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Waitr Holdings Inc. (WTRH) surged in aftermarket – What’s happening?

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Waitr Holdings Inc. (WTRH) experienced an incline of 26.01% in the aftermarket. However, the last trading session closed at $0.8015 with decrease of 3.83%.

WTRH Closes ProMerchant, Flow Payments and Cape Cod Merchant Services Acquisitions

On 26th August 2021, WTRH announced that ProMerchant, Flow Payments, and Cape Cod Merchant Services have all completed asset purchases by the Company. These innovative payment company acquisitions are part of company’s development plan to offer a comprehensive suite of payment processing services. WTRH wants to be able to provide their ecosystem partners with a full range of payment services, such as loyalty programmes, gift cards, payment processing, and merchant financing. The company considers these acquisitions as a critical step in executing this strategy, and they believe they will result in considerable future growth for WTRH.

WTRH and Smoothie King Form New Partnership

WTRH announced a new collaboration with Smoothie King on 17th August 2021. Bite Squad and WTRH have begun delivering Smoothie King products from over 350 locations. Aside from introducing Smoothie King to the Waitr platform, the two firms are working on a variety of cooperative activities to promote the collaboration. In addition, this includes co-branding marketing options in certain areas. In fact, both firms have worked with major sports teams in New Orleans, which is one of Waitr’s key markets.

The new relationship will be streamlined because of Waitr’s latest round of digital food order integrations. Moreover, Smoothie King has remained committed to improving its digital-ordering technologies in order to better match with customer purchase patterns. Smoothie King’s online ordering, curbside pickup, and delivery services have grown in popularity since its launch in March 2020.

Second Quarter 2021 Financial Results

WTRH reported second quarter 2021 financial results on 9th August 2021. According to the report:

  • Revenue was $49.2 million in the second quarter of 2021, compared to $50.9 million in the first quarter.
  • The second quarter of 2021 saw a rise in average daily orders to 38,583.
  • WTRH experienced a $5.6 million net loss, compared to a $3.7 million net loss in the first quarter.
  • An adjusted net loss of $4.7 million was observed.
  • The second quarter of 2021 had adjusted EBITDA3 of $2.5 million, down from $8.3 million in the first quarter. WTRH invested in many important areas of the business in the second quarter of 2021, with the goal of having a long-term growth.

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