Good morning and welcome to the PublicSquare 2025 Analyst and Investor Day. Thank you for joining us this morning. My name is William Kent. I'm the SVP of Corporate Affairs at PublicSquare, and it's my pleasure to get things started today. Before we begin, I'd like to bring to your attention the following forward-looking cautionary statements, and we ask you to review these statements and language in its entirety. We'd like to emphasize that the information discussed during this meeting, including our outlook, is based on current information as of today and contains forward-looking statements that involve risks, uncertainties, and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's investor deck and our SEC filings, including our 2024 10-K, for factors that may cause actual results to differ materially from our forward-looking statements.
We'd also like to point out that we may present non-GAAP measures in addition and not as a substitute for financial measures calculated in accordance with GAAP. With that out of the way, I'd like to introduce you to today's speakers. Joining me today in the studio are Michael Seifert, Founder and CEO of PublicSquare, and James Rinn, our Chief Financial Officer and a Board Member. Joining us virtually today are Dusty Wunderlich, our Chief Strategy Officer and former President of Credova, Brian Billingsley, our Chief Revenue Officer and former President of Klarna North America, Caitlin Long, PublicSquare Board Member, Founder and CEO of Custodia Bank, and renowned Bitcoin and crypto finance expert, Alex Bruesewitz, President of PSQ Impact and Founder of X Strategies, and finally, Ben McMillan, Founder and CIO of IDX Advisors.
Turning to today's agenda, session one, we will cover the PublicSquare vision, who we are, the paradigm shift that's currently underway, the value proposition that PublicSquare presents, our ecosystem and capabilities, and finish it out with digital assets. Our second session, we'll talk about value generation from what we set forth in session one, the monetization opportunities that we have in front of us, the organization of PSQ going forward, and some financials and comp analysis. Finally, we'll end with session three with a live question and answer session. With that, I'll turn it over to Michael.
Wonderful. Good morning, everybody. Thank you so much for joining us at this 2025 Analyst and Investor Day presentation. We cannot wait to go into the strategy with you and articulate more of what we've been working on, what we're looking forward to in the near, mid, and long term, and introduce you to more of our team. It's going to be a pleasure to speak with you today, and we want to start this morning by giving a reminder of the mission that guides us, the vision that we hold dear. Everything we do and everything we will discuss today ties back to this. PublicSquare is a financial technology company committed to protecting life, family, and liberty through values-driven innovation. For us, our audience is a network of Americans that we are proud to serve.
These folks are salt of the earth, and they're represented across industries, and it is an honor, truly, to be able to partner with them as we build this fintech enterprise. This ecosystem of financial innovation is one that provides consumers and businesses with cancel-proof alternatives in today's economy. Simply put, we're building a financial technology company for a better America. Who are our customers? PublicSquare serves a TAM that extends beyond specific commerce verticals, meaning we're industry agnostic. While we have industries that we certainly have heavier representation in than others, we serve consumers and merchants and a new audience that we are going to be excited to tell you more about today, campaigns and charities across a wide variety of different industries. We see, though, that in all of these different industries, these folks have been brought together with a common theme.
These folks are individuals or merchants who have been in the past ignored, antagonized, discriminated against, debanked, or deplatformed. These are folks that hunger for economic liberty. They value the principles that have guided the American experiment for the last almost 250 years, and they want to make sure that in the marketplace, those principles are protected. They value trust in their transactions. We serve merchants in the gun industry. We serve consumers that value farm and ranch and agriculture. We work with nonprofits and different campaigns that are focused on advancing American principles, and in all of it, we're bound together with a common value for economic liberty. As we go to the next slide here, we're going to talk about how the economy is changing quite a bit. Finance, as we know it, is set for a shakeup. We all can feel it.
We know that consumer expectations are evolving. There is disintermediation in technology, and there are cultural realignments that are happening across our current zeitgeist that are leveling the playing field and leaving incumbents in the world of technology with obsolete business models that cannot keep up in the new digital age. There are four areas we want to talk about specifically, and I am going to go to the first one right now. We are going to talk about how technology is driving disruption. We believe that the future will prioritize fintech over traditional finance. The reality is the consumer expectations and merchant demands that are present in this day and age, the existing incumbent solutions are wholly inadequate to be able to satisfy.
Folks are desiring speed in their transactions more than ever before. They are wanting personalization and customization as it relates to their payment experience and how they operate with their fintech partners. Consumers are looking for payment methods that are speedy and trustworthy. Ultimately, they are looking for investment options that align with their core goals and principles as an active investor. We are seeing a shift in consumer expectations. They are desiring transparency and trust in the transaction more than ever before. Ultimately, consumers, especially the younger generation, are focusing on mobile-first solutions, prioritizing those over desktop. How do we condense the beautiful experience of the fintech ecosystem into a mobile experience that can walk with these consumers as they are going about their day-to-day busy lives?
Finally, I would say that as a company, it is very important for us to be API-driven, to prioritize the advancement of AI within our own operations in order to better maximize our efficiencies as an enterprise. Ultimately, the other piece we are focused on a lot here and we are going to talk about today is the DeFi and digital assets environment. Ultimately, we believe that the future of our economy will not only be fintech-driven, but a very specific type of fintech. We believe that with this blend of consumer interest heading toward speed and transparency and trust, folks are really gravitating to the cryptocurrency ecosystem. They are seeing it as not just an asset class, but an actual payment method, a real currency that they can utilize. Merchants are seeing it as a way to speed up their settlement process and engage with their money quicker.
Folks are seeing it as an opportunity to earn yields, and we're really excited to talk about how we sit at the forefront of that movement today. We're going to go to the next slide here and talk to you a little bit about our second point. Why do we feel like we are positioned in this cultural moment for success here? Number one, or number two, excuse me, legacy players are falling behind. Traditional banks, card networks, and lenders are structurally slow, and they're expensive to work with. Despite outdated infrastructure and eroding consumer trust, incumbents are still incentivized to protect those business models through fees and inflated interchange. The reality is that's no longer passing the sniff test with the consumers and the merchants because there are new players in industry like us that are trying to challenge the status quo.
As digitally native solutions begin to take the forefront of the sort of expectations parameter in the market, we believe ultimately that yesterday's power players will not be able to keep up, and we have the opportunity to lead the new era of financial technology. Next, I actually want to kick it to our Chief Strategy Officer and Board Member at PublicSquare, Dusty Wunderlich, who is going to give you an overview of another important aspect of the cultural moment we live in right now that we have a prime solution for. Dusty Wunderlich, take it away.
Michael, thank you. Sorry about that. Quick reset on my computer. It's a great honor to be here today talking to our investor and analyst community, and I have the great honor to talk a little bit about where I personally and we as a company believe financial technology is going. Before I get into that, I want to go backwards a little bit, and you're going to see a common theme here amongst many of the speakers that are speaking today, and it has to do with kind of their career path on Wall Street or within the financial services industry. I started my career in 2007 in investment banking, and one year later, realized that everything I thought about finance in banking had been wrong. The trust I had in those institutions was misplaced, and it led me to asking a lot of questions about our system.
In rethinking my own career, I ultimately ended up leaving the traditional route and have been a fintech entrepreneur ever since, trying to really push back against the incumbents and what I think is a system that has been built around corruption that is hurting merchants, that is hurting consumers. With the emergence of fintech, we have seen that start to change, and many here on the call here are those fighters who've been along that. Michael touched on the technology component of that, how legacy systems are falling behind. I would even say that over the last 10 to 15 years, there's been negative innovation primarily because of entrenched interests within the financial and banking system.
Now, the issue that I think is even more troubling to not only the financial services and banking industry, but as America as a whole, is the financial weaponization of the financial system we've seen over the last 10 to 15 years. The term of debanking is just now starting to get into the mainstream media, and people are starting to understand what this term is. What you'll see here in the PSQ community, we've lived with this for the last 15 years. Our board members have, our merchants have, our customers have. Credova lived through it, as many of you saw with the recent CFPB news that we were fighting a battle over the last four to five years with the CFPB. We've seen Americans get bank accounts shut down and been taken out of the system because they're protecting First Amendment rights, Second Amendment rights, our pro-life values.
This is deeply un-American, and we cannot have an economy or a country where we don't have financial and economic freedom. Now, we're building technology to deal with that, but we're also bringing fighters around us, and you've seen that from our board and the board members we have. Recently, we've brought on a new fighter, Caitlin Long, who I've been watching her career over the last 15 years. She has a very similar story to me in the sense that in 2008, while she was on Wall Street, she started to really rethink what was happening in the financial system. She has then gone on to be a champion for cryptocurrency and economic freedom. We are so proud to have her in this fight.
I'm going to, and it's my honor to introduce her, so she can talk about her stories of debanking and why she's here with PublicSquare and in this fight with us. Caitlin, pass it on to you.
Thank you, Dusty. Thank you, Michael, and thank you to our listeners for all your support and interest in PublicSquare. I speak as someone who joined PublicSquare's Board of Directors recently in July 2025, as an American who is grateful for the Declaration of Independence and the U.S. Constitution, and as a patriot who ardently believes in the rule of law and the principle that justice should be blind. PublicSquare is a mission-oriented company that lives its mission every day. The factor that most attracted me to join its Board was its commitment to financial freedom. Michael, Dusty, and I quickly discovered we are kindred spirits in this mission. While doing due diligence on PublicSquare last spring, it immediately became apparent to me that a weaponized federal government had been targeting PublicSquare's subsidiary, Credova, for its service to the firearms industry. This was illegal, unethical, and wrong.
