Colombier Acquisition Corp. III Q1 FY2024 Earnings Call

Greetings and welcome to PublicSquare’s First Quarter 2024 Earnings Conference Call and Webcast. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, William Kent, Vice President of Investor Relations. Thank you. You may begin.

Thank you, Dee. Good morning, everyone and welcome to PublicSquare’s first quarter 2024 earnings conference call. Joining me today are Michael Seifert, Chairman and Chief Executive Officer; and Brad Searle, Chief Financial Officer of PublicSquare. The information discussed today is qualified in its entirety by the Form 8-K and Form 10-Q filed today by PublicSquare, which may be accessed on the SEC’s website or PublicSquare’s website. Today's call is also being webcast and a replay will be posted to PublicSquare's investor relations website. Please note that statements made during today’s call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made on the basis of PublicSquare's views and assumptions regarding future events and business performance at the time they're made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks that could cause PublicSquare's actual results to differ from its historical results and forecasts, including those risks set forth in PublicSquare's filings with the SEC, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements. During this call, we may refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with GAAP or generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's quarterly filing today with the SEC. I will now open the call to Michael. Michael, please go ahead.

Wonderful. Thank you, Will. And thank you to everyone for joining our call today. The first quarter of 2024 was our most monumental quarter yet. Building upon the strength we have witnessed since launching our core marketplace platform nationwide nearly two years ago. It has been a wild ride over the last two years since July 4th of 2022, when we launched our core platform nationwide, and we are just getting started. So to jump in for a few details from this first quarter, 2024, as highlights, we saw net revenue increase 9.2 times, while cash flow from operating expenses only rose 2.2 times compared to the first quarter of 2023, showcasing the fact that our business is trending in an incredible fashion toward a profitable and sustainable path of growth. So again, we saw net revenue increase over 9 times from Q1 2023, while cash flow from operating expenses only rose just over 2 times compared to Q1 of 2023. More specifically, we increased net revenue in Q1 by 817% to $3.5 million compared to the first quarter of 2023. And even more impressive, pro forma first quarter net revenue was greater than all of 2023 net revenue. So on a pro forma basis, Q1 net revenue was $6.4 million, including Credova, which is 12.2% greater than the entire 2023 PSQH net revenue. For the Marketplace segment, we increased our revenue by over 150% compared to the first quarter of 2023. And obviously, the revenue is indicative of greater traffic and heavier usage. Our Marketplace monthly average users in Q1 increased by 314% compared to the first quarter of 2023. And for our Brands segment, EveryLife, our life-affirming baby brand subsidiary, contributed over $2.1 million in net revenue for the first quarter of 2024. And for the most exciting statistic from the EveryLife perspective, 75% of that revenue was actually subscription-based. We love these recurring customers and we're grateful for their building of the community at EveryLife with us. Notably, during the quarter, we acquired Credova, a buy now, pay later and business finance solution, and announced the development of PSQ payments, our pro-freedom tech-forward payments stack. We also hired Brian Billingsley, the former CEO of Klarna North America, to expedite PSQ payments, a service that our consumers and merchants have repeatedly expressed interest in. With these two important strategic business decisions, again, the acquisition of Credova, the leading buy now, pay later and finance solution for the shooting sports industry, as well as the development of our payments stack, we have moved decisively down the road to owning the infrastructure of the parallel economy to serve this total addressable market that we believe is over 100 million Americans who have long been left unaddressed by the existing incumbent corporate institutions. We built the customer acquisition vertical through our marketplace and through our brands, and now it's time to own the infrastructure underneath this parallel economic ecosystem through the building of our FinTech division. We also took steps in the quarter to redefine PublicSquare broadly as a holding company that strategically unites key products and services, forming the backbone of this parallel economy ecosystem. The holding company is divided into three distinct segments. We have the Marketplace, which is our core business, PublicSquare. We have the Financial Technology division, mainly Credova and our payment stack, and then our Brands segment. Today, that exists as EveryLife, PSQ link, as well as a new consumer product brand in the feminine care space, launching in Q3. More on that in a moment. Again, back to the marketplace. During the quarter, the Marketplace segment made accelerated progress on our e-commerce platform, launching functionality like automatically applied discount codes and enhanced search among many other user experience upgrades, all accomplished well ahead of schedule. As