Wag! Q1 revenue record $23.2M (+13% YoY); positive EBITDA and cash flow

Wag! Group Co.

2024-Q1 EPS reported -$0.11 revenue$23,219,000

Revenue $23.2M (record), up 13% YoY; Services $5.3M, Wellness $15.8M, Pet Food & Treats $2.1M.
Net loss $4.2M vs $3.8M; driven by $5M debt paydown with $0.7M non-cash/prepayment costs.
Adjusted EBITDA improved to $0.2M from -$0.4M; positive operating cash flow $0.2M.
Record 671,000 platform participants (+10% YoY); 78% of revenue B2B.
Launched Furscription (vet e-prescribing) and WeCompare (auto insurance comparison); FY2024 guidance reaffirmed: revenue $105-115M, Adj. EBITDA $2-6M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Wag! Group Co. reported first quarter ended March 31, 2024 results: revenue $23.2 million, net income Net loss was $4.2 million. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $23.2 million
Net income: Net loss was $4.2 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Wag! Group Co. (the "Company" or "Wag!"; Nasdaq: PET), which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights: • Revenues increased 13% to $23.2 million, compared to $20.6 million in the first quarter of 2023, a quarterly revenue record – comprised of $5.3 million of Services revenue, $15.8 million of Wellness revenue, and $2.1 million of Pet Food & Treats revenue. • Net loss was $4.2 million, compared to $3.8 million in the first quarter of 2023, driven by costs associated with $5 million debt principal pay down.

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Source: SEC EDGAR

accession 0001842356-24-000086

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