Conservative Amazon alternative PublicSq. set to turn a profit in 2024, CEO says
PublicSq. founder Michael Seifert talks growth after anti-woke marketplace's first earnings call
PublicSq. founder and CEO Michael Seifert and Colombier Acquisition Corp. Chairman and CEO Omeed Malik on how they decided to merge via a SPAC deal.
Anti-woke online marketplace PublicSq., launched as a conservative alternative to Amazon, says it is on its way to turning a profit next year after seeing incredible growth since its nationwide rollout 13 months ago.
In PublicSq.'s first earnings call since going public on the New York Stock Exchange last month as PSQ Holdings Inc., the e-commerce company reported it now has more than 1.4 million consumer members and 65,000 businesses on the platform, representing growth of 272% and 98%, respectively, since Dec. 31, 2022.
The company also announced it is on track to turn a profit in 2024.
PublicSq. says it expects to turn a profit in 2024 after seeing tremendous growth since its launch. (PublicSq. / Fox News)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PSQH | COLOMBIER ACQUISITION CORP | 4.07 | -0.07 | -1.81% |
Michael Seifert, PublicSq. founder and CEO, told FOX Business that the company saw a tremendous boost in revenue thanks to the immediate success of its first wholly owned subsidiary, baby brand EveryLife, which he says "rapidly expedites our path to profitability."
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EveryLife, which Seifert says is the nation's first openly pro-life diaper company, launched on July 13, and in its first 19 days of sales generated roughly $300,000 in revenue, 60% of which was through monthly auto-renew subscriptions.
Beyond its diapers and wipes, EveryLife is developing additional baby care and family care products to be released in the coming months, and PublicSq. is now looking to repeat that model in its expansion plans.
PublicSq. founder Michael Seifert giving a talk. (PublicSq.)
"While we definitely will have multiple products across multiple industries, oftentimes those will look like us creating them ourselves, but sometimes it'll look like acquisitions as well," Seifert said. "So we're certainly interested in highlighting a few of those companies that are already in existence that are in not-supersaturated markets, and actually inviting them into a more formal partnership where we acquire the entity, bring it up underneath PSQ Holdings and continue to help foster its growth."
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The founder emphasized that PublicSq. is not interested in competing en masse with vendors on its own platform. For example, PublicSq. would not start a coffee company, because there are already several coffee companies already selling on the app.
"We really want to go after those industries where there's very little representation right now in this sort of parallel patriotic economy," Seifert said.
PublicSq. employees. (PublicSq. / Fox News)
Seifert says he is grateful for the consumers and businesses that have joined PublicSq. so far, as well as for his team "that can execute and execute quickly, and we hope to continue to prove that as we move forward."
He is also asking for consumer input.
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"We would encourage consumers if they have a product that they'd love to see represented, that's not currently represented in this economy that is fast emerging for this consumer cohort that's been largely unaddressed, we'd love to create it," Seifert said.