a sub-event, we recently launched PublicSquare Live, a live shopping experience where our consumers can meet the founders and creators of PublicSquare businesses and receive exclusive discounts to their products. This program is hosted by former QVC host, Erin Elmore. She's a dedicated patriot, a very talented on-air personality, and has quite a bit of experience in the live shopping world. This program, during its inaugural debut on May 11th, drove the highest total online orders toward our platform for one day since our marketplace launch, exceeding even Black Friday 2023. I'm blown away by what our marketplace team has accomplished in the last year. I cannot wait to witness all that the next year has in store for our core platform as we execute our product roadmap. In the Financial Technology division, we are making a strong and expedited push into the fintech space; our consumers and merchants are demanding and have demanded FinTech solutions that are protective of their freedoms and fundamentally values-aligned. During the quarter, we notably acquired Credova, the profitable leading buy now, pay later company for the shooting sports industry, and, as I mentioned, we hired Brian Billingsley, former CEO of Klarna North America, to help bring this vision into reality. We are dedicating significant resources to the division and expect to launch our payment stack with certain key accounts in tandem with our Credova offerings in the third quarter of this year. On the brands front, EveryLife, our wholly owned baby care subsidiary, continues to grow dramatically as the brand's life-affirming message resonates with our core consumer base. As I mentioned, we're seeing strong subscription revenue, which was 75% of our total revenue during the quarter, and we will soon be expanding the EveryLife product portfolio in the third quarter of this year with the launch of soaps and lotions. Now another item to note, as I mentioned, is that we actually announced in our earnings release this morning the launch of a new feminine care brand in the second half of this year. This brand will bring high-quality feminine care products and an elegant and impactful message that celebrates femininity and womanhood to our core female customer base, many of whom are also existing EveryLife consumers. So as we're nearing the end here, as we look out into the remainder of 2024, we expect continued growth among all our verticals: marketplace, financial technology, and our brands segment as we pursue the ongoing transformation of PublicSquare into a true holding company model that leverages the economic power of our total addressable market. Our payment stack represents the next step in our journey, where we will be dedicating significant internal resources to developing and launching the service that our consumers and merchants have demanded. We continue to believe all signs are pointing in an increasingly positive direction, and we reaffirm our belief that we are just getting started. Before I hand it over to Brad, our CFO, I have one housekeeping item. I am happy to announce that Mike Hebert, our Chief People Officer for the last year or so, has been promoted to Chief Operating Officer of PublicSquare, PSQ Holdings as of this morning. Mike, congratulations. The team looks forward to your continued positive contribution to the business and our continued shared success. Onward and upward, my friend. Now I’d like to hand it over to our CFO, Brad Searle, to discuss a few items on the financial side, including our updated 2024 financial outlook. Without further ado, Brad.

Thank you, Michael. Congratulations, Mike, and good morning, everybody. I'm thrilled to be with you here today to discuss our first quarter of 2024 results. I'd like to present a few items to note from the quarter. So first off, as Michael mentioned, we increased net revenue by 817% to $3.5 million compared to the first quarter of 2023. Also, on a pro forma basis, meaning if we had included all of Credova’s Q1 net revenue, our Q1 net revenue would have been $6.4 million, which is 12.2% greater than the 2023 net revenue figure we reported on our 2023 10-K. I'd like to point out that in Q1, we incurred $5.9 million in share-based compensation expenses, as well as $2.3 million in one-time transaction costs related to the Credova transaction during the first quarter. In terms of share count as of March 31, 2024, we had 28,177,917 Class A common shares outstanding and 3,213,678 Class C common shares outstanding. And we ended the first quarter of 2024 pro forma for the previously announced insider affiliate investment with $19.3 million in cash, of which $0.2 million was restricted cash. So before I hand the call back to Michael, I will cover the updated outlook for 2024 we've provided in this morning's release. First, in terms of revenue, our guidance from March 14, 2024 remains unchanged. We are guiding to a year-end 2024 exit run rate revenue of approximately $47 million to $53 million. Moving on to profitability, Credova is expected to remain cash flow positive in 2024. We expect EveryLife to reach and maintain cash flow positivity by the end of 2024. We intend to prioritize the resourcing and growth of PSQ payments, led by former CEO of Klarna North America, Brian Billingsley. Lastly, regarding our cash position outlook, we expect to exit 2024 with approximately $8 million to $10 million of cash on the consolidated balance sheet. I will now hand the call back to Michael for some closing remarks and Q&A.

