A year ago almost to the day, there was a real disagreement inside PSQ Holdings about whether this company could keep growing if we cut deep. The board backed the team that believed it could. Here is what that team did over the next three quarters.
Revenue up 108% year to date. Q3 revenue up 67%.
Operating expenses cut 50% in Q3. Cash burn cut 72% in Q3 and more than half for the year.
Revenue per employee from $61,000 to $210,000.
Q3 non-GAAP operating income positive. Full-year revenue outlook of $32 million reaffirmed, with positive non-GAAP operating income for the year.
I could not be prouder of this team. Half the people, double the growth, and the discipline to do it without a single excuse.
I think this says something about the last twenty years of company building in the ZIRP era. One kind of founder came up inside cheap money. Capital was endless, accountability was optional, and burning it was called innovation. Another kind came up outside the venture system, in industries most investors would not touch, where the only capital you had was what you earned.
The @Credova_us team was built the second way. They grew that business on almost no outside money and ran it cash flow positive from the start because there was no other option. That instinct did not change when it became part of a public company. It is the reason these results exist.
In July I said the results are the argument and asked you to hold us to our numbers. Same request this quarter. Full release below.
finance.yahoo.com/markets/st…
dustywunderlich retweeted
“The firearms industry has survived a century of pressure for one reason: it is built on an absolutist view of freedom.
That view starts with property. You own yourself. You own your labor and what it produces. From that follows everything else: what you buy, who you sell to, who you choose to work with, and how you weigh the risks in your own life.
The Austrians got the economics right a long time ago. Value is subjective. There is no objective price for a risk, a tool, or a tradeoff. The only person who holds the full picture of a man’s circumstances, his family, and his priorities is that man. Hayek called it the knowledge problem. No central authority, however well-meaning, can know what the individual knows.
That is why real liberty produces humility. If I accept that I cannot know what is best for you, I lose the standing to decide for you. I can persuade you. I can compete for your business. I cannot override you. The moment someone claims the right to decide who may own what, who may work with whom, or which choices adults should be permitted to make, he has stepped off the path of liberty, whatever language he wraps it in.
Our industry is going to attract more of that over the next few years. People will arrive speaking the language of freedom while quietly believing they know better than the customer. The tell is simple: do they want to win the argument, or do they want to take the choice away?
Markets are supposed to be contested. Criticism is healthy. Competition is the point. What the industry cannot tolerate is the substitution of a gatekeeper’s judgment for the individual’s, and that has to be resisted every time, from whatever direction it comes.
Freedom is not a slogan. It is a discipline. It means defending the right of people to make choices you would not make yourself.”
-Dusty Wunderlich, CEO, Co-Founder, & Chairman of the Board
The firearms industry has survived a century of pressure for one reason: it is built on an absolutist view of freedom.
That view starts with property. You own yourself. You own your labor and what it produces. From that follows everything else: what you buy, who you sell to, who you choose to work with, and how you weigh the risks in your own life.
The Austrians got the economics right a long time ago. Value is subjective. There is no objective price for a risk, a tool, or a tradeoff. The only person who holds the full picture of a man’s circumstances, his family, and his priorities is that man. Hayek called it the knowledge problem. No central authority, however well-meaning, can know what the individual knows.
That is why real liberty produces humility. If I accept that I cannot know what is best for you, I lose the standing to decide for you. I can persuade you. I can compete for your business. I cannot override you. The moment someone claims the right to decide who may own what, who may work with whom, or which choices adults should be permitted to make, he has stepped off the path of liberty, whatever language he wraps it in.
Our industry is going to attract more of that over the next few years. People will arrive speaking the language of freedom while quietly believing they know better than the customer. The tell is simple: do they want to win the argument, or do they want to take the choice away?
Markets are supposed to be contested. Criticism is healthy. Competition is the point. What the industry cannot tolerate is the substitution of a gatekeeper’s judgment for the individual’s, and that has to be resisted every time, from whatever direction it comes.
Freedom is not a slogan. It is a discipline. It means defending the right of people to make choices you would not make yourself #2A #freedom
dustywunderlich retweeted
Every libertarian I know says “End the Fed” and just hopes everyone else just understands.
They don’t. @ComicDaveSmith explains it perfectly
dustywunderlich retweeted
Can't begin to give enough thanks to @genesisarmsllc @Credova @BurnProofGear @Huxwrxsafetyco @EOTECHInc @KICK_EEZ and others for the incredible support and opportunity to share some of my story with so many proud patriots, it's been an absolute honor to connect with you all and I look forward to all the friendships in the future, thank you so much again and God bless 🇺🇸
teapawt.net/Credova_us/status/2114…
We’re honored to present Jordan Salinas with a limited edition Gen-12 in collaboration with @genesisarmsllc His bravery and patriotism are exactly what we stand for.
dustywunderlich retweeted
We’re honored to present Jordan Salinas with a limited edition Gen-12 in collaboration with @genesisarmsllc His bravery and patriotism are exactly what we stand for.
dustywunderlich retweeted
Murray Rothbard took Mises's price theory and drove it to a destination Mises never reached.
