Food ordering company Waitr has reported a net loss of $77.2m, or $0.50 a share, in Q1 2022, versus a net loss of $3.7m, or $0.03 a share, in the same quarter last year.
The firm’s net loss for this year’s first quarter included a $67.2m goodwill impairment, mainly tied to a decrease in its stock price.
Waitr’s cash on hand was $54.9m at the end of March.
In Q1 2022, its adjusted EBITDA was a loss of $1.8m, as against an adjusted EBITDA of $8.3m in Q1 2021.
Revenue fell from $50.9m to $35m during the period.
The company noted that the decline in revenues was the result of some macroeconomic factors that hit order flows in markets where it operates, as well as the lack of stimulus payments in Q1 2022.
Waitr chairman and CEO Carl Grimstad said: “Prior to my tenure at Waitr, we had no integrations with third-party aggregators, point of sale systems or any individual restaurants. We have since added integrations with Google Food Ordering (GFO), Itsacheckmate, Chowly, Olo Dispatch (Olo), Ordermark and Otter.
“Additionally, we have completed our first direct integration with Panera Bread and are currently in various stages of integrating with three other major national quick-service restaurant (QSR) brands that we anticipate to be completed in the second and third quarters of 2022.
“We believe that these new partnerships should bring increased visibility, increased diner access and increased order volume to the Company.”