EXCLUSIVE: CHW Acquisition SPAC Partner Wag Labs Clocks 238% Q4 Revenue Growth

Wag Labs, Inc., which recently announced it would publicly trade through a merger with special purpose acquisition company CHW Acquisition Corp. CHWA, reported a Q4 revenue increase of 238% year-over-year to $8.1 million and net loss improved to $(2.7) million from $(4.1) million in 4Q20.

FY21 revenue increased 68% Y/Y to $20.1 million, and EPS improved to $(1.07) from $(3.35) in FY20.

Q4 Gross Bookings were $16.6 million, up 141% Y/Y, and FY21 were up 35% Y/Y to $47.4 million.

Q4 Adjusted EBITDA improved to a loss of $(2.5) million from a loss of $(4.0) in 4Q20, and FY21 improved to a loss of $(6.4) million from a loss of $(18.5) million in 2020.

Wag! announced a definitive business combination agreement with CHW Acquisition Corporation. Closing is expected in Q2, and the combined company will be named Wag! Group Co.

“The stellar growth of Wag!’s revenue is a true testament to the power of our mobile-first platform. Despite continued headwinds from the pandemic causing return-to-workplace delays, our 2021 cohorts are the strongest in our history, and our revenue continues to grow exponentially,” stated Garrett Smallwood, Chief Executive Officer of Wag!.

FY22 Outlook: Wag Labs expects Gross Bookings of $93.4 million, revenue of $41.8 million, and adjusted EBITDA of $(15.6) million.

FY23 Outlook: The company expects Gross Bookings of $163.5 million, revenue of $71.0 million, and adjusted EBITDA of $(10.7) million.