GrabAGun Digital (PEW) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 11.1% year-over-year to $25.9 million, driven by a 10.5% increase in firearm sales and the launch of PEW Logistics, outpacing industry growth of 1.6%.

• Customer lifetime value rose 4.2% year-over-year, with strong repeat purchase rates and 67% of traffic from mobile.

• PEW Logistics, a direct-to-consumer and B2B fulfillment platform, launched with KelTec and Derya Arms as initial partners.

• Shoot and Subscribe ammunition subscription service now contributes 15% of ammo revenue.

• Ended the quarter with $106 million in cash and minimal debt, supporting growth and capital returns.

Financial highlights

• Net sales reached $25.9 million, up from $23.3 million in Q1 2025.

• Gross profit was $2.8 million (10.7% margin), up from $2.2 million (9.6% margin) year-over-year.

• Operating expenses rose to $5.4 million from $2.2 million, reflecting public company costs and growth investments.

• Net loss was $1.8 million, with adjusted EBITDA loss of $2 million, both impacted by higher SG&A and public company expenses.

• Repurchased $2.4 million in common stock during Q1 under a $20 million authorization, with $8.7 million remaining.

Outlook and guidance

• Focus remains on scaling PEW Logistics, expanding D2C market share, and disciplined capital deployment.

• PEW Logistics expected to become increasingly accretive to margins as it scales.

• Continued investment in strategic growth initiatives, AI integration, and expense management.

• Management expects existing cash resources and proceeds from the Business Combination to fund operations for at least the next 12 months.

• Anticipates potential regulatory changes allowing remote firearm transfers and direct-to-home delivery, positioning the company to benefit.