PETS PETMED EXPRESS INC
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Executive Summary
PetMed Express reported Q4 FY2026 net sales of $42.8M, down 15.6% YoY, and a net loss of $4.1M ($0.19/share), narrowing from a $11.6M loss in the prior year. Full-year sales fell 21.1% to $179.0M, with a net loss of $57.3M including a $26.7M goodwill impairment. The company disclosed it received two non-binding acquisition proposals at $4.00-$4.25/share in December 2025 but the Board determined not to proceed, though it remains open to future inbound interest.
Key Financial Metrics
Actionable Insight
The business continues to deteriorate with accelerating revenue declines, negative operating cash flow, and a rapidly shrinking cash balance. The failed sale process at $4.00-$4.25/share (well above the current ~$2.15 stock price) signals limited near-term M&A optionality. Monitor for further Nasdaq compliance updates and any new inbound acquisition interest.
Key Facts
- Q4 net sales $42.8M, down 15.6% YoY from $50.8M
- Q4 net loss $4.1M ($0.19/diluted share) vs $11.6M loss ($0.56) prior year
- Full-year net sales $179.0M, down 21.1% YoY from $227.0M
- Full-year net loss $57.3M ($2.74/share) vs $6.3M loss ($0.30) prior year
- Full-year adjusted EBITDA -$15.4M vs +$0.7M prior year
- Goodwill impairment charge of $26.7M recorded in Q1 FY2026
- Operating cash flow -$28.4M for FY2026 vs +$4.7M prior year
- Cash and equivalents fell to $21.4M from $54.7M at year start
- Received two non-binding acquisition proposals at $4.00-$4.25/share in Dec 2025; Board decided not to proceed
- Prior cross-filing: Nasdaq delinquency notice for late Q1/Q2 FY2026 10-Q filings
Financial Impact
Revenue decline of 15.6% QoQ and 21.1% YoY; net loss widened to $57.3M for the year; cash burn of $33.3M
Risk Factors
- Nasdaq delisting risk due to continued late filing of Q1/Q2 FY2026 10-Qs
- Cash burn rate of $33.3M/year implies ~8 months of runway at current $21.4M cash balance
- Failed sale process removes near-term takeout premium
- Whistleblower investigation costs and professional fees continue to weigh on earnings
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001040130-26-000016 |
| Document: pets-20260602.htm | 0001040130-26-000016 |
| Document: 0001040130-26-000016-index-headers.html | 0001040130-26-000016 |
| Document: 0001040130-26-000016-index.html | 0001040130-26-000016 |
| Document: 0001040130-26-000016.txt | 0001040130-26-000016 |
| 8-K Data (Synthetic) | 0001040130-26-000016 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 2, 2026
10d ago
|
8-K
| $1.78 $1.82 | ▼ −2.25% | ▼ −1.84% | $1.85 (−3.93%) |
|
Jun 2, 2026
10d ago
|
Press Release
| $1.78 $1.82 | ▼ −2.25% | ▼ −1.84% | $1.85 (−3.93%) |
|
May 29, 2026
14d ago
|
Press Release
| $2.17 $2.17 | · 0.00% | ▼ −0.26% | $1.85 (−14.75%) |
|
Apr 22, 2026
7w ago
|
Press Release
| $2.23 $2.29 | ▲ +2.69% | ▲ +1.91% | $1.85 (−17.04%) |
US Market Status
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