Waitr Pre-Announces Second Quarter 2020 Results

Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a leader in on-demand food ordering and delivery, today announced its preliminary unaudited financial results for the second quarter ended June 30, 2020.

Preliminary Unaudited Second Quarter 2020 Results

On a preliminary, estimated basis:

• Revenue for the second quarter of 2020 was approximately $60 million, compared to $51.3 million in the second quarter of 2019.
• Net Income for the second quarter of 2020 was at least $8 million, compared to a net loss of $24.9 million in the second quarter of 2019.
• Adjusted EBITDA¹ for the second quarter of 2020 was at least $15 million, compared to negative EBITDA of $14.9 million in the second quarter of 2019, an increase of almost $30 million.
• As of June 30, 2020, cash on hand was approximately $66 million.
• During the second quarter of 2020, the Company converted approximately $12.5 million of its convertible notes into common stock. On July 2, 2020 the Company paid down $12.5 million of its senior secured term loan.

Business Update

"We are pleased to present a preliminary look at our second quarter results and we are excited to deliver strong revenue growth and profitability, driven, in part, by an uptick in new diners and orders. While the events of the last several months have accelerated the adoption of our platform by consumers, we believe the important steps we adopted early this year, pre-pandemic, to super-charge our business are starting to be recognized in our financial results,” said Carl Grimstad, Chairman and CEO of Waitr.

“Continued strong results reflect the hard work of our team members, our restaurant partners and our drivers, as well as the trust that we have earned from consumers who have relied on us to deliver high-quality food throughout the pandemic,” added Mr. Grimstad. “Over the course of the last six months, we have reinforced our presence in our most important markets by increasing delivery areas, adding grocery and alcohol delivery services, and expanding our customer service and dispatch teams. All these growth initiatives are being supported by a leaner cost structure and with an eye on efficiencies and appropriate returns on deployed capital.”