Waitr Reports First Quarter 2022 Results
CANNANNEW REPORT

LAFAYETTE, La.–(BUSINESS WIRE)–Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a leader in on-demand ordering and delivery, today reported financial results for the first quarter of 2022. First Quarter 2022 Highlights Revenue for the first quarter of 2022 was $35.0 million, compared to $38.6 million for the fourth quarter of 2021 and $50.9 million for the first quarter of 2021, due in part to macroeconomic factors in our markets affecting order flow as well as the lack of stimulus payments in the first quarter of 2022 unlike those distributed in the first quarter of 2021. Net loss for the first quarter of 2022 was $77.2 million, $0.50 per share, compared to a net loss of $3.7 million in the first quarter of 2021, or $0.03 per share. Net loss for the first quarter of 2022 included a $67.2 million goodwill impairment mainly due to a decline in our stock price and market capitalization in mid-March 2022, with other contributing macroeconomic and industry-related conditions during the first quarter of 2022. Adjusted EBITDA1 for the first quarter of 2022 was a loss of $1.8 million, compared to Adjusted EBITDA of $8.3 million for the first quarter of 2021. As of March 31, 2022, cash on hand was $54.9 million. “Prior to my tenure at Waitr, we had no integrations with third party aggregators, point of sale systems or any individual restaurants. We have since added integrations with Google Food Ordering (“GFO”), Itsacheckmate, Chowly, Olo Dispatch (“Olo”), Ordermark and Otter. Olo alone provides access to a large number of deliveries in our markets for brands such as Whataburger, Your Pie, Noodles & Company, Qdoba, Mr. Beast Burger, and Virtual Dining Concepts. As our integration with GFO is further rolled out to our restaurant base, we believe that our daily order flow should…

Excerpt only …
READ MORE BELOW
Source : Waitr Reports First Quarter 2022 Results

reposted by Cannabis News World