WTRH - Waitr Holdings plummets 21% post Q1 results

Waitr Holdings (WTRH -21.2%) plunges as Q1 revenue declined 31% Y/Y, due in part to macroeconomic factors in the markets affecting order flow as well as the lack of stimulus payments in Q1 2022 unlike those distributed in the Q1 2021. Average Daily Orders were 22,907 and Active Diners as of March 31, 2022 were ~1.5M. Net loss included $67.2 M goodwill impairment mainly due to a decline in the stock price and market capitalization in mid-March 2022, with other contributing macroeconomic and industry-related conditions during Q1. Adjusted EBITDA was a loss of $1.8M, compared to $8.3M for the Q1 2021. Cash on hand totaled $54.9M as of March 31, 2022, with total outstanding long-term debt of $84.5M, consistent primarily of $35M term loans and $49.5M of convertible notes. “We now provide payment processing services for over 2,300 merchants, and we expect this to continue to grow on a monthly basis.”

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Waitr Holdings plummets 21% post Q1 results