Or implied during this call. In particular, those described in our risk factors included in the Form 10-K for the fiscal year ended December 31, 2025, filed by the company with the SEC on March 12, 2026, as well as the current uncertainty and unpredictability in our business, the markets, and the global economy generally. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on management's assumptions and beliefs as of the date hereof, and GrabAGun disclaims any obligation to update any forward-looking statements except as required by law. Our discussion today will include non-GAAP financial measures, including adjusted EBITDA. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial measures, including a reconciliation of our non-GAAP financial measures to our most comparable historical GAAP financial measures, may be found in our earnings release, which we filed with the SEC earlier today and is available on the company's investor relations site. I will now turn the call over to Marc Nemati. Marc, please go ahead. Good afternoon, and thank you for joining us. The second quarter reflected continued execution along the long-term strategy we have been building over the past several years. We grew ahead of the industry, expanded margins meaningfully, and continued extending the capabilities we have built into the new opportunities like PEW Logistics, which we believe will define the next era of firearms commerce, all while maintaining the operating discipline and balance sheet strength that sets us apart. Looking at the second quarter, net revenue increased 9% year-over-year to $23 million, with firearm sales up 8%, while gross margin expanded to approximately 13.5%. Firearm sales growth was primarily driven by an increase in average order value and a continued shift in mix towards higher price point products, reflecting the strength of our customer value proposition. We are especially pleased with our disciplined approach to driving profitability. While revenue increased 9%, cost of goods sold increased by only 6%, resulting in a 39% increase in gross profit and gross margin expansion, I mentioned a moment ago, to approximately 13.5% compared to 10.6% a year ago. Those results reflect the benefits of our AI-driven pricing optimization, a favorable product mix, our sourcing capabilities, and the initial contribution of PEW Logistics as we continue to scale the platform. Just as important is how efficiently we acquire and serve customers. Sales and marketing expense remained approximately 1% of net revenue, reflecting a very lean customer acquisition profile. That efficiency reflects years of investment in technology, supplier relationships, and customer trust, creating a competitive advantage that we believe is difficult to replicate. PEW Logistics continues to make meaningful progress as we extend the capabilities we have built over many years. It is a natural extension of our technology, compliance expertise, fulfillment capabilities, and industry relationships, allowing us to serve manufacturing customers while creating another avenue for long-term growth. PEW Logistics has now processed more than $1.9 million in gross merchandise value through the end of the second quarter. We recently welcomed our third manufacturer, Backwoods Suppressors, further expanding our reach into a growing product category. Combined with our nationwide FFL network, which places a licensed dealer within 15 miles of approximately 97% of the U.S. population, we continue to provide a fast, compliant customer experience with average checkout to delivery times of just under three business days. While the PEW Logistics business remains in its early stages, the progress we've made reinforces our confidence in the opportunity ahead. As we onboard new manufacturers and scale operations, we believe PEW Logistics has the potential to become an increasingly meaningful contributor to revenue diversification while benefiting from a capital-efficient operating model and an attractive long-term margin profile. The combination of disciplined execution and a differentiated digital model continue to create meaningful operating advantages for our business. Mobile engagement remained strong in the quarter, increasing to 71% of traffic from 67% in the first quarter and accounting for 67.5% of revenue, up from 64% in the first quarter. As consumer behavior continues to shift towards digital channels, our technology platform enables a seamless customer experience while providing a structurally lower cost per transaction or cost to serve advantage compared to traditional retail. During the quarter, we continued outfitting our new headquarters and fulfillment and distribution facility, which remains on track to become fully operational in the fourth quarter of 2026. This investment, which we made in Q4 2025, expands our operational capacity and positions us to support the continued growth of both the core business and PEW Logistics. This is a long-term infrastructure investment that reflects our conviction in where the business is headed. Our approach to mergers and acquisitions remains disciplined. We are closely monitoring the landscape and actively evaluating opportunities that could accelerate our long-term vision. Our strong balance sheet and liquidity position provides us with the flexibility to continue investing in our business while remaining disciplined in our approach to capital allocation. We will remain patient and act only when the right opportunity aligns with our strategy and creates compelling long-term value. Stepping back, the second quarter reflects the continued evolution of our business. Our core e-commerce platform continues to grow and increase gross margin year-over-year, while the capabilities we've built over the past 15 