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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Wag! Group
Wag! Group (PET) investor relations material
Wag! Group has been delisted
Wag! Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Filed for Chapter 11 bankruptcy on July 21, 2025, with all existing equity interests to be canceled if the reorganization plan is approved.
Revenues declined 10.4% year-over-year for Q2 2025 and 23.8% for the six months ended June 30, 2025.
Net loss increased to $6.1 million for Q2 2025 and $11.0 million for the six months, with negative Adjusted EBITDA.
Delisted from Nasdaq on July 30, 2025; securities now trade on the Pink Open Market.
Sold Furscription software for $5.0 million in July 2025 to pay down debt.
Financial highlights
Q2 2025 revenue: $16.7 million (down from $18.7 million in Q2 2024); six months: $31.9 million (down from $41.9 million year-over-year).
Q2 2025 net loss: $6.1 million (vs. $2.3 million prior year); six months: $11.0 million (vs. $6.5 million prior year).
Adjusted EBITDA loss: $2.2 million for Q2 2025 (vs. $1.6 million gain prior year); margin -13.0%.
Net cash used in operating activities: $1.3 million for six months ended June 30, 2025.
Cash and cash equivalents at June 30, 2025: $2.7 million; total debt: $19.6 million.
Outlook and guidance
Substantial doubt exists about ability to continue as a going concern; future performance depends on bankruptcy court approval and successful restructuring.
Financial results expected to remain volatile until emergence from Chapter 11.
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Latest events from Wag! Group
- Q3 revenue fell 39% with widening losses, but Wellness growth and debt reduction offer optimism.PET
Q3 2024 - Record adjusted EBITDA and improved margins achieved, but liquidity and debt risks persist.PETQ2 2024
- Q1 2025 revenue fell 34.7%, net loss widened, and liquidity risks persist despite new partnerships.PETQ1 2025
- Q4 rebounded with 17%+ sequential growth; 2025 revenue guided at $84–$88 million.PETQ4 2024
Wag! Group
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Frequently asked questions
Wag! Group Co. operates a pet services platform that connects pet owners with independent caregivers for services such as dog walking, pet sitting, and boarding. The company's technology-driven platform enables pet owners to easily find and book trusted pet care providers, offering on-demand services for convenience and peace of mind. Wag! Group caters to the pet care industry, focusing on providing pet owners with flexible, reliable care options through its app and website, ensuring the well-being of pets when owners are unable to attend to them. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.