Wonderful, thank you, Brad. To wrap up, the remainder of 2024 will bring even more growth and further opportunity to the business. With the addition of Credova to the PublicSquare ecosystem and the forthcoming launch of our payment stack, among many of the other exciting milestones we've laid out today, we are supercharging our growth potential and we're grateful for all of those who are on this journey with us. We are now excited to move on to Q&A. We will address some of the inbound questions we received before the call, and I believe we're going to hand it over to Will.

Operator, we'll take the first dial-in questions first, and then I'll take some of the questions that were submitted by shareholders.

Our first question comes from the line of Darren Aftahi from ROTH Capital Partners.

Hey guys, good morning. Thanks for taking my questions. A couple from me. So can you just talk about your marketplace? Just, I know Mike, you had some comments about progress. I'm just kind of curious about any metrics you guys kind of find encouraging. I know you launched this roughly six or seven months ago, but as it compares to the initial launch, any kind of encouraging metrics you guys saw in Q1 in terms of whether it was conversion, AOV, retention, anything like that. And then I get just supposing as part of that, how does kind of live the broader strategy fit into the commerce marketplace?

Great questions, Darren, thank you. Good to hear from you. Yes, I'll give you a few metrics that we're very encouraged by as we look at the marketplace. I obviously mentioned that bulk usage is up over 300% from Q1 of last year; that's a big deal for us. The platform is becoming more and more usable and user-friendly as each day passes and as new features and enhancements are added to the experience, like auto-saving address information, enhanced search that uses predictive analysis based upon past searches, saved past purchases so that you can resurface purchases you've already made and check out again. There are a lot of enhancements to the overall shopping workflows that we've added that help people experience better category grouping that we're really proud of. We've had our AOV hover right around $70, which we're very encouraged by; that's exactly where we want to be. So again, an AOV of $70 is a good metric that we look to hover around. If we are launching campaigns that have a number of quick pick-up household items, we'll have a few days to dip below that. And if we're selling larger products for gifts or larger holidays, sometimes the AOV will go significantly above $70. We want it to maintain, though, hanging right around that $70 mark. I would also say that the fact that Q1 order volume was actually larger than Q4 is a great sign for us, especially without increased costs in marketing in Q1. The reason I say that is because obviously, our marketplace is structured as a retail shopping experience, and the fact that we didn't have this massive spike during the Christmas shopping season that then descended into a lower Q1, but it was the opposite. Q4 was an incredible basis for then Q1 was able to build on top of. That was really affirming for us. It's a great sign that consumers are spreading the word at a greater capacity. The last thing I'll mention is that we've continued to see our customer acquisition cost decrease as time goes on, which is a great sign that our marketing channels and strategies we're employing are working. As to the second question you mentioned about live shopping, this was a fun idea that I had earlier in the year. I've always loved the concept of social commerce, and I think the world is heading here. We see this happening on notable platforms like TikTok and Meta. I’ve always been intrigued by the concept of live shopping specifically through programs like QVC, but QVC struggled to reach a younger audience. I thought, well, gosh, we have a very active consumer base that is driven to experience social commerce rooted in community. So, trust-based transactions, influencer-led marketing, a robust ambassador program. We thought, what if we actually put our products using credible small businesses with high-quality products to sell and impactful stories to tell? We can put that into a live shopping environment, offer exclusive discounts to consumers that are watching. Around that time, I actually met Erin Elmore, who is a former QVC host and a talented on-air personality, who loved the idea. She fell in love with the vision and decided to join our team and has actually led that effort. I'll wrap it up by saying the metrics I'm excited about are Saturday order volume; May 11th, the debut of PublicSquare Live, was higher even by over 10% than even Black Friday regarding order volume. What’s awesome about this is that we were offered the spot on Real America's Voice to showcase this content. The pieces have all come together in a very cost-effective manner. We get excited about initiatives like this because it showcases that our consumers are just as excited about our products as they are about the stories that the businesses are telling, which will translate into purchasing power when they're presented the opportunity. Again, during that segment of PublicSquare Live, our AOV hovered right around $70, so it's the perfect encapsulation of what we're trying to do with our brand, and we're looking forward to putting some gas on the fire of that endeavor as we move forward. I know that's a lot, but I hope that's helpful context.

