PETWW
PETWW
Wag! Group Co.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $16.72M ▲ | $20.05M ▲ | $-6.14M ▼ | -36.75% ▼ | $-0.12 ▼ | $-3.76M ▼ |
| Q1-2025 | $15.16M ▼ | $17.5M ▼ | $-4.89M ▼ | -32.25% ▼ | $-0.1 ▲ | $-3.1M ▼ |
| Q4-2024 | $15.43M ▲ | $18.79M ▲ | $-4.81M ▲ | -31.19% ▲ | $-0.1 ▲ | $-2.88M ▲ |
| Q3-2024 | $13.2M ▼ | $16.47M ▼ | $-6.26M ▼ | -47.43% ▼ | $-0.13 ▼ | $-4.18M ▼ |
| Q2-2024 | $18.65M | $17.51M | $-2.25M | -12.07% | $-0.06 | $8K |
What's going well?
Revenue is up 10% this quarter, and gross margins are extremely high at 92%. The company is able to generate a lot of profit from each sale before expenses.
What's concerning?
Operating expenses are rising even faster than sales, leading to bigger losses. The company is burning more cash and has yet to show a path to profitability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $2.67M ▼ | $24.4M ▼ | $32.41M ▲ | $-8.01M ▼ |
| Q1-2025 | $6.12M ▲ | $28.84M ▼ | $32.31M ▲ | $-3.47M ▼ |
| Q4-2024 | $5.63M ▼ | $29.44M ▼ | $29.93M ▼ | $-489K ▼ |
| Q3-2024 | $8.45M ▼ | $32.59M ▼ | $30.22M ▼ | $2.38M ▲ |
| Q2-2024 | $9.23M | $33.6M | $35.38M | $-1.78M |
What's financially strong about this company?
Some customers are prepaying for services, as shown by rising deferred revenue. There is no inventory risk, and payables have decreased, suggesting some bills are being paid down.
What are the financial risks or weaknesses?
Cash is running low, debt is very high and mostly short-term, and shareholder equity is deeply negative. The company has a history of losses and is at risk of running out of money soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $-6.14M ▼ | $-2.66M ▼ | $-207K ▲ | $-586K ▼ | $-3.45M ▼ | $-2.87M ▼ |
| Q1-2025 | $-4.89M ▼ | $1.41M ▲ | $-396K ▲ | $-518K ▲ | $493K ▲ | $1.01M ▲ |
| Q4-2024 | $-4.81M ▲ | $-1.73M ▲ | $-567K ▼ | $-519K ▼ | $-2.81M ▼ | $-2.3M ▲ |
| Q3-2024 | $-6.26M ▼ | $-3.25M ▼ | $-405K ▲ | $2.87M ▲ | $-789K ▲ | $-3.66M ▼ |
| Q2-2024 | $-2.25M | $-2.19M | $-683K | $-497K | $-3.37M | $-2.74M |
What's strong about this company's cash flow?
Capital spending is low, so losses aren't from big investments. No new debt or dilution this quarter, and non-cash charges make up a chunk of the losses.
What are the cash flow concerns?
Cash burn is rising fast, cash reserves are nearly gone, and the company can't keep this up without new funding. The swing from positive to negative cash flow is a red flag.
Revenue by Products
| Product | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 |
|---|---|---|---|---|
 Service | $10.00M ▲ | $10.00M ▲ | $0 ▼ | $0 ▲ |
 Wellness Revenue | $10.00M ▲ | $10.00M ▲ | $10.00M ▲ | $10.00M ▲ |
Q1 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Wag! Group Co.'s financial evolution and strategic trajectory over the past five years.
Wag! offers a compelling, tech-enabled solution in a growing pet care market, with a strong brand, high gross margins, and a large two-sided network of caregivers and pet owners. Its ecosystem approach—combining on-demand services, wellness, insurance comparison, premium products, and trusted content—creates multiple touchpoints with customers and potential for cross-selling. Historically it has demonstrated the ability to grow revenue quickly and raise external capital, and has recently taken steps to trim long-term debt and rationalize costs, all of which provide a base to build from under its restructured, privately held structure.
The most significant risks are financial and competitive. The company has never consistently generated profits or positive free cash flow, carries negative equity, and has seen its liquidity position deteriorate sharply, culminating in a Chapter 11 filing and recapitalization. This history raises questions about long-term solvency, access to funding, and resilience in a downturn. On the competitive side, Wag! faces strong rivals, low switching costs, and potential reputational damage from its restructuring, any of which could weaken its network effect. Execution risk around new ventures like WeCompare.com and the integration of multiple acquired businesses also adds complexity.
The outlook is mixed and uncertain. On one hand, Wag! operates in an attractive space with clear consumer demand, enjoys high-margin unit economics at the gross level, and has built a differentiated, multi-service platform that could support profitable growth if scaled efficiently. On the other hand, the combination of past cash burn, a weakened balance sheet, and intense competition means that the margin for error is thin. Under new private ownership following restructuring, the company’s future will likely depend on its ability to stabilize revenue after the recent decline, tighten cost discipline, restore liquidity, and focus innovation on the offerings that most effectively reinforce its core pet services franchise.
