SWBI Logistics GMV Hits $1.3M; 1Q26 Loss Widens on $5.4M Costs
SWBI processed $1.3 million of GMV through its PEW Logistics platform since January launch, partnering with KelTec and Derya which place an FFL within 15 miles of 97% of U.S. consumers. 1Q26 net loss widened to $1.8 million on $5.4 million SG&A spend despite gross margin rising to 10.7%.
1. PEW Logistics Adoption and GMV
The PEW Logistics platform launched in January with KelTec and added Derya in March, processing $1.3 million of GMV to date. The network places a licensed FFL within 15 miles of 97% of U.S. consumers, supporting sub-three-day delivery and offering a revenue-share and service fee model with gross margins up to 70%.
2. Operational Performance and Margins
SWBI reported a 1Q26 net loss of $1.8 million versus prior-year net income of $0.1 million, driven by $5.4 million in SG&A investments. Gross profit rose to $2.8 million, lifting gross margin to 10.7% from 9.6%, while adjusted EBITDA swung to a $2.0 million loss due to higher public company and growth-related expenses.
3. Ammo Subscription Traction
The Shoot & Subscribe ammunition service, launched in 4Q25, now contributes 15% of ammo revenue, demonstrating early recurring purchase behavior. This subscription model lays groundwork for improved retention, purchase frequency and potential expansion into other product categories for predictable revenue streams.
4. Outlook and Infrastructure Investments
SWBI is on track to open a new headquarters and 2.5× larger fulfillment center by 4Q26 to support logistics and D2C growth. Proposed ATF rule changes for remote firearm transfers could further leverage the company’s 15-year investment in compliance workflows, secure identity verification and FFL integration.