Wag! Group Co.

Q1 revenue was $15.2 million and adjusted EBITDA loss was $1.2 million, both described as declining slightly versus Q4. Platform participants reached 472,000, up 6% sequentially. Revenue by category was services $4.9 million, wellness $9.2 million, and pet food and treats $1.1 million. Total cost and expenses were down 25% year over year by more than $6 million; cost of revenue was $1.4 million, or 10% of revenue; platform operations and support were $2.5 million, or 17% of revenue; sales and marketing was $10.4 million; and G&A was $4 million. The company ended Q1 with $11.7 million in cash and cash equivalents and accounts receivable. For 2025, management reiterated revenue guidance of $84 million to $88 million and adjusted EBITDA guidance of $2 million to $4 million.

Garrett Smallwood framed the quarter as a step forward on profitability despite lower year-over-year revenue, emphasizing disciplined cost management, operational efficiencies, and a more efficient customer acquisition strategy. He highlighted headcount streamlining, automation, and deeper AI integration as drivers of improved execution, and said the company is actively evaluating strategic options. He sounded constructive on growth, pointing to three major partners going live at quarter-end and strong trends in April and early May.

Alec Davidian said Q1 reflected improved operating efficiency and the early stages of scaling new opportunities and partners. He cited 472,000 platform participants, revenue of $15.2 million, an adjusted EBITDA loss of $1.2 million, and a 25% year-over-year decline in total costs and expenses. He also noted that cash and cash equivalents plus accounts receivable totaled $11.7 million at quarter-end, and said the Board is evaluating options that could strengthen the balance sheet and help reduce debt.

There was no real analyst Q&A segment in the transcript, so management’s most notable comments centered on guidance and strategic review. They reiterated 2025 revenue of $84 million to $88 million and adjusted EBITDA of $2 million to $4 million, while saying the board is assessing options that could be accretive to the balance sheet and reduce debt. Management also said the new distribution partners should start contributing meaningfully in Q2 and that early Q2 business trends have been strong.