Louisiana-Based Business, Waitr Incorporated, Reports Third Quarter Business Highlights
LAKE CHARLES, La. – Waitr Incorporated (“Waitr”) today reported recent business highlights for the third quarter ended September 30, 2018.
As previously announced, Waitr has entered into an agreement for a business combination with Landcadia Holdings, Inc. (Nasdaq: LCA) (“Landcadia”), a special purpose acquisition company, which is expected to be completed on November 15, 2018.
Gross Food Sales 1 for the third quarter of 2018 increased 135% year-over-year to $77.7 million, which drove a year-over-year increase in revenue of 230%.
Due to the solid third quarter results, Waitr is updating its previously released revenue outlook for full year 2018 to between $65 million and $68 million (previously between $62 million and $67 million).
As of September 30, 2018, Waitr was available in 40 markets (over 235 cities), up from 13 markets as of September 30, 2017 and 34 markets as of June 30, 2018.
Waitr had over 7,700 Restaurant Partners as of September 30, 2018, an increase of 168% from September 30, 2017.
Active Diners 2 increased 157% year-over-year to 842,533 for the third quarter of 2018.
"The momentum we experienced in the first half of the year continued into the third quarter. Growth in the third quarter was driven by entering 6 new markets (32 cities) as well as further penetrating our existing markets,” said Chris Meaux, founder and chief executive officer of Waitr. “We remain excited about the pending merger with Landcadia as well as the financing agreement to be provided by Luxor Capital Group. Both are high quality partners who will further enable us to accelerate our growth in our current markets, expand into new markets and take advantage of potential opportunistic acquisitions.”
The financial results presented in this press release are preliminary and unaudited. They are subject to the completion and finalization of Waitr’s financial and accounting procedures, and reflect management’s estimate based solely upon information available to management as of the date of this press release. Further information learned during that completion and finalization may alter the final results. In addition, the preliminary estimates should not be viewed as a substitute for full quarter financial statements prepared in accordance with generally accepted accounting principles in the United States of America.
Source: Business Wire