PSQ : PSQH Investor Presentation - March 2024

Year-End 2023 Financial

Results and Credova

Acquisition Announcement

March 2024

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 1

Disclaimer

This presentation ("Presentation") has been prepared in connection with an update regarding 2023 financial results of PSQ Holdings, Inc. ("PublicSquare") and a transaction (the "Transaction") between PublicSquare and Credova Holdings, Inc. ("Credova"). This Presentation does not purport to contain all of the information that may be required to evaluate PublicSquare or the Transaction. This Presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by PublicSquare or Credova or any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation or any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of PublicSquare or the Transaction, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. Accordingly, none of PublicSquare or Credova or any of their respective affiliates, directors, officers, employees or advisers or any other person shall be liable for any direct, indirect or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this Presentation and any such liability is expressly disclaimed.

Safe Harbor Statement

This Presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and for purposes of the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein are forward-looking statements. Such forward-looking statements include, but are not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding PublicSquare and Credova, anticipated product launches, our products

and markets, future financial condition, expected future performance and market opportunities of PublicSquare and Credova. Forward-looking statements generally are identified by the words "anticipate," "believe," "could," "expect," "estimate," "future," "intend," "may," "might," "strategy," "opportunity," "plan," "project," "possible," "potential," "project," "predict," "scales," "representative of," "valuation," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, and in this Presentation, include statements about the anticipated benefits of the acquisition of Credova; however, the absence of these words does not mean that a statement is not forward-looking.Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, without limitation: (i) the outcome of any legal proceedings that may be instituted against PublicSquare related to the acquisition of Credova, (ii) unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined company's operations, including the possibility that any of the anticipated benefits of the transaction will not be realized or will not be realized within the expected time period, (iii) the ability of PublicSquare and Credova to integrate the business successfully and to achieve anticipated synergies and value creation, (iv) changes in the competitive industries and markets in which PublicSquare operates, variations in performance across competitors, changes in laws and regulations affecting PublicSquare's business and changes in the combined capital structure, (v) the ability to implement business plans, growth, marketplace and other expectations, and identify and realize additional opportunities, (vi) risks related to PublicSquare's limited operating history, the rollout and/or expansion of its business and the timing of expected business milestones, including Every Life, PSQ Link, E-commerce, the Tucker Carlson partnership and Credova, (vii) risks related to PublicSquare's potential inability to achieve or maintain profitability and generate significant revenue, (viii) the ability to raise capital on reasonable terms as necessary to develop its products in the timeframe contemplated by PublicSquare's business plan, (ix) the ability to execute PublicSquare's anticipated business plans and strategy, (x) the ability of PublicSquare to enforce its current or future intellectual property, including patents and trademarks, along with potential claims of infringement by PublicSquare of the intellectual property rights of others, (xi) actual or potential loss of key influencers, media outlets and promoters of PublicSquare's business or a loss of reputation of PublicSquare or reduced interest in the mission and values of PublicSquare and the segment of the consumer marketplace it intends to serve, and (xii) the risk of economic downturn, increased competition, a changing regulatory landscape and related impacts that could occur in the highly competitive consumer marketplace, both online and through "bricks and mortar" operations. The foregoing list of factors is not exhaustive. Recipients should carefully consider such factors and the other risks and uncertainties described and to be described in PublicSquare's public filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Recipients are cautioned not to put undue reliance on forward-looking statements, and PublicSquare does not assume any obligation to, nor does it intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. PublicSquare gives no assurance that PublicSquare will achieve its expectations.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 2

Financial Information and Non-GAAP Financial Measures

Any financial projections presented in this Presentation represent the current estimates by the management of future performance based on various assumptions, which may or may not prove to be correct. Neither PublicSquare's nor Credova's independent registered public accounting firm has audited, reviewed, compiled or performed any procedures with respect to the projections and accordingly they did not express an opinion or provide any other form of assurance with respect thereto. These unaudited financial projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying these projections are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks that could cause actual results to differ materially from those contained in these unaudited financial projections. Accordingly, there can be no assurance that these projections will be realized. Inclusion of the unaudited financial projections in this Presentation should not be regarded as a representation by any person that the results contained in the unaudited financial projections will be achieved.

This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Credova's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. The presentation of these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures.

