GrabAGun Digital Holdings Inc【PEW】株式ニュース

GrabAGun Digital Holdings Reports First Quarter 2026 ResultsMay 13, 2026 4:10 PM
Business Wire First Quarter Revenues Increased 11.1% to $25.9 million Firearms Sales Increased 10.5%, Well Ahead of the 1.6% Increase in Adjusted NICS Background Checks Launched PEW Logistics; Investing in Logistics Infrastructure to Drive Next Phase of Growth with Two Manufacturing Partners Onboard to Date GrabAGun Digital Holdings Inc. (“GrabAGun” or the “Company”) (NYSE:PEW), an online retailer of firearms, ammunition and related accessories, today reported first quarter 2026 financial results for the three months ended March 31, 2026. Marc Nemati, Chief Executive Officer of GrabAGun, commented, “We delivered a solid start to fiscal 2026 with firearms sales increasing 10.5% year-over-year, well above the 1.6% increase in Adjusted NICS background checks1 during the first quarter. These results reflect continued market share gains as well as the strength of our technology-driven platform and the loyalty of our growing customer base. “Importantly, we launched PEW Logistics, our white-label direct-to-consumer fulfillment solution for firearms manufacturers, in January 2026. This marked a major milestone in GrabAGun's journey as we continue to expand our B2B offerings and open new revenue streams for the Company. We are proud of the early success we have seen with partners Derya Arms and KelTec® Weapons which have validated PEW Logistics' value proposition and look forward to continuing to grow this business alongside our direct-to-consumer platform. Looking ahead, we remain well-positioned to execute on our growth strategy with over $106 million in cash, minimal debt, and a proven track record of outperforming and leading innovation in our industry. “The ATF has proposed amendments that could allow remote firearm transfers with secure identity verification and direct-to-home delivery under an approved framework, and we believe GrabAGun is uniquely positioned to capitalize on this potential opportunity. For over 15 years, we have invested in building the digital infrastructure, compliance systems and regulatory expertise required to operate in this complex regulatory environment at scale. Few companies have spent that long building the operational foundation that this kind of regulatory evolution would demand." First Quarter Financial Highlights Net revenue was $25.9 million, up 11.1% year-over-year, compared to $23.3 million in the prior-year quarter. Firearms sales increased 10.5% to $21.7 million. Non-firearms sales increased 10.4% to $4.1 million. Service sales totaled $0.1 million as PEW Logistics started generating revenue during the current quarter. Gross profit margin of 10.7% compared with 9.6% gross profit margin in the prior year's quarter. Loss from operations was $2.6 million compared to income from operations of $42 thousand in the prior-year quarter, driven by stock-based compensation expense, public company expenses, and increased personnel costs associated with headcount additions. Net loss was $1.8 million compared to net income of $0.1 million in the prior-year quarter. Adjusted EBITDA2 totaled a loss of $2.0 million for the quarter compared to income of $0.5 million in the prior-year quarter. Cash and cash equivalents of $106 million, or $3.62 per share, with minimal debt, as of March 31, 2026. Business Highlights Overall Customer Lifetime Value3 increased by 4.2% to $906. In Q1 2026, total site traffic grew 12.6% year-over-year with Mobile Sessions4 continuing to be a core driver attributing approximately 67.0% of site traffic, accounting for 70.0% of transactions, and 64.0% of net revenue, demonstrating a beneficial channel mix that aligns with the Company’s mobile-first strategy. For the three months ended March 31, 2026, Company net revenue increased 11.1% compared to the same period in 2025, significantly outpacing the broader industry, as the Adjusted NICS background checks increase of 1.6% during the same period, highlighting the competitive advantages of GrabAGun’s frictionless eCommerce experience. Launched PEW Logistics in January 2026, a wholly-owned subsidiary offering white-label direct-to-consumer fulfillment solutions for firearms manufacturers. Onboarded KelTec® Weapons as the platform's first implementation partner. Added Derya Arms as the second manufacturer partner in March 2026. Executed $2.4 million of share repurchases during the first quarter, with $8.7 million remaining of the Company’s previously authorized $20.0 million share repurchase program, reflecting management’s strong conviction in the Company’s fundamentals and an efficient capital allocation strategy to maximize shareholder value. First Quarter 2026 Conference Call and Webcast Management will host a conference call at 4:30 PM ET today to discuss its first quarter 2026 results. The live webcast and replay will