I congratulated Michael and Dusty for having the fortitude to stand on principle in the face of overwhelming abuse of federal government power during the Biden administration that could have crushed the company, but thankfully did not. These are facts. The government itself admitted its misconduct and de facto apologized to PublicSquare. Here are quotes from the CFPB's letter dated August 19th, 2025, notifying PublicSquare that it had closed its Biden-era investigation of Credova. Quote, "After reviewing the case, the CFPB has determined that this investigation exemplifies the type of weaponization against disfavored industries and individuals that President Trump and Acting Director Vought are committed to ending. Credova's use of innovative financial technology solutions to provide consumer financing to facilitate Americans exercising their Second Amendment rights made it a target for the Bureau.
The record of this investigation clearly demonstrates that it was conducted in a biased manner that targeted Credova's exercise of its constitutional rights and the facilitation of others' exercise of their constitutional rights." End quote. The CFPB in its letter also admitted that during the Biden administration, its politically motivated leadership attempted a pincer move that would force Credova into a Hobson's choice: comply with CFPB demands and effectively close up shop or violate federal firearms regulations. In other words, the CFPB deliberately set a trap for Credova, an impossible catch-22 that if the company had complied with CFPB's demands, would have knocked it out of compliance with ATF firearms rules.
Quoting Michael's public statement at the time, the pincer move was aimed at, quote, "regulating the company out of existence." This was a gross abuse of government power by the Biden administration, an assault on multiple of America's sacred constitutional rights for which there has not yet been full accountability. There is even more. The factual record shows that within a few hours of my fellow director, Donald Trump Jr., joining PublicSquare's board of directors in December 2024, Biden's CFPB, after months of silence, suddenly popped back up and made outrageous demands on Credova, putting it in a vice grip to settle before President Trump took office. The far-left war knights at the CFPB, one would think, would have at least tried to obfuscate their bald-faced pursuit of all things Trump.
This crew had been abusing their power for so long with impunity that they did not even bother to try to cover up the obvious retaliation against PublicSquare for bringing Don Jr. onto the board. Speaking to this particular abuse, the Trump CFPB said this in its August 2025 letter exonerating Credova: quote, "I am glad that Credova had the fortitude to resist that pressure." Indeed. Michael, Dusty, and Jim and team have proven their bona fides in the face of staggering abuse of government power, and this board is proud that they achieved a positive outcome for PublicSquare shareholders. What comes next for PublicSquare? When PublicSquare says it's on a mission to restore the culture through the power of commerce, this company means that.
The scars of this company being targeted by weaponized far-left regulators, as well as two PublicSquare directors ourselves being debanked repeatedly for political reasons, have awakened a sleeping giant and filled it with a terrible resolve to deliver financial freedom. What PublicSquare endured must never happen again to any law-abiding American. PublicSquare will be building on PSQ Payments, existing payments infrastructure, and Credova's lending franchise in the firearms and outdoor recreation industries, as well as Impact's new fundraising platform for conservative and liberty-oriented campaigns and causes, which Michael hinted at and will cover shortly.
The company will integrate services to enable crypto as a payment method, but will go beyond just payment processing and also providing merchants with Treasury as a Service software that allows the merchants to securely hold, manage, and invest in crypto and stablecoins received from their transactions, while ensuring compliance with all applicable anti-money laundering and financial regulations. In addition, the company will hold Bitcoin and other digital assets as corporate treasury assets to diversify reserves, enhance capital efficiency, and align with emerging financial technologies. Why go these extra lengths?
Because PublicSquare is building the future of financial infrastructure, helping to ensure that government power can never again be abused to censor political speech by canceling access to financial services for law-abiding people and businesses, whether directly or indirectly, by pressuring banks to close the accounts of people and businesses that the politically motivated factions previously in leadership of federal banking agencies disliked. The banking industry was not wrong when it pointed fingers at federal bank regulators as the key drivers of the debanking that occurred, describing regulators as, quote, "the hidden hand determining where banks can expand, which businesses they can finance, and how they can do business," end quote.
Stories abound about the far-left faction that controlled Biden's federal banking agencies dictating to their examination teams that banks must close accounts in certain industries by applying the amorphous standards of reputational risk and controversial commentary or activities, sometimes pressuring banks to stop doing business with certain borrowers loan by loan. Although the federal government admitted to actual wrongdoing in the Credova case, those who were targeted for debanking, especially by the senior officials at Biden's Fed and FDIC, are still waiting for justice. There was zero accountability for the first Operation Choke Point during Obama's presidency, which expanded to 30 disfavored industries, save for a lawsuit settlement in 2019 in which the FDIC agreed not to do it again. They did it again once Biden took power shortly after that. Unless there is real accountability and reform this time, they will do it again. Consequently, thank God for Bitcoin.
Bitcoin enables every human on the planet to transact with each other without government permission and to store the fruits of our labor in a way that no government can confiscate or inflate away. As F.A. Hayek predicted in 1984, "I don't believe we shall ever have a good money again until we take the thing out of the hands of government." That is, we can't take it violently out of the hands of government. All we can do is, by some sly roundabout way, introduce something that they can't stop. That's Bitcoin, and they can't stop it. Were Hayek alive today, he would no doubt applaud Satoshi Nakamoto for creating Bitcoin, which restores monetary power back to individuals and enables fairer financial services relationships by providing clarity of property rights in money. PublicSquare fully intends to deploy stablecoins widely across its platform too.
They are, of course, not as decentralized as Bitcoin, but they are important on-ramps into Bitcoin and other digital assets, and they offer programmability that more tightly integrates commerce and finance. PublicSquare lives the ethos of Bitcoin every day, using the power of commerce to restore America to America, the culture of peaceful exchange and financial freedom guaranteed by the U.S. Constitution. In closing, I haven't yet seen anyone connect the following dot publicly, and I'm candidly surprised by that. The CFPB's letter exonerating PublicSquare referenced President Trump's Executive Order 14331, guaranteeing fair banking for all Americans, which requires the current head of the Small Business Administration, Kelly Loeffler, to redress the debanking that took place under the Biden administration's Operation Choke Point 2.0. Here's the dot to connect. SBA Administrator Loeffler served on the board of directors of PublicSquare until February of this year.
In other words, she was a fiduciary for PublicSquare shareholders at the very time the CFPB was abusing its regulatory power to try to crush a law-abiding company and try to entrap it into breaking the law, which thankfully it refused to do and rightly, righteously chose to fight. She had a front-row seat. What happened to Credova must never happen again, and I wish her Godspeed. It's time to return financial freedom and rule of law to all Americans. Michael, back over to you.
Thank you so much, Caitlin. That was fantastic. It was an honor to hear your comments this morning. We are thrilled to have you on our Board of Directors and as a guiding light for all of the efforts that we are talking about today, especially as it relates to our embrace of economic liberty via our utilization of digital assets. I'm now going to kick it to Dusty Wunderlich, who is going to be taking our next slide of the presentation talking about another aspect of this cultural moment, the greatest wealth transfer in American history. Dusty, over to you.
Thank you, Michael. Caitlin, powerful, powerful words. We are honored to be in this fight with you. Cannot overemphasize the importance of this issue of debanking. It is a natural right we all have as Americans to be able to freely transact with one another. Just know you have fighters in PublicSquare that are building technology and pushing back against government to make sure that every American has that right. We have talked about the failures that have happened over the last 15- 20 years since the great financial crisis in 2008. We have talked about the weaponization of the financial and banking system. I now want to talk a little bit about the opportunity ahead of us.
We all know that the internet and the emergence of that technology has completely changed this world, and it has made a generational shift like anything we have ever seen in modern human history. One of the things that is not being talked about as much is the great wealth transfer, the greatest in human history, we are about to go through over the next 20 years. $84 trillion is about to be transferred from the boomer generations to millennials and Gen Z. This will transform what our world looks like. The generation of Gen Z and millennials grew up digitally native. They are highly skeptical of institutions, and rightfully so. They failed them in proportional ways. They are extremely values-driven because of that. They want convenience, but they are going to make decisions based on conviction.
This mix of technology and culture and conviction and values is going to fundamentally change commerce and finance. We believe that PublicSquare is uniquely positioned to take advantage of that and be a leader in that based on how we believe in our convictions of where the financial system should go and how it aligns with those two generations that are coming up in this country. I now want to hand it off to Michael, where he is going to talk about how we lead in this way with PublicSquare to really redefine what the financial system should look like in the generations to come. Michael, over to you.
Thanks, Dusty. As we mentioned, with incumbents vulnerable and a massive wealth transfer underway, we want to highlight a few key ways that we believe we're positioned to excel in this new era of financial technology. Number one is we are fintech forward. We are, as a company, prioritizing fintech above all else, to the point where we are actually monetizing other assets in order to focus on fintech. We're going to tell you more about that. We're going to talk about how we do believe our values as a foundation is a key differentiator, and that leads to our relationships with our merchants. Our desire to brag on our partnerships that we have with them and celebrate them is directly tied with our distribution differentiator. Finally, we're going to talk about our proprietary forecasting methodology that guides our economic positioning as a company.
We're going to start with fintech forward. We believe that ultimately payments are the lifeblood of our economy. Everything we do centers around that transaction layer, which means that owning the payment stack puts us at the center of every single interaction between a merchant and a customer. Our goal here is to bring simplicity to that experience. We pair advanced technology in a simplified fashion with a deep understanding of merchant and consumer needs to facilitate next-generation commerce. We bundle multiple payment types into the checkout to pull this off at scale and in a sticky manner. We're not just a payments company. We're a payments company with multiple methods of transacting. When we can approach a merchant and say, "We are going to bring debit and credit card checkout to your storefront.
