HomeTop MoversHere is why Waitr Holdings Inc. (WTRH) stock plummeted on Monday?

Here is why Waitr Holdings Inc. (WTRH) stock plummeted on Monday?

Waitr Holdings Inc. (WTRH) shares fell 14.47% in after-hours on Monday, August 09, 2021, and closed at $1.36. Earlier in the Regular trading session of Monday, WTRH’s stock lost 2.45%. WTRH shares have fallen 69.13% over the last 12 months, and they have moved down 8.62% in the past week. Over the past three months, the stock has lost 21.09%, while over the past six months, it has declined59.49%. Further, the company has a current market of $192.45 million and its outstanding shares stood at 112.33 million.

Let’s see is there any development behind its poor performance on Monday?


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WTRH recent financial results announcement

On August 09, 2021, Waitr Holdings Inc. (WTRH) announced its financial results for the second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • WTRH reported revenue of 49.2 million in Q2 2021 compared to $60.5 million in the second quarter of 2020.
  • The total cost and expenses were $52.26 million in Q2 2021 compared to $46.65 million in Q2 2020.
  • The company suffered a net loss of $5.6 million in Q2 2021 compared to a net income of $10.7 million in the second quarter of 2020.
  • Adjusted EBITDA was $2.5 million inQ2 2021 compared to $16.7 million in the second quarter of 2020.
  • The company had $60.5 million of cash on June 30, 2021.

WTRH Partnership with KBP Foods

On July 28, 2021, Waitr Holdings Inc. (WTRH) announced a new partnership with KBP Foods, which is a franchisee of KFC. Waitr and Bite Squad will begin delivery from more than 140 KBP locations around the country.

KBP Foods has been named one of the 10 Fastest-Growing Restaurant Chains and one of the Top 100 Fastest-Growing Businesses in North America. KBP is a leading KFC franchisee and operates nearly 800 YUM! Brands restaurants across 28 states throughout the U.S.

Waitr has launched in more than 70 new cities in 2021 and widened its areas of service in multiple markets.

WTRH partnership with Boston Market

On July 22, 2021, Waitr Holdings Inc signed a new partnership with Boston Market. Waitr and Bite Squad will begin offering delivery from Boston Market locations across the nation.

Boston Market is the latest recognizable national brand to add Waitr and Bite Squad for delivery in 2021.

Addition of Long John Silver’s

On June 22, 2021, Waitr Holdings Inc. (WTRH), added Long John Silver’s, the nation’s largest quick-service seafood chain, to its platform. With the new partnership, Long John Silver’s is now available through Waitr and Bite Squad in markets across the nation.

On the heels of its 50th anniversary, Long John Silver’s continues building on a belief that the unique seafood experience from the coasts should be accessible to all.

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Conclusion

WTRH stock faced negativity on Monday after the company announced its Q2 2021 financial results which could not impress investors and it may face more loss in the coming days.

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