Delivery app Waitr — soon to be known at ASAP — posted a net loss of $11.7 million in the second quarter as the Lafayette-based company struggled amid higher gas prices, inflation and competition.
The company’s losses were more than double from the $5.6 million lost a year ago but down from the $77 million loss reported in the first quarter. Revenue for the second quarter was $31.2 million, down from $49.2 million a year ago and the $35 million in the first quarter.
Waitr negotiated the pay-down of $21 million in debt during the second quarter and extended its long-term debt maturity by six months. Outstanding long-term debt as of Monday was $57.0 million, down from $84.5 million on Dec. 31.
The macroeconomic challenges putting the squeeze on the company, which is now focusing to a model of delivering more than just food from restaurants. It launched a collaboration with 7-Eleven stores in June and has since secured deals to deliver apparel, luxury goods, sporting goods, alcohol, auto parts, electrical products and other items.
Last week it announced a partnership with the with the New Orleans Saints to bring in-stadium ordering to fans in select sections of the Caesars Superdome during all Saints home games. It made similar deals with the New York Jets and New York Giants during games at MetLife Stadium.
In an ever-evolving business landscape, you need trusted information from a reliable source to help you make decisions. We provide that — daily data, analysis and insights from local experts.
Shares of Waitr stock opened at 42 cents Tuesday morning, up from 15 cents at the end of June. Companies that trade on Nasdaq must maintain a $1 price or higher for at least 30 days to avoid penalty, including possible delisting.
Waitr, which reported $28.2 million in cash on hand, had 18,070 in average daily orders for the quarter and 20,475 for the first six months of 2022.
The company will shift to a single platform as part of its transition to ASAP, which should result in cost and resource savings, company officials said.
“I am proud of our team and the foundation we are building for the long term success of the Company,” said Carl Grimstad, CEO and Chairman of the Board. “Our broader view toward our business strategy should allow the company to better withstand marketplace swings in our industry in the future. Our focus is to be able to deliver a diverse set of products from any vendor.”