be accessible under the Events & Presentations section of the Company’s Investor Relations website at investors.grabagun.com. About GrabAGun We are defenders. We are sportsmen. We are outdoorsmen. We believe that it is our American duty to help everyone, from first-time buyers to long-time enthusiasts, understand and legally secure their firearms and accessories. That’s why our arsenal is fully packed, consistently refreshed, and always loaded with high-quality, affordable firearms and accessories. Industry-leading brands that GrabAGun works with include Smith & Wesson Brands, Sturm, Ruger & Co., SIG Sauer, Glock, Springfield Armory and Hornady Manufacturing, among others. GrabAGun is a fast growing, digitally native and multi-brand eCommerce retailer of firearms, ammunition and related accessories, and other outdoor enthusiast products. Building on its proprietary software expertise, GrabAGun’s eCommerce site has become one of the leading firearm retail websites. In addition to its eCommerce excellence, GrabAGun has developed industry-leading solutions that transform supply chain management, combining dynamic inventory and order management with AI-powered pricing and demand forecasting. These advancements enable seamless logistics, efficient regulatory compliance and a streamlined experience for customers. Forward-Looking Statements This news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties. Any statements other than historical facts contained herein are forward-looking statements. Forward-looking statements reflect our beliefs and expectations based on current estimates and projections. While we believe these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “forecasts,” “estimates,” “budgets,” “projects,” “strategy,” “guidance,” “outlook,” “believes,” “expects,” “intends,” “plans,” “predicts,” “potential,” “seek,” “continue,” “target,” “goal,” “will,” “would,” “should,” “could,” “can,” “may,” and similar terms, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ending December 31, 2025 as filed with the Securities and Exchange Commission ("SEC") on March 12, 2026, and other documents filed or to be filed by GrabAGun from time to time with the SEC. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. Recipients are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements included herein are only made as of the date of this report, or if earlier, as of the date they were made, and we undertake no obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws. GRABAGUN DIGITAL HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AMOUNTS) March 31, December 31, 2026 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $ 106,428 $ 110,395 Inventory, net 9,156 8,532 Prepaid expenses and other current assets 1,228 1,761 Total current assets 116,812 120,688 Capitalized software, net 893 781 Property and equipment, net 9,694 8,550 Operating lease right-of-use asset — 39 Other assets 1,150 1,204 Total assets $ 128,549 $ 131,262 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 13,033 $ 11,833 Operating lease liability, current — 41 Accrued expenses and other current liabilities 2,038 2,447 Unearned revenue 1,824 2,453 Total current liabilities 16,895 16,774 Long-term debt 7,768 6,887 Total liabilities 24,663 23,661 Commitments and Contingencies (Note 11) Shareholders' Equity: Common stock, $0.0001 par value; 200,000,000 shares authorized; 31,698,936 shares issued and 29,366,740 shares outstanding as of March 31, 2026 and 31,545,268 shares issued and 29,982,590 outstanding as of December 31, 2025 3 3 Treasury stock, 2,332,196 shares as of March 31, 2026 and 1,562,678 shares as of December 31, 2025 (11,269 ) (8,884 ) Additional paid-in capital 121,676 121,171 Accumulated deficit (6,524 ) (4,689 ) Total shareholders' equity 103,886 107,601 Total liabilities and shareholders' equity $ 128,549 $ 131,262 GRABAGUN DIGITAL HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) For the Three Months
Ended March 31, 2026 2025 Net revenues $ 25,928 $ 23,331 Cost of goods sold 23,162 21,091 Gross profit 2,766 2,240 Operating expenses: Sales and marketing 280 239 General and administrative 5,127 1,959 Total operating expenses 5,407 2,198 Income (loss) from operations (2,641 ) 42 Other income: Interest income, net 802 53 Other income, net 4 — Total other income 806 53 Income (loss) before income tax expense (1,835 ) 95 Income tax expense (benefit) — — Net income (loss) $ (1,835 ) $ 95 Weighted-average shares outstanding, basic and diluted 29,653,801 10,000,000 Net income (loss) per share, basic and diluted $ (0.06 ) $ 0.01 GRABAGUN DIGITAL HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) For The Three Months