years are beginning to create new opportunities through PEW Logistics. Firearms consumers increasingly expect a frictionless, digitally native experience, and we believe our capabilities, technology, compliance expertise, and a scalable operating model position us to compete effectively today while creating additional avenues for growth over time. The firearms industry is entering an important period of modernization, driven by evolving technology and changing consumer expectations. As the industry evolves, we believe technology can enable more efficient, lawful purchasing experience while preserving features that matter most. Background checks and core compliance safety cards that remain fundamental to the category. I want to be measured here. Any potential changes remain subject to the rulemaking process, and we won't speculate on where those regulations ultimately land. Instead, we'll continue focusing on what we can control, investing in technology, compliance capabilities, and customer relationships required to operate successfully in one of the nation's most highly regulated industries. Regardless of how the rulemaking process ultimately unfolds, GrabAGun is well-positioned. For more than 15 years, we've invested in the digital infrastructure, compliance capabilities, and regulatory expertise required to operate at the intersection of e-commerce and a highly regulated market. If the industry continues to modernize, we believe few companies are better prepared to serve customers within a compliant framework. Our readiness is the result of our investments in technology, compliance, and customer relationships. With that, I'll turn the call over to Justin to walk through the financials in more detail. Justin? Thank you, Marc. I'll now provide additional details on our second quarter financial performance. Second quarter total revenues were $23.2 million, an increase of 9.4% compared to $21.2 million in the second quarter of fiscal 2025. Firearms product sales increased 8.5% year-over-year to $19.3 million, reflecting the continued benefits of our AI-powered pricing and demand forecasting capabilities, which enable us to better serve customers while optimizing our business performance. Non-firearms product sales were $3.6 million, an increase of 7% year-over-year, despite continued softness in ammunition demand across the broader 2A industry. We remain focused on leveraging our differentiated capabilities, including our data-driven approach to pricing, demand planning, and customer engagement, allowing us to navigate market conditions and effectively drive sustainable long-term growth. Gross profit in the second quarter was $3.1 million, representing 13.5% of net sales, compared to $2.2 million, or 10.6% of net sales in the prior year period. Gross margin improved by approximately 290 basis points, driven by a more favorable sales mix towards higher-margin firearms categories and the continued execution of our pricing optimization initiatives. We remain focused on identifying opportunities to improve gross margin over time through continued mix optimization, pricing discipline, and the expansion of higher-margin opportunities such as PEW Logistics, while maintaining our competitive positioning and delivering value to our customers. Operating expenses in the second quarter were $5.7 million, compared to $1.5 million in the prior year period. The year-over-year increase reflects investments to support the long-term growth of the business, including incremental resources and infrastructure required to operate as a public company, continued investments in the expansion of PEW Logistics, and headcount aligned with our growth initiatives. As a reminder, the second quarter of fiscal 2025 represented a pre-public period, and the current year comparison reflects the incremental costs associated with building the capabilities to support the business as we scale. We have now reached the final quarter of year-over-year comparisons reflecting these incremental costs. Beginning next quarter, our expense comparisons will be on a more consistent like-for-like basis, providing greater visibility into the underlying performance and cost structure of the business, while allowing us to continue leveraging the investments we have made to support our long-term growth. Net loss for the second quarter was $1.8 million, compared to net income of $0.8 million in the prior year period. The year-over-year change was primarily driven by the increase in operating expenses discussed above, including higher G&A expenses I just discussed, associated with operating as a public company and supporting our growth initiatives. Adjusted EBITDA for the second quarter was a loss of $1.7 million, compared to adjusted EBITDA of $0.9 million in the prior year period. The year-over-year change reflects the planned investments we are making to support the long-term growth of the business, including PEW Logistics and incremental resources to support our growth initiatives. These investments were partially offset by higher gross profit from revenue growth and gross margin expansion. Turning to the balance sheet, we ended the quarter with $97.5 million in cash and minimal debt. The decrease in cash during the quarter was primarily driven by the timing of working capital as we reduced accounts payable towards the end of June. Our business model benefits from an efficient working capital profile as we collect cash from customers before paying our suppliers. However, the timing of these payments can impact quarter-end cash balances. As a result, we ended the quarter with $9.3 million in inventory and $7.8 million in accounts payable. For comparison, we ended Q1 with $13 million in accounts payable and relatively the same inventory balance in Q2. We