PetMed Express, Inc.

Net sales were $41 million versus $51.2 million last year, a 19.9% decline. Gross profit was $11.3 million versus $14.4 million last year, and gross margin was 27.6% versus 28.1%. General and administrative expense was $11.2 million, down 13.5%, and advertising expense was $4.2 million, down 30.2%. Net loss was $6.1 million, or $0.28 per diluted share, versus a net loss of $34.2 million, or $1.65 per diluted share, last year. Adjusted EBITDA loss was $3.4 million versus a loss of $2.7 million last year. As of June 30, 2026, cash and cash equivalents were $13.1 million and debt was zero. Management did not provide formal next-quarter or full-year financial guidance on the call.

Leslie C. G. Campbell framed the quarter as evidence that PetMed is building a more disciplined operating base, with a focus on shareholder value, cost control, customer retention, and new revenue streams. She emphasized technology modernization, including a new call center platform, fraud prevention, SAP ERP rollout, and faster freight service, as enabling better service and efficiency. Her tone was constructive but guarded, repeatedly stressing sustainable profitability and the board’s openness to strategic alternatives that could enhance value.

Doug Krulik focused on the quarter’s cost reductions and the mechanics behind the improved bottom line. He cited gross profit of $11.3 million, gross margin of 27.6%, G&A of $11.2 million, advertising of $4.2 million, and a net loss of $6.1 million, noting the comparison benefited from the absence of last year’s goodwill and trade name impairment charge. He also pointed to a $13.1 million cash balance, no debt, and no formal guidance issued.

There was no analyst Q&A in the transcript. The closest discussion points were management’s commentary on the unsolicited SilverCape proposal to buy the company for $3 per share and the ongoing CEO search. Management said the board had not reached a determination on the proposal and would not comment further unless additional disclosure was required, while the permanent CEO search remains a high priority.