wtrh-20230630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________

FORM 10-Q

_______________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-37788

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WAITR HOLDINGS INC.

(Exact name of Registrant as specified in its Charter)

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Delaware			26-3828008
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
214 Jefferson Street, Suite 200 Lafayette, Louisiana			70501
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 1-337-534-6881

______________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: None

______________________

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES x NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o

Non-accelerated filer	x	Smaller reporting company	x

Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO x

The number of shares of Registrant’s common stock outstanding as of August 9, 2023 was 13,524,841.

TABLE_CONTENT S

Table of Contents


		Page
PART I	Financial Information	1
Item 1.	Condensed Consolidated Financial Statements (unaudited)	1
	Condensed Consolidated Balance Sheets as of June 30 , 2023 and December 31, 2022	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2023 and 2022	2
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2023 and 2022	3
	Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and six months ended June 30 , 2023	4
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 202 2	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38

PART II	Other Information	40
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43

	Signatures	44

TABLE_CONTENT S

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)


	June 30, 2023		December 31, 2022
	Unaudited
ASSETS
CURRENT ASSETS
Cash	$	5,066	$	12,066
Accounts receivable, net	2,859		3,982
Capitalized contract costs, current	1,574		1,559
Prepaid expenses and other current assets	3,085		5,997
TOTAL CURRENT ASSETS	12,584		23,604
Property and equipment, net	415		808
Capitalized contract costs, noncurrent	2,672		3,403
Goodwill	—		9,536
Intangible assets, net	6,574		7,065
Operating lease right-of-use assets	2,387		2,917
Other noncurrent assets	742		812
TOTAL ASSETS	$	25,374	$	48,145
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
LIABILITIES:
CURRENT LIABILITIES
Short term debt - related party	$	55,572	$	—
Short-term loans for insurance financing	614		1,892
Accounts payable	3,880		5,689
Restaurant food liability	714		1,282
Accrued payroll	887		1,672
Income tax payable	87		74
Operating lease liabilities	852		1,023
Other current liabilities	16,032		17,596
TOTAL CURRENT LIABILITIES	78,638		29,228
Long term debt - related party	—		53,901

Operating lease liabilities, net of current portion	1,685		2,079
Other noncurrent liabilities	15		28
TOTAL LIABILITIES	80,338		85,236
Commitments and contingent liabilities (Note 10)
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.0001 par value; 249,000,000 shares authorized and 13,506,812 and 12,955,299 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	21		21
Additional paid in capital	541,359		538,812
Accumulated deficit	(596,344)		(575,924)
TOTAL STOCKHOLDERS’ DEFICIT	(54,964)		(37,091)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	25,374	$	48,145

The accompanying notes are an integral part of these condensed consolidated financial statements.

TABLE_CONTENT S

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
REVENUE	$	13,951	$	31,171	$	30,655	$	66,211
COSTS AND EXPENSES:
Operations and support	6,012		15,983		14,223		36,262
Sales and marketing	3,629		6,973

SEC Form 10-Q filed by Waitr Holdings Inc.