Executive Summary

Q1 2022 revenue declined to $35.0M vs $38.6M in Q4 2021 and $50.9M in Q1 2021; macro inflation, higher gas prices, and the absence of 2021 stimulus weighed on order flow .
Net loss widened to $77.2M (−$0.50/share) driven largely by a $67.2M non-cash goodwill impairment tied to the March 2022 market cap decline; Adjusted EBITDA was a loss of $1.8M vs +$8.3M in Q1 2021 .
Key execution items: integrations with Google Food Ordering, Olo Dispatch, Panera, and a pipeline of 1,500 QSR locations and 7‑Eleven (~500 locations) expected by mid-2022; rebrand to “ASAP” and expansion to “deliver anything” beyond food .
Liquidity remained solid with $54.9M cash at 3/31/22; management highlighted debt reduction trajectory to ~$65M with extended maturity to May 15, 2024 .
No quantitative guidance provided; management expects “positive traction” in 2H22 as integrations roll out and brand transition progresses .

What Went Well and What Went Wrong

What Went Well

Strategic integrations and partnerships expanded addressable order flow (Google Food Ordering, Olo Dispatch) and added national brands (Panera direct integration; Inspire Brands portfolio) to bolster visibility and access to diners .
“Deliver anything” strategy advanced with third‑party tech integrations and diversification into non‑food categories, plus in‑stadium ordering deployments (LSU, Alabama, Superdome) to drive customer acquisition and new revenue streams .
Liquidity and capital structure: $54.9M cash on hand; management negotiated debt maturity extension to May 15, 2024 and outlined a path to ~$65M debt balance (approx. 50% reduction since CEO appointment) .

What Went Wrong

Top-line and orders fell: Revenue down to $35.0M (vs $38.6M in Q4’21 and $50.9M in Q1’21) and Average Daily Orders ~22,907 (vs ~37,627 in Q1’21), with weakness attributed to inflation, gas prices, and fewer lower‑priced QSR options in core markets .
Profitability deteriorated: Net loss expanded to $77.2M including a $67.2M goodwill impairment; Adjusted EBITDA turned negative (−$1.8M) vs +$8.3M in Q1’21 .
User trends softened: Active Diners were ~1.5M at 3/31/22 vs ~1.7M at 12/31/21, suggesting near‑term pressure on engagement amid macro headwinds and competition .

Financial Results

Sequential Trend (Q3 2021 → Q4 2021 → Q1 2022)

Metric	Q3 2021	Q4 2021	Q1 2022
Revenue ($USD Millions)	$43.4	$38.6	$35.0
Net Income (Loss) ($USD Millions)	$12.3	$(8.1)	$(77.2)
Diluted EPS ($)	$0.09	$(0.06)	$(0.50)
Adjusted EBITDA ($USD Millions)	$3.1	$1.7	$(1.8)
Cash & Equivalents ($USD Millions)	$43.5	$60.1	$54.9

YoY Comparison (Q1 2021 vs Q1 2022)

Metric	Q1 2021	Q1 2022
Revenue ($USD Millions)	$50.9	$35.0
Net Income (Loss) ($USD Millions)	$(3.7)	$(77.2)
Diluted EPS ($)	$(0.03)	$(0.50)
Adjusted EBITDA ($USD Millions)	$8.3	$(1.8)

KPIs

KPI	Q4 2021 (as of date shown)	Q1 2021	Q1 2022
Average Daily Orders	—	~37,627	22,907
Active Diners (Millions)	~1.7 (as of 12/31/21)	—	~1.5 (as of 3/31/22)

Note: Segment reporting not disclosed in the press releases/filings reviewed for Q1 2022 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	2022	None provided	None provided	—
Margins/EBITDA	2022	None provided	None provided	—
OpEx / OI&E / Tax Rate	2022	None provided	None provided	—
Segment-specific metrics	2022	None provided	None provided	—
Dividends	2022	None	None	—

