Wag! (US:PET)2025-05-12 11:35Q1 2024 Performance Highlights - Wag! Group Co achieved a record quarterly revenue of $23.2 million in Q1 2024[9] - The company experienced a year-over-year (YoY) revenue growth of 13% in Q1 2024[10] - Platform Participants reached 671,000[11] - Adjusted EBITDA for Q1 2024 was +$0.2 million[12] - B2B revenue accounted for 78% of the total revenue[10] Strategic Initiatives and Expansion - The company reduced its headcount by 8%, from 84 employees in Q4 2023 to 78 employees in Q1 2024[16] - Annualized Revenue per Employee reached approximately $1.2 million in Q1 2024[16] - Wag! is expanding into new categories and channels, including pet insurance comparison through WeCompare.com[17, 33] - Furscription, a digital e-prescribing software for veterinary clinics, is being promoted to streamline prescription management[17, 21] Future Outlook - The company forecasts sustainable growth in 2024, aiming for over $200 million of annual revenue by FY2027[37] - The 2024 outlook includes revenue between $105 million and $115 million, with a YoY revenue growth of 31%[37] - Adjusted EBITDA is projected to be between $2 million and $6 million, resulting in an Adjusted EBITDA Margin of 4%[37]