Wag! Reports Second Quarter 2024 Results
Wag! Group Co. (Nasdaq: PET) reported its Q2 2024 financial results. The company achieved a record quarterly Adjusted EBITDA of $1.6 million, up from $0.1 million in Q2 2023. Despite this, revenues decreased by 6% to $18.7 million. The net loss improved to $2.3 million from $3.9 million in the same period last year. Business highlights include 467,000 platform participants, down from 549,000 in Q2 2023.
Recent actions include an $8.6 million public offering to be used for debt repayment. For Q3 2024, the company expects revenue between $20 million and $24 million and Adjusted EBITDA between $1.5 million and $2.5 million. For the full year 2024, revenue is projected to be between $92 million and $102 million, with Adjusted EBITDA in the range of $4 million to $8 million.
Wag! Group Co. (Nasdaq: PET) ha riportato i risultati finanziari per il Q2 2024. L'azienda ha raggiunto un risultato trimestrale record di EBITDA corretto di 1,6 milioni di dollari, in aumento rispetto ai 0,1 milioni del Q2 2023. Tuttavia, i ricavi sono diminuiti del 6%, arrivando a 18,7 milioni di dollari. La perdita netta è migliorata, toccando i 2,3 milioni di dollari, rispetto ai 3,9 milioni dello stesso periodo dell'anno scorso. I punti salienti dell'attività includono 467.000 partecipanti alla piattaforma, in calo rispetto ai 549.000 del Q2 2023.
Le azioni recenti includono un offerta pubblica di 8,6 milioni di dollari da utilizzare per il rimborso del debito. Per il Q3 2024, l'azienda prevede ricavi tra 20 milioni e 24 milioni di dollari e EBITDA corretto tra 1,5 milioni e 2,5 milioni di dollari. Per l'intero anno 2024, i ricavi sono previsti tra 92 milioni e 102 milioni di dollari, con EBITDA corretto compreso tra 4 milioni e 8 milioni di dollari.
Wag! Group Co. (Nasdaq: PET) informó sus resultados financieros del Q2 2024. La empresa logró un EBITDA ajustado trimestral récord de 1.6 millones de dólares, un aumento con respecto a los 0.1 millones en el Q2 2023. Sin embargo, los ingresos cayeron un 6% hasta 18.7 millones de dólares. La pérdida neta mejoró a 2.3 millones de dólares desde 3.9 millones en el mismo período del año pasado. Los aspectos destacados del negocio incluyen 467,000 participantes en la plataforma, en comparación con 549,000 en el Q2 2023.
Las acciones recientes incluyen una oferta pública de 8.6 millones de dólares que se utilizará para el reembolso de deuda. Para el Q3 2024, la empresa espera ingresos entre 20 millones y 24 millones de dólares y EBITDA ajustado entre 1.5 millones y 2.5 millones de dólares. Para todo el año 2024, se proyecta que los ingresos estén entre 92 millones y 102 millones de dólares, con EBITDA ajustado en el rango de 4 millones a 8 millones de dólares.
Wag! Group Co. (Nasdaq: PET)는 2024년 2분기 재무 결과를 발표했습니다. 이 회사는 기록적인 분기 조정 EBITDA 160만 달러를 달성했으며, 이는 2023년 2분기의 10만 달러에서 증가한 수치입니다. 그럼에도 불구하고, 수익은 6% 감소하여 1870만 달러로 떨어졌습니다. 순손실은 작년 같은 기간의 390만 달러에서 230만 달러로 개선되었습니다. 사업 하이라이트로는 플랫폼 참여자가 467,000명으로, 2023년 2분기의 549,000명에서 감소했습니다.
최근 조치로는 860만 달러의 공개 제공가 있으며, 이는 부채 상환에 사용될 예정입니다. 2024년 3분기에는 수익이 2천만 달러에서 2천4백만 달러 사이로 예상되며، 조정된 EBITDA는 150만 달러에서 250만 달러 사이로 예상됩니다. 2024년 전체 년도에는 수익이 9,200만 달러에서 10억2천만 달러 사이, 조정된 EBITDA는 400만 달러에서 800만 달러 사이로 예상됩니다.
