PET

MKT CAP:$2M

Wag! Group Co.

Market Cap

$2M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.05+$0.00 (+0.00%)

Mar 9, 2026

Company Details

Wag! Group Co. develops and supports a proprietary marketplace technology platform available as a website and mobile app that enables independent pet caregivers to connect with pet parents. Its platform allows pet parents, who require speci...

CEO

Garrett Smallwood

IPO Date

Sep 27, 2021

Website

www.wagwalking.com

Key Metrics TTM

Revenue

$61M

-29.1% YoY

Net Income

-$22M

EPS (Diluted)

-$0.45

Free Cash Flow

-$8M

Revenue / Share

$1.19

Gross Margin

93.2%

Operating Margin

-27.1%

Net Margin

-36.5%

FCF Margin

-12.9%

P/S

0.0x

P/E

—

Earnings Reports

Q3 2025

May 11, 2026

PENDING

Q2 2025

Aug 7, 2025

$17M-10.4%EPS -$0.12

Q1 2025

May 12, 2025

$15M-34.7%EPS -$0.10

Q4 2024

Mar 24, 2025

$15M-28.8%EPS -$0.10

Q3 2024

Nov 13, 2024

$13M-39.4%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$3M	$2M	-$3M
Q2 21	$4M	$202.0K	-$4.2K
Q4 21	$8M	$7M	-$3M
Q2 22	$13M	$12M	-$2M
Q4 22	$17M	$16M	-$1M
Q2 23	$20M	$17M	-$3M
Q3 23	$22M	$20M	-$460.0K
Q4 23	$22M	$20M	-$2M
Q1 24	$23M	$21M	-$2M
Q2 24	$19M	$17M	-$647.0K
Q3 24	$13M	$12M	-$4M
Q4 24	$15M	$15M	-$4M
Q1 25	$15M	$14M	-$4M
Q2 25	$17M	$15M	-$5M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q4 21	—	—
Q2 22	13.9x	—
Q4 22	2.5x	56.8x
Q2 23	1.4x	—
Q3 23	1.1x	—
Q4 23	0.8x	—
Q1 24	0.9x	—
Q2 24	0.9x	—
Q3 24	0.5x	—
Q4 24	0.2x	—
Q1 25	0.1x	—
Q2 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$2M	-$2M
Q2 21	$13.0K	$13.0K
Q4 21	-$2M	-$2M
Q2 22	$2M	$2M
Q4 22	$1M	$1M
Q2 23	$1M	$1M
Q3 23	-$2M	-$2M
Q4 23	-$2M	-$2M
Q1 24	$168.0K	-$137.0K
Q2 24	-$2M	-$3M
Q3 24	-$3M	-$4M
Q4 24	-$2M	-$2M
Q1 25	$1M	$1M
Q2 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q4 21	$5.0K
Q2 22	$9.0K
Q4 22	$15.0K
Q2 23	$15.0K
Q3 23	$9.0K
Q4 23	$321.0K
Q1 24	$305.0K
Q2 24	$555.0K
Q3 24	$405.0K
Q4 24	$567.0K
Q1 25	$396.0K
Q2 25	$207.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+558.0%	+245.7%
Q2 23	+455.6%	+529.5%
Q3 23	+170.9%	+107.8%
Q4 23	+69.5%	+64.3%
Q1 24	+36.3%	+36.2%
Q2 24	-5.9%	-14.2%
Q3 24	-39.4%	-20.8%
Q4 24	-28.8%	-19.2%
Q1 25	-34.7%	-24.0%
Q2 25	-10.4%	+10.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$61.0K	2.4%
Q2 21	$61.0K	1.7%
Q4 21	$40.0K	0.5%
Q2 22	$40.0K	0.3%
Q4 22	$476.0K	2.8%
Q2 23	$1M	5.7%
Q3 23	$1M	4.9%
Q4 23	$1M	5.5%
Q1 24	$1M	5.6%
Q2 24	$2M	8.9%
Q3 24	$2M	14.0%
Q4 24	$2M	11.6%
Q1 25	$2M	12.3%
Q2 25	$2M	9.9%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$2M	$605.0K
Q2 21	$4.2K	—
Q4 21	$2M	$5M
Q2 22	$2M	$7M
Q4 22	$4M	$11M
Q2 23	$5M	$11M
Q3 23	$5M	$13M
Q4 23	$5M	$14M
Q1 24	$4M	$16M
Q2 24	$4M	$11M
Q3 24	$4M	$9M
Q4 24	$4M	$10M
Q1 25	$4M	$10M
Q2 25	$5M	$12M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 21	—	-102.3%	—
Q2 21	—	1.4%	—
Q4 21	—	-31.2%	—
Q2 22	—	-7.2%	—
Q4 22	558.0%	-6.6%	551.4
Q2 23	455.6%	-11.9%	443.8
Q3 23	170.9%	-0.3%	170.7
Q4 23	69.5%	-5.6%	63.9
Q1 24	36.3%	-7.7%	28.6
Q2 24	-5.9%	0.0%	-5.9
Q3 24	-39.4%	-31.7%	-71.1
Q4 24	-28.8%	-18.6%	-47.4
Q1 25	-34.7%	-20.5%	-55.2
Q2 25	-10.4%	-22.5%	-32.8

Rule of 40

Revenue Segments

Quarter	Service	Wellness Revenue
Q2 25	$5M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$897.8K	$0	$897.8K
Q4 21	$3M	$3M	$5M
Q1 22	$3M	$9M	$13M
Q2 22	$168.2K	$0	$168.2K
Q3 22	$28M	$0	$28M
Q4 22	$39M	$0	$39M
Q1 23	$25M	$0	$25M
Q2 23	$25M	$0	$25M
Q3 23	$22M	$0	$22M
Q4 23	$18M	$0	$18M
Q1 24	$13M	$0	$13M
Q2 24	$9M	$0	$9M
Q3 24	$8M	$0	$8M
Q4 24	$6M	$0	$6M
Q1 25	$6M	$0	$6M
Q2 25	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	38M	—	—
Q2 21	38M	0.0%	—
Q4 21	38M	0.0%	—
Q2 22	38M	0.0%	—
Q4 22	28M	-26.6%	-26.6%
Q2 23	38M	+36.8%	+0.5%
Q3 23	39M	+2.3%	+2.8%
Q4 23	39M	+1.1%	+3.9%
Q1 24	40M	+1.7%	+43.9%
Q2 24	41M	+2.1%	+7.4%
Q3 24	48M	+16.8%	+22.6%
Q4 24	45M	-6.4%	+13.5%
Q1 25	50M	+12.9%	+26.0%
Q2 25	51M	+0.6%	+24.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	$207.8K	82
Q2 23	$241.7K	82
Q3 23	$265.9K	82
Q4 23	$258.0K	84
Q1 24	$276.4K	84
Q2 24	$222.0K	84
Q3 24	$157.2K	84
Q4 24	$241.1K	64
Q1 25	$237.0K	64
Q2 25	$261.3K	64

Revenue / Employee