PublicSquare, an e-commerce platform with a similar approach to Amazon but geared to businesses that proclaim conservative values, reported a jump in its revenues on Wednesday during the first quarter of 2024.
In a statement, the company revealed that for the three months ending March 31, net revenue hit about $3.5 million compared to $378,000 at the same time last year.
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The company, founded three years ago, also reported net losses of $12.6 million in the quarter from the $6.7 million it registered in March of 2023, according to its statement.
The Context
PublicSquare describes itself as a "marketplace platform to access consumers that are drawn to patriotic, family-friendly values" and is part of an emergence of ventures that are looking to tap into interest in some quarters for products that reflect their ideological values.
It went public in July 2023, officially becoming a listed company, and was accompanied by chants of "U-S-A" on Wall Street.
The firm's business is based on generating revenue from transactions that take place on its platform and advertising, according to a company statement.
Views
The jump in revenue to begin the year points to the company's progress, company Chief Executive Officer Michael Seifert said.
"The first quarter 2024 was yet another monumental quarter for PublicSquare with net revenue increasing 9.2x and cash flow operating expenses only rising 2.2x compared to first quarter 2023, showcasing the fact that our business is trending in an incredible fashion towards a profitable and sustainable path of growth," he noted in a statement. "Even more impressive, pro forma first quarter net revenue was greater than all of 2023 net revenue."
The company said it had launched what it describes as PSQPayments "to create an uncancellable payment stack" and recruited former Klarna North America CEO Brian Billingsley to lead the effort.
What's Next
The company said that it will be looking to grow its business verticals this year.
"We expect continued growth among all our vertical—Marketplace, Financial Technology, and Brands—as we pursue the ongoing transformation of PublicSquare into a true holding company model leveraging the economic power of our total addressable market," Seifert said.
Key to this will be the development of its payment architecture.
"PSQPayments represents the next step in our journey, and we will be dedicating significant internal resources to developing and launching this service that our consumers and merchants have demanded," Seifert added.
Uncommon Knowledge
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About the writer
Omar Mohammed is a Newsweek reporter based in the Greater Boston area. His focus is reporting on the Economy and ... Read more