Wag! Group Co. (Nasdaq: PET) a annoncé ses résultats financiers pour le Q2 2024. L'entreprise a réalisé un EBITDA ajusté trimestriel record de 1,6 million de dollars, en hausse par rapport à 0,1 million de dollars au Q2 2023. Cependant, les revenus ont diminué de 6%, atteignant 18,7 millions de dollars. La perte nette s'est améliorée, passant de 3,9 millions de dollars à 2,3 millions de dollars au cours de la même période l'année dernière. Les points forts de l'activité incluent 467 000 participants sur la plateforme, en baisse par rapport à 549 000 au Q2 2023.
Les actions récentes incluent une offre publique de 8,6 millions de dollars destinée au remboursement de la dette. Pour le Q3 2024, l'entreprise prévoit des revenus compris entre 20 millions et 24 millions de dollars et un EBITDA ajusté entre 1,5 million et 2,5 millions de dollars. Pour l'année 2024 dans son ensemble, les revenus devraient être compris entre 92 millions et 102 millions de dollars, avec un EBITDA ajusté dans une fourchette de 4 millions à 8 millions de dollars.
Wag! Group Co. (Nasdaq: PET) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Das Unternehmen erzielte ein rekordverdächtiges vierteljährliches angepasstes EBITDA von 1,6 Millionen Dollar, ein Anstieg von 0,1 Millionen Dollar im zweiten Quartal 2023. Dennoch auf 18,7 Millionen Dollar zurück. Der Nettoverlust verbesserte sich auf 2,3 Millionen Dollar von 3,9 Millionen Dollar im gleichen Zeitraum des Vorjahres. Höhepunkte des Unternehmens sind 467.000 Teilnehmer auf der Plattform, ein Rückgang von 549.000 im zweiten Quartal 2023.
Zu den jüngsten Maßnahmen gehört ein öffentlicher Angebot von 8,6 Millionen Dollar, das zur Schuldentilgung verwendet werden soll. Für das dritte Quartal 2024 erwartet das Unternehmen Einnahmen zwischen 20 Millionen und 24 Millionen Dollar und ein angepasstes EBITDA zwischen 1,5 Millionen und 2,5 Millionen Dollar. Für das gesamte Jahr 2024 wird ein Umsatz zwischen 92 Millionen und 102 Millionen Dollar prognostiziert, während das angepasste EBITDA im Bereich von 4 Millionen bis 8 Millionen Dollar liegen soll.
- Record quarterly Adjusted EBITDA of $1.6 million in Q2 2024.
- Net loss improved to $2.3 million from $3.9 million in Q2 2023.
- $8.6 million net proceeds from a public offering to be used for debt repayment.
- Projected revenue for Q3 2024 between $20 million and $24 million.
- Full-year 2024 revenue projected between $92 million and $102 million.
- Revenue decreased by 6% to $18.7 million in Q2 2024.
- Number of platform participants declined to 467,000 from 549,000 in Q2 2023.
Insights
Wag!'s Q2 2024 results present a mixed picture. While revenue decreased by
The intentional scaling back of Sales & Marketing spend to boost near-term profitability is a strategic move to address debt obligations. This shift in focus towards strengthening the balance sheet and driving free cash flow is prudent, especially considering the recent
However, the decline in Platform Participants from 549,000 to 467,000 is concerning and may impact future growth. The full-year guidance of
Wag!'s Q2 results reflect broader trends in the pet care industry. The company's pivot to profitability amidst revenue decline highlights the shifting priorities in the competitive pet services market. The growth in Wellness revenue, now the largest segment at
The company's guidance factors in seasonal trends, such as holiday-driven overnight service demand and weather impacts. The anticipated growth in pet ownership and insurance penetration could provide tailwinds. However, challenges like digital marketing trends and potential AI impacts underscore the dynamic nature of the market.
Wag!'s ability to navigate these trends while managing costs will be crucial. The focus on operational efficiency and free cash flow generation could position the company well in a market increasingly focused on profitability over growth-at-all-costs.