About Wag! Group Co.
https://www.wagwalking.comWag. Group Co. develops and supports a proprietary marketplace technology platform available as a website and mobile app that enables independent pet caregivers to connect with pet parents. Its platform allows pet parents, who require specific pet care services, such as dog walking, pet sitting and boarding, advice from licensed pet experts, home visits, training, and access to other services.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q2-2025 | $16.72M ▲ | $20.05M ▲ | $-6.14M ▼ | -36.75% ▼ | $-0.12 ▼ | $-3.76M ▼ |
| Q1-2025 | $15.16M ▼ | $17.5M ▼ | $-4.89M ▼ | -32.25% ▼ | $-0.1 ▲ | $-3.1M ▼ |
| Q4-2024 | $15.43M ▲ | $18.79M ▲ | $-4.81M ▲ | -31.19% ▲ | $-0.1 ▲ | $-2.88M ▲ |
| Q3-2024 | $13.2M ▼ | $16.47M ▼ | $-6.26M ▼ | -47.43% ▼ | $-0.13 ▼ | $-4.18M ▼ |
| Q2-2024 | $18.65M | $17.51M | $-2.25M | -12.07% | $-0.06 | $8K |
What's going well?
Revenue is up 10% this quarter, and gross margins are extremely high at 92%. The company is able to generate a lot of profit from each sale before expenses.
What's concerning?
Operating expenses are rising even faster than sales, leading to bigger losses. The company is burning more cash and has yet to show a path to profitability.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q2-2025 | $2.67M ▼ | $24.4M ▼ | $32.41M ▲ | $-8.01M ▼ |
| Q1-2025 | $6.12M ▲ | $28.84M ▼ | $32.31M ▲ | $-3.47M ▼ |
| Q4-2024 | $5.63M ▼ | $29.44M ▼ | $29.93M ▼ | $-489K ▼ |
| Q3-2024 | $8.45M ▼ | $32.59M ▼ | $30.22M ▼ | $2.38M ▲ |
| Q2-2024 | $9.23M | $33.6M | $35.38M | $-1.78M |
What's financially strong about this company?
Some customers are prepaying for services, as shown by rising deferred revenue. There is no inventory risk, and payables have decreased, suggesting some bills are being paid down.
What are the financial risks or weaknesses?
Cash is running low, debt is very high and mostly short-term, and shareholder equity is deeply negative. The company has a history of losses and is at risk of running out of money soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q2-2025 | $-6.14M ▼ | $-2.66M ▼ | $-207K ▲ | $-586K ▼ | $-3.45M ▼ | $-2.87M ▼ |
| Q1-2025 | $-4.89M ▼ | $1.41M ▲ | $-396K ▲ | $-518K ▲ | $493K ▲ | $1.01M ▲ |
| Q4-2024 | $-4.81M ▲ | $-1.73M ▲ | $-567K ▼ | $-519K ▼ | $-2.81M ▼ | $-2.3M ▲ |
| Q3-2024 | $-6.26M ▼ | $-3.25M ▼ | $-405K ▲ | $2.87M ▲ | $-789K ▲ | $-3.66M ▼ |
| Q2-2024 | $-2.25M | $-2.19M | $-683K | $-497K | $-3.37M | $-2.74M |
What's strong about this company's cash flow?
Capital spending is low, so losses aren't from big investments. No new debt or dilution this quarter, and non-cash charges make up a chunk of the losses.
What are the cash flow concerns?
Cash burn is rising fast, cash reserves are nearly gone, and the company can't keep this up without new funding. The swing from positive to negative cash flow is a red flag.
Revenue by Products
| Product | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 |
|---|---|---|---|---|
| Service | $10.00M ▲ | $10.00M ▲ | $0 ▼ | $0 ▲ |
| Wellness Revenue | $10.00M ▲ | $10.00M ▲ | $10.00M ▲ | $10.00M ▲ |
Q1 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Wag! Group Co.'s financial evolution and strategic trajectory over the past five years.
Wag! offers a compelling, tech-enabled solution in a growing pet care market, with a strong brand, high gross margins, and a large two-sided network of caregivers and pet owners. Its ecosystem approach—combining on-demand services, wellness, insurance comparison, premium products, and trusted content—creates multiple touchpoints with customers and potential for cross-selling. Historically it has demonstrated the ability to grow revenue quickly and raise external capital, and has recently taken steps to trim long-term debt and rationalize costs, all of which provide a base to build from under its restructured, privately held structure.
The most significant risks are financial and competitive. The company has never consistently generated profits or positive free cash flow, carries negative equity, and has seen its liquidity position deteriorate sharply, culminating in a Chapter 11 filing and recapitalization. This history raises questions about long-term solvency, access to funding, and resilience in a downturn. On the competitive side, Wag! faces strong rivals, low switching costs, and potential reputational damage from its restructuring, any of which could weaken its network effect. Execution risk around new ventures like WeCompare.com and the integration of multiple acquired businesses also adds complexity.
The outlook is mixed and uncertain. On one hand, Wag! operates in an attractive space with clear consumer demand, enjoys high-margin unit economics at the gross level, and has built a differentiated, multi-service platform that could support profitable growth if scaled efficiently. On the other hand, the combination of past cash burn, a weakened balance sheet, and intense competition means that the margin for error is thin. Under new private ownership following restructuring, the company’s future will likely depend on its ability to stabilize revenue after the recent decline, tighten cost discipline, restore liquidity, and focus innovation on the offerings that most effectively reinforce its core pet services franchise.
CEO
Garrett Smallwood