PSQ Holdings Inc. (Class A) (PSQH) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, PSQH carries an RQD Score of 27 out of 100, a letter grade of E, and a verdict label of "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars score as follows: Fundamental Cash Engine 4/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow 3/20 (institutional accumulation and options positioning), Insider Conviction 5/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit 7/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet 8/20 (Altman Z 0.2; Piotroski F 4/9; Debt/Equity 0.5). For a prospective investor, the weakest pillars are the cash engine and institutional/insider flow, meaning the rating sees little evidence of self-funding economics or sponsorship from informed capital. The balance-sheet pillar is also weak, with an Altman Z-Score of 0.2, which the rating treats as a forensic distress signal. The macro pillar, at 7/20, is the least negative of the five, reflecting a Beta of 1.0 but not an offsetting fundamental strength. Any upside case would need to come from a change in these fundamentals rather than from market beta. Valuation cannot be assessed on earnings-based multiples because P/E, Forward P/E, and EV/EBITDA are not available in source data, so the rating's conclusion rests on cash-generation and balance-sheet evidence.

Per the SEC financials, revenue grew from $5.7M in FY 2023 to $10.1M in FY 2024 and $18.2M in FY 2025, while operating losses persisted in every reported period. Per the market data, ROIC is -35%, FCF yield is 0%, and operating margin is -60%. The Roarable rating cites an Altman Z-Score of 0.2, a Piotroski F-Score of 4/9, and Debt/Equity of 0.5 as forensic balance-sheet measures. The source data does not provide debt amounts, so the Debt/Equity figure cannot be reconciled to the financials table.

• Credova acquisition: A report headlined "PublicSquare acquires Credova in an all-stock deal" (Dealroom) is the most substantive item in the feed. The deal structure is all-stock, which implies share issuance, but the source does not quantify the consideration or dilution.
• Insider sale: A report headlined "Psq holdings CAO Krista Wenzel sells $553 in shares" (Investing.com) notes a Chief Accounting Officer sale. The source does not provide the transaction date detail beyond the report timing.
• Earnings calendar: Two MarketBeat items are titled "PSQ Q3 2026 Earnings Date and Estimates," and one TradingView item is titled "PSQ Holdings, Inc. Estimates – BOATS:PSQH/W." These headlines indicate upcoming earnings and estimate coverage, but the source does not provide the dates or estimate figures.
• All five news items are tagged YELLOW with the impact label MARKET WIRE, indicating the feed classifies them as moderate-signal items.
• Butterfly graph: Per the Butterfly Supply-Chain Graph, the supply chain is NONE, with no butterfly links and no proprietary signals.

Per the Butterfly Supply-Chain Graph, there are no upstream or downstream links and no proprietary signals recorded. Sector: Communication Services; industry: Advertising. Without mapped links, the source data does not establish upstream dependencies, downstream customers, or sector correlations. Investors should treat the absence of mapped links as a gap in the data, not as evidence of an isolated business. The Credova all-stock acquisition is the only identified event that could create second-order effects, through share issuance and any resulting change to the capital structure, but the source does not quantify either.

• What is the size and terms of the Credova all-stock acquisition, and how much dilution does it create relative to the current market capitalization?
• What are the debt amounts behind the reported Debt/Equity of 0.5, given that the financials table lists debt as N/A for every period?
• What is the Q3 2026 earnings date and consensus estimate for EPS and revenue, and how do they compare to the FY 2025 results?
• What drove the FY 2025 net loss of $-36.6M, and what is the company's path to positive operating income given reported operating losses in every period?
• What is the company's product and revenue model, given the source data provides only sector and industry classification?