We are going to pair with that consumer financing options, excuse me, that will improve your conversion rates at checkout. You're going to have the ability to transact via crypto. On top of that, if you're looking to conduct B2B or B2C ACH transactions, we can facilitate that money movement as well. All money in or money out for a merchant, we have the ability to facilitate, and we do it all rooted in trust." For us, fintech is the bet we are making. We are all in. We have the right team and the right moment to pull this off. We're going to now head to the fact that values as a company, we really do believe, are our foundation. As you look at how we've grown as fast as we have over the last few years, we've been guided by our principles, and those principles have been recognized.
The values that we hold dear and the way we communicate them through viral marketing campaigns have led to a grassroots movement of consumers and merchants joining our ecosystem. With over 80,000 businesses represented in our ecosystem and millions of consumers around the country, we are well positioned to be the tip of the spear for this economic liberty movement. These relationships are built on our traditional American values, as we've touched on in this presentation. Whether you're a merchant or a customer, ultimately, when you're in our ecosystem, you know that you'll never be shut off. We carry a cancel-proof promise, which is very refreshing, and it matters a lot to merchants, especially those who have been through multiple instances of debanking of some sort.
I want to now move to the fact that with that, our relationships that we have with our partners are really key to our growth and scale. I've mentioned on the last few earnings calls that our existing ecosystem is really what we're focused on onboarding. We don't have to go spend great deals of money in order to acquire new customers or merchants because we have this existing infrastructure and ecosystem already established, and now our opportunity is to cross-sell across our products. We are not a multi-divisional company anymore. We are a consolidated fintech enterprise. Whether a merchant came to us through credit or came to us through payments or came to us through another means, we want to make sure that those merchants have access to our entire suite of financial products. Over the next year to two years, that is our focus.
We have enough wood to chop within our existing ecosystem without having to induce a heavy customer acquisition cost on the business to go outside of our existing ecosystem. Our relationships are airtight. We have stood with these merchants and these customers in the fire, and they trust us because of that. We really believe that in an era where everyone is searching for that trust, that this is a key differentiator for us as a company. I want to kick it back to Dusty, where we talk about our proprietary economic forecasting and the methodologies that guide us from a macro and a microeconomic perspective. Dusty, over to you.
Thank you, Michael. This is a personal passion of mine, this topic. As I said, in 2008, I had to really rethink my worldview, and when I was seeking answers, one of the places I found those answers is in the Austrian School of Economics. It was a rare source of truth in that time, and many of the economists out of this school of thought were the few that predicted what would happen in 2008, and they had built their school of thinking on generations of logical thinking and really just practical ways in which the economy works. This has become a life pursuit for me of how do I apply this type of theory and logic and truth into entrepreneurial application. In fact, Credova was launched on this very mindset.
I wrote a white paper in 2018 called The Problem of Big Data, which became the foundation of how we built Credova and its credit underwriting policy, how we built products. It was really the idea of past behavior does not predict future behavior. This is something we had to learn a hard lesson on in 2008. Yes, data is important, but with data not being informed by sound logical economic theory, we are prone to make the same mistakes we have in the past. Credova, not only Credova, but PublicSquare is being built off of this foundation. We think of this as our secret sauce in the way that we really manage through economic cycles. We are thinking not only just about how we drive shareholder value, but how do we build generational technology that can last?
That must be built around sound economic theory, which then drives strategy, and it drives how we think about enterprise risk, investing in our treasuries to building out our portfolio. Now, it's not to say we don't use data. We do, and we use it throughout our organization. It is just informed through how we think about economic theory. We have the great honor to work with one of the best economists in the world, Dr. Frank Shostak, and the AAS Economics team that helps us put together our proprietary forecast that drives the company's strategy. This is really a secret sauce we think is unique to a company at our stage in size, and we believe that it'll build a foundation that'll allow us to really weather many economic cycles. Now, we've talked through the strategy and how we're building that strategy foundation.
I'd like to move now to how does this fit into the practical product ecosystem. As we move into being a true fintech company, we see really three pillars in which our products will practically work. This is really what we're seeing as a self-sustaining ecosystem. I want to start with the transact pillar of this first because this is the most important in my opinion. Again, as we've said, being able to freely transact within the economy is the pillar of economic freedom. This is what we're building our entire ecosystem on. You're going to hear shortly from Brian Billingsley about how we've built out particularly our payment stack and are going above and beyond to make that uncancellable. It has to start there. We've built one payment stack already on the traditional rails. We're moving into the non-traditional rails.
As we see this generational shift, we see more of the payment rails that will go into stablecoins and cryptocurrency, which we're very excited to be a part of. Beyond transaction, we want to be able to grow with our merchants. We want to grow with the economy. A big part of that is creating liquidity in those markets and responsible liquidity. We were never advocates of what happened over the last 15 years with ZIRP. We think it was morally wrong to misprice risk like that. We will always responsibly price risk. That's how we'll continue to grow in a smart way. We want to bring liquidity to markets that have never been there. For example, even though the small and medium-sized businesses in our economy are the lifeblood of our economy, they have been unbanked and underbanked for decades.
We want to bring good, responsible business lending to our merchant community so they can grow. We already have options for their consumers so they can get purchases, and merchants can increase their AOV and conversions with their consumers. We'll continue to expand on that product suite. We're going to talk more about that later. Probably one of the most exciting parts of this growth pillar, and this was a big reason that Credova and PublicSquare came together, is the marketing services component, which Michael's going to talk about soon. It's a unique skill set that PublicSquare has, and I think Michael is the best marketer I've ever worked with in my career. We're going to be able to bring these unique marketing services that are culturally relevant to our values-aligned consumers to help our merchants grow their businesses.
In the last, and this is what I'm probably most excited about, is invest. As we see more of the payment stack get off of the traditional payment rails and into stablecoins and cryptocurrency, we are going to get to see merchants become their own banks. This is how we take over the banking system in a responsible way, is we get to be able to have wallets that store cryptocurrency, that consumers make their payments, those merchants hold it in their own wallet, and then they invest it through a treasury of service to create yield and return to be able to reinvest in their business. For years, this economy has been penalizing savers. Banks have been giving literally basis points on savings, now we get to reverse that. Merchants can take back over their money.
They can become their own bank, drive returns that they can reinvest into their business. We couldn't be more excited about introducing this ecosystem and sharing this vision about where we're going. I now want to hand it over to Brian Billingsley, and I want to talk a little bit about Brian. I got to meet Brian when we were first acquired by PublicSquare, and he's one of the best fintech minds I've ever met. He's been at incredible companies like Klarna, Basis Theory, Alliance Data. He's done payments. He's done lending, and he has been a champion at building out our uncountable payment stack. Honored to work with you, Brian, and looking forward to hearing you speak about our products.
Great. Dusty, thank you so much for the intro and coming to you from an overcast Midwest day, which the only saving grace of the weather is archery season starts in a couple of days, which we're excited for. Again, it's an honor and a privilege to be up on this virtual stage with these incredible executives and really everyone at PublicSquare, all experts in their domains for sure, but also men and women of incredibly high character, full of fight and grit that just really attracted me to the company. I'm a payments geek through and through.
I've been coming up on 20 years in the fintech space, like Dusty said, getting to work for both amazing fintech startups as well as some of the largest fintechs in the world, companies like FIS, Alliance Data, getting to bring Klarna to North America, and just learning so much through that process. Even though I got to work with some overall great people and get to build and work on some amazing tech, the duplicity really started to get to me where I was being asked to support things that myself and my family don't support, asked to figure out how to block transactions for firearms and related purchases. That duplicity got to be too much. When I got to meet Michael and Dusty and the crew, I knew I really found a home.
I've never had more fun or worked with more purpose or resolve than here at PSQ because it's really the combination of great tech with the aligned values, the love for country, and the for-profit focus that is successful if we make our merchants and partners successful. I'd like to jump in and just take a few minutes to talk about going a few layers down, a few steps down into what we're doing, what our fintech platform is today, and what's currently in the product suite, and a hat tip to what's coming up next. PSQ Payments is a unified platform for merchants, C3s and C4s, combining the most important financial tools for their business that they need to manage all of the money inflows and outflows from their business and nonprofit, really the beating heart of their business.
Today, that includes cancel-proof debit and credit card processing at B2B and C2B ACH, and we'll get into a little bit more in a future slide on what cancel-proof means and how we accomplish that, as well as buy now, pay later, and extended financing through Credova. In just a few minutes, you'll get to hear more about some of the additional products we're bringing to market very soon, including private label credit offerings, adding crypto to our payment stack, and our strong push into serving nonprofits and the political donation space.
The beauty of this platform is where it really gives our merchants and our other customers a single pane of glass to see everything, see all of their data in one spot, a single login, unified data, unified place to do the operations, the operational, I call them fin ops, whether it's a chargeback or a refund, one place to do that, where they can delegate and federate permissions in a safe way, but not have to log into multiple places to do multiple jobs to be done across their business. It gives them unified financial reporting and cross-channel optimization. It works on desktop. It works on mobile. If they need to use it in apps in certain places, it works there too.
If you're the CFO at one of our customers, you like the fact that the bundled pricing really gives us the ability to give our merchants some serious savings while us not having to give away a ton of margin because the more that you add, the more you start to leverage. You're leveraging our payments. You're leveraging our ACH. You're leveraging our credit products. You start to leverage our marketing capabilities. We can save our merchants money and drive business to their websites or to their stores and do it in one unified way, where really it's a win-win. We're making more money, and our merchants are saving quite a bit of money as well. It also gives us the data and the on-ramp to and the trust, the ability to earn the trust for future products.
