Wag! (PET) - 2024 Q4 - Annual Results

Financial Performance - Revenues for Q4 2024 were $15.4 million, a decrease of 29.9% from $21.7 million in Q4 2023[10] - Full year 2024 revenues decreased 16% to $70.5 million, down from $83.9 million in 2023[10] - Net loss for Q4 2024 was $4.8 million, compared to a net loss of $3.5 million in Q4 2023[10] - Full year 2024 net loss was $17.6 million, compared to a net loss of $13.3 million in 2023[10] - Adjusted EBITDA loss for Q4 2024 was $1.0 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 $0.7 million in 2023[10] - Revenues for Q4 2024 were $15,433,000, a decrease of 28.5% compared to $21,673,000 in Q4 2023[20] - Net loss for Q4 2024 was $4,814,000, compared to a net loss of $3,465,000 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 $5,000 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 $23,586,000 in Q4 2023[20] - Cash used in operating activities for the year ended December 31, 2024, was $7,003,000, compared to $6,465,000 in 2023[22] - Cash and cash equivalents at the end of the period were $5,630,000, down from $18,323,000 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 $10,385,000 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 $84 million to $88 million[10] - Adjusted EBITDA guidance for 2025 is projected to be between $2.0 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]