Shipyard Capital

$PEW printed Q1 26 results: _Revenue $26.0M (vs consensus $24.5M), +11% YoY, ahead of 2% industry growth _Gross profit $2.8M, +23% YoY _Adj. EBITDA -$2.0M (vs consensus -$2.4M) _Adj. EPS -$0.06 (vs -$0.08) _Bought back $2.4M of stock Normal quarter but what gets very exciting is the commentary. I'd highly encourage listening to the call. I want to highlight two big things. 1 - Massive optionality developing in the legalization of direct shipments of firearms to consumers' homes. Quote from the Q1 26 call: "The ATF has proposed new regulations that would allow certain firearm transfers to occur remotely, with federal background check requirements still met through secure identity verification. If finalized, lawful consumers could complete the full compliance process remotely. That includes direct to home firearm delivery within an approved framework. This could be the most significant change to firearms retail distribution in decades. Importantly, the infrastructure required to operate in this environment is complex. As currently proposed, the new regulations require remote identity verification, meeting federal standards, seamless integration, advanced compliance systems, secure record keeping, and the operational ability to execute all of it accurately at scale. Grab a gun is uniquely positioned for this opportunity. For more than 15 years, we have built the Digital Infrastructure and Compliance Foundation required to support highly regulated online firearm transactions. Few companies are positioned to adapt this quickly if the rules change, regardless of regulatory outcome." This could both skyrocket the penetration of e-commerce platforms like GrabAGun, but also be a MASSIVE tailwind for PEW Logistics, since the main pushback would be that you still need the buy in of dealers to take delivery of weapons. If that's no longer the case, the odds of PEW Logistics being the back-end infrastructure of all the gun manufacturers going DTC go wayyy up. 2 - Solid commentary that gives me better comfort they won't blow the cash: " We're not in the business of overpaying to hit arbitrary growth targets. The strength of our balance sheet gives the luxury of patience. We can wait for the right assets at the right price, rather than chasing deals that don't make strategic or financial sense." I want to remind people you're paying less than $0 for the business, and also that -$2M of EBITDA isnt actually cash burn, EBITDA excludes the large amount of interest they earn on their cash.

It’s hard to remember how unintelligent most people are. Half of Americans can’t follow clear medical instructions. 90% have very limited skills for finding, understanding, and using health information. 47% can’t understand directions like “take on an empty stomach.”

Michael Saylor said, “The life expectancy of Bitcoin is infinite because its inflation rate is zero.” “You’re immortal; you’re living for a billion… trillion years.” “I like the idea of gold, but digital gold is better. And how much better? Infinitely better”