Industry and Market Data

The information contained herein also includes information provided by third parties, such as market research firms. None of PublicSquare, Credova or their respective affiliates and any third parties that provide information to PublicSquare, Credova, such as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information. None of PublicSquare, Credova or their respective affiliates and any third parties that provide information to PublicSquare or Credova, such as market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. PublicSquare and Credova expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein.

Trademarks and Intellectual Property

All trademarks, service marks, and trade names of PublicSquare or Credova or their respective affiliates used herein are trademarks, service marks, or registered trade names of PublicSquare or Credova, respectively, as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not alone intended to, and does not alone imply, a relationship with PublicSquare or Credova, or an endorsement or sponsorship by or of PublicSquare or Credova. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that PublicSquare or Credova or the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 3

PublicSquare Full-Year 2023 Highlights

Increased net revenue by 1,097% to $5.7 million compared to the full year 2022 (net of returns & discounts)

Increased PublicSquare marketplace revenue by 529% compared to the full year 2022

EveryLife, the Company's wholly-owned baby- care brand, contributed over $2.7 million in new revenue for the full year 2023, of which 70% was subscription-based

Increased consumer members by 338% to over 1.6 million compared to the full year 2022

1. eCommerce launched November 2023.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Increased businesses on the platform by 130% to over 75,000 compared to full year 2022

Incurred $6.8 million in one-time transaction costs related to the business combination for the full year 2023

Ended the year with fortified balance sheet of $16.4 million in cash

Increased marketplace traffic from Nov 1, 2023, to Dec 31, 2023, by 549% YOY, achieved Average Order Value (AOV) >$70, with average engagement time per user up 90% YOY(1)

Investor Presentation | March 2024 4

PublicSquare Acquires Credova - Building Uncancellable Payment Ecosystem for the Parallel Economy

Summary of Transaction

	PublicSquare exchanged approximately 2.9 million shares of newly-issued
CONSIDERATION	Class A common stock for all of the outstanding shares of Credova
	Acquisition consummated March 13, 2024

Key Highlights

Credova has financed over a quarter billion dollars in transactions since its inception in 2018, and its merchant and customer universe is additive to PublicSquare, with over 4,800 merchants onboarded to date and 2.8 million unique applicants to date

Creates a fully uncancellable commerce stack by combining a payments platform, financing solutions, and a marketplace

Credova management forecasts and historical results suggest the acquisition is expected to be immediately accretive to the Company, before any anticipated synergies, as Credova (unaudited) management financials reflect net revenues of $15.5 million, adjusted EBITDA (a non-GAAP measure) of approximately $2.3 million and Free Cash Flow (a non-GAAP measure) of $1.6 million during FY2023 (1)

REFINANCING &

TIMING

All of Credova's outstanding subordinated debt was canceled and either repaid or exchanged for newly-issued10-year PublicSquare promissory notes at more favorable interest rates, convertible into Company Class A shares

$8.45 million of new convertible notes attributable to Credova transaction

Credova's BNPL business has compelling and differentiated market power in values- aligned sectors including firearms, ammunition, and outdoor recreation

Credova is the leading BNPL solution for the firearms and shooting sports industry

Credova has exclusive partnerships with over 60% of the top online shooting sports retailers

EXECUTIVE

LEADERSHIP & GOVERNANCE

Credova leadership team has joined PublicSquare team as part of Credova subsidiary

Credova CEO Dusty Wunderlich will be President of Credova subsidiary and is also expected to join PublicSquare's Board of Directors

Provides PublicSquare an entry point into buy now, pay later (BNPL) payments universe, a critical component to the future of marketplace transactions

Integrating BNPL functionality into the PublicSquare platform is expected to act as a force multiplier to increase potential sales for both Credova and PublicSquare merchants

Securities issued to former Credova stockholders and subdebt holders will

LOCKUPbe subject to a one-yearlock-up period after the close of the transaction, subject to limited exceptions, accompanied by restrictions on hedging and shorting activities

Credova leadership who have joined the Company are aligned and committed to PublicSquare's mission

Transaction supports PublicSquare's marketplace ecosystem approach, providing potential new opportunities in payment infrastructure as well as consumer and business financing

1. The definitions and reconciliations of Adjusted EBITDA and Free Cash Flow are provided under the heading Non-GAAP Reconciliation on slide 19 of this presentation
© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.	Investor Presentation | March 2024 5

About Credova

Competitor Matrix (1)

