of businesses on the platform grew by 130% to over 75,000. These increases coincided with a 549% year-over-year increase in marketplace traffic from November 1 to December 31, 2023, with an average order volume exceeding $70 and user engagement time up by 90%.
Looking forward, PublicSquare has acquired Credova, a leading buy now, pay later provider for the firearms and shooting sports industry, and anticipates further growth through director/affiliate investment. The company's 2024 outlook projects a year-end exit run-rate revenue between $47 million and $53 million. Both EveryLife and Credova are expected to maintain cash flow positivity by the end of 2024.
PublicSquare's Chairman and CEO, Michael Seifert, expressed optimism about the company's potential, citing its growing ecosystem and strategic spending on development and marketing to support ongoing growth. The company also plans to launch new products under the EveryLife brand and develop the PSQ Payments Platform to protect merchants from cancellation, using the existing Credova network.
The company ended 2023 with $16.4 million in cash, despite incurring $6.8 million in one-time transaction costs related to a business combination. PublicSquare anticipates ending 2024 with approximately $8 million to $10 million of cash on the consolidated balance sheet.
PublicSquare will also be participating in the 36th Annual ROTH Conference on March 19, 2024, where Michael Seifert will present and be available for meetings. The company continues its mission to connect patriotic Americans to businesses that share their values, with over 75,000 businesses and 1.6 million consumer members now part of the platform. This information is based on a press release statement from PublicSquare.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.