Management did not issue quantitative guidance; qualitative commentary pointed to expected “positive traction” in 2H22 as integrations roll out and the ASAP rebrand scales .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2022)	Trend
Macro: inflation/gas, stimulus effects	Q4’21: Focus on platform enhancements; 2021 challenged by pandemic and hurricanes	Cited inflation and high gas prices; absence of 2021 stimulus weighed on orders	Deteriorated near term
Integrations & national brands	Q3’21: Progress on Olo/Google integrations and payments acquisitions	Added GFO, Olo; Panera direct integration; 3 QSRs (~1,500 locations) and 7‑Eleven (~500) in pipeline	Accelerating
“Deliver anything” beyond food	Q4’21: Strategy to diversify beyond third‑party food; acquired ASAP.com domain	Expanding categories; in‑stadium ordering live at LSU, Alabama, Superdome; broad non‑food vision reiterated	Broadening
Payments facilitation	Q4’21: ~1,900 merchants enabled; ~$900M annualized volume in Jan 2022	>2,300 merchants facilitated; expect residual revenue growth	Growing
Rebranding / trademark	Q4’21: Rebrand to ASAP planned	Rebrand progressing; risk factor disclosed: $800 reserve for license extension while transitioning brand	Proceeding with risk management

Management Commentary

“As our integration with GFO is further rolled out to our restaurant base, we believe that our daily order flow should increase… these brands could add up to an additional 1,500 serviceable QSR locations… integration with 7‑Eleven… could add up to 500 additional serviceable locations.” — Carl Grimstad, Chairman & CEO .
“We are further developing our ‘deliver anything’ initiative… Our vision is to be able to deliver ‘anything’ to consumers, same day, from any type of business… we will be able to continue to facilitate merchant access to third‑party payment solution providers to grow that revenue stream.” .
“When I became CEO of Waitr, we had approximately $131 million of debt… with our newly negotiated pay‑down and extension… the Company’s debt balance will be approximately $65 million… We continue to experience negative macroeconomic factors… inflation and high gas prices… orders were lighter than expected.” .

Q&A Highlights

The Q1 2022 earnings call transcript could not be retrieved from our document system due to a database inconsistency; press release and 10‑Q content were read in full and synthesized instead - . For reference, the call took place on May 9, 2022 at 5pm ET .
No additional Q&A clarifications could be verified beyond the prepared remarks quoted above.

Estimates Context

Wall Street consensus (S&P Global/Capital IQ) for Q1 2022 could not be retrieved due to a missing CIQ mapping for ASAP/WTRH; therefore, comparisons to consensus are unavailable at this time (we attempted automated retrieval and failed). Values from S&P Global were unavailable for ASAP for this period.
Reported results: Revenue $35.0M; Diluted EPS −$0.50; Adjusted EBITDA −$1.8M .
Implication: Absent published consensus, estimate models may need to reflect macro‑driven order softness, the non‑cash goodwill impairment, and the near‑term investment phase associated with integrations and rebranding .

Key Takeaways for Investors

Orders and revenue under pressure: sequential and YoY declines underscore sensitivity to macro factors and lower‑income core markets; management is addressing mix by adding lower‑priced QSRs and convenience retail .
Profitability inflected negative on Adjusted EBITDA in Q1; the $67.2M goodwill impairment is non‑cash but highlights sensitivity to market valuations and may cap near‑term GAAP profitability optics .
Strategic expansion is real: integrations (GFO, Olo, Panera, 7‑Eleven pipeline), “deliver anything” push, and in‑stadium deployments expand addressable demand and should drive order frequency as rollouts mature in 2H22 .
Payments facilitation is scaling: >2,300 merchants enabled vs ~1,900 at YE21; residual revenues can add a diversified, potentially higher‑margin stream as volumes build .
Liquidity runway intact and leverage profile improving with extended maturity to 2024 and targeted debt reduction to ~$65M; preserves flexibility to execute the rebrand and integrations .
Near‑term stock drivers: execution evidence on QSR and 7‑Eleven integrations, stabilization in ADOs/Active Diners, and signs of macro relief (gas price moderation) could catalyze sentiment; lack of guidance places greater emphasis on reported KPIs and qualitative updates .

Sources: Q1 2022 8‑K press release and financial statements ; Q1 2022 10‑Q (MD&A and Risk Factors) ; Q4 2021 8‑K press release and financials ; Q3 2021 press release ; Earnings call logistics (May 9, 2022) .

Waitr Holdings Inc. (ASAP)·Q1 2022 Earnings Summary