Mises built the case that central planning fails because socialist planners cannot perform rational economic calculation without real market prices. Prices carry information that no committee can replicate. Rothbard accepted every word of this and asked the obvious follow-up: if state intervention distorts prices and destroys coordination, why stop your critique at the water's edge? Why exempt the state itself from the logic?
The answer required property rights. Rothbard grounded everything in self-ownership. You own your body. By extension, you own what you mix your labor with, provided you homestead it from a prior unowned state. Every other right flows from this. Taxation is the seizure of your property under threat of imprisonment.
From that foundation, Rothbard constructed anarcho-capitalism systematically, not as a utopian dream but as the logical terminus of taking rights seriously. Defense, arbitration, contract enforcement: private firms supply all of it in a competitive market. His 1973 book "For a New Liberty" laid this out with unflinching precision. His 1982 "The Ethics of Liberty" supplied the philosophical scaffolding.
What Rothbard accomplished was a fusion, not a compromise. Mises gave him the economic engine. Locke and Lysander Spooner supplied the moral chassis. The result was a system where aggression has no legitimate institutional home, including Congress, including the Federal Reserve, including every bureaucrat drawing a salary your paycheck funded involuntarily.
dustywunderlich retweeted
The Full Story of Jordan Salinas // An American Hero
G.K. Chesterton wrote that “The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.” Jordan Salinas exemplified these words when he risked his own life to engage an active shooter at the Twin Falls, ID In-N-Out on August 1st, 2026. Law enforcement has credited Jordan and other local heroes with saving lives that day through their fearless actions. This is his story.
#jordansalinas #Idaho #innout #hero #secondamendment
dustywunderlich retweeted
Gun rights keep winning in court. So the fight is moving to bank boardrooms.
Our Cheif Legal Officer at PSQ/Credova Jim Giudice spoke down with @DailyCaller to talk debanking, regulator overreach, and why Credova exists in the first place.
dailycaller.com/2026/10/08/t…
Honored to tell Jordan's story, he states that this country was founded on ordinary people doing extraordinary things. Jordan exemplifies that statement and is the definition of a protector and provider to his family. An American hero!
@IdahoFearless
#idaho #jordansalinas #povertyoperator
The full story of Jordan Salinas is live on YouTube! youtu.be/aEjCdZc5pwU?si=qhUu…
@IdahoFearless
#idaho #jordansalinas #povertyoperator
.@IdahoFearless embodies what it means to be a man, living out the role as caretaker and protector. You don't want to miss this episode #idaho #americanhero
From Caretaker to Protector // Jordan’s full story drops this week 🇺🇸 @IdahoFearless
#idaho #americanhero #hero
dustywunderlich retweeted
Ludwig von Mises was born 145 years ago today. The world is a very different place than it was back then, but Mises’s impact continues to be felt to this day.
Perfectly articulated, @MLiamMcCollum.
There is a 400 year history of thought framing Libertarian philosophy.
Aristotle → Aquinas → Salamanca → Cantillon/Turgot/Say → Smith → Menger → Böhm-Bawerk → Mises → Rothbard
To deduce it to drugs and porn is intellectually lazy.
@megbasham - go read Human Action and Man, Economy, State and tell me that all Libertarians care about is porn and drugs.
@mises has a thing or two to say about this history…
All night, Megan has been doing what many on the right have done for years: When it’s convenient, they conflate the Libertarian Party with the philosophy, pretending they think Chase Oliver is the fruit of the philosophy, not Ron Paul, Thomas Massie, Dave Smith, or Tom Woods.
But when they need us, they will turn around, forget that tactic, retreat from their bailey to their motte, and quickly remind us right-wing libertarians that we actually need to vote Republican in November, because “the libertarian philosophy is actually very similar to the Republican platform,” and “if we right-wing libertarians don't vote for Republicans, we will get Democrats elected!”
But how does that dynamic change when $30 million is spent to oust Massie? What if all the right-wing libertarians finally draw a line in the sand and demonstrate in elections that war and inflation are our two biggest priorities, not whatever you pretend to think our priorities are, and we just stay home? Or what if we all decide to leave the Republican Party for good and start our own thing? It changes the game theory for you a bit, huh?
dustywunderlich retweeted
The pace of change hitting banking & securities/derivatives via #tokenization is stunning. Prediction: just as this building in Philly became obsolete, the power center of the new world is decentralizing & shifting to places like TX & WY from NYC. This is good for regular folks👏
