PEWMEDIUM SIGNALFINANCIAL10-Q

PEW reported meaningfully improved operating performance with reduced losses and modest revenue growth in Q3 2025.

The company demonstrated operational progress with net losses narrowing significantly while maintaining revenue growth momentum. The improvement in both top-line performance and cost management suggests the business is moving toward profitability, though it remains in a loss-making position.

Comparing 2025-11-13 vs 2025-08-14View on EDGAR →
FINANCIAL ANALYSIS

PEW showed encouraging financial progress with revenue growing modestly to $25.9M while operating losses narrowed substantially from -$4.2M to -$2.6M. Net losses also improved meaningfully from -$3.3M to -$1.8M, indicating better cost control and operational efficiency. Gross profit expanded in line with revenue growth, and the modest increase in total debt to $7.8M appears manageable given the improving operational trajectory.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+43.6%
-$3.3M-$1.8M

Net income grew 43.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+36.8%
-$4.2M-$2.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+16.4%
$22.3M$25.9M

Revenue growing 16.4% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+16.2%
$2.4M$2.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Debt
Balance Sheet
+12.8%
$6.9M$7.8M

Debt rose 12.8% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-08-14
ADDED
Interim Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024 .
1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited) .
2 Condensed Consolidated Statements of Changes in Stockholders Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited) .
3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited) .
5 Notes to Condensed Consolidated Financial Statements (Unaudited) .
(the Company ) is a multi-brand eCommerce retailer of firearms, ammunition and related accessories.
The Company s firearm products are ordered and paid for by customers online through the Company s eCommerce site and mobile app and are delivered to them on-premises through their choice of federal firearm licensed dealers nationwide.
The Company s network of localized firearm dealers perform background checks on firearms purchasers and complete sales forms as mandated by federal and state firearm regulations.
The Company aims to simplify the firearms and ammunition purchasing process for its customers through, among other things, enhanced selection, procurement and regulatory compliance assistance.
The Company also offers Shoot Now, Pay Later financing options through Credova, providing qualifying customers with more flexible payment schedules, as further described below.
REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders Deficit for the three and six months ended June 30, 2025 (Unaudited) 3 Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2025 (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2.
14 SIGNATURES 15 i EXPLANATORY NOTE On July 15, 2025, Metroplex Trading Company LLC, doing business as GrabAGun.com ( GrabAGun ), consummated its previously announced business combination transaction, pursuant to the Business Combination Agreement, dated as of January 6, 2025, by and among Colombier Acquisition Corp.
II, GrabAGun Digital Holdings Inc., Gauge II Merger Sub, LLC, GrabAGun and, upon subsequent execution of a joinder, Gauge II Merger Sub Corp.
Please see Note 1 Description of Organization and Business Operations for additional detail regarding the Business Combination.
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2025 General and administrative expenses $ 21,320 $ 60,224 Loss from Operations ( 21,320 ) ( 60,224 ) Net loss $ ( 21,320 ) $ ( 60,224 ) Weighted average shares of common stock outstanding, basic and diluted 1,000 1,000 Basic and diluted net loss per share of common stock $ ( 21.32 ) $ ( 60.22 ) The accompanying notes are an integral part of these condensed consolidated financial statements.
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 Cash Flows from Operating Activities: Net loss $ ( 60,224 ) Adjustments to reconcile net loss to net cash used in operations: Changes in operating assets and liabilities: Accounts payable and accrued expenses 29,473 Due to related party 30,751 Net cash used in operating activities Net Change in Cash Cash Beginning of period Cash End of period $ The accompanying notes are an integral part of these condensed consolidated financial statements.
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED NOTES TO FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 NOTE 1.
(the Company ) was incorporated in Texas on December 30, 2024.
The Company was formed for the purpose of consummating the Business Combination (as defined below) with Colombier Acquisition Corp.
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