GrabAGun: Topline Beat and 290 bps of Margin Expansion – Quarterly Update Report

PEW reported a revenue of $23.2 million for the second quarter of 2026, marking a 9.4% year-over-year increase and exceeding analysts' estimates by 4.0%. Revenue growth was driven by higher average order value (AOV), favorable product mix, and AI-driven pricing optimization, while marketing costs remained at approximately 1% of revenue.

Gross margin expanded by 290 basis points to 13.5%, indicating improved profitability. The company's logistics division, PEW Logistics, added a third manufacturer, Backwoods Suppressors, broadening its offerings in regulated product categories. Regulatory modernization is seen as a potential reinforcement of PEW's digital and compliance advantages.

Despite continued growth, the valuation of PEW remains compelling at 0.71x NTM P/Sales and negative EV, reflecting strong top-line performance.