That is. Just a couple more on Credova. So I think you guys gave the contribution with and without for the full quarter. I think the math, if mine's right, is $3.3 million roughly. But my question is not so much the math; it's more, is there any seasonality in the payments business? I assume there is tied to commerce in general and then maybe some initiatives you guys kind of talked about in the release to kind of help further growth there.

Yes, great question. There is certainly seasonality in the payments business broadly. If you look at Credova on the consumer and business financing side, there is seasonality that's tied to the retailers that they serve. So we obviously saw that buy now, pay later across the entire industry went on a tear in Q4 of last year, which was responsible for the bulk of the Christmas shopping that the market experienced, with an uptick of 9% from the year before across the whole market, and that's certainly true of Credova as well. The seasonality generally follows shopping trends. Given that some of their largest vendors are gun marketplaces, for example, such as guns.com, the seasonality they experience will inform the seasonality Credova experiences with one exception. I would say that one of the nice things about buy now, pay later is that it gives folks an opportunity to actually break free of seasonality a little bit. That sort of new school layaway is a good way for consumers to experience financial freedom to purchase higher AOV items in a way that allows for some financial planning over the year. What I'll say on the payment side is that payments are a bit less seasonal, given that we are not exclusively serving retailers. The payment stack that we are building that is beginning to onboard clients and that will launch in Q3 has a wide variety of different industries represented. Obviously, our design clients, the V1, is largely catered toward the shooting sports industry, but many other industries partake in this that have wildly different peak seasons. For example, we have tax professionals who see the spring and winter as their sweet spot while traditional retailers look to the Christmas shopping season for their purchasing boom. So, payments will be a little less seasonal; Credova is a bit more seasonal, but in Credova's case, there are a few attributes of the actual product that break it free from seasonal pressure. One more note that I want to mention is that the combination of these forces between payments and a credit product is very exciting to take to these retailers, helping them improve their conversion rates in a major way. We're excited to see that drive traffic to some of our great partners in this space.

Right, and then I guess last one for me on EveryLife. The business continues to grow really nicely. You guys are adding, I think you said lotions and soaps, and then you launched or will be launching Eden eating pretty soon. I guess when you step back and kind of look at the TAM for that, where are we in terms of like scratching the surface of this business? Do you feel like you have tens of segments underneath the EveryLife brand, hundreds of segments? Are they all organic? I'm just trying to get a sense for, and just kind of feedback. Obviously, the subscription piece has been fairly strong and consistent, but just give me your general thoughts on the bigger picture with EveryLife. Thanks.