Quarterly Net Loss of
Achieved Record Quarterly Adjusted EBITDA of
Second Quarter 2024 Highlights:
-
Revenues decreased
6% to , compared to$18.7 million in the second quarter of 2023 – comprised of$19.8 million of Services revenue,$5.6 million of Wellness revenue, and$11.5 million of Pet Food & Treats revenue.$1.5 million -
Net loss improved to
, compared to$2.3 million in the second quarter of 2023.$3.9 million -
Adjusted EBITDA improved to
, compared to$1.6 million in the second quarter of 2023.$0.1 million
"Our Q2 results were highly intentional, as we scaled back on Sales & Marketing spend to increase near-term profitability while we focus on addressing our debt obligations once the prepayment penalty expires this month,” said Garrett Smallwood, CEO and Chairman of Wag!. “Strengthening our balance sheet, driving free cash flow and demonstrating consistent profitability are our key priorities, and we look forward to making progress on these objectives as move into the back half of the year.”
“We also look forward to benefiting from an enhanced balance sheet as we continue to take the necessary steps to best position the Company for continued growth, profitability, and shareholder value creation.”
Recent Business Highlights:
- 467,000 Platform Participants in Q2 2024, versus 549,000 in Q2 2023.
-
Achieved record quarterly Adjusted EBITDA of
.$1.6 million -
Completed an underwritten registered public offering on July 18, 2024, the net proceeds of which were approximately
which we intend to use to pay down debt upon prepayment penalty expiration on August 9, 2024.$8.6 million
Guidance
“In the second quarter, we delivered our highest quarterly Adjusted EBITDA, which was driven by our focus on cost management and operational efficiency,” said Alec Davidian, Wag! CFO. “Our ability to generate free cash flow will allow us to service our debt, improve our balance sheet and return to growth.”
For the third quarter 2024, we expect:
-
Revenue in the range of
to$20 million .$24 million -
Adjusted EBITDA1 in the range of
to$1.5 million .$2.5 million
For the full year 2024, as previously communicated on July 10, 2024, we expect:
-
Revenue in the range of
to$92 million .$102 million -
Adjusted EBITDA1 in the range of
to$4 million .$8 million
Our financial guidance includes the following outlook:
- We expect holidays to drive incremental overnight vs. daytime service demand, but also expect that severe weather will impact Services demand. Pet adoption during the holidays also positively impacts pet insurance penetration and demand for wellness plans.
- We anticipate that continued growth in the pet industry, driven by factors such as higher rates of pet ownership, pet insurance penetration, and increasing demand for premium pet products and services, will have a positive impact on our full year 2024 results.
- We have factored in potential risks and opportunities related to macroeconomic trends related to state of the economy, interest rates, and consumer confidence in order to forecast our financial performance.
- We expect Sales & Marketing efficiency within the Pet category, our ability to manage CPCs and CPMs across key partners and advertising platforms, and our ability to manage search engine results and search engine optimization (SEO) within competitive keywords.
- We recognize that there may be potential risks to our financial performance in 2024, such as disruptions to global supply chains, changes in consumer behavior due to unexpected events such as a delayed or imbalanced return-to-office, digital and performance marketing trends, the potential impact of AI, and our ability to expand through partnerships.
________________
1 Information reconciling forward-looking Adjusted EBITDA to the most directly comparable GAAP financial measure is unavailable to the company without unreasonable effort, as discussed in our Non-GAAP Financial Measures and Other Operating Metrics section below.
Wag!’s Second Quarter Results Conference Call
Wag! will host a conference call and live webcast today, August 07, 2024, at 4:30pm ET to discuss financial results. Investors and analysts interested in participating in the call are invited to dial 1-800-717-1738 (international callers please dial 1-646-307-1865) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://investors.wag.co.
A recorded replay of the conference call will be available approximately three hours after the conclusion of the call and can be accessed online at https://investors.wag.co for 90 days.
Wag! also provides announcements regarding financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website (https://investors.wag.co), and/or social media outlets, as a means of disclosing material information and complying with disclosure obligations under Regulation FD. The list of social media channels that Wag! uses may be updated on the investor relations website from time to time. In addition, you may automatically receive email alerts and other information about Wag! when you enroll your email address by visiting the “Email Alerts” section at (https://investors.wag.co/ir-resources/email-alerts).
About Wag! Group Co.
