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GrabAGun Digital Holdings (PEW) investor relations material
GrabAGun Digital Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $22.3 million, up 10% year-over-year, with firearms sales rising 12% to $18.1 million on 16% volume growth, significantly outperforming industry trends as FBI NICS data declined 5.3%.
Net loss was $3.3 million versus net income of $0.6 million in Q3 2024, primarily due to $3.2 million in stock-based compensation and public listing costs.
Mobile sessions grew 13% year-over-year, now accounting for 67% of transactions and 64% of revenue.
Lifetime value (LTV) improved across all cohorts, with new customer LTV up 8.4% to $551 and existing customer LTV up 5.7% to $1,813.
The Business Combination with Colombier closed in July 2025, resulting in a reverse recapitalization and $119.4 million in net proceeds.
Financial highlights
Net revenues for Q3 2025 were $22.3 million, a 10% increase over the prior year; gross profit margin was 11%, up 200 basis points year-over-year.
Firearm sales contributed $18.1 million (16% volume growth), non-firearm sales $4.2 million (up 3%).
Loss from operations was $4.2 million, compared to $0.5 million income in Q3 2024.
Adjusted EBITDA was a $0.3 million loss, down $0.9 million year-over-year.
Cash and cash equivalents stood at $109.5 million with no debt; $925,000 in interest income earned in the quarter.
Outlook and guidance
Expecting mid to high single-digit year-over-year revenue growth in Q4 2025 and slight sequential improvement in gross margin.
Management expects existing cash resources and Business Combination proceeds to fund operations for at least the next twelve months.
Marketing spend and headcount investments will increase in Q4 to drive growth and operational leverage.
Seasonal activity for Q4 is tracking as expected, with strong demand anticipated for Black Friday, Cyber Monday, and holiday promotions.
Continued investment in technology, supplier relationships, and customer experience to drive scale and efficiency.
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