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Wag! (PET) - 2024 Q4 - Annual Results
PETWag! (PET)2025-03-24 11:02

Financial Performance - Revenues for Q4 2024 were 15.4million,adecreaseof29.915.4 million, a decrease of 29.9% from 21.7 million in Q4 2023[10] - Full year 2024 revenues decreased 16% to 70.5million,downfrom70.5 million, down from 83.9 million in 2023[10] - Net loss for Q4 2024 was 4.8million,comparedtoanetlossof4.8 million, compared to a net loss of 3.5 million in Q4 2023[10] - Full year 2024 net loss was 17.6million,comparedtoanetlossof17.6 million, compared to a net loss of 13.3 million in 2023[10] - Adjusted EBITDA loss for Q4 2024 was 1.0million,comparedtobreakeveninQ42023[10]−Fullyear2024AdjustedEBITDAlosswas1.0 million, compared to breakeven in Q4 2023[10] - Full year 2024 Adjusted EBITDA loss was 1.1 million, down from a positive Adjusted EBITDA of 0.7millionin2023[10]−RevenuesforQ42024were0.7 million in 2023[10] - Revenues for Q4 2024 were 15,433,000, a decrease of 28.5% compared to 21,673,000inQ42023[20]−NetlossforQ42024was21,673,000 in Q4 2023[20] - Net loss for Q4 2024 was 4,814,000, compared to a net loss of 3,465,000inQ42023,representinganincreaseinlossof38.83,465,000 in Q4 2023, representing an increase in loss of 38.8%[20] - Adjusted EBITDA loss for Q4 2024 was 963,000, compared to a positive adjusted EBITDA of 5,000inQ42023[24]−ThenetlossmarginforQ42024was31.25,000 in Q4 2023[24] - The net loss margin for Q4 2024 was 31.2%, up from 16.0% in Q4 2023[26] - Total costs and expenses for Q4 2024 were 18,971,000, down 19.7% from 23,586,000inQ42023[20]−CashusedinoperatingactivitiesfortheyearendedDecember31,2024,was23,586,000 in Q4 2023[20] - Cash used in operating activities for the year ended December 31, 2024, was 7,003,000, compared to 6,465,000in2023[22]−Cashandcashequivalentsattheendoftheperiodwere6,465,000 in 2023[22] - Cash and cash equivalents at the end of the period were 5,630,000, down from 18,323,000atthebeginningoftheperiod[22]−Thecompanyincurredalossonextinguishmentofdebtof18,323,000 at the beginning of the period[22] - The company incurred a loss on extinguishment of debt of 1,180,000 for the year ended December 31, 2024[22] - The company reported a decrease in sales and marketing expenses to 10,385,000inQ42024,downfrom10,385,000 in Q4 2024, down from 13,735,000 in Q4 2023, a reduction of 24.5%[20] Future Outlook - The company expects revenues for 2025 to be in the range of 84millionto84 million to 88 million[10] - Adjusted EBITDA guidance for 2025 is projected to be between 2.0millionand2.0 million and 4.0 million[10] Strategic Initiatives - The company is reviewing strategic alternatives to maximize shareholder value, including potential investments and partnerships[1][2] - Three major new distribution partners were added, which are expected to accelerate demand for Wellness products[4] Operational Metrics - Platform participants as of December 31, 2024, were 445, unchanged from the previous year[26]