As Dusty and team will be talking about future treasury products, and as we roll out crypto, we have an easy place for those merchants to quickly turn on, be underwritten, and launch these new products. Why don't we go to the next slide? I want to just double-click down on our payment stack for a minute. It is an easy-to-integrate platform where we can give our merchants incredibly competitive rates. In the industries that we serve, they've been underserved. They've been debanked. In many cases, they're getting subpar products, long-in-the-tooth technology, and incredibly high prices. We want to flip that around. We want to bring the best tech, the best customer service, and really competitive rates, especially as you start to leverage all of the products across our ecosystem. It's really built with modern APIs and developer tools.
We'll talk about that in a minute, where we brought the best and brightest in the fintech space. Many engineers, product managers that have the same story as Dusty and myself and others, where we've been in work for those fintechs and just realized that they're not serving the merchants that we love. We're so excited to be part of doing this at PublicSquare. A key part of our cancel-proof promise is our ability to, one, use from day one, we are built on an independent data vault. We are never locked into one sponsor bank. We're never locked into one processor or any other vendor around our payment stack. We like to say we make hay while the sun's shining. In this environment right now, things feel pretty good. We all know that political winds can blow just like a Mary Poppins movie.
What we want to make sure is that in three years, in seven years, or 10 years plus, our merchants are able to process payments for their goods and services, whether it's on a credit card, through an ACH transaction, or on crypto, where we know it's going. A key part, even though we leverage AI and automation extensively throughout our customer service, through our testing, and even our development processes, it's still really important for us that we have a very human touch to our support. As we've sold to customers and we've moved them off from some of the biggest names in fintech that you would all recognize, they love the technology. They say it's on par. A key thing that they all call out is, "Man, you guys, we know who you are. You have a name.
We have a phone number we can call if we have a question." I think of Kenny on our team, who supports a lot of our enterprise customers. They know who Kenny is, and they know how to reach out if they need something, which is a huge differentiator in a world that is rushing to automation. Like Dusty said, we think AI will play a huge part in our company. It already does. Automation plays a huge part in our company, but there still is that human touch. Right now, it's cards and ACH. As I mentioned, we'll be talking about the other payment methods that we're going to be adding to the stack here shortly. Why don't we hop to the next slide, please?
For anybody that's technical or developers on this call, I would love to, at the end of the day, point you to payments.publicsquare.com, where you don't have to take my word for it. This is built again by some of the best and brightest engineers, product managers, and fintech folks that we could put together. We're just really impressed by what we've been able to do so quickly. It's really designed from the ground up to, one, be dogfooded on our own APIs. It sounds a little goofy to say, but it's really important. Basically, our product is built so if you are a brand new company, you're a new online FFL, you can come in, and we make it very easy for you to turn us on and start processing payments.
If you are using WooCommerce or BigCommerce, for example, one of the more two-way friendly platforms, we can get you up and running very, very quickly. If you're a very sophisticated FFL, and we'll mention some of these of our customers, someone like guns.com or GrabAGun, that have incredibly complex infrastructure, a lot of it they've built themselves, they can access data directly and securely from our API and not even have to go into our portal. It's a way where our product is built for startups, for new merchants that are just getting off the ground, and we want to support them, but also robust enough to serve merchants that are doing over a billion dollars in revenue. Why don't we hit that last slide, and then I'll be turning it back over to Dusty.
This part actually can seem like the boring slide, but for me, being a payments geek is actually one of the most exciting slides because once the CFO at our customer likes the race, they see the value, the financial value we're adding to them. OK, check that box. The engineers and the folks that have to integrate our products can go and kick the tires themselves. They don't even need a salesperson on the phone and can say, "Yeah, this is going to take me a few days, not weeks or months." We see that it was built for me and that you use modern tools, and I can easily get this live. Our real customer, after that's done, is the folks inside of our merchants that have to use our products day in and day out.
I call them the fin ops people, folks from finance, from operations that have to do all the work. They have to do the chargebacks. They have to do reporting. They have to do quarterly closes. Our tools make their lives easier. Again, one place to log in where they can see all of their data. If they have to issue a chargeback, if they have to do a refund, we make that really easy and give them, over time, hours back in their weeks and months. That is something that we want to continue to work on. We will never rest on our laurels. We keep listening to our customers to understand how we can make their lives easier. How can we help them ultimately sell more of their product and help them focus on what they're good at, which is their brand and selling their products and services?
Please check out our payment slide. I'd love for you to look at our APIs. I'm going to turn it back over to Dusty, who's going to go more into the credit side of our business. Take it away, Dusty.
Thank you, Brian. Exciting to see what you've built and what you're going to continue to build there. Love this slide partly because I'm very proud of what the Credova team has built with our credit products for two distinct reasons. First is that we initially built this for the firearm industry and really to protect our Second Amendment rights and the acquisition of firearms. This has become a pillar within that industry. I'm deeply proud of the team for what they've done there. Second of all is that we built a credit platform that was not built on short-term thinking, gimmicks, and hidden fees and subscriptions, but something that could endure economic cycles. When we set out to do this, it was really to build a platform that was highly robust to be able to handle compliance at the state, federal, and local level.
It was able to handle multiple different lending products and multiple lenders as well. That way, we could offer products down to the deep sub-prime, the credit invisibles, all the way up to the super-prime. It's evolved over time. Where we sit today is we do everything from short duration of forepay over six weeks and as low as $150 all the way up to $10,000 with 60-month terms. This gives merchants and consumers extreme flexibility. At the core of all of this, as we've talked about, is we've never believed that this era of [Zerk] would sustain. At the heart of what we've built is an engine which is based on risk-based pricing and doing responsible lending on behalf of our merchants and on behalf of our consumers.
We think it is the right thing to do to price risk appropriately, build products that can reach that particular segment of the credit spectrum. I think for the first time since we launched in 2018, you're seeing that economic theory combined with using good data to do that. As our peers are starting to see record delinquencies and defaults as we're going into harder economic times, we are considerably reducing our defaults and delinquency year over year, showing that we can responsibly lend to our consumers, and we can responsibly lend through different credit cycles. We have set this up to really, truly build an anti-fragile system. The next slide is something I'm really excited about because it is taking what we've built and going to a new level. That is with a recent acquisition that we're going to make. It's under LOI.
We expect for it to close in the very early part of the fourth quarter. This is for a digital private label credit card technology platform. This is one of the most unique innovations I've seen in the last 5 - 10 years in the fintech lending space. A group of very talented Capital One executives who worked in the private label credit card space saw an opportunity, and they saw a TAM that has completely been unaddressed within the credit markets. That TAM is specifically small, medium-sized businesses under $1 billion have never been able to offer a private label credit card. The likes of the Cabela's, the Bass Pro's, the Victoria's Secrets, the Macy's, those are the big companies that have been able to create a private label credit card.
This team was able to go and build out technology to bring this down to a merchant that's even doing $1 million but has really strong brand loyalty and brand affinity with their consumers. This is truly opening up an entirely new TAM, and it gives us a product that we think is highly unique and competitive, and it feeds back into that ecosystem we were talking about. The way the card is built is if you're a consumer and say you have really strong brand affinity for, let's say, one of our great merchants like GrabAGun or guns.com, and you get a private label credit card with them, and you build loyalty and points, you get to build loyalty and points throughout the PSQ ecosystem of value lines of merchants.
You might go to a partner, a travel partner like ours, like Hotel Planner, and be able to book on your guns.com card or your GrabAGun card, or go to Good Ranchers and buy some great grass-fed beef from them, and you get to get points and loyalty. This, again, is matching these values-aligned consumers with value-line merchants. We're incredibly excited to bring this into our credit offering, and we believe this is going to just expand the promise we made of really giving credit to everyone there and meeting them where they are on the credit spectrum. Will, if you could go to the next slide for me, please.
This is a visual of where we see the products all working together and going from small dollar short duration all the way up to large dollar from one-time contracts at the bottom of this, which are more installment and consumer leases, where a consumer might just make one purchase, to more upstream, where you're getting into brand loyalty and building rewards and repeat purchases. The beauty of the digital private label credit card that we're going to be putting into the market is this really hits the entire spectrum. It fills out our suite of products, and we think it's going to be one of the greatest innovations we've seen in consumer credit over the last 10 years. We couldn't be more excited to bring this into the market for our merchants and also for our consumers as well. Now, I want to shift.
We've talked about the credit products, how it's evolved, where we're going. One of the things I mentioned earlier is part of the acquisition with PublicSquare and Credova that I was excited about is bringing the marketing power of PublicSquare to our merchant ecosystem. Michael, like I said, is probably the best marketer I've ever worked with. PublicSquare has shown the power of marketing and how they've been able to build up the brand, tell stories about value-based merchants and consumers. I'm going to hand it over to Michael now to talk more about how we're going to drive business for our merchants with our marketing services. Over to you, Michael.
Thanks so much, Dusty. Appreciate that. As you just mentioned, I remember one of our earliest conversations in October of 2023, I guess that would be, when we were first meeting and discussing the potential of a joint merger together that we could combine our missions and take them both to the next level. I remember we had this conversation that if we could bundle these products at checkout and then throw gasoline on the fire via marketing services and an excellence-driven brand representation, we could do a phenomenal job of not only telling our story, but we could actually tell stories on behalf of our merchant partners. This really, we believe, is a key differentiator of our company. We actually offer our marketing services not just in support of our own brand, but also in support of the brands that we serve.
We are very proud to partner with the folks that we have the opportunity to partner with, and we leverage our videography, photography services, social media virality, earned media opportunities in full support of the brands we partner with. You'll see a few of those there on the bottom right-hand corner of your screen. Merchants like guns.com or Good Ranchers or Hotel Planner in the travel space or Staccato, we love helping our merchants tell their story with our top-tier marketing talent. We believe that this allows for us to be a fintech enterprise, but with a consumer-facing brand. When we can come to a merchant and say, not only can we secure your checkout, provide great rates to you, and bundle these products in service of your enterprise, but we can also drive new customer acquisition for you, that's a game changer.