Yes, thanks, Darren, appreciate it. We're continuing to be very pleased with the growth of EveryLife. It's been a wild ride and a very fun endeavor to be a part of. One thing that we're very positive about is the fact that our churn is just so low. Our churn is less than 10% on average, and that's a big deal for a subscription business with a lifetime value of about 18 months generally. We're thrilled by the new traffic that's coming in, choosing to elect an actual subscription offering with recurring revenue, where the diapers show up at their doorstep. It’s a great sign of brand trust. I also continue to be incredibly pleased with our over 700 ambassadors with EveryLife, utilizing their exclusive discount codes, sharing them with their communities, churches, and organizations. To directly answer your question, I'd point out a few things related to the future of EveryLife. Number one, I would say that the TAM, we are not yet even 5% of through the TAM. Even if you just look at diapers and wipes in the United States for these specific industry cohorts, without adding any other products or segments, we believe we're less than 5% of the way through the TAM. That's actually pretty conservative. On top of that, I would say that EveryLife actually has potential international applicability that is unique, and we're excited to pursue that, and we've begun the process of analyzing what that TAM looks like if we expand beyond our borders. So we'll see how that evolves, but it's something we're excited about pursuing and currently in the research stage. What I would also mention is that we will certainly have future segments underneath the EveryLife brand. We anticipate it will continue to become more of a family brand as we move forward with multiple product offerings. The final thing I would mention is that one of the key drivers of growth and success for EveryLife has been our partnerships with specific organizations. We have a broad network of pregnancy resource centers in the hundreds around the country that have expressed interest or acted on their interests to source our diapers in their centers. We've partnered with Catholic hospitals, and we've had major diaper drives. In fact, just last Sunday, we filmed a Mother's Day special on Fox & Friends. We encourage everyone to head to publicsquare.com or everylife.com to check that out. We hosted a diaper drive that was funded by our supporters purchasing through the Buy for a Cause program, and it was an incredible opportunity to help a community in need and boosted our traffic and brand awareness, converting into new subscribers. This is the model going forward. We believe that pregnancy resource centers, hospital networks, and Catholic Charities are our form of retail in the United States. They provide bulk orders at great margins and give us an opportunity to leverage the trust of these wonderful institutions that have chosen to partner with us. That's our take on EveryLife. One more thing, Darren, I should add, is that we continue to be so impressed by how well that brand has excelled with such a small team. That brand has done a fantastic job of scaling in a way that's really lean and mean. We've got a team of rock stars executing on what will be a fun roadmap heading into the rest of the year with the next development being soaps and lotions.

Our next question comes from the line of Tom Doherty from Maxim Group.

Great, thanks, Michael, congrats on the quarter. Two questions for me. The first one, you've talked a lot about this, but I was hoping you can give like a 60 to 90 second overview of your strategy for selecting additional first-party categories beyond baby. So you talked about getting into women's care products, but what's your overriding strategy?

Great question. Good to hear from you, Tom. What I would say briefly is that it's really informed by our consumers. Our strategy is consumer-led, meaning consumers reach out to us and share demand for a certain niche or sub-industry within an industry. They let us know they'd love to see that represented on our platform. We then look and see if there’s an opportunity out there in the market. If there's a void, we find out if we can create a consumer product to meet the demand of this consumer base. That's the first litmus test: we have to know that there's consumer demand, and the consumer demand is categorically ranked every month. We, as a product team, rank the interest and search results from our platform and try to have a very fine-tuned understanding of what our customers are looking for. The second thing I mention is that they have to be products that synergize with the overall vision and mission. We must leverage the existing audience to catapult into new buyers to keep customer acquisition costs low compared to our competitors, and that can serve as a powerful differentiator. In the case of feminine care, there's obviously a relevant conversation going on regarding womanhood. Women on our team and consumers have expressed feeling that many feminine care brands have ignored or mocked their existence. They want an elegant feminine care brand that caters to women with an impactful message that celebrates femininity and offers high-quality products. They reached out and shared that interest. We see this interest represented across channels, meaning even EveryLife customers would be feasible and excited potential future customers for this brand. There are synergies across the board, making sense for us to bring this to the market. One more thing I’ll mention is that we have a lot of our existing supply chain set up to accommodate these additional products. That way, we're not having to expand a brand new supply chain for every new endeavor.