view the second quarter-end impact as timing related and do not expect it to represent a change in the underlying working capital profile of the business. While our current performance continues to be anchored by our core e-commerce business, we see PEW Logistics as an important opportunity to further diversify our revenue base and enhance our margin profile over time. The business benefits from an attractive higher margin profile, an asset-light operating model, and the ability to leverage our existing infrastructure and capabilities. As the platform scales, we believe PEW Logistics has the potential to become a meaningful contributor to growth and margin expansion while creating additional long-term value for the company. For the first six months of the year, we repurchased approximately $2.4 million of our common stock under our $20 million share repurchase authorization. We will continue to evaluate opportunistic share repurchases while maintaining a disciplined approach to capital allocation and preserving balance sheet flexibility to support our long-term growth initiatives. As we look ahead, our priorities remain centered on investing in the initiatives that support long-term growth. These include continuing to expand PEW Logistics through the addition of new manufacturers, while building market share and strengthening the position of our core e-commerce business. At the same time, we remain committed to disciplined expense management and thoughtful capital allocation as we invest in opportunities that we believe will create long-term shareholder value. Our strong balance sheet and prudent financial approach position us well to execute on these strategic priorities while maintaining flexibility to pursue future opportunities. With that, I'll turn the call back over to Marc before we move on to the Q&A. Marc? Thank you, Justin. I would like to briefly reinforce a few of the key themes from today's discussion before we move to Q&A. We are pleased with the progress we continue to make across the business. Our second quarter results demonstrate the strength of our platform, including the continued growth in our core e-commerce business and the benefits of technology investments we have made over the past 15 years. We remain excited about the continued expansion of PEW Logistics as we add new manufacturers and leverage our existing infrastructure, technology, and relationships to create an additional avenue for long-term growth and value creation. Finally, before I move to the Q&A portion of today's call, I would like to take a moment to recognize an important leadership transition for the company. After more than 15 years of dedicated service, Justin has decided to retire. As our Co-Founder and CFO, he has played an important role in our growth and evolution over the years, and we are incredibly grateful for his leadership, commitment, and many contributions to GrabAGun. Justin will remain with us in an advisory capacity to support a smooth transition and knowledge transfer. We believe that the continuity will be valuable as we welcome our new CFO and begin the next chapter of financial leadership. I am also pleased to announce that Jonathan Terry has been named as our next Chief Financial Officer. He brings valuable public company experience and a strong background in consumer products within the outdoor space, most recently serving in a senior finance role at YETI. We are confident that his experience will be a strong fit for our business, and we look forward to welcoming him to our leadership team and to having him build on the strong foundation Justin has helped establish. On behalf of the entire company and our board, I want to thank Justin for the many years he has devoted to GrabAGun, and for the important role he has played in building the company we are today. We wish him all the very best in his retirement. With that, operator, please open the line for questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question is from the line of Matt Koranda with Roth Capital. Matt, your line is now open. Please go ahead. Hey, guys. Good afternoon and congrats to Justin. I guess just on the firearm sales commentary that you gave up 8.5%, I think, year-over-year. You mentioned AOV growth was a driver there, but could you maybe disentangle AOV growth from transaction or unit count? Hey, Matt. Yeah, thanks for joining. Yeah, definitely AOV growth in the firearm unit sales kind of drove that growth in revenue. We have higher AOVs in addition to better gross margins by the purchasing capabilities of buying more of the stuff. A lot of our initiative is to also grow the rest of the basket as well. AOV is also growing as a combination of firearms as well as all the additive accessories. Really, we're happy with the quality of the growth and it's really the outcome that we're targeting. Okay. So the AOV growth commentary is more around the bigger basket and accessories attached versus, I guess, AUR or unit pricing growth within firearms? It's kind of a combination of the two. Yes, AOV is growing, but also we're selling higher quality, higher priced firearms as well. Okay. All right, got you. All right, cool. I guess adjusted NICS has been a little spiky as of late. Just curious to hear from you sort of how you think your share and relative performance versus adjusted NICS has been over the last couple of months, maybe in June and July, would be helpful to hear. Yeah, July is definitely interesting. A lot of stuff here obviously is Q2 numbers. So, seasonality definitely has a big role to play for us in our industry. So summertime, typically, we see that degradation of NICS and total transactions throughout the year just because, summertime people are outside, and it's typically not the best buying time