Revenue: As of FY2025, the actual value is USD 96.45 M.

EPS: As of FY2025, the actual value is USD -0.13.

EBIT: As of FY2025, the actual value is USD -6.232 M.

Segment Revenue

GrabAGun Digital Holdings Inc. operates as a single segment, with total net revenues increasing by $3.3 million, or 4%, to $96.4 million in 2025 from $93.1 million in 2024. Firearm sales rose by $7.2 million, or 10%, to $81.2 million in 2025 from $74.0 million in 2024, driven by a 3% increase in sales volume and a 6% increase in average sales price. Conversely, non-firearm sales decreased by $3.8 million, or 20%, to $15.2 million in 2025 from $19.1 million in 2024, primarily due to a 39% reduction in sales volume, partially offset by a 31% increase in average sales prices.

Revenue by product category for the years ended December 31: Handguns: $47.8 million (2025), $40.3 million (2024) Long Guns: $30.3 million (2025), $30.7 million (2024) Ammunition: $5.5 million (2025), $9.4 million (2024) Magazines: $2.9 million (2025), $3.6 million (2024) Optics: $2.1 million (2025), $1.5 million (2024) Accessories: $4.2 million (2025), $4.2 million (2024)

Operational Metrics

GrabAGun Digital Holdings Inc. reported a net loss of -$2.5 million in 2025, compared to a net income of $4.5 million in 2024. Gross profit increased to $11.3 million in 2025 from $9.7 million in 2024, with the gross profit margin improving to 12% in 2025 from 10% in 2024.

Operating expenses saw significant increases: sales and marketing expenses rose by $0.4 million, or 69%, to $0.9 million in 2025 from $0.5 million in 2024. General and administrative expenses surged by $9.7 million, or 192%, to $14.8 million in 2025 from $5.1 million in 2024, mainly due to stock-based compensation and higher public company expenses. Total operating expenses increased by $10.1 million, or 180%, to $15.7 million in 2025 from $5.6 million in 2024.

The company’s income from operations shifted to a loss of -$4.4 million in 2025 from an income of $4.1 million in 2024. Adjusted EBITDA decreased to $0.8 million in 2025 from $4.7 million in 2024, resulting in an Adjusted EBITDA margin of 1% in 2025, down from 5% in 2024. Interest income, net, increased by $1.6 million, or 675%, to $1.9 million in 2025 from $0.2 million in 2024 due to increased daily cash sweep balances. Other income decreased to $0.0 million in 2025 from $0.2 million in 2024, primarily related to the Employee Retention Tax Credit received in the prior year.

Cash Flow

Net cash used in operating activities was -$0.4 million in 2025, a decrease from $1.8 million provided in 2024. Net cash used in investing activities significantly increased to -$9.0 million in 2025 from -$0.2 million in 2024, primarily due to the purchase of a new building and additions to equipment and capitalized software. Net cash provided by financing activities was $111.9 million in 2025, compared to -$4.5 million used in 2024, driven by net proceeds from the Business Combination and borrowings, partially offset by stock repurchases and distributions to former owners. Cash and cash equivalents at year-end were $110.4 million in 2025, up from $7.9 million in 2024.

Unique Metrics

Completed customer transactions decreased to approximately 191,000 in 2025 from 203,000 in 2024, with average monthly completed customer transactions falling to about 16,000 from 17,000. The conversion rate for active user sessions was approximately 0.7% in 2025, down from 0.8% in 2024. Mobile traffic represented approximately 72% of total website traffic in 2025, up from 67% in 2024, and sales completed from mobile devices accounted for about 67% of customer transactions and 64% of total revenues in 2025.

Average monthly views of the website decreased to approximately 12.3 million in 2025 from 13.8 million in 2024, while total active user sessions increased to approximately 28.5 million from 25.6 million. The average session duration was over 5.3 minutes in 2025, up from over 5.0 minutes in 2024, but the bounce rate increased to approximately 33% from 17%.

Email marketing in 2025 involved 917 million emails sent, generating 62,700 transactions and $27.4 million in revenue, with a 0.53% click-through rate and a 29.9% open rate. In 2024, 836 million emails were sent, resulting in 64,600 transactions and $26.1 million in revenue, with a 0.59% click-through rate and a 30.2% open rate. Drop-shipment arrangements represented approximately 28% of total sales in 2025, down from 30% in 2024.

In 2025, approximately 92% of product sourcing by cost was from wholesale distributors and 8% directly from manufacturers, compared to 97% from wholesale distributors and 3% directly from manufacturers in 2024. Top wholesale distributors in 2025 included Sports South, LLC (30%), Chattanooga Shooting Supplies, LLC (11%), and Lipsey’s (10%). Top manufacturers by sales in 2025 were Sturm, Ruger & Co. (10%), Smith & Wesson Brands (8%), Springfield Armory (7%), and Sig Sauer (5%).

Unique email addresses for customers were approximately 160,000 in 2025, down from 170,000 in 2024, with approximately 1.4 million registered users. Credova Financed Transactions represented approximately 5% of total sales transactions and 8% of total revenues in 2025. The company operates one warehouse in Coppell, Texas, spanning 18,081 square feet, and has approximately 175,000 annual shipments. A new 44,500 square foot headquarters was acquired in Farmers Branch, Texas, expected to be fully occupied by the end of 2026.

Outlook / Guidance

The company expects that the net proceeds from the Business Combination, combined with existing cash, will cover projected operating expenses and capital expenditure requirements for at least 12 months. GrabAGun Digital Holdings Inc. does not anticipate needing to raise additional capital in the near term, based on current expectations for cash generated from operations. However, future capital requirements will depend on various factors such as product development, market expansion, and potential acquisitions.