It's been proven so as we have continued to scale our fintech enterprise. Very excited about the marketing services. I now want to move to the next slide here. I want to talk about what we alluded to earlier this morning. We talked about how we've got our customers, we've got our merchants that we're honored to serve, and we also have this new emerging market of campaigns, committees, and nonprofit organizations. We today are introducing for the first time a subsidiary of PublicSquare called PSQ Impact. We are taking our PSQ Payments technology, and we are bringing it into the fundraising environment.
We have created a modern fundraising platform for the conservative movement that offers the lowest fees in the industry through our vertically integrated payment stack, a cancel-proof promise, enterprise-grade payments infrastructure that we've alluded to this morning, as well as a host of other features like AI-driven reporting for the campaigns, committees, and organizations we're honored to work with, allied fundraising tools so people can join their fundraising efforts together, crypto donations, as Caitlin referenced this morning, for those that are looking to leverage the liquidity that they have in their crypto holdings in order to support causes they believe in, and conversion tools like Apple and Google Pay that begin to bring real wallet infrastructure to this fundraising platform. We have a new President of this venture as well, a gentleman named Alex Bruesewitz.
Alex is one of the most impressive young entrepreneurs I have ever had the opportunity and blessing of meeting. He's become a fast friend. He is a trusted both executive and thought leader in culture, politics, economics, and how technology brings them all together. Alex, obviously, we are just introducing this today. More will be released on PSQ Impact very soon as we roll this out in the coming days and weeks. I did want you to introduce yourself and share a few minutes about why you're so passionate about leading this endeavor.
Absolutely. Michael, thank you for this opportunity, and thank you to all of the incredible team members and Board Members of PublicSquare. I think it's important to remember that PublicSquare was the only company in technology, really, that was standing by conservatives when it was unpopular. It is totally fitting that you guys are leading the charge. We're leading the charge in improving technology for conservative campaigning and donation platforms. My background is I've been helping elect America First conservatives my entire adult life. I started my political consulting company when I was 19 years old with one goal in mind, helping conservatives communicate better online. Fast forward eight years later, I was doing that exact thing for the president's campaign, and I'm helping guide the president's podcast strategy and influencer strategy that was credited greatly after the election.
It was the honor of my lifetime to be able to serve the president in that capacity. It's been such a blessing getting to know him and his entire family. It's also been so great meeting and helping elect a lot of the top conservative fighters in our movement. If you look at guys like Byron Donalds or Anna Paulina Luna, really America First firebrands who really get it 100%. I'm so passionate about this product because after the election, I was thinking, how else can we make our donors' dollars go farther? That was one thing I focused on with the president's campaign, how can I do more with less? We're always at a cash disadvantage as a party. It's actually kind of changing right now because the president is bringing so many big checks into our movement. Historically, Republicans lag behind fundraising.
I wanted to figure out how we could make dollars go farther and where we can cut costs. One of the first places that I thought of going was with the payment processing space, the donation processing space. I went to Michael with this idea about nine months ago, and he got fast to work on it. The team's incredible. I think it's the best payments team in the business. It's 100% the best payments team in the political world. As we get further along with this, I think it's going to become one of the hottest items. I have an anticipation that we're going to get a lot of excitement and a lot of big names coming over to our platform.
Thank you so much, Alex. It is an honor to have you on the journey with us. I cannot wait to reveal more about this exciting project in the coming days and weeks. I now want to turn it to Dusty, who I want to actually introduce a new face on this call today. He has a long track record of relationship and business partnership with Ben, who will be joining us today. Dusty, I felt it was fitting for you to make the introduction.
Thank you, Michael. I just want to say one thing. Watching and working alongside Michael and Alex gives me great hope about entrepreneurship in the next generation. You guys are outstanding entrepreneurs and far exceeded what I did at your ages. It's an honor to be working along. You couldn't be more excited about Impact. Alex, welcome to the team. Great to be working alongside you. I'd like to just take a few minutes now to talk. Probably there's a lot of exciting things we're talking to, but really talking about cryptocurrency, our treasury strategy, and corporate strategy. Again, you're going to see another theme here with Ben McMillan, who's a longtime friend of mine, who was also just a brilliant algorithmic trader and data scientist on Wall Street that became very disenfranchised with what was happening on Wall Street.
He has since been a champion of fintech technology, and a lot of that has been around cryptocurrency and digital assets and how you institutionalize that and get institutions being able to leverage and use those assets. Ben and I have been friends for about 10 years. Funny story, we had a Bitcoin mining operation in Oklahoma in 2016. He and I were constantly playing with protocols. We've been a student of this movement. As soon as we made a decision to get into the corporate treasury, and what you'll remember is we put out an announcement earlier this year, very specific that we were exploring it. This was not a fad for us. This is something we find that is deeply important to our economy. We weren't just going to go long only into a Bitcoin strategy.
We think that's a disservice to the movement and what's happening with cryptocurrency. We brought on experts like Caitlin. We brought on experts like Ben to really think through a holistic strategy, not only for our own treasury, but our merchant network. That's where Ben and IDX come in. We couldn't be more happy and proud to be partnered with Ben and their team at IDX to bring his technology to our treasury strategy, but also to our merchant network to have treasury as a service. As they take in payments in stablecoin and cryptocurrency, they can then hold and gain return on that. Ben, thank you for coming on this ride, man. Thank you for all that you've done for the movement in cryptocurrency. I'll hand it over to you.
Thank you, Dusty. Yeah, it's fun to think about the 2016 mining operation. That was a long time ago. I want to underscore one thing you said, actually, which was important as it relates to 2008, because 2008 was a wake-up moment for a lot of people, not just on Wall Street, but Americans in general, hardworking consumers, business owners, because we saw firsthand the fragility of the traditional banking system, in particular how the lack of transparency ended up being a huge risk, as was the moral hazard. Americans are still paying for it, like Dusty said, through not just zero interest rate policies, but the unprecedented level of money printing. DeFi is the antidote to that. Chris, Caitlin said it earlier. The banking rails built on decentralized, immutable smart contracts provide now a level of transparency and access that is censorship-resistant.
It's proven to be a huge stopgap for what has been exposed as the Achilles heel of legacy finance.
I want to reference something too Michael said earlier on as it relates to the internet revolution. Just as the internet revolution democratized access to information, kind of in a primal right for Americans, we're now in the era where decentralized finance is going to do much of that to democratize access to banking and investing, all while lowering costs, cutting out middleman fees, but also importantly prioritizing transparency and trust. Again, two words Michael said at the beginning that I want to underscore here. Now that said, the downside is that it can be complicated to navigate. Like any good open source revolution, and again, we saw this in the late 1990s and early 2000s, the DeFi landscape is innovating literally exponentially, but it does come with a steep learning curve.
We've seen this as we've been managing client assets in this space since 2019, really, and kind of seen the evolution of the institutionalization, not just of Bitcoin as an asset class, but kind of the idea of the crypto ecosystem as something broader. That's decentralized finance. DeFi is really important in that way. The analogy I like to give, actually on the next slide, I think sums it up pretty well, is that it's like walking into a kitchen and just seeing a stack of recipes. If you're not a chef, if you don't know how to combine the ingredients, you're kind of at a loss. That's really kind of been the stumbling block for a lot of people on Main Street, which includes business owners, includes institutions for accessing DeFi.
The analogy is then, all right, as opposed to that, our efforts, our goal is to turn those recipes into a very simple, easy-to-read menu where you can just point at what you want and get it very simply. On the next slide, that's the idea of the yield stack that we're thrilled and proud to be plugging into the PublicSquare ecosystem because it really underscores this idea of self-sovereign banking. Right? For the first time in modern finance, businesses, individuals, investors, consumers can really be their own bank. If you go back to the early days of the, you know, quote unquote DeFi revolution in 2021, there was a lot of talk about the underbanked population, how, you know, third world countries were going to be, you know, early adopters of Bitcoin and decentralized finance because it was an efficient mechanism for them to leapfrog into the next generation.
Of course, you know, not only have we seen that proven to be true, but we've also confronted another huge issue, which has been the debanking issue, which we've heard a lot about. Crypto rails, decentralized finance is the antidote to that, and yield stack empowers businesses to safeguard and grow capital without fear of political or institutional choke points that have proven to be a real risk in TradFi, traditional finance. We're excited that this is going to be able to help power the merchant network and allow them to turn dormant capital into productive capital, again, without having to rely on traditional financial rails or networks, which in many cases have excluded them. It's also worth noting that this isn't just about a freedom-first alternative to traditional banking. The mathematical opportunity set in DeFi is unparalleled.
Because it's still an under-accessed ecosystem, you can access yields that in many cases are considerably higher than what you can get in the traditional financial system with same-day liquidity. Much improved liquidity profiles, which again is increasingly important. We're thrilled to contribute yield stack as a gateway that not only simplifies the DeFi landscape for businesses, but does so in a values-driven way that prioritizes self-sovereign financial freedom, an unprecedented level of access to banking and financial rails, and one that we're excited about because we're in the very early innings of the transformative power of DeFi. We're excited to be bringing this to market with PublicSquare at a time, frankly, when it's never been more important for American businesses, consumers, and investors.
Wonderful. Ben, thank you so much. I really appreciate being on this journey with you. It's going to be a lot of fun. We were anticipating this announcement today with much excitement and cannot wait for this to be an added benefit to our merchants, allowing them to essentially operate as their own financial institutions with so much more agency. That's what we all want. We just want to know that we get to operate with our economic liberties protected. Nobody knows better than what to do with the money and the operations of their own business than the merchant themselves. This partnership allows for them to have more control over that process. We're grateful for it. I now want to move to the next slide. We are going to summarize what we talked about here in session one.
