Waitr Holdings Inc.

Third-quarter 2022 revenue was $25.1 million, down from $43.4 million in the third quarter of 2021. For the nine months ended September 30, 2022, revenue was $91.4 million versus $143.5 million a year ago. Adjusted EBITDA was a loss of $4.7 million in Q3 2022, compared with adjusted EBITDA of $3.1 million in Q3 2021; about $0.5 million of the loss came from a higher insurance reserve. Net loss was $73.5 million, or $0.40 per share, versus net income of $12.3 million, or $0.09 per share, in Q3 2021, and the quarter included a $53.9 million noncash goodwill impairment charge. Cash on hand was $20.1 million as of September 30, 2022. Management did not provide formal next-quarter or full-year financial guidance on the call.

Carl Grimstad framed the quarter around a strategic pivot from core delivery toward a broader merchant-services and payments platform. He said the company views last-mile delivery as a differentiator that helps sell payment-processing services to merchants, restaurants, retailers, and sports venues, and described the business as moving toward an alternative revenue stream beyond delivery. His tone was defensive on current demand but optimistic about the long-term mix shift and said the company expects to break out payments separately from delivery in future reporting.

Armen Yeghyazarians focused on the reported financial decline and the main drivers behind it: lower order volume from a more competitive delivery environment, partly offset by payment-processing referral revenue. He highlighted the quarter’s $25.1 million revenue, $4.7 million adjusted EBITDA loss, $73.5 million net loss, and $20.1 million cash balance, and noted that the net loss included a $53.9 million noncash goodwill impairment. He did not provide margin guidance, but management did emphasize debt reduction and earlier said long-term debt was approximately $55.9 million as of November 9, down from $84.5 million at year-end 2021.

Analyst Dan Kurnos asked how to think about the economics of the rebrand, partnerships, and broader expansion, including any short-term cost impact and the longer-term payoff from payments. Carl Grimstad responded that the main driver is still delivery order flow, but the company is aggressively matching expenses to volume and sees the rebrand and platform work as part of a shift toward selling payment-processing services to merchants. In a follow-up, Kurnos asked what helps Waitr win in a competitive market, and Grimstad said the core is helping merchants, restaurants, and venues sell more product more easily through delivery, payments, and mobile ordering.