Wag! Group Co. strives to be the number one platform to solve the service, product, and wellness needs of the modern
Non-GAAP Financial Measures and Other Operating Metrics
Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) adjusted for interest expense, net; income taxes; depreciation and amortization; and stock-based compensation, as well as other items to be consistent with definitions typically used by lenders, including transaction costs. Additionally, we exclude the impact of certain non-recurring items which are not indicative of our operating performance as well as other transaction-specific costs that do not represent an ongoing operating expense of the business, including but not limited to, integration and transaction costs associated with acquired businesses, severance costs, loss on extinguishment of debt, and legal settlements. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. Adjusted EBITDA and Adjusted EBITDA margin provide a basis for comparison of our business operations between current, past, and future periods by excluding items from net income (loss) that we do not believe are indicative of our core operating performance.
Platform Participant is defined as a Pet Parent or Pet Caregiver who transacted on the Wag! platform for a service in the quarter. Services include dog walking, sitting, boarding, drop-ins, training, premium telehealth services, wellness plans, and pet insurance plan comparison.
Information reconciling forward-looking Adjusted EBITDA to the most directly comparable GAAP financial measure is unavailable to the Company without unreasonable effort. The Company is not able to provide a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure because certain items required for such reconciliation are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such a reconciliation would require a forward-looking statement of income, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the company without unreasonable effort. The Company provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, it cannot accurately predict all the components of the Adjusted EBITDA calculation. The Company provides an Adjusted EBITDA forecast because it believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP, provides useful information for the reasons noted above. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities as an indicator of operating performance.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to the Company’s ability to further develop and advance its pet service, product and wellness offerings and achieve scale; ability to attract and retain personnel; market opportunity, anticipated growth, ability to achieve and maintain profitability; intended use of proceeds from the Company’s underwritten public offering, and future financial performance, including management’s financial outlook for the future. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: management’s financial outlook for the future; market adoption of the Company’s pet service, product and wellness offerings and solutions; failure to realize the financial benefits of acquisitions; the ability of the Company to protect its intellectual property; changes in the competitive industries in which the Company operates; changes in laws and regulations affecting the Company’s business; the Company’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
Wag! Group Co. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(unaudited) |
||||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
(in thousands) |
||||||
ASSETS |
||||||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
9,234 |
|
|
$ |
18,323 |
|
Accounts receivable, net |
|
|
7,512 |
|
|
|
10,023 |
|
Prepaid expenses and other current assets |
|
|
2,256 |
|
|
|
3,428 |
|
Total current assets |
|
|