This morning, we've been focused on what it looks like to build this fintech ecosystem. Everything we have done over the last two years has been very methodical toward this ultimate aim of creating a financial technology company that protects economic liberty and leverages a bundled product nature at that checkout to support our robust merchant network that we have deep relationships rooted in trust with. You'll see amazing milestones that are historical here, like the acquisition of Credova that gave us such a strong foundation to be able to build PSQ Payments and deploy that last fall. Ultimately, our goal is to, of course, have our core payments stack, but embrace non-traditional payment methods as we've described this morning. That's where digital assets come into the mix.
We're talking about how we take that payments enterprise and bring it into the nonprofit environment and the political environment for those values-aligned campaigns and committees we're honored to serve. Obviously, Ben just did a phenomenal job talking about our treasury services for us. I said this at our Q2 earnings call. It is not enough just to simply hold digital assets on our own. Many companies are joining a #MeToo movement of YOLOing into Bitcoin or different digital assets. That's okay. We love adoption, but at the end of the day, we believe that that's an insufficient path. We want to do more than just hold the assets. We actually want to be able to monetize our positioning in the cryptocurrency ecosystem in a lot of different ways. Ben, you did a phenomenal job of articulating that.
Finally, you'll see a little bit as we look forward into 2026 related to our private label credit card program. As Dusty mentioned this morning, that does a phenomenal deal of good for our merchants when describing additional marketing services like loyalty and juicing conversion and customer adoption, making them feel like they're a part of the merchant's brand in a much more tangible way for those super consumers. One last point we'll call out here is that we've begun the application process of our money transmitter licenses, which will do a great deal of benefit for our margin going forward as a business and more control over the money movement. We can go to the next slide to summarize here of our bundled positioning. We do not see these things as different business lines. We see these as different features of one unified product story.
We are a payment company at the end of the day, and we have many methods of conducting that payment. When we can bundle these services at checkout for our merchants, it is an incredibly sticky product. When a merchant or an organization can use us for these different feature functionality aspects, it makes it very hard to leave our ecosystem. You don't want to because we're serving you in so many different ways, and we become really a part of your business with you. The beauty of these bundled services for a merchant as well is that in many cases, large enterprise-scale merchants are dealing with one company for their payments, another company for their financing, another company for their digital assets, another company to help handle marketing and telling their brand story.
We have heard countless times from merchants say there's nothing more refreshing than knowing when I get on the phone with PublicSquare, I'm talking to the team that is integrated into my business for all things checkout. It's a refreshing thing for the merchants. It's refreshing for us as well. In summary, traditional finance has fractured trust between consumers and merchants. We have earned the trust of our consumer and merchant universe, and we're proud to celebrate the folks that we are honored to serve. Decisions today, more than ever before, hinge upon values, not just price or convenience. People want to know, are you with me and will you serve my business in alignment with the core problems that we have to solve? Payments, discrimination creates room for digital native values-led fintech. This is a fourth industrial revolution.
Will and I were actually discussing this morning how, you remember when search came into technology and folks said, search, like that's kind of a behemoth. I don't know if consumer adoption will be there. Remember influencer marketing, how weird people thought these things were when they first came into market? I think that what we are seeing in the world of fintech right now is the dawn of a new era. If you have eyes to see it, you're in luck because you're on the forefront of a pioneering movement that secures economic liberty, speed, trust in these transactions. We are in a new era of digital commerce, and PublicSquare has its eyes on the prize as we go and take that land. Finally, we aim to lead a multi-trillion dollar money movement market.
We love the aspect of being able to have a say or a partnership in all of the money movement in and out of the merchant's experience. We get to bring our expertise to help support their journeys and their missions, and we do this by remaining principle-first at our company. That is how we believe we will win. Everyone, this morning, that concludes session one. We are going to take a five-minute break, and then we are going to get into the way forward from a financial guidance and expectations perspective. We're going to end with a time of Q&A. We're going to take five minutes. We'll be back with you shortly.
It's been a bit different. I wish the good times outweighed the bad. I hope that that feeling I got in your arms would be enough. It wasn't, because I frequently thought you were good and I'm not. Your attention was like a drug to me. One day, I decided that I couldn't live addicted any longer.
Welcome back. You're joining us again in session two. Talk about the value generation as it relates to what we presented in session one. It's my pleasure to hand the conversation over to James Rinn, our Chief Financial Officer and a member of our board, to talk a little bit further about how we're going to continue to generate value with our ecosystem. James.
Great. Thank you, Will. By way of background, I've had the pleasure of being on the PublicSquare board since July of 2023 when we went public. Most recently in June of this year, I joined the executive team as CFO of PublicSquare. It's been a fun ride over the last four months and I look forward to the future as we move forward. Speaking to the slide at hand, as we announced on the Q2 earnings call, we are monetizing and in the process of monetizing both the EveryLife brand as well as the Marketplace. This is obviously an effort to double down and to focus on fintech where we see significant growth opportunities and accomplish the things that we've referenced earlier in the call today. With that monetization, everything currently is on target, so to speak.
We are working, have a number of interested parties in the EveryLife brand where we have ongoing discussions, different levels of due diligence with different parties as we look to exit from that business during the fourth quarter of this year. From the valuation experts we've spoken to, we believe the exit price will be one to two times trailing 12-month revenue. As of June 30th, we expect that trailing 12 months to be $13.4 million. As of June 30th, it would have been $12.4 million. We look to monetize that wonderful EveryLife brand with folks that will continue to continue that brand and allow it to thrive into the future because we think that's a really great brand with incredible loyalty. Shifting to the Marketplace, we are, as we've discussed before, monetizing that via sale or repurposing. We have active engagements with a number of parties.
We continue to see that executing as we've laid out previously. Ultimately, this will allow us to bolster our balance sheet with the proceeds from those divestitures. It'll allow us to materially reduce our capital spend and our burn. Ultimately, it'll allow us to focus on an efficient operating model that we can fund our fintech product innovation, ultimately accelerate our development with our bundled payments, credit, digital assets, and some of the products we've been talking about today. In summary, on this slide, we feel good about our execution. We'll provide updates as we report Q3 earnings, but we feel good about the path we're on related to monetization of those brands. As it relates to the efficiencies of the fintech model, as you look at this chart, really, we need to focus on scale, and we are. We're keenly focused on our gross margin, increasing that.
We have a number of opportunities with this bundled-to-win approach that Michael spoke of. Our fintech payments, Michael spoke of the history, in March of 2024 is kind of the short runway of 18 months that we've been on related to fintech. We're gaining traction. We're going to continue to grow those gross margins. We're very aware of kind of cash burn, looking to make the appropriate adjustments as we exit those businesses that I referenced earlier. One of the things from a cash burn perspective is embracing a number of other banking partners to reduce some of the cost of capital as we balance sheet leases and loans in that process. A lot of good progress, more progress to make on that, but we feel good about our path forward. As it relates to people and efficiency, we're an AI-forward organization. We're leveraging technology more and more each day.
AI in the engineering front, AI in other parts. Dusty did a good job of speaking about how we use AI in our decision quality decisions and our underwriting so that we make wise decisions and have the highest quality assets that we put on our balance sheet. I feel very good about the progress that we're making on these various fronts. Ultimately, that shift will allow us to shorten the path to break even. It'll be a capital light approach. We think we can have increasing leverage of our people, higher revenue per FTE in the future. We feel really good about the business model because I think we've set the table now to grow it into the future. With that, talk a little bit more about shareholder value. The board and the management team is, this is first in our minds each and every day.
How do we add shareholder value? The balance of this year, as I've referenced, is really about improving our profitability through enhanced gross margin, reducing our monthly burn that I spoke of from the divestitures and in general, and then ultimately scaling for growth across all product offerings. That's one of the things I'm most excited about, is we feel like there's incredible opportunities across all the offerings that we've spoken of today. In the midterm, which I would refer to as kind of 2026, it is really about taking it to the next level from a profitability, improving EBITDA as the business reaches appropriate scale, covers the fixed and public company costs that we have. I feel like that will be a really foundational year as we set the table for future and long-term growth.
Long-term, we feel like we can grow revenue with not a lot of incremental cost, not a lot of additional capital will necessarily be needed. That's the beauty of the fintech model as we reach scale, as we continue to grow in what we believe are very large verticals for us with very large TAMs. We're excited about the value that we can drive to our shareholders in the days ahead. It's about execution, it's about discipline, and we feel like our team is set up to do that well. Talking about kind of projected revenues from a GAAP perspective, by way of history, in 2024, from a fintech perspective, we did $10.1 million in revenue. Where we ended up and expect to end up in 2025, that'll be $16.5 million in that fourth column there. That equates to roughly 59% growth.
In the first half of this year, we did $6.5 million. We expect Q3 to be right at $4 million or north of $4 million. Moving to Q4, we expect the combined revenue of the different verticals to be payment streams to be $6 million to 50% sequential quarter growth. As some of these services and payment streams launch, obviously they'll gain more traction, and we really feel like the table's now been set so we can accelerate growth in the future. We expect 100% year-over-year growth to north of $32 million in 2026, and we expect that to continue for the foreseeable future as we continue to take market share and execute on our different verticals. Again, large TAMs, loyal ecosystem to our different payment processes. We're excited about the path forward and look forward to achieving those results.
With that, I'm going to hand off to Dusty, and Dusty's going to share some details about peer companies and valuations.
Yeah, thank you, James, for outlining the financial outlook based on the new fintech focus. Now we get to the point that probably matters most on investor and analyst day of what is this going to do for the equity. A big part of our decision, which we talked about in the last earnings call of divesting Marketplace and EveryLife, was to create a focus and really go after a market opportunity we think is ripe for disruption and one that we think we can lead. This also has the benefit, I think, of cleaning up the story for analysts and for investors, as now we have true peers in which we can look towards. Prior to this pivot, we've been trading more of what I'd call a blend of probably Marketplace and D2C products. Now we can squarely put ourselves in regards to the fintech category going forward.