Great. And then my second and final question. I want to talk about your customer acquisition costs and lifetime value of a customer. You've done an amazing job of brand building to date, which I think has enabled you to acquire essentially a large number of customers for free. You talked about a great spot you had on Fox News, which sounds like another wonderful brand-building event. But can you talk about your customer acquisition costs and how that's turned over time and then just your high-level thoughts on your lifetime value of those customers you're acquiring?

Great question. I would say that our customer acquisition cost, based on segment, will be a key performance indicator that we track closely moving forward, especially now that our marketplace has a few months under its footing since the launch in November of these new e-commerce capabilities. The way we're fine-tuning our customer acquisition cost is by leveraging earned media opportunities. There’s no better customer acquisition cost than $0. We enjoy that quite a bit. But we're also excited to dial our direct response strategy. You’re going to hear me talk about our direct response strategy across segments as we move forward. We've discovered a lookalike audience that is enormous, indicative of our TAM. Our goal is to create digital experiences, advertisements, and online social campaigns that can target that lookalike audience and convert them into buyers by showcasing our products and the stories the business owners tell. One of the other ways we’re doing that in the direct response world is through user-generated content. We can turn past customers with a strong lifetime value who are excited about the mission and quality of the products they purchased into ambassadors through user-generated content. We then advertise that UGC on our digital and social channels and drive traffic at a low customer acquisition cost. This approach is very data-driven. We have our earned media, influencers that are organic, community event building experiences, and a focus on data-driven direct response strategies engaging specific demographic regions. That’s our key to keeping customer acquisition costs very, very low compared to marketplace competitors. While I’m not exclusively discussing EveryLife, I’ll throw that in there because a part of how we maintain low acquisition costs is through partnerships with trusted organizations. In regard to Credova and the payment side, many of these audiences are actually synergistic, as we have the opportunity to market the public square platform to the Credova audience and vice versa. This is the beauty of our holding company strategy, allowing us to leverage millions of customers across verticals, as well as merchants. I hope that provides helpful context on how we aim to keep CAC low as we grow and scale.

I will now turn the conference back to William Kent for submitted questions.

Thank you, Dee. As in past quarters, we've received some questions via the Say Tech platform, and we'll probably cover four or five of them here before we close things up. First question, and these by the way are upvoted by shareholders, is on platform expansion. A question around when can we see expansion of the PublicSquare platform to other countries, and what are your thoughts on that?

I love this question. We certainly understand that the desire for a parallel economy in certain nation-states is not exclusive to the United States. We've heard great interest from other nations including Canada, Australia, South Africa, New Zealand, Mexico, and South Korea, among many others. We have an international waitlist that has grown by the tens of thousands of folks looking for our product expansion into other nations. Product expansion into other nations is not off the table; in fact, we're excited about it with two caveats. Number one, it probably expands segment by segment, meaning there's not a really good chance that we bring all of the PSQ Holdings product verticals into a new country all at once. It likely looks like we launch EveryLife in another country, learn about that audience there, before considering bringing the PublicSquare platform to that audience. Our goal is to nail it before we scale it. The second thing to mention is that we’re currently courting international ambassadors, folks who know their economic environment very well, who have established high levels of trust among their merchant and consumer communities in their respective countries. We're using that information to decide when to begin the international expansion process seriously. If I had a third point, it would be this: we believe PublicSquare will never be the world's marketplace, meaning we want to respect the importance of your respective nation. We actually love the idea of economic nationalism and believe our responsibility as citizens should primarily serve our community. While we're open and interested in international expansion of the PublicSquare marketplace, it likely means that just like PublicSquare is America's marketplace, it becomes PublicSquare Canada for Canada's marketplace, meaning there isn't much cross-border selling as there is an internal dedicated marketplace serving your community first and foremost. More on that to come; I love the question and look forward to seeing how this continues to progress.

Thank you, Michael. The next question we received was on exposure. It seems that the last quarter was way above expectations. Yet the capital markets have not responded with the stock price moving much higher. Besides social media, how will you guys look to get additional exposure in the markets?

