After a tumultuous 12 months and several changes to its leadership team, Waitr appears to be stabilizing.
Net income for the company’s second quarter of 2020 was at least $8 million, a significant increase from 2019’s Q2 net loss of $24.9 million, the company announced Monday, July 6, in a press release.
Further, the company—which got its start in 2013 in Lake Charles before expanding into Baton Rouge and around 700 other markets—reports earning $60 million in revenue for the quarter, compared to $51.3 million earned in last year’s second quarter. Adjusted earnings before interest, taxes, depreciation and amortization for the quarter was at least $15 million—an increase of nearly $30 million from last year.
In the release, Carl Grimstad, chairman and CEO of Waitr, pointed to an uptick of customers from the pandemic as well as to changes the company made earlier this year to its business operations as reasons behind the positive results.
“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 supercharge our business are starting to be recognized in our financial results,” Grimstad says. “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.”
These results come two months after news that the company had its first profitable month ever earlier this year. As of June 30, the company had $66 million on hand, up from the $39 million reported on hand in late March.
Read on for the rest of the story, which appeared in Daily Report‘s July 6 edition. To keep up with Baton Rouge business and politics, subscribe to the free Daily Report e-newsletter here.