for firearms, as we see Q4 and Q1 are typically higher in that regard. Okay, got you. On the PEW Logistics service, good to see it ramping. I think you guys said three manufacturers are now signed up. Is there any way to quantify the pipeline of opportunity ahead, I guess just in terms of manufacturers that might be in the funnel or dollars of potential GMV that you're targeting? Yeah. So yeah, you're correct. We have three now added to the platform, and we're really onboarding new partners and optimizing for near-term granularity. So we have a pretty sizable pipeline, and the mix of those manufacturers is pretty wide. As you noticed, the most recent one is a suppressor company. So we just want to make sure that we're applying all the features and functions of the platform across the breadth of products that our manufacturers carry. In terms of quantifying the total pipeline, it's obviously with all the manufacturers that we carry on the GrabAGun side, those are more or less all of our targets, which is a high number of manufacturers. We're going to continue to target those, and we should see more sign on as time progresses. Okay. In terms of the progress in terms of sign-ups, I assume maybe you need a bit of time to prove out the offering to some of the more hesitant customers that are in the funnel. Roughly, how long do you think some folks need to evaluate the service before they make a decision, go, no-go on it? Yeah, it is a very new offering. It is very disruptive to the industry. It is obviously not a new offering to retail in general, but to the firearms space, having a manufacturer have a direct-to-consumer e-commerce platform is new. I think there is some hesitation to understanding how consumers will react to this. Obviously, having Kel-Tec and Derya now Backwoods on there is proof to the industry and to the other manufacturers how customers are appreciating the service and how it is beneficial for manufacturers. I think as we sign on a few more manufacturers, the snowball will start to take hold and more and more manufacturers will increasingly become members of the platform. Okay, got you. Maybe just on the cash flow front, I guess how should we think about working capital needs for the rest of the year? It seems like we could normalize payables for the remainder of the year, just given your timing commentary. It maybe suggests we get a little bit of some cash out of working capital in the second half of the year here. Just wanted to get your thought process on cash and cash levels for the remainder of the year. Yeah, definitely. As Justin commented earlier, a lot of that was AP timing, is kind of what adjusted the cash number for Q2. We should see that rebound. It is all kind of timing dependent upon when the quarter closes and when those payables are due. Yeah, as you said, we should see it rebound here. On G&A also, you should see that start to normalize as we have kind of gotten through the initial upfront public company costs, and those will start to normalize over time as well. Yeah, okay. You kind of preempted one of the questions I had on G&A, which was just last year, I think there were maybe some one-timers in the G&A line in the third quarter from your kind of new public company costs. Just kind of plotting that against the run rate that you are on in the second quarter, maybe just if you could give us a little bit of color on sort of how we should be thinking about quarterly run rate on G&A on a go-forward basis, that would be very helpful. Yeah, especially as compared to last year, it is definitely going to stabilize, like I said, because of public company costs. There are also additive expenses in there that are part of the ramp-up for there that may phase out over the duration of the year and into next year. So you should see a moderate flattening out of G&A expenses. Okay, got you. Then just lastly, and I will turn it over to anyone else who wants to ask questions, just on the M&A front, I know I ask you this probably every quarter, but just latest thinking around sort of the pipeline there. I would imagine sort of the potential sort of buckets of targets that you have have not changed, but maybe just any increasing appetite to get something done in the near term, what do multiples look like and sort of expectations from sellers look like in the current environment? Yeah, I appreciate you asking this question every time because it is definitely one of the exciting parts of our long-term growth plan is that M&A process. But it is kind of the same as I have mentioned before. We are going to be very disciplined with how we deploy that investor capital. M&A is still part of the thesis. We are constantly evaluating targets, and we will move when we see the opportunity has aligned itself with our long-term vision. Multiples of private companies are kind of all over the map, as I am sure you are probably aware. But again, with our disciplined structure, we are going to make sure that we are not going to overpay or again, not just make a deal for the sake of making a deal. And we are going to continue along on that course. Okay. All clear. I will leave it there. Thanks, guys. Thanks, bro. We have reached the end of the Q&A session. I will now turn the call back to Marc Nemati for closing remarks. Before we sign off, I want to thank again Justin for the many years of service he has given to the company. I would also like to thank, as always, our employees, whose dedication and hard work makes everything we do possible. I also want to thank our shareholders for your continued support and confidence in GrabAGun. Thanks everybody for your time today, and we look forward to speaking with you on our next call. This concludes today's call. Thank you for attending. You may now disconnect.