Waitr Holdings’ Revenue Increases 287%, Active Diners Increase 309%
Revenue for Waitr Holdings Inc., a provider of on-demand food ordering and delivery, grew 287%, according to the company that reported financial results for its fiscal 2019 first quarter ended March 31. The growth was a combination of Waitr driven organic growth and the successful acquisition of Bite Squad on January 17.
The company continues to accelerate growth in the markets that it currently serves. During Q1, more than 3,600 restaurants, more than 240,000 active diners were added, and the service continued to expand by adding service to 49 new cities. ‘
First Quarter 2019 Financial Highlights
- Revenue for the Q1 of 2019 increased 287% to $48.0 million compared to $12.4 million in the first quarter of 2018. Revenue related to the Bite Squad Merger totaled $22.9 million from the acquisition date through March 31. On a pro forma basis, revenue for the first quarter of 2019 increased 78% to $52.3 million compared to $29.4 million in the first quarter of 2018.
- Net loss for the Q1 of 2019 was $24.7 million, or $0.38 per diluted share, compared to a loss of $3.4 million, or $0.34 per diluted share, in the first quarter of 2018. Net loss included $6.9 million of one-time business combination specific expenses related to the Bite Squad transaction and $2.1 million of non-cash stock compensation expenses.
- Active Diners for the Q1 of 2019 increased 309% to 2.2 million compared to 541.9 thousand for the first quarter of 2018. Active Diners related to the Bite Squad Merger totaled 1.1 million as of March 31, 2019.