Credova is a BNPL leader with a diverse multi- product offering

Credova is the trusted point-of-sale financing choice in the firearms and shooting sports industry, an area often overlooked and rejected by BNPL companies, banks, and other traditional finance services

Unlike other providers, Credova caters to a broad consumer spectrum, offering a variety of financing options from non-scored individuals to prime customers

Credova's network of values-aligned partnerships with financial institutions, lenders, and servicing partners strengthens PublicSquare's ability to provide innovative financing solutions to customers and retailers in the parallel economy

BNPL for All Products

Installment/Loan

Prime

Midprime

Sub-Prime

Split Pay, No Interest

Multiple Offers to

Consumers

Approvals Up to

$10,000

Partnered with

the NSSF

Designed for the Firearm Industry

1. *Disclaimer: The chart provided is intended for comparison of various Buy Now, Pay Later (BNPL) brands. The chart is comparing BNPL brands on the basis of their first party financing offers. This comparison does not encompass the services provided by the companies operating as a platform where other BNPL lenders might extend their loan offerings. Please be advised to consider this context while interpreting the data and comparisons provided in this chart.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 6

Credova Merchants

Credova Merchant Partners

By the Numbers

4,800+

Merchants Onboarded to Date

Credova has secured exclusive partnerships with over 60% of the top online shooting sports retailers in the industry

Source: credova.com/seeallstores

9 of Credova's top

10 merchants have multi-year exclusive agreements in place

Those merchants make up 59% of total origination (2023)

Data from Credova, December 2023

Origination (2023)

	59%
0%	100%

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 7

Credova Customers By the Numbers

Credit Score Data from Credova, December 2023

Average Contract Value (ACV)

Sub Prime (<600)	$753
Near Prime (600-699)	$1,076
Prime (700+)	$1,381

Percentage of Origination		14%

Sub Prime (<600)

Near Prime (600-699)

Prime (700+)	44%
	42%

1. Since Credova Inception date of 12/01/2018

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

$289 million

Financed To Date (1)

2.8 million	92%
Unique Applicants on the	December transactions with
Credova Platform
Shooting Sports Retailers

668	$1,081
Average Credit Score	Average Contract Value

Investor Presentation | March 2024 8

Credova Aims to Expand Access for Americans to 2nd Amendment Rights

Flexible Financing Options

Credova's financing options break down financial barriers by making it easier for individuals from various income levels to purchase firearms and related products, ensuring that 2nd Amendment rights are accessible to a broader demographic.

Accessible Firearm Ownership

By providing flexible payment solutions, Credova empowers more Americans to become firearm owners. We believe this increased access to firearms contributes to a safer and more secure society.

Protection from Cancellation

Credova's robust technology platform ensures that purchases in the PublicSquare marketplace remain secure from cancel culture. This reliability is crucial in safeguarding the ability of Americans to transact without interference.

Supporting the Parallel Economy

Credova's commitment to the parallel economy means that even those traditionally underserved by financial institutions can participate in firearm ownership, further strengthening the foundation of 2nd Amendment rights for all Americans.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 9

Credova Immediately Accretive to PublicSquare	Credova 2024 Outlook
(As of March 13, 2024, Illustrative standalone & excluding synergies)

CY2022 Audited Financials vs CY2023 Unaudited Financials ($ in millions) (1)

Originations		+6%	Net Revenue	-9%
			% ORIGINATION 30%	25%
$57.4	$60.8		$17.0	$15.5

CY 2022

CY 2023

CY 2022

CY 2023

Adjusted EBITDA		Free Cash Flow
% MARGIN	nm	15%	% CONVERSION	nm	10%

20% - 30%

% Origination Growth

24% - 25%

% Revenue Capture

(% of Originations)

24% - 28%

% EBITDA Margin

(% of Revenue)

	$2.3		$1.6	20% - 23%
($2.7)		($1.9)		% FCF Conversion
CY 2022	CY 2023	CY 2022	CY 2023	(% of revenue)

1. 2023 financial information is based solely on Credova (unaudited) management financial information, which has not undergone review by third parties. Actual 2023 results may be different. 2022 financial information prepared in accordance with U.S. GAAP and reviewed by independent third-party auditors in accordance with AICPA standards.

© 2024 PSQ Holdings, Inc. (PublicSquare) or its affiliates. All rights reserved. Other names and brands may be claimed as the property of others.

Investor Presentation | March 2024 10