Ended March 31, 2026 2025 Operating activities: Net income (loss) $ (1,835 ) $ 95 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation 503 — Depreciation of property and equipment 9 5 Amortization of software development costs 66 46 Non-cash lease expense 39 55 Sales return allowance (67 ) (74 ) Inventory returns reserve 58 63 Changes in operating assets and liabilities: Inventory, net (682 ) (1,589 ) Prepaid expenses and other current assets 533 142 Other assets 54 (12 ) Accounts payable 1,159 2,779 Operating lease liability (41 ) (56 ) Accrued and other current liabilities (827 ) (116 ) Unearned revenue (629 ) (58 ) Net cash provided by (used in) operating activities (1,660 ) 1,280 Investing activities: Purchase of property and equipment (1,096 ) (7 ) Additions to capitalized software (155 ) (75 ) Net cash used in investing activities (1,251 ) (82 ) Financing activities: Distributions to GrabAGun Members — (1,020 ) Payments of deferred transaction costs — (647 ) Proceeds from borrowings, net 979 — Payment for stock repurchases (2,035 ) — Net cash provided by (used in) financing activities (1,056 ) (1,667 ) Net increase (decrease) in cash and cash equivalents (3,967 ) (469 ) Cash and cash equivalents, beginning of period 110,395 7,887 Cash and cash equivalents, end of period $ 106,428 $ 7,418 Supplemental disclosures of non-cash investing and financing activities: Deferred transaction costs included in accounts payable $ — $ 136 Stock-based compensation expense capitalized in internal-use software development costs $ 2 $ — Accrued treasury stock repurchases $ 328 $ — Additions of capitalized software included within accounts payable $ 22 $ 10 Purchases of property and equipment included within accounts payable $ 57 $ — Excise tax for stock repurchase included within accounts payable $ 109 $ — Non-GAAP Financial Information We utilize Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP financial measures, to supplement GAAP measures of performance as a tool to evaluate our historical financial and operational performance, identify trends affecting our business, and formulate business plans and make strategic decisions. We believe that Adjusted EBITDA provides users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of interest income, net, income tax, and non-cash expenses, including depreciation, amortization, stock compensation, and certain non-recurring costs, as management does not believe these to be representative of our core earnings. We also provide Adjusted EBITDA margin, which is calculated as Adjusted EBITDA divided by revenue. The non-GAAP financial measures have not been calculated in accordance with GAAP and should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions. Adjusted EBITDA is not a liquidity measure and should not be considered as discretionary cash available to us to reinvest in the growth of our business or to distribute to shareholders or as a measure of cash that will be available to us to meet our obligations. We define Adjusted EBITDA as net income (loss) excluding interest income, net, income tax, and non-cash expenses, including depreciation and amortization, stock-based compensation, and certain non-recurring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue. The following table reconciles our GAAP and non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (in thousands, except percentages): Three months ended March 31, 2026 2025 Net revenues $ 25,928 $ 23,331 Cost of goods sold 23,162 21,091 Gross profit $ 2,766 $ 2,240 % Gross profit 11 % 10 % Net income (loss) $ (1,835 ) $ 95 Interest income, net (802 ) (53 ) Depreciation and amortization 92 51 Stock-based compensation expense 503 — Non-recurring costs (1) — 453 Adjusted EBITDA $ (2,042 ) $ 546 % Adjusted EBITDA margin (8 %) 2 % (1) Non-recurring costs consist of third-party accounting and consulting fees incurred in connection with the Business Combination. 1Adjusted NICS background checks refer to data from the National Instant Criminal Background Check System (NICS) that has been modified by the National Shooting Sports Foundation (NSSF) to exclude checks related to concealed carry permits and permit rechecks. This adjusted data is often used to provide a clearer picture of the firearms market, as the NICS system includes a significant number of checks for permit applications that do not directly correspond to a new firearm sale. 2 Adjusted EBITDA is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how the Company defines and calculates this measure and a reconciliation thereof to net income (loss), the most directly comparable GAAP measure. 3 Customer Lifetime Value is an estimate of the present value of revenue expected from each customer, including the first order plus projected repeat orders. 4 Mobile Session is a period of user interaction with an app or website, initiated when a user opens your app in the foreground or views a page on your website using a mobile device. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513305210/en/ Investors & Media
GrabAGun@icrinc.com Original: GrabAGun Digital Holdings Reports First Quarter 2026 Results