We believe this is a great opportunity, especially for the investors that stayed with us and been loyal to us, as we start to pivot and show results on this and what we consider hypergrowth based on some of the numbers that James put out there. We believe the equity is highly undervalued at this current time. When we look at kind of breaking down the three categories, and this is also what's unique about what we're building with the bundling of these products, although we are squarely in fintech from a comp perspective, we're really going across three different fintech peer groups as we're looking at this from a comp perspective. Payments is the top of that, getting multiples on revenue of anywhere from 12- 25. That is your Mastercards, your Visas, companies like that.
Credit, your Affirms, your Klarnas, your Cecils are getting anywhere from 5 to 10. Impact, really the donation charity payment space, we're seeing anywhere from 8 to 12. We believe a fair blend between these three peer groups is around 10. When you look at even the last 12 months, we believe the equity is definitely undervalued based on this new peer comp. If you look at last 12 months, and if you look at next 12 months, I would say we definitely have a unique arbitrage opportunity for investors and hopefully a reward for those that have been very loyal to us on this story. Hopefully this is a much cleaner story and easier story for the investors to understand and value. We look forward to seeing what the analysts put out after this presentation, what James presented.
With that, I'm going to hand it over to Michael to give us closing remarks for a great investor and analyst day. Michael.
Wonderful. Thank you so much, Dusty. Ladies and gentlemen, it has been a blessing and an honor to speak with you this morning. In conclusion, we believe that there are a few key differentiators to the PublicSquare ecosystem that will drive success for us as we move forward. As I mentioned this morning, consumer and merchant decisions are guided by trust and values alignment more than ever. People want to know, is the person or the institution that I am partnering with for the most valuable interaction, this transaction? I'm putting my hard-earned money out there, or I'm trusting my business operations to another enterprise. Can I trust the person on the other side of this deal? When we have the ability to facilitate a trust-based transaction via multiple bundled methods, we believe the sky's the limit.
There are 100+ million consumer age and above Americans out there that represent over a third of the American GDP, $7+ trillion of GDP that have been ignored or antagonized or canceled for too long. When we bring our American principles into the market and partner with them proudly, help them tell their stories, and ensure that they can sleep well at night knowing their transactions are safeguarded, we believe that we have barely scratched the surface of our potential as an enterprise. Fintech is the way forward. Fintech is exactly how we do that. Like we said this morning, payments are the lifeblood of our economy. We are one consolidated company with multiple different features. At the end of the day, we are a payments story.
One payments company with multiple payment methods is really how we see ourselves and how we would encourage you all to receive us as we move forward as well. This is how we unlock that enormous TAM. We're putting action behind our commitment to double down in the fintech direction by monetizing these two other assets, both the EveryLife brand and the Marketplace. We believe that this will free up cash, actually provide a non-dilutive source of additional cash to the company moving forward, and ultimately, more than anything, streamline our focus so that our executive team, our Board of Directors, and every single team member at this company can be singular committed to one unified mission moving forward. Finally, as Dusty just mentioned, we do believe firmly that the upside potential in our equity is tremendous.
We believe that we are being overlooked in the market currently, trading at quite a discount. As we look to the future, we believe that as we continue to execute as an enterprise, the equity will follow suit. It has been an honor to speak with you, as I mentioned this morning. Very grateful to the team as well that joined us. This executive team and the Board of Directors and partners like Ben that joined us this morning, this is just a glimpse of the talent that we've got in the PublicSquare enterprise. I've never met a finer group of people in my life that are all committed toward a mission and are willing to work night and day to see that mission come to fruition. We believe that shareholder value will be unlocked as we pursue that mission. We want to take your questions now.
We're going to take one last five-minute break. We're going to head into a section for Q&A. At the beginning of the Q&A section, actually, Will, why don't you go ahead and get them prepped now for how to engage in that Q&A? We'll take the break so they can start putting their questions in.
On the right side of your screen in Rumble, there's a chat box where you'll be able to enter your questions. We'll do our best to moderate from there. Obviously, we won't get to every question in the interest of time, but we'll do our best to answer what we can. Ask away. Please try to look to all facets. We still have members of our management team that participated still on the line here, and we can get folks to answer specific questions to specific individuals. We look forward to it, and we'll see you guys in about five minutes. Thank you and welcome back. We're going to have our question and answer session now. Once again, please go ahead and add your questions to the Rumble chat. As I said, we'll kind of moderate it from here and do our best to answer what we can.
First question I see here is, what are the short-term and long-term DAT plans? What tokens will you hold, and have you already bought Bitcoin?
Great question. Dusty, would you like to speak more to our cryptocurrency and digital assets plan for our own treasury in partnership with IDX ?
Yeah, happy to. As we mentioned in our comments earlier, a big part of the last three to four months has really been working hand in hand with Ben and his team to come up with a strategy that we think is going to drive real shareholder value. It's going to be a mixed portfolio. We will be going into, and this will likely start to hit in the fourth quarter, where just the final stage is getting all the infrastructure set up. We will be going into the major cryptos, and we'll be using a hedge strategy to protect downside there. One thing Ben and his team have done extraordinarily well, and have a great track record of being able to properly hedge the major Bitcoins against some of the volatility that we see in these markets. You can expect to see Bitcoin and Ethereum.
Through the IDX yield stack, you will definitely see a number of stable coins that we will be staking and then also driving yield off the different protocols out there, working through Aave and Compound. That will be at a high level of the portfolio mix you're going to see. Ben and his team at IDX are going to be our outsourced Chief Investment Officer, which will be helping us really look at this from a signal perspective and make adjustments on a weekly to monthly basis to the portfolio. One thing we think is unique to our treasury strategy versus what you've seen out there is, one, we're being very responsible and thoughtful about hedging the majors. We're also taking advantage of what's great about the DeFi market right now, which is driving above-market yield returns that you would see in the TradFi system.
We think a balance of that is a responsible way to build a portfolio in the DeFi ecosystem. We're looking forward to working with Ben to allocate these assets in Q4.
Thank you, Dusty. I'm going to take an analyst-submitted question here from Jacob Stephan from Lake Street. Jacob had a question around, what are your thoughts on bringing yield stack to small merchants where liquidity is an important factor and many don't have the balance sheets to take on alt assets? Then sort of a follow-up to that, do you think that SMBs and corporations can monetize AP and get higher yields through staking via yield stack?
Ben, I'd love for you to address this if you were on. I can't see you on my screen here, but I believe you're still in the channel. Can you address this? I love this question.
Yeah, this is an excellent question too, because this actually highlights one of the benefits that I alluded to with decentralized finance, which is not only are you getting higher yields, but you've effectively got a duration of, you know, one day. You're not locking up your capital in a six-month CD or a money market. I mean, money markets are daily, but if you're looking for higher yield, high yield bonds, things like that. We think it's especially fitting for small merchants because it effectively can act like a high-yield savings account with daily draws, and they can have the cash same day if they want to.
Love it. Excellent. Next question, another analyst-submitted question from Darren Aftahi from Roth Capital. This is on the crypto angle as well, asking, you know, what crypto we would accept from merchants. Number two would be, would we offer collateralized backed loans for those merchants that hold crypto?
Great question. I can start with the first, and then Dusty, I'd love for you to touch on the second part of Darren's question there. Great to hear from you as well, Darren. On the first piece, regarding which cryptocurrencies that we would accept at checkout as we continue to allow that as a payment option increasingly in the near and midterm future, we really want to be agnostic here. We are leveraging technology that allows for us to accept a wide variety of digital currencies. If you look at the PSQ Impact business, for example, the ability to donate in any wide variety of currencies, but not have to force the campaign, committee, or nonprofit organization to hold that currency, it can actually convert to fiat at that checkout. It's a powerful driver, especially for the next generation.
We have many friends that are in their entrepreneurial years, and while they might not be very liquid in fiat currency, most of their net worth might be tied up in option contracts with their private employers or whatever it might be, especially in technology. They are very liquid in the world of cryptocurrency. They were in early, and they don't see it as purely an asset class. A section of their portfolio they might see as an asset that they can make returns on, but another section they really treat like a tangible currency that they can leverage in their economic exchange activities. We want to help those consumers that have adopted a wide variety of coins. We're not picking winners and losers. That's the point here.
We want to leverage technology that allows for us to serve a customer regardless of which currencies they would like to transact in. Dusty, I'd love for you to take the second part of Darren's question there.
Yeah, I'll just perfectly say it. I would just add, similar to the market of free ideas, we believe in the market of free currencies. Look, Bitcoin is, and I know there's a lot of Bitcoin maxis out there, and it is so important to what happened in this. It's the most tested system, but I think for a free economy, the more private currencies we have competing for the best technology and best uses is great. To Michael's point, we are definitely agnostic, and we want to support the best ideas that come out of the cryptocurrency. We believe that the more innovation that happens there, the better for the broader economy. From a collateralized perspective, and I'll probably have Ben jump in here as well, Figure in particular is doing some really interesting work in collateralizing HELOCs on the blockchain.
We definitely see that in our strategy and roadmap in the future. Whatever we can do to embrace the DeFi system, we believe securitization is certainly one of those areas where that is possible, Darren. Ben, if you want to, I'd love for you to jump in here. I know you've had some experience with Figure and know those guys well that you and I have spoken about this as well.
