GrabAGun’s PEW Logistics Processes $1.3M GMV with 70% Margins; Q1 Loss $1.8M
SPWH•Since its January launch, PEW Logistics has processed $1.3M in GMV and delivers gross margins up to 70% via a network covering 97% of U.S. households. In Q1, SPWH reported $2.8M gross profit (10.7% margin), a $1.8M net loss, while Shoot & Subscribe now accounts for 15% of ammo sales.
1. Logistics Platform Adoption
PEW Logistics launched in January with KelTec and added Derya Arms in March, validating demand across domestic and international manufacturers. The platform has processed $1.3M in GMV and leverages an FFL network reaching 97% of U.S. households, targeting gross margins of up to 70% through a revenue-share and service-fee model.
2. Subscription Service Uptake
Shoot & Subscribe, launched in Q4 2025, now represents 15% of ammunition revenue, demonstrating early recurring purchase behavior. This subscription model aims to boost retention, purchase frequency, and lifetime value, with plans to extend the architecture to additional product lines over time.
3. Q1 Financial Metrics
In Q1, the company achieved 12.6% traffic growth, 11.1% revenue growth, and a 4.2% increase in customer LTV. Gross profit rose to $2.8M (10.7% margin), but increased SG&A, headcount, stock-based compensation and public company costs drove a $1.8M net loss and a $2.0M adjusted EBITDA loss.
4. Infrastructure & Regulatory Outlook
A new headquarters and fulfillment facility, 2.5× the current footprint, is set to open by Q4 2026 to support D2C commerce and PEW Logistics expansion. Potential ATF rule changes enabling remote firearm transfers could enhance the strategic value of the company’s compliance and digital infrastructure.