GrabAGun Digital Holdings Reports Fourth Quarter and Full Year 2025 Financial ResultsMarch 12, 2026 4:10 PM
Business Wire
Fourth Quarter Revenues Increased 14.1% to $29.6 million

Full Year Revenues Increased 3.6% to $96.4 million

Company Invests in Logistics Infrastructure to Drive Next Phase of Growth

GrabAGun Digital Holdings Inc. (“GrabAGun” or the “Company”) (NYSE:PEW), an online retailer of firearms, ammunition and related accessories, today reported fourth quarter and full year 2025 financial results for the three and twelve months ended December 31, 2025.

Marc Nemati, Chief Executive Officer of GrabAGun, commented, “Fourth quarter results were outstanding, underscoring the power of our unique model and digitally native strategy to serve the growing community of Americans wishing to exercise their Second Amendment rights. Our strong performance was driven by increasing customer engagement and platform utilization and we continue to significantly outperform the broader industry. For the quarter, we delivered firearms sales volume growth of 11.5% versus the 3.7% decline in Adjusted NICS background checks1, demonstrating the competitive advantages of our frictionless e-commerce platform that provides unmatched convenience and selection. We remain encouraged by the evolving demographics of firearms buyers and the sustained strength in our digital channels, which aligns with our long-term marketing and growth strategies.”

Nemati continued, “Additionally, the launch of PEW Logistics represents a significant strategic milestone, providing firearm and outdoor brands with a fully outsourced, end-to-end solution that enables them to drive direct-to-consumer growth and margin expansion while maintaining complete control of the customer journey. As part of this initiative, we have recently invested approximately $8 million in capital expenditures to expand our logistics and fulfillment infrastructure to support the growth of the PEW Logistics platform. Our focus remains on building scale, driving operational efficiency and creating lasting value for our shareholders while continuing to invest in technology enhancements, supplier relationships, and customer experience improvements. Even after these investments, we ended the year with over $110 million in cash and cash equivalents, we remain well positioned as we enter 2026, and we are encouraged by the operating trends we are seeing so far in the first quarter.”

Fourth Quarter Financial Highlights

Net revenue was $29.6 million, up 14.1% year-over-year, compared to $26.0 million in the prior-year quarter.

Firearms sales increased 19.1% to $25.7 million, reflecting volume growth of 11.5%.

Non-firearms sales declined 10.3% to $3.9 million, reflecting 34.7% lower unit volume.

Gross profit margin of 15.9% compared with 13.0% gross profit margin in the prior year quarter.

Loss from operations was $0.4 million compared to income from operations of $1.9 million in the prior year quarter, driven by stock-based compensation expense and public company expenses.

Net income was $0.4 million compared to net income of $2.0 million in the prior-year quarter.

Adjusted EBITDA2 was $0.2 million for the quarter compared to $2.1 million in Q4 2024.

Full Year Financial Highlights

Net revenue was $96.4 million, up 3.6% year-over-year, compared to $93.1 million in FY 2024.

Firearms sales increased 9.7% to $81.2 million reflecting volume growth of 3.4%.

Non-firearms sales declined 20.1% to $15.2 million, reflecting 38.8% lower unit volume.

Gross profit margin of 11.7% compared with 10.4% gross profit margin in the prior year.

Loss from operations was $4.4 million compared to income from operations of $4.1 million in the prior year, driven by stock-based compensation expense and higher public company expenses following the Business Combination, including certain transaction-related expenses.

Net loss was $2.5 million compared to net income of $4.5 million in the prior year.

Adjusted EBITDA2 was $0.8 million in 2025 compared to $4.7 million in 2024.

Cash and cash equivalents of $110.4 million, or $3.68 per share, as of December 31, 2025.

Business Highlights

Overall Customer Lifetime Value3 increased by 8.9% year-over-year to $875.

In FY 2025, Mobile Sessions4 held constant at 72.0% year-over-year and accounted for 67.4% of transactions and 64.4% of net revenue, respectively, demonstrating a beneficial channel mix that aligns with the Company’s mobile-first strategy.

Company net revenue increased 3.6% year-over-year, significantly outpacing the broader industry as Adjusted NICS background checks declined 4.1% year-over-year during 2025, highlighting the competitive advantages of GrabAGun’s frictionless eCommerce experience.

Launched PEW Logistics, the Company’s direct-to-consumer logistics solution for firearms and outdoor brands, with KelTec® Weapons already implementing the turnkey, white-label platform and suite of software and services enabling brand-owned, mobile-friendly digital storefronts.