Yeah, that's an immediate opportunity that we like a lot. This is a perfect example of where the innovation overlap between decentralized finance and traditional finance is just breaking down barriers. It's HELOCs, home equity lines. I mean, that's one of the biggest asset classes on the market right now. There are ETFs that track mortgage-backed securities. Figure Markets, for those that aren't aware, is a newer stablecoin, which we're excited to start working with, excited to integrate with. They have HELOC-backed real-world asset tokens. You can deploy, you can buy tokens that are actually collateralized by home equity loans, which of course offer a higher yield. It's yet another alternative that consumers, small businesses, investors now have at their fingertips on crypto-native rails. We're in the very early stages of what they call kind of real-world asset tokenization.
We're seeing a lot of other big names in the space develop layer one and layer two protocols to support this. By integrating a crypto-native approach like PublicSquare is doing, it opens up a whole ecosystem of opportunity for their clients and merchants.
Thank you, Ben.
Excellent. I'm going to take a question here from the chat, just so we mix it up a little bit here. Given management's view of the stock is undervalued and its underperformance versus the market, do any directors or management plan near-term open market purchases to provide shareholder positive catalyst? One thing I would just add for the group before I hand this over to Michael is, we obviously shared a lot of information here today of what's going on in the company. Because of SEC rules, we're encumbered by what's called material non-public information, which prevents management and the board from making open market purchases. Plus, we also have standard blackout periods that start 15 days before the end of a quarter, which basically does not allow management or the board to transact in stock 15 days and then until two days after we report earnings.
There are very strict guidelines in place here, but I would hand it to Michael and James to provide a little bit more color as well.
Yeah, thanks. I appreciate this question. This is a great one. We certainly, as a Board of Directors, are believers in not only our mission and our business's ability, given its strategy to accomplish that mission, but also the fact that we do believe firmly our stock is undervalued. As a Board of Directors and management team, many of us have taken advantage of opportunities for open market purchases multiple times in the past. You'll find many investors on our Board of Directors, both investors in the public equity as well as investors that invested before we went public. I will tell you that, as Will mentioned, obviously we're encumbered by many of the guidelines that are set up to ensure that we're not alluding to any sort of special preference for a certain timeline of investing in the market. We obviously want to adhere to those strictly.
I will tell you that for me personally, my equity in this, it's a long-term play. I am only desiring more of it because I believe that we have barely gotten started in the opportunities afoot. We've got the long game in mind. I believe that you'll see those actions represented by not only myself and the management team, but our Board of Directors as well. James, as a Board Member, I don't know if there's anything else you'd like to add there.
No, I think you've covered it, Michael. We've seen examples. We've filed the appropriate documents where insiders, where board members have purchased. Our team remains kind of bullish on the stock and just want to see us execute and see the markets appreciate the value over time.
Excellent. Next, we're going to take another analyst-submitted question from Francesco Marmo from Maxim. How do you expect the revenue mix to evolve across your core offerings, payment, credit, digital assets, and PSQ Impact? How should we think about the impact of that mix shift on margins over time?
Great question. I think we can take this here together. I'll just start by saying, as we look to 2026, and as James alluded to in the guidance slide there, payments is continuing to scale rapidly. The name of the game with payments currently is we want to be in a hypergrowth mindset. We believe that our focus over the next 18 months, especially, should be onboarding. We've got many merchants in the pipeline that are ready to go, and payments is their door into the broader ecosystem, meaning they might be coming for the first time as a payments merchant, but they want the whole suite of services. The beauty of this is that it's an incredibly sticky endeavor. It complements the bundled offering that I mentioned previously.
The unfortunate reality of this is that the more products you take on into checkout, that can sometimes extend the onboarding process. Thankfully, we've got merchants that are committed to that process, and it's been very smooth so far, and it's really tracked with the pace we would hope to see. As we look to Christmas shopping season, for many of our merchant audience, they're retail players, and it'll be a fun one for us to be able to serve that transaction layer. As we look into 2026, we anticipate payments will continue on a very rapid growth pace as we are continuing our onboarding process. You'll see PSQ Impact really complement that payment effort. As I mentioned, PSQ Impact is really an extension of our PSQ Payments franchise for the nonprofit and political campaigns and committee space.
For us, the beauty of PSQ Impact is the payments is actually better margin than core payments. We anticipate that as PSQ Impact continues to grow as well, that margin for the overall payments enterprise will continue to lift. Credit, last thing I'll say, and then I'd love to kick it to James, credit, really the name of the game is how do we continue to ride that beautiful line between risk and reward as it relates to our credit modeling and our underwriting practices. I really believe that we've struck an amazing balance. Our credit business has outperformed our peers by a wide margin in a challenging season. The name of the game for us in credit is we've set an awesome foundation in 2025 rooted in sound economic theory. As we look to 2026, we know what works. We know what levers we can pull.
We expect that with the existing credit business paired with this loyalty and rewards-driven private label credit card program offering that revolving credit for our ecosystem, we're going to see a really positive lift to the credit business as well and start to turn it into a bit of growth mode without abandoning those core principles that have guarded our credit risk criteria. James, anything else you'd add there related to?
Just a few comments, Michael. I would say, you know, historically being credit only, credit only in the Credova products, gross margin percent was very high. Payments is less so. That will moderate. As Michael said, impact will be healthier. As all the product line grows, our gross profit percentage will moderate and come down, but our dollars, as we scale, will grow significantly. I think it's a matter of the mix of the payment verticals. As we have private label credit cards and as we venture into some of the other areas that we've talked about, all have healthy margins. As different payment streams grow faster than others, we see an environment where it's a capital light, very solid gross margin that will ultimately drive toward positive EBITDA in the days ahead.
We're going to take two more questions here. We know that we're at time at the top of the hour, but if you'd like to stay around for another five to ten minutes, we would love to close out the session with you. Two more questions.
Yeah, two more questions. I'm going to take one more from the chat and then one more from the analyst community. From the chat, you indicated the stock is undervalued and significant arbitrage at current stock price. At what price do you feel the stock would be appropriately valued today and also in one year assuming execution? Before I hand this probably off to Dusty, I think it's slide 42 in the deck. We go through the valuation framework as it relates to payments, credit, and charity sort of peers that we've pulled up and where we came up with that blended 10x margin. It's a peer group of 13 folks that are in that peer group: Visa, Mastercard, Chime, Robinhood. Toast is in there, Cecil, Klarna, Affirm, kind of the who's who that you might expect.
Certainly some of those punch above their weight in terms of where they are in that stack. Once again, from that group is where the 10x comes from. Dusty, I'll give it to you just to kind of round that out in terms of how you think about price to sales and where we are as a stage of a business.
Yeah, absolutely. I think there's really two components to this question. The first being what is our peer group, which I think we've outlined. It really comes down to, is the market going to value us on the revenue of last 12 months or next 12 months? Given our growth rate, I would say it should be next 12 months. That's typically what the analyst community has done. Some have even done next 24 months. It really comes down to where the analyst community, where the market will ultimately see that. We certainly see the arbitrage from a peer group perspective because of the divestitures. The big question will be, now that we've put out some revenue guns, what the analyst community will do with that. That effectively will get you to where your share price is.
From some of the math we've done, if you do look at a next 12 months, you're looking at a pretty significant arbitrage of over probably 100% on stock price, assuming we hit those numbers and we get this peer group. It was important for us, as we announced the divestitures, to come and present this vision and give guidance, which we did today. Hopefully that gives the analyst community what they need to start putting out some research there on where they think we're heading, where the stock price is heading.
Excellent. Last question for the day is, it's probably a two-parter from Darren Aftahi from Roth. Darren asks about, you know, obviously what is contemplated in the $32 million or better 2026 sales guide. Said another way, how much of these new segments are assumed to contribute to that figure from a mixed perspective? I think both just from basically he's looking for how much color we're giving on these items. James, obviously, I think you're probably best to answer this one. Michael, I'll probably let you follow it out.
Yeah, I appreciate the question. As we've talked about, some of these products are due to launch quickly. Some are going to launch in 2026. It's a little bit difficult to estimate with a lot of specificity as it relates to what Impact will do in 2026, what private label credit cards will do in 2026. We have some estimates on how those will ramp up our digital asset strategy, how that will impact. I would tell you, we think because credit's the most established, they'll have solid growth, but not to the level that we see in payments, as well as going from zero to a meaningful contribution to revenue from Impact in 2026. As it relates to specific guidance, we're not in a position to provide that.
We will provide additional clarity in future quarters and at year-end as we get traction in some of these different verticals, and we can provide more specificity. Michael, I'll hand it off to you if you want to add any additional color.
I agree wholeheartedly. We're grateful for all that we were able to share today. We are going to continue on this path of outlining strategic vision with executing steps that you can actually, as an investor or an analyst, track along with. What I will say, Darren, to your question is, I believe James nailed it wholeheartedly, keeping it high level today, but ultimately looking forward to drilling down more as we move forward. This strategy session that we did today, we want to make a regular part of our business. We've loved being able to be with you on camera here and hear your questions in an online environment. Thank you so much to Rumble for hosting this and Real America's Voice, whose studios we're in today. We love this method and this format, and we look forward to it more in the future. With that, I believe, Will.
Yeah, we're going to let you wrap it up, Michael, and say your goodbyes.
All right. Ladies and gentlemen, thank you so much for this morning. We cannot wait to speak with you again soon. The next formal call that we will have will obviously be our Q3 earnings call that we will issue more details about in the near future. Continue to track along with our progress on our investor site that you can access via publicsquare.com. We are going to continue posting exciting updates and news as it relates to the growth of this business as we streamline our focus and double down toward fintech. Why? So that we can create an economic ecosystem powered by financial technology that protects those merchants and customers who value life, liberty, and family. Ladies and gentlemen, thank you. Have a great afternoon, and we'll talk to you soon.