Waitr posted a $220.1 million net loss for the third quarter, or a loss of $2.89 per diluted share, the company announced Thursday afternoon, including some $192.1 million of “goodwill and intangible asset impairment charges.”
Those losses are compared to the $6.5 million net loss posted for the third quarter of 2018, though that was before Waitr had acquired Bite Squad.
Third quarter revenue increased 153% to $49.2 million, compared to $19.4 million in the same quarter a year ago. Revenue related to the Bite Squad Merger totaled $24 million for the quarter.
The results come four days after the company announced it was closing a subset of low-performing markets as well as laying off an undisclosed number of employees as part of a restructuring designed to remain competitive in the industry.
In a prepared statement, CEO Adam Price said the company had made progress streamlining its operations, including millions of dollars in cost-saving measures.
“During the quarter, we started implementing changes that are expected to result in an incremental $25 (million) to $30 million of annual savings in 2020,” Price says. “We remain dedicated to stabilizing the business in terms of cash flow and charting a clear path towards profitability.”
The company also announced the completion of its strategic alternative review process—which began in early August following founder Chris Meaux’s departure—and said Waitr will remain an independent public company.
“The board has concluded that the company will best serve the interests of its stockholders at this time by focusing on executing its strategic plan as an independent public company,” a press release reads. “The company remains open to potential value-creating opportunities.” Read the full announcement.