Became the first major firearms retailer to accept cryptocurrency payments, adding Bitcoin, USDC, and USDT across the full product catalog in December to strategically access younger, crypto-native consumers representing one of the fastest-growing firearms market segments.

Executed $8.9 million of share repurchases during 2025, with $11.1 million remaining of the Company’s previously authorized $20.0 million share repurchase program, reflecting management’s strong conviction in the Company’s fundamentals and an efficient capital allocation strategy to maximize shareholder value.

Launched Shoot and SubscribeTM, an ammunition subscription service providing significant savings and convenient recurring delivery options for customers.

Fourth Quarter and Full Year 2025 Conference Call and Webcast

Management will host a conference call at 4:30 PM ET today to discuss its fourth quarter and full year 2025 results. The live webcast and replay will be accessible under the Events & Presentations section of the Company’s Investor Relations website at investors.grabagun.com.

About GrabAGun

We are defenders. We are sportsmen. We are outdoorsmen. We believe that it is our American duty to help everyone, from first-time buyers to long-time enthusiasts, understand and legally secure their firearms and accessories. That’s why our arsenal is fully packed, consistently refreshed, and always loaded with high-quality, affordable firearms and accessories. Industry-leading brands that GrabAGun works with include Smith & Wesson Brands, Sturm, Ruger & Co., SIG Sauer, Glock, Springfield Armory and Hornady Manufacturing, among others.

GrabAGun is a fast growing, digitally native and multi-brand eCommerce retailer of firearms, ammunition and related accessories, and other outdoor enthusiast products. Building on its proprietary software expertise, GrabAGun’s eCommerce site has become one of the leading firearm retail websites. In addition to its eCommerce excellence, GrabAGun has developed industry-leading solutions that transform supply chain management, combining dynamic inventory and order management with AI-powered pricing and demand forecasting. These advancements enable seamless logistics, efficient regulatory compliance and a streamlined experience for customers.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties. Any statements other than historical facts contained herein are forward-looking statements. Forward-looking statements reflect our beliefs and expectations based on current estimates and projections. While we believe these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “forecasts,” “estimates,” “budgets,” “projects,” “strategy,” “guidance,” “outlook,” “believes,” “expects,” “intends,” “plans,” “predicts,” “potential,” “seek,” “continue,” “target,” “goal,” “will,” “would,” “should,” “could,” “can,” “may,” and similar terms, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed under the heading “Risk Factors” in the Company’s the Registration Statement on Form S-4, as amended, filed by GrabAGun, including the definitive proxy/prospectus declared effective by the United States Securities and Exchange Commission (“SEC”) on June 20, 2025 and other documents filed or to be filed by GrabAGun from time to time with the SEC. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. Recipients are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements included herein are only made as of the date of this report, or if earlier, as of the date they were made, and we undertake no obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.

Revision of Previously Issued Financial Statements

The Company has revised certain prior-period financial statements to correct immaterial adjustments identified during the preparation of its consolidated financial statements. These adjustments include recognition of inventory, cost of goods sold, prepaid expenses, and presentation of specific line items in the statements of cash flows and statements of operations. These revisions were not material to the prior periods and do not affect the ongoing operations of the Company or Adjusted EBITDA. A quantification of the impact of these adjustments on each financial statement line item will be included in the Company's Form 10-K for the year ended December 31, 2025. The adjustments affecting the previously reported year ended December 31, 2024 are also included in the section Revision of Prior Period Financial Statements below.

GRABAGUN DIGITAL HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(IN THOUSANDS, EXCEPT SHARE AMOUNTS)

December 31,

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$

110,395

$

7,887

Inventory, net

8,532

4,244

Deferred transaction costs

—

252

Prepaid expenses and other current assets

1,761

582

Total current assets

120,688

12,965

Capitalized software, net

781

404

Property and equipment, net

8,550

28

Operating lease right-of-use asset

39

263

Other assets

1,204

44

Total assets

$

131,262

$

13,704

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$

11,833

$

8,687

Operating lease liability, current

41

233

Accrued expenses and other current liabilities

2,447

1,079

Unearned revenue

2,453

2,274

Total current liabilities

16,774

12,273

Long-term debt

6,887

—

Operating lease liability, net of current portion

—

41

Total liabilities

23,661

12,314

Commitments and Contingencies

Shareholders' Equity:

Common stock, $0.0001 par value; 200,000,000 shares authorized; 31,545,268 shares issued and 29,982,590 shares outstanding as of December 31, 2025 and 10,000,000 shares issued and outstanding as of December 31, 2024