Happy to answer this question. I would say right off the bat that I firmly do not believe the price of the stock today is indicative or reflective of how our business is performing. I want to make that abundantly clear. I believe we have continued to perform above expectations, and all signs from myself, as well as the management team and our board of directors, point in an increasingly positive direction. I've never been more bullish and excited about the future of this business than I am right now. I don't believe the stock is reflective of that or indicative of that reality. I don't believe people have fully realized what we’re on to here. Though we are not neglecting or ignoring important investor outreach, we have a very connected board of directors, great capital markets advisors, and we've made the conference circuit this year to get our message out to as broad a network as possible on the investor side. But I believe the way to achieve long-term exposure in the investment community, which will reflect positively in the stock price, is by first executing the business and making sure we have exposure dialed to a larger customer base until we can achieve the fullness of this TAM.

Thank you, Michael. Two more questions. The next question is on shipping. Obviously, with EveryLife you have some distribution related to that product, what’s PublicSquare's thought on distribution centers to ship products going forward?

Our thoughts on this are a bit nuanced. We have quite a few options moving forward, as you see some competitors choosing to bring all of their 3PL fulfillment and even manufacturing operations in-house. Others are selling off those operations, and we're watching the market carefully. More than anything though, we’re looking for cost-effective and value-aligned strategies in these early days. For EveryLife, we've partnered with an incredible 3PL partner that is completely value-aligned. They are with us in our mission. We found them through our platform, which was neat. They were a business service listed on PublicSquare when we were launching EveryLife, and they're a treat to work with: salt-of-the-earth folks with high levels of integrity. What I want to do now is continue utilizing their fulfillment network for further product development. I want to monetize a relationship where I can endorse them to other consumer product brands that are third parties on our site. That way, our management team can take our time deciding whether to own that vertical going forward or stay asset-light and achieve a revenue-share relationship promoting certain manufacturing or fulfillment solutions to our broader consumer product audience. That's a decision we're in the process of making currently. I can't give you a definitive answer on where we will go with this, but we'll keep our options open and learn from our early days with EveryLife and the development of our feminine care brand. We’re grateful for good partners and excited to see how our relationships with them can grow.

Our last question submitted is on business ratings. Shareholders stated that part of the reasons why they like some of our competitors is their rating systems and can see what other customers see about certain products. Is PublicSquare working on something similar, and when can we expect that?

I love this question. Whoever asked it, you think very much in alignment with our team. This has been one of the most exciting features we're looking forward to bringing to market reviews. Here's the reason it hasn't happened until now: the world of reviews is largely broken, and few platforms are actually doing anything to fix it. Oftentimes, there are junk reviews, bot reviews, or reviews that are simply issued because they dislike the business without ever having taken part in the business. We saw that during the COVID season quite a bit. We also see that on a third-party marketplace like us, where we facilitate businesses linking their product catalogs. We have a decision to make: either bring existing reviews from their own websites or start fresh with reviews from purely PublicSquare customers, or a bit of both. We also don't want to do reviews just as reviews with simple text and a five-star rating; we want to go bigger. We want consumers to tell the story of the relationship and interaction they had with these businesses and for businesses to share those stories at a greater capacity. To wrap up, this review endeavor has been in the works for quite a while now, and it is on the near-term roadmap to release. Consumers can know with blessed assurance that we have vetted these great businesses in alignment with our values and quality expectations, complemented by consumer validation from community members who deem these businesses worthwhile to shop from. So this is on our near-term roadmap for us, and our team is as excited about this as you are.

I believe that was our last question here. We, as a management team, a board of directors, and a broader PSQ Holdings entity, are very grateful for all of those who have joined us on this journey, whether as consumers, business merchants, investors, or just interested participants. We have loved this journey so far, and we continue to reaffirm the strong belief that we are just getting started. We hope that all of you have a fantastic rest of the week, and thank you again for joining us on this Q1 2024 earnings call today. We'll talk soon.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.