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Wag! Group Co. (PET-1.80%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that Wag! Group Co. reported revenues of $70.5 million, a decrease from $83.9 million in the previous year. The decline in revenue was attributed to a decrease in platform participants and reduced revenue from wellness and pet food & treats offerings.
The company reported a net loss of $17.6 million for the year, compared to a net loss of $13.3 million in the prior year. The increased loss was primarily due to lower revenues, although expenses were reduced across several categories.
Wag! Group Co. highlighted its liquidity challenges, noting cash and cash equivalents of $5.6 million as of December 31, 2024. The company acknowledged substantial doubt about its ability to continue as a going concern due to projected cash needs and current liquidity levels.
The company completed a registered public offering in July 2024, raising net proceeds of approximately $8.6 million. These funds were used to repay indebtedness.
Wag! Group Co. continues to face significant competition in the pet services market and relies heavily on a small number of customers for a large portion of its revenue.
The company has identified material weaknesses in its internal control over financial reporting, which it is in the process of addressing through various remediation efforts.
Wag! Group Co. is involved in several legal proceedings related to the classification of pet caregivers as independent contractors, which could impact its financial condition if outcomes are unfavorable.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wag! Group Co. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.