3

1

Treasury stock; 1,562,678 shares as of December 31, 2025 and no shares as of December 31, 2024

(8,884

)

—

Additional paid-in capital

121,171

—

Retained earnings (accumulated deficit)

(4,689

)

1,389

Total shareholders' equity

107,601

1,390

Total liabilities and shareholders' equity

$

131,262

$

13,704

GRABAGUN DIGITAL HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)

For the Three Months

Ended December 31,

For the Year

Ended December 31,

2025

2024

2025

2024

Net revenues

$

29,624

$

25,957

$

96,449

$

93,122

Cost of goods sold

24,910

22,582

85,123

83,413

Gross profit

4,714

3,375

11,326

9,709

Operating expenses:

Sales and marketing

405

157

917

543

General and administrative

4,734

1,360

14,773

5,051

Total operating expenses

5,139

1,517

15,690

5,594

Income (loss) from operations

(425

)

1,858

(4,364

)

4,115

Other income:

Interest income, net

850

75

1,868

241

Other income, net

—

43

1

164

Total other income

850

118

1,869

405

Income (loss) before income tax expense

425

1,976

(2,495

)

4,520

Income tax expense

12

11

12

11

Net income (loss)

$

413

$

1,965

$

(2,507

)

$

4,509

Weighted-average shares outstanding, basic

30,010,851

10,000,000

19,531,982

10,000,000

Weighted-average shares outstanding, diluted

30,049,264

10,000,000

19,531,982

10,000,000

Net income (loss) per share, basic

$

0.01

$

0.20

$

(0.13

)

$

0.45

Net income (loss) per share, dilutive

$

0.01

$

0.20

$

(0.13

)

$

0.45

GRABAGUN DIGITAL HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(IN THOUSANDS)

December 31,

2025

2024

Operating activities:

Net income (loss)

$

(2,507

)

$

4,509

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Stock-based compensation

3,781

—

Depreciation of property and equipment

19

16

Amortization of software development costs

190

293

Non-cash lease expense

224

210

Sales return allowance

7

(97

)

Inventory returns reserve

11

55

Changes in operating assets and liabilities:

Inventory, net

(4,299

)

(829

)

Prepaid expenses and other current assets

(1,179

)

258

Other assets

(1,159

)

(23

)

Accounts payable

3,194

(2,297

)

Operating lease liability

(233

)

(208

)

Accrued and other current liabilities

1,355

226

Unearned revenue

179

(355

)

Net cash provided by (used in) operating activities

(417

)

1,758

Investing activities:

Purchase of property and equipment

(8,473

)

—

Disposal of property and equipment

2

—

Additions to capitalized software

(511

)

(150

)

Net cash used in investing activities

(8,982

)

(150

)

Financing activities:

Distributions to GrabAGun Members

(3,571

)

(4,420

)

Payments of deferred transaction costs

—

(39

)

Proceeds from reverse recapitalization

180,621

—

Cash consideration for Business Combination

(50,000

)

—

Transaction costs incurred in connection with Business Combination

(13,233

)

—

Proceeds from borrowings, net

6,892

—

Payments of debt issuance costs

(5

)

—

Payment for stock repurchases

(8,797

)

—

Net cash provided by (used in) financing activities

111,907

(4,459

)

Net increase (decrease) in cash and cash equivalents

102,508

(2,851

)

Cash and cash equivalents, beginning of period

7,887

10,738

Cash and cash equivalents, end of period

$

110,395

$

7,887

Supplemental disclosures

Income taxes paid

$

—

$

11

Supplemental disclosures of non-cash investing and financing activities:

Stock-based compensation expense capitalized in internal-use software development costs

$

4

$

—

Additions of capitalized software included within accounts payable

$

53

$

—

Purchases of property and equipment included within accounts payable

$

70

$

—

Deferred transaction costs included in accounts payable

$

—

$

213

Excise tax for stock repurchase included within accounts payable

$

87

$

—

Non-GAAP Financial Information

We utilize Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP financial measures, to supplement GAAP measures of performance as a tool to evaluate our historical financial and operational performance, identify trends affecting our business, and formulate business plans and make strategic decisions. We believe that Adjusted EBITDA provides users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of interest income, net, income tax, and non-cash expenses, including depreciation, amortization, stock compensation, and certain non-recurring costs, as management does not believe these to be representative of our core earnings. We also provide Adjusted EBITDA margin, which is calculated as Adjusted EBITDA divided by revenue.

