Louisiana-based online food delivery company Waitr Holdings Inc. saw a net loss of $2.1 million during first quarter, compared to $24.7 million in the red during first quarter 2019.
Waitr had projected a net loss between $2 million and $3 million several weeks ago for first quarter results.
Waitr has seen a boost in demand for its services during the coronavirus pandemic because restaurants now rely on pick-up and delivery to serve customers. Its employees have been working remotely while independent contractor drivers deliver food to doorsteps. The company expanded services to grocery stores once again in 10 markets and is delivering alcohol in a few undisclosed markets.
Earnings per share were a loss of 3 cents during first quarter, compared to 38 cents during the same time frame last year.
The company became profitable for the first time in the month of February. At first online orders dropped in mid-March but have been increasing since then. The company expects to generate $20 million of revenue in April.
Waitr’s revenue dropped to $44.2 million compared to $48 million during first quarter 2019. It had $39.4 million of cash on hand as of March 31.
“Driver supply remains at a high level, while new restaurants are signing up for our services more rapidly than previous quarters,” said Carl Grimstad, CEO and chairman of Waitr in a news release.
The company is not holding a conference call to take questions from analysts and investors. Waitr’s stock was trading at $2.22 per share as of Thursday morning, down from its 52-week peak of $9.21 per share in May 2019.