PETMED EXPRESS (PETS) Company Report

PetMed Express (PetMeds) has received an unsolicited and non-binding acquisition proposal from SilverCape Investments Limited.
SilverCape Investments Limited proposes to acquire all outstanding shares of PetMeds for $4 per share in cash.
The proposal is subject to conditions such as due diligence and the execution of a definitive agreement, but not subject to any financing contingency.
PetMeds' Board of Directors will review the proposal, and stockholders are advised that no action is needed at this time as it does not constitute a formal offer.

Dec 11, 2025, 2:45 PM

Press Release

PetMeds Extends Shareholder Rights Plan

PETS

Takeover Bid

PetMed Express, Inc. announced on November 26, 2025, that its Board of Directors unanimously approved an amendment to its existing shareholder rights plan.
The amendment extends the expiration date of the Rights for one year, from December 2, 2025, until the close of business on December 2, 2026.
The Board's rationale for the extension is to protect shareholder investment, as it believes the company's shares do not reflect the inherent value of the business, and to guard against tactics to gain control without paying an appropriate premium to all shareholders.

Nov 26, 2025, 9:07 PM

8-K

PetMed Express Announces Preliminary Q2 2026 Results and Nasdaq Non-Compliance

PETS

Earnings

Delisting/Listing Issues

Demand Weakening

PetMed Express, Inc. announced preliminary Q2 fiscal year 2026 net sales are estimated to range from $43.4 million to $44.5 million, compared to $58.0 million (as restated) in the prior year period. For the six months ended September 30, 2025, net sales are estimated to range from $94.5 million to $95.6 million, down from $124.3 million (as restated) in the prior year period.
The company reported $36.1 million in cash and no debt as of September 30, 2025. However, it is currently unable to provide a reasonable estimate of operating or net income for the period due to an ongoing analysis of a goodwill impairment charge.
PetMed Express received a Nasdaq notice of non-compliance on November 12, 2025, due to delays in filing its Q1 and Q2 10-Q reports, in addition to a prior delinquency for its fiscal year 2025 10-K. The company must submit an update to its compliance plan by November 28, 2025.
The Nasdaq notice has no immediate effect on the listing of the company's common stock.

Nov 13, 2025, 1:31 PM

8-K

PetMed Express Appoints James LaCamp as Director and Audit Committee Chair

PETS

Board Change

Management Change

Executive Compensation

PetMed Express, Inc. appointed James LaCamp as a director effective October 19, 2025, and he will become Audit Committee Chair on October 30, 2025.
Mr. LaCamp is an "audit committee financial expert" with nearly 20 years of experience in finance, accounting, and audit, including serving as an Audit Partner at Deloitte & Touche LLP and Chief Financial Officer at Skydio, Inc..
The company also formalized an Interim Executive Employment Agreement with Leslie C. G. Campbell as Interim Chief Executive Officer and President, with an annual base salary of $1.3 million for a term from August 11, 2025, to August 10, 2026.

Oct 21, 2025, 8:22 PM

8-K

PetMed Express, Inc. Files Fiscal 2025 10-K and Reports Financial Results

PETS

Earnings

Financial Restatement

Accounting Changes

PetMed Express, Inc. (PETS) filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, on October 14, 2025.
For fiscal 2025, the company reported net sales of $227.0 million and a net loss of $6.3 million. The net loss was higher than previously estimated, primarily due to a $1.2 million non-cash impairment charge for intangible assets.
The reported net sales were below the preliminary estimated range, mainly due to a restatement of promotional sales reimbursements from revenues to cost of sales, which did not impact net income.
As of March 31, 2025, PetMeds held $54.7 million in cash and had no debt.
The company plans to file its Quarterly Reports on Form 10-Q for the first quarter ended June 30, 2025, and the second quarter ended September 30, 2025, as soon as practicable to resume its normal quarterly reporting schedule.

Oct 14, 2025, 8:48 PM

8-K

PetMed Express Files Fiscal 2025 10-K, Reports Net Sales and Loss

PETS

Earnings

Financial Restatement

Profit Warning

PetMed Express, Inc. filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, on October 14, 2025.
For fiscal 2025, the company reported net sales of $227.0 million, which was below the preliminary estimated range, and a net loss of $6.3 million, exceeding the preliminary estimated range primarily due to a $1.2 million non-cash impairment charge for intangible assets.
As of March 31, 2025, PetMed Express held $54.7 million in cash and had no debt.
The company plans to file its Quarterly Reports on Form 10-Q for the first and second quarters of fiscal 2025 as soon as practicable to resume its normal quarterly reporting schedule.

Oct 14, 2025, 8:15 PM

Press Release

PetMed Express Announces Financial Restatement and Executive Departures Amid Investigation

PETS

Financial Restatement

CEO Change

CFO Change

PetMed Express's share price has declined by approximately 26% since June 16, 2025, following announcements of filing delays and other company problems.
On October 7, 2025, the company revealed that its financial statements for the years ended March 31, 2024 and 2023, along with several interim quarters, "should no longer be relied upon" due to overstated net sales and accelerated revenue recognition.
The CEO, CFO, and Audit Committee chair departed or resigned between July and August 2025, concurrent with an internal investigation triggered by a whistleblower complaint.
As of October 9, 2025, PetMed has not filed its annual financial statements for the year ended March 31, 2025, nor its most recent quarterly reports.

Oct 10, 2025, 12:38 PM

Press Release

PetMed Express Receives Nasdaq Non-Compliance Notice

PETS

Delisting/Listing Issues

Financial Restatement

PetMed Express, Inc. (PETS) received a notice from Nasdaq on August 20, 2025, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1).
The non-compliance is due to the company's delay in filing its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and its Quarterly Report on Form 10-Q for the period ended June 30, 2025.
The company has until September 1, 2025, to submit a plan to regain compliance, with a potential exception period extending until December 29, 2025.
The notice has no immediate effect on the listing of the company's common stock on Nasdaq.

Aug 25, 2025, 12:00 AM

8-K

PetMed Express Faces Legal Investigation Following Earnings Release Delay

PETS

Legal Proceedings

Financial Restatement

Profit Warning

Bragar Eagel & Squire, P.C. is investigating potential claims against PetMed Express, Inc..
PetMed Express, Inc. delayed its fourth quarter and fiscal year 2025 earnings release and conference call, which was originally scheduled for June 10, 2025.
The company stated the delay is due to requiring additional time to complete the year-end audit process.
Following this news, PetMed's stock price fell $0.47 per share, or 11.22%, to close at $3.72 per share on June 11, 2025.

Jul 23, 2025, 11:32 PM

Press Release

PetMed Express Faces Investigation by Shareholder Rights Law Firm

PETS

Legal Proceedings

Financial Restatement

Profit Warning

Bragar Eagel & Squire, P.C. is investigating PetMed Express, Inc. (PETS) for potential violations of federal securities laws and/or unlawful business practices.
This investigation follows PetMed's June 10, 2025, announcement of a delay in its Q4 and fiscal year 2025 earnings release and conference call, citing the need for additional time to complete the year-end audit process.
Following this news, PetMed's stock price fell $0.47 per share, or 11.22%, to close at $3.72 per share on June 11, 2025.