Wag! Group (PET) Q2 2025 earnings summary

Executive summary

• Filed for Chapter 11 bankruptcy on July 21, 2025, with all existing equity interests to be canceled if the reorganization plan is approved.

• Revenues declined 10.4% year-over-year for Q2 2025 and 23.8% for the six months ended June 30, 2025.

• Net loss increased to $6.1 million for Q2 2025 and $11.0 million for the six months, with negative Adjusted EBITDA.

• Delisted from Nasdaq on July 30, 2025; securities now trade on the Pink Open Market.

• Sold Furscription software for $5.0 million in July 2025 to pay down debt.

Financial highlights

• Q2 2025 revenue: $16.7 million (down from $18.7 million in Q2 2024); six months: $31.9 million (down from $41.9 million year-over-year).

• Q2 2025 net loss: $6.1 million (vs. $2.3 million prior year); six months: $11.0 million (vs. $6.5 million prior year).

• Adjusted EBITDA loss: $2.2 million for Q2 2025 (vs. $1.6 million gain prior year); margin -13.0%.

• Net cash used in operating activities: $1.3 million for six months ended June 30, 2025.

• Cash and cash equivalents at June 30, 2025: $2.7 million; total debt: $19.6 million.

Outlook and guidance

• Substantial doubt exists about ability to continue as a going concern; future performance depends on bankruptcy court approval and successful restructuring.

• Financial results expected to remain volatile until emergence from Chapter 11.