EXCLUSIVE: Wag Labs posts record first quarter as pet adoption surges during pandemic

WagLabs, Inc.likely to go public via an ad hoc acquisition company (SPAC merger) with CHW Acquisition Company CSAreleased FY22 first quarter results and reiterated its guidance for FY22 and FY23.

The American pet services market company has built a mobile-first technology platform that has enabled walking, training and other on-demand and scheduled pet care services.

What happened? Wag Labs’ first-quarter revenue increased 273% year-over-year to $9.7 million. Gross bookings increased 141% year-over-year to $17.5 million.

Wag Labs’ net loss improved to ($2.4) million from ($2.7) million a year ago. Adjusted EBITDA loss improved to ($2.1) million from ($2.6) million.

Wag Labs reiterated FY22 revenue guidance of $41.8 million, gross bookings guidance of $93.4 million and adjusted EBITDA loss guidance of ($15.6 million). dollars.

Wag Labs reiterated FY23 revenue guidance of $71 million, gross bookings guidance of $163.5 million, and adjusted EBITDA loss guidance of ($10.7 million).

Why is it important? CEO Garrett Smallwood said, “With over 23 million pet owners adopting a new pet during the pandemic, the market potential for Wag! users continues to grow. We are relentlessly focused on a balance of growth, margin and profit and are encouraged by the return to work trend we are seeing across the country.”

Wag Labs has increased the active Wag of animal parents! Premium penetration from 33% to 48% Y/Y.

In Q1 2022, Wag Labs saw its Pet Parent multi-service attach rate drop from 20% in October 2021 to 26%. He improved the turnout to 55% in the first quarter.

Wag Labs reached a total of 325,012 platform participants in Q1 and also launched Browse & Book in combination with Wag! Prime.

Wag Labs has streamlined the Wag! Pet Parent Registration and Pet Profile Experience.

Price action: Shares of CHWA closed down 2.76% at $9.88 on Tuesday.

Photo courtesy: Company

Marie R. McCraw