The non-GAAP financial measures have not been calculated in accordance with GAAP and should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions. Adjusted EBITDA is not a liquidity measure and should not be considered as discretionary cash available to us to reinvest in the growth of our business or to distribute to shareholders or as a measure of cash that will be available to us to meet our obligations.

We define Adjusted EBITDA as net income (loss) excluding interest income, net, income tax, and non-cash expenses, including depreciation and amortization, stock-based compensation, and certain non-recurring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

The following table reconciles our GAAP and non-GAAP financial measures for the three and twelve months ended December 31, 2025 and 2024 (in thousands, except percentages):

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

Net revenues

$

29,624

$

25,957

$

96,449

$

93,122

Cost of goods sold

24,910

22,582

85,123

83,413

Gross profit

4,714

3,375

11,326

9,709

% Gross profit

16

%

13

%

12

%

10

%

Net income (loss)

$

413

$

1,976

$

(2,507

)

$

4,509

Interest income, net

(850

)

(75

)

(1,868

)

(241

)

Income tax expense

12

11

12

11

Depreciation and amortization

65

51

217

310

Stock-based compensation expense (1)

577

—

3,781

—

Non-recurring costs (2)

14

101

1,118

101

Adjusted EBITDA

231

2,064

753

4,690

% Adjusted EBITDA margin

1

%

8

%

1

%

5

%

(1) Year ended 2025 includes $2.9 million of stock-based compensation expense related to shares of common stock issued to a consultant in connection with the Business Combination.

(2) Non-recurring costs consist of third-party accounting and consulting fees incurred in connection with the Business Combination.

Revision of Prior Period Financial Statements

Audited Balance Sheet

As of December 31, 2024

As Previously Reported

Adjustment

As Revised

Inventory, net

$

4,771

$

(527

)

$

4,244

Total current assets

13,492

(527

)

12,965

Total assets

14,231

(527

)

13,704

Retained earnings

1,916

(527

)

1,389

Shareholders' equity

1,917

(527

)

1,390

Total liabilities and Shareholders' equity

14,231

(527

)

13,704

Audited Statement of Operations and Unaudited Non-GAAP Financial Information

For the year ended December 31, 2024

As Previously Reported

Adjustment

As Revised

Cost of goods sold

$

83,621

$

(208

)

$

83,413

Gross profit

9,501

208

9,709

General and administrative

5,062

(11

)

5,051

Income from operations

3,896

219

4,115

Income tax expense

-

11

11

Net income

4,301

208

4,509

Net income per share, basic and diluted

0.43

0.02

0.45

Adjusted EBITDA (Non-GAAP)

4,711

(21

)

4,690

Audited Statement of Cash Flows

For the year ended December 31, 2024

As Previously Reported

Adjustment

As Revised

Operating activities:

Net income

$

4,301

$

208

$

4,509

Sales return allowance

97

(194

)

(97

)

Inventory returns reserve

51

4

55

Inventory, net

(617

)

(212

)

(829

)

Deferred transaction costs

(252

)

252

-

Accounts payable

(2,084

)

(213

)

(2,297

)

Accrued and other current liabilities

32

194

226

Net cash provided by operating activities

1,719

39

1,758

Financing activities:

Payments of deferred transaction costs

-

(39

)

(39

)

Net cash used in financing activities

(4,420

)

(39

)

(4,459

)

____________________

1 Adjusted NICS background checks refer to data from the National Instant Criminal Background Check System (NICS) that has been modified by the National Shooting Sports Foundation (NSSF) to exclude checks related to concealed carry permits and permit rechecks. This adjusted data is often used to provide a clearer picture of the firearms market, as the NICS system includes a significant number of checks for permit applications that do not directly correspond to a new firearm sale.

2 Adjusted EBITDA is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how the Company defines and calculates this measure and a reconciliation thereof to net income (loss), the most directly comparable GAAP measure.

3 Customer Lifetime Value is an estimate of the present value of revenue expected from each customer, including the first order plus projected repeat orders.

4 Mobile Session is a period of user interaction with an app or website, initiated when a user opens your app in the foreground or views a page on your website using a mobile device.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312679565/en/
Investors & Media

GrabAGun@icrinc.com

Original: GrabAGun Digital Holdings Reports Fourth Quarter and Full Year 2025 Financial Results