Wag! (US:PET)2025-05-12 11:07Financial Performance - Revenues for Q1 2025 were $15.2 million, a decrease of 34.6% compared to $23.2 million in Q1 2024[5] - Net loss for Q1 2025 was $4.9 million, compared to a net loss of $4.2 million in Q1 2024[5] - Adjusted EBITDA loss was $1.2 million in Q1 2025, down from a positive Adjusted EBITDA of $0.2 million in Q1 2024[5] - For the three months ended March 31, 2025, the company reported a net loss of $4,890,000, compared to a net loss of $4,241,000 for the same period in 2024, reflecting an increase in loss of approximately 15.4%[23] - Revenues for the same period were $15,165,000, down 34.7% from $23,219,000 in the prior year[23] - The adjusted EBITDA loss for the three months ended March 31, 2025, was $1,235,000, compared to an adjusted EBITDA of $168,000 for the same period in 2024, indicating a significant decline[23] - The adjusted EBITDA loss margin was reported at (8.1)% for Q1 2025, compared to a positive margin of 0.7% in Q1 2024[23] - The net loss margin for Q1 2025 was (32.2)%, compared to (18.3)% in Q1 2024, indicating a worsening of profitability[25] Future Projections - The company expects full-year 2025 revenues to be in the range of $84 million to $88 million[6] - The company anticipates Adjusted EBITDA for the full year 2025 to be between $2.0 million and $4.0 million[6] Cash and Assets Management - Cash and cash equivalents increased to $6.1 million as of March 31, 2025, from $5.6 million at the end of 2024[17] - Total assets decreased to $28.8 million as of March 31, 2025, from $29.4 million at the end of 2024[17] - Total liabilities increased to $32.3 million as of March 31, 2025, compared to $29.9 million at the end of 2024[17] - Cash and cash equivalents at the end of the period were $6,123,000, down from $12,603,000 at the end of Q1 2024, indicating a decrease of approximately 51.5%[23] - The company reported a net cash used in financing activities of $518,000 for Q1 2025, a significant decrease from $5,583,000 in Q1 2024, reflecting improved cash management[23] Operational Metrics - The company had 472 platform participants as of March 31, 2025, a decrease from 671 participants in the same period last year, representing a decline of approximately 29.7%[25] - Net cash provided by operating activities increased to $1,407,000 for Q1 2025, compared to $168,000 in Q1 2024, showing a substantial improvement[25] - The company incurred stock-based compensation of $1,872,000 in Q1 2025, up from $1,296,000 in Q1 2024, reflecting a rise of approximately 44.4%[23] Strategic Focus - The company is focused on operational streamlining and higher-return initiatives to enhance profitability[4]