Waitr Holdings (WTRH) Reports Q3 Revenues Miss

Waitr Holdings (NASDAQ: WTRH) reported Q3 EPS of ($2.89), $2.63 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $49.2 million versus the consensus estimate of $55.87 million.

Third Quarter 2019 Financial Highlights

• Revenue for the third quarter of 2019 increased 153% to $49.2 million compared to $19.4 million in the third quarter of 2018. Revenue related to the Bite Squad Merger totaled $24.0 million for the third quarter of 2019.
• Net loss for the third quarter of 2019 was $220.1 million, or a loss of $2.89 per diluted share, compared to a loss of $6.5 million, or a loss of $0.64 per diluted share, in the third quarter of 2018. Net loss for the third quarter of 2019 included $192.1 million of goodwill and intangible asset impairment charges and $2.2 million of non-cash stock compensation expenses.
• Adjusted EBITDA1 for the third quarter of 2019 was a loss of $15.4 million compared to a loss of $2.5 million in the third quarter of 2018.

“We made progress in the third quarter streamlining our operations and making improvements that consistently create a better customer and restaurant partner experience while also setting us up to reduce expenses now and in the future. During the quarter, we started implementing changes that are expected to result in an incremental $25 to $30 million of annual savings in FY 2020. We remain dedicated to stabilizing the business in terms of cash flow and charting a clear path towards profitability,” said Adam Price, Chief Executive Officer of Waitr.

For earnings history and earnings-related data on Waitr Holdings (WTRH) click here.

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