Wag! Group Co. announced its financial results for the third quarter ended September 30, 2024. Revenues for the quarter decreased by 39% to $13.2 million, compared to $21.8 million in the third quarter of 2023. This decline included $5.4 million in Services revenue and $6.5 million in Wellness revenue.
The company's performance was significantly impacted by a dynamic marketing environment during Q3 2024. Changes to Google's search results and advertising algorithms made efficient marketing spend difficult for the Wellness and Pet Food & Treats segments. Management responded by proactively pulling back on marketing expenditures.
The Adjusted EBITDA loss for Q3 2024 was worse than the $0.96 million reported in Q4 2024, indicating a challenging period for profitability. This reflects the difficulties in customer acquisition and conversion activity during the quarter.
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