19,002 |
|
|
|
31,774 |
|
Property and equipment, net |
|
|
1,144 |
|
|
|
347 |
|
Operating lease right-of-use assets |
|
|
894 |
|
|
|
1,045 |
|
Intangible assets, net |
|
|
7,860 |
|
|
|
8,828 |
|
Goodwill |
|
|
4,646 |
|
|
|
4,646 |
|
Other assets |
|
|
52 |
|
|
|
57 |
|
Total assets |
|
$ |
33,598 |
|
|
$ |
46,697 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
||||||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
6,850 |
|
|
$ |
9,919 |
|
Accrued expenses and other current liabilities |
|
|
2,044 |
|
|
|
4,015 |
|
Deferred revenue |
|
|
1,642 |
|
|
|
1,781 |
|
Deferred purchase consideration – current portion |
|
|
185 |
|
|
|
547 |
|
Operating lease liabilities – current portion |
|
|
396 |
|
|
|
386 |
|
Notes payable – current portion |
|
|
2,075 |
|
|
|
1,751 |
|
Total current liabilities |
|
|
13,192 |
|
|
|
18,399 |
|
Operating lease liabilities – non-current portion |
|
|
645 |
|
|
|
816 |
|
Notes payable – non-current portion, net of debt discount and warrant allocation of |
|
|
21,468 |
|
|
|
25,664 |
|
Other non-current liabilities |
|
|
78 |
|
|
|
172 |
|
Total liabilities |
|
|
35,383 |
|
|
|
45,051 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity (deficit): |
|
|
|
|
||||
Common stock |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
166,437 |
|
|
|
163,376 |
|
Accumulated deficit |
|
|
(168,226 |
) |
|
|
(161,734 |
) |
Total stockholders’ equity (deficit) |
|
|
(1,785 |
) |
|
|
1,646 |
|
Total liabilities and stockholders’ equity (deficit) |
|
$ |
33,598 |
|
|
$ |
46,697 |
|
Wag! Group Co. |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
|
|
(in thousands, except per share amounts) |
||||||||||||||
Revenues |
|
$ |
18,651 |
|
|
$ |
19,820 |
|
|
$ |
41,870 |
|
|
$ |
40,443 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
1,158 |
|
|
|
1,243 |
|
|
|
2,728 |
|
|
|
2,269 |
|
Platform operations and support |
|
|
2,714 |
|
|
|
3,492 |
|
|
|
5,674 |
|
|
|
6,662 |
|
Sales and marketing |
|
|
11,037 |
|
|
|
10,758 |
|
|
|
26,692 |
|
|
|
24,033 |
|
Royalty |
|
|
— |
|
|
|
1,791 |
|
|
|
— |
|
|
|
1,791 |
|
General and administrative |
|
|
3,809 |
|
|
|
4,821 |
|
|
|
8,048 |
|
|
|
9,805 |
|
Depreciation and amortization |
|
|
580 |
|
|
|
375 |
|
|
|
1,158 |
|
|
|
756 |
|
Total costs and expenses |
|
|
19,298 |
|
|
|
22,480 |
|
|
|
44,300 |
|
|
|
45,316 |
|
Interest expense |
|
|
1,597 |
|
|
|
1,897 |
|
|
|
3,482 |
|
|
|
3,771 |
|
Interest income |
|
|
(75 |
) |
|
|
(238 |
) |
|
|
(227 |
) |
|
|
(482 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
726 |
|
|
|
— |
|
Other expense, net |
|
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
9 |
|
Loss before income taxes |
|
|
(2,169 |
) |
|
|
(4,384 |
) |
|
|
(6,411 |
) |
|
|
(8,171 |
) |
Income taxes |
|
|
82 |
|
|
|
38 |
|
|
|
81 |
|
|
|
38 |
|
Equity in net earnings of equity method investments |
|
|
— |
|
|
|
553 |
|
|
|
— |
|
|
|
553 |
|
Net loss |
|
$ |
(2,251 |
) |
|
$ |
(3,869 |
) |
|
$ |
(6,492 |
) |
|
$ |
(7,656 |
) |
Loss per share, basic and diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.20 |
) |
Weighted-average common shares outstanding used in computing loss per share, basic and diluted |
|
|
40,914 |
|
|
|
38,109 |
|
|
|
40,496 |
|
|
|
37,590 |
|
Wag! Group Co. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(unaudited) |
||||||||
|
|
Six Months Ended |
||||||
|
|
June 30,
|
|
June 30,
|
||||
|
|
(in thousands) |
||||||
Cash flow from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(6,492 |
) |
|
$ |
(7,656 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Stock-based compensation |
|
|
2,952 |
|
|
|
2,463 |
|
Non-cash interest expense |
|
|
1,229 |
|
|
|
1,350 |
|
Depreciation and amortization |
|
|
1,158 |
|
|
|
756 |
|
Reduction in carrying amount of operating lease right-of-use assets |
|
|
151 |
|
|
|
168 |
|
