Wag! (PET) - 2024 Q1 - Quarterly Results

Financial Performance - Revenues increased 13% to $23.2 million in Q1 2024, compared to$20.6 million in Q1 2023, marking a quarterly revenue record[7] - Achieved a net loss of $4.2 million, up from a net loss of$3.8 million in Q1 2023, primarily due to costs associated with a $5 million debt principal pay down[7] - Adjusted EBITDA improved to$0.2 million, compared to an Adjusted EBITDA loss of $0.4 million in Q1 2023[7] - Revenues for the three months ended March 31, 2024, were$23,219,000, representing a 7.8% increase from $20,623,000 in the same period of 2023[24] - Net loss for the same period was$4,241,000, compared to a net loss of $3,787,000 in the prior year, reflecting a slight increase in the loss margin to 18.3$168,000, an improvement from a loss of $397,000 in the same period of 2023, resulting in an adjusted EBITDA margin of 0.7$25,002,000 for the three months ended March 31, 2024, up from $22,836,000 in the prior year[24] - Cash flow from operating activities was$168,000 for the three months ended March 31, 2024, compared to a cash outflow of $3,580,000 in the same period of 2023[30] - The company incurred a loss on extinguishment of debt amounting to$726,000 during the three months ended March 31, 2024[28] - Interest expense for the period was $1,885,000, slightly up from$1,874,000 in the previous year[24] - Cash and cash equivalents at the end of the period were $12,603,000, down from$24,502,000 at the end of the same period in 2023[26] - The company reported stock-based compensation of $1,296,000 for the three months ended March 31, 2024, compared to$1,342,000 in the same period of 2023[28] Growth and Strategy - Record 671,000 Platform Participants in Q1 2024, an increase of 10% from 611,000 in Q1 2023[8] - 78% of revenues were generated from B2B partnerships, including pet insurance and pet food companies[10] - Guidance for full year 2024 includes revenue expectations in the range of $105 million to$115 million[11] - Anticipated Adjusted EBITDA for 2024 is projected to be between $2 million and$6 million[11] - New product launches include Furscription, a digital e-prescribing tool for veterinarians, and WeCompare, a consumer-facing insurance comparison platform[10] - Company is focusing investments on marketing, R&D, and partnerships to drive growth in 2024 and beyond[9]