Equity in net earnings of equity method investments |
|
|
— |
|
|
|
(553 |
) |
Loss on extinguishment of debt |
|
|
726 |
|
|
|
— |
|
Changes in operating assets and liabilities, net of effect of acquired business: |
|
|
|
|
||||
Accounts receivable |
|
|
2,511 |
|
|
|
(1,850 |
) |
Prepaid expenses and other current assets |
|
|
1,007 |
|
|
|
1,049 |
|
Other assets |
|
|
5 |
|
|
|
(5 |
) |
Accounts payable |
|
|
(3,069 |
) |
|
|
2,241 |
|
Accrued expenses and other current liabilities |
|
|
(1,806 |
) |
|
|
(700 |
) |
Deferred revenue |
|
|
(139 |
) |
|
|
368 |
|
Operating lease liabilities |
|
|
(160 |
) |
|
|
(176 |
) |
Other non-current liabilities |
|
|
(94 |
) |
|
|
218 |
|
Net cash used in operating activities |
|
|
(2,021 |
) |
|
|
(2,327 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired |
|
|
(128 |
) |
|
|
(9,503 |
) |
Cash paid for equity method investment |
|
|
— |
|
|
|
(1,470 |
) |
Purchase of property and equipment |
|
|
(860 |
) |
|
|
(31 |
) |
Net cash used in investing activities |
|
|
(988 |
) |
|
|
(11,004 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repayment of debt |
|
|
(5,714 |
) |
|
|
(551 |
) |
Debt prepayment penalty |
|
|
(100 |
) |
|
|
— |
|
Proceeds from exercises of stock options |
|
|
109 |
|
|
|
90 |
|
Other |
|
|
(375 |
) |
|
|
(382 |
) |
Net cash used in financing activities |
|
|
(6,080 |
) |
|
|
(843 |
) |
Net change in cash and cash equivalents |
|
|
(9,089 |
) |
|
|
(14,174 |
) |
Cash and cash equivalents, beginning of period |
|
|
18,323 |
|
|
|
38,966 |
|
Cash and cash equivalents, end of period |
|
$ |
9,234 |
|
|
$ |
24,792 |
|
Wag! Group Co. |
||||||||||||||||
Adjusted EBITDA (Loss) Reconciliation |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
|
|
(in thousands, except percentages) |
||||||||||||||
Net loss |
|
$ |
(2,251 |
) |
|
$ |
(3,869 |
) |
|
$ |
(6,492 |
) |
|
$ |
(7,656 |
) |
Interest expense, net |
|
|
1,522 |
|
|
|
1,659 |
|
|
|
3,255 |
|
|
|
3,289 |
|
Income taxes |
|
|
82 |
|
|
|
38 |
|
|
|
81 |
|
|
|
38 |
|
Depreciation and amortization |
|
|
580 |
|
|
|
375 |
|
|
|
1,158 |
|
|
|
756 |
|
Stock-based compensation |
|
|
1,656 |
|
|
|
1,121 |
|
|
|
2,952 |
|
|
|
2,463 |
|
Integration and transaction costs associated with acquired business |
|
|
— |
|
|
|
152 |
|
|
|
— |
|
|
|
189 |
|
Severance costs |
|
|
50 |
|
|
|
131 |
|
|
|
127 |
|
|
|
131 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
726 |
|
|
|
— |
|
Legal settlement |
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
Adjusted EBITDA (loss) |
|
$ |
1,639 |
|
|
$ |
107 |
|
|
$ |
1,807 |
|
|
$ |
(290 |
) |
Revenues |
|
$ |
18,651 |
|
|
$ |
19,820 |
|
|
$ |
41,870 |
|
|
$ |
40,443 |
|
Adjusted EBITDA (loss) margin |
|
|
8.8 |
% |
|
|
0.5 |
% |
|
|
4.3 |
% |
|
|
(0.7 |
)% |
Wag! Group Co. |
||||||||||||||||
Key Operating and Financial Metrics |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
|
|
(in thousands, except percentages) |
||||||||||||||
Platform Participants (as of period end) |
|
|
467 |
|
|
|
549 |
|
|
|
467 |
|
|
|
549 |
|
Revenues |
|
$ |
18,651 |
|
|
$ |
19,820 |
|
|
$ |
41,870 |
|
|
$ |
40,443 |
|
Net loss |
|
$ |
(2,251 |
) |
|
$ |
(3,869 |
) |
|
$ |
(6,492 |
) |
|
$ |
(7,656 |
) |
Net loss margin |
|
|
(12.1 |
)% |
|
|
(19.5 |
)% |
|
|
(15.5 |
)% |
|
|
(18.9 |
)% |
Net cash provided by (used in) operating activities |
|
$ |
(2,189 |
) |
|
$ |
1,253 |
|
|
$ |
(2,021 |
) |
|
$ |
(2,327 |
) |
Adjusted EBITDA (loss) |
|
$ |
1,639 |
|
|
$ |
107 |
|
|
$ |
1,807 |
|
|
$ |
(290 |
) |
Adjusted EBITDA (loss) margin |
|
|
8.8 |
% |
|
|
0.5 |
% |
|
|
4.3 |
% |
|
|
(0.7 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807728499/en/
Media: Media@wagwalking.com
Investor Relations
Wag!: IR@wagwalking.com
Gateway for Wag!: PET@gateway